7241 W 62nd StSummitIL60501
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Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Investment property for sale in Summit at 7241 W 62nd St, Summit, IL, 60501 uses $84,201 cash to close to unlock $1,181/yr annual cash flow and $98/mo monthly cash flow. Total monthly income runs $1,860/mo, and a $1,243/mo payment keeps the spread at $98/mo. Purchase price stands at $254,000, and rental yield measures 8.79% with $1,860/mo rent. Return on cash invested shows 21.31% in year one, and 5% annual appreciation builds toward $70,176 over five years. Five-year ROI reaches 111.35% and total cumulative return in cash records $93,762. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $1,860/mo property income covering a $1,243/mo payment rather than investor’s personal income.
Single Family
Built in 1950
8,276 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 60501, Summit Argo, IL area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 3,960 (100%) |
| Owner Occupied HU | 1,897 (47.9%) |
| Renter Occupied HU | 1,698 (42.9%) |
| Vacant Housing Units | 365 ( 9.2%) |
| Median Home Value | $246,220 |
| Average Home Value | $290,398 |
Housing Distribution
Address Breakdown
Residential
3,273
Single Family
2,759
Multi-Family
514
Businesses
323
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