203 N Leamington Ave, Chicago, IL 60644
8 beds · 3 baths · sqft
OUTSTANDING - PROFESSIONALLY MANAGED - TURNKEY INVESTMENT OPPORTUNITY! This legal 3-flat is the high-performing asset you've been manifesting, generating an impressive $56,100 in annual rental income with low operating costs. The landlord's responsibilities are minimal, limited to water, landscaping, snow removal, and an incredibly low annual tax bill of just $2,742.67 (without exemptions). Also, the seller's mortgage interest rate of 2.25% can be assumed by the buyer using Roam. Professionally managed and meticulously maintained, this brick beauty offers separate gas and electric meters, individual tankless water heaters, and central heating & cooling in every unit, ensuring that tenants cover all utilities. Because the cost of doing business is everything when it comes to multi-family ownership, we have covered all the essentials; including a coin operated washer & dryer which collects about $300 to $350/mo; basically covering the water & maintenance bill. This Income-producing building has had zero vacancies in the last three years. The reason is very simple: each unit was refurbished with a seamless blend of modern elegance and functionality. Spacious kitchens equipped with dishwashers, microwave, upgraded stoves and refrigerators. The three spacious bedrooms offer our residents space to grow, entertain and lounge. The 2nd & 3rd units have separate dining and living rooms, updated kitchens with granite countertops, stainless steel appliances, and space for a breakfast table, this property is designed for maximum tenant appeal. The legal main-level 2-bed/1-bath unit boasts a modern kitchen with newer appliances and newer flooring. Recent upgrades include a brand-new (2024) tear-off roof, gated entry, and a coin-operated laundry in the lower level for added convenience to your residents and income to your budget. The fully rented detached 2-car garage rounds out this highly desirable investment. Located in the sought-after Austin neighborhood, close to parks, shopping, and public transit, this fully leased, income-generating property is the perfect addition to any investor's portfolio or owner-occupant landlord.
Source: MRED #12314738
Source: MRED #12314738
To qualify, you must meet the current FHA or VA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50%. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
What is Roam?
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
What is an assumable mortgage?
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
Why is an assumable mortgage valuable?
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
How can you find assumable mortgage listings?
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
How do I qualify for an assumable mortgage?
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 620, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.