#REALTY Case Study: 183 N. E. River Road #F6 Des Plaines, IL 60016

Mission:

Use cash to purchase REO property under market value, renovate, secure renter, sell to buyers at a profit.

Building Description:

183 NE River Rd is a brick attached townhouse residence near Ohare airport.

Building Acquisition:

The unit was purchased as a distressed asset for $166,000

Building Rehabilitation and Rental:

Over the course of 4 months the property was completely rehabilitated at a cost of approximately $34,000. The following describes the work done:

House gutted, wood floors refinished, wooden stairs added, glass staircases installed, kitchen complete luxury remodel, 2 master bathrooms complete luxury remodel, lower level fully finished plus full bathroom added, heater installed in garage.

Simple Financials:Property cost: $166,000 | Rehab cost $34,000 | Total cost: 200,000

Appraised for: $260,000 | Actual market value: $280,000

Profit: $60-80,000 in 4 months