4918 N MONTICELLO AVE APT 1 # 1, Chicago, IL 60625
Prime investment opportunity centered in the vibrant Albany Park neighborhood. This 35ft wide multi unit is situated on a hyper-residential block just steps from entertainment, shops, restaurants and CTA on Lawrence and Foster Avenues. The brick building features two spacious units, each with three bedrooms, one bathroom, den, separate living and dining areas, a generously sized kitchen, abundant light and hardwood floors. Enclosed rear stairwell provides additional storage for each unit. Two car garage with additional parking pad provides ample parking for each unit. Unit 1 kitchen has been renovated with new cabinets, quartz countertop, sink, back splash, range, and LVP flooring all in up to the minute color schemes. Unit 2 has a long term tenant with room for improvement in both finish and rental rate. Owner does not represent the legality of the basement. Ability to duplex down would allow for an even more exceptional owners unit. Each unit comes with its own dedicated parking space, and residents can enjoy the charming fully fenced in green space in front, offering a pleasant outdoor area. This is an ideal property for those looking to invest in a thriving community with strong rental demand. Additionally, conveniently close to the parks, Chicago River and vast green spaces of North Park and Northeastern Illinois Universities. Further updates include: water tank (2022), Mini-split in basement (2023), coin laundry (2023), updated electrical panels for each unit, basement and common area (2022). Survey available upon request. Each unit has individual gas and electric service.
You may be able to put down less than the total down payment amount of $97,034 and have the rest of the funds financed with a 2nd mortgage from a lender. 4
Location
Details
How it works
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Tour
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Offer
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Close
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
Who can qualify
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 580, 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.
Frequently asked questions
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.
Will an assumption work for me?
An assumption might be a suitable option for you if you meet the lender’s qualifications. We also offer Roam Boost to help buyers reduce the down payment required to a minimum of 5-15%. See below for more FAQs specific to Roam Boost.
Why do buyers use Roam?
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Roam helps home buyers find and purchase homes with a low-rate assumable mortgage included. Once you find your dream home, Roam manages the process of assuming a low-interest rate mortgage, helping buyers save thousands a year on mortgage payments compared to buying with a traditional mortgage at today’s rates. On average, buyers who use Roam save $15,000 in mortgage payments annually.
MLS ID: #mrd12165350