Nestled in the heart of Hyde Park, a stone's throw from President Obama's residence and mere blocks from the University of Chicago, this 2,500 square foot condo was strategically acquired as a foreclosure. The goal was to enhance its appeal and rental potential by remodeling the kitchen, existing bathrooms, and adding a new bathroom. Targeting University of Chicago graduate students as tenants, the inclusion of individual bathrooms for each tenant was a key strategy to maximize rental potential. Post-renovation, the property's value skyrocketed to three times the initial purchase price, showcasing the success of our strategic investment and renovation approach.
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[ INVESMENT SUMMARY ]
Purchase Price: $70,000
Renovation Cost: $35,00
ARV: $240,000
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[ SCOPE ]
Size: 2500 sq. ft., 3 bed, 3 bath
Kitchen: Remodeled with new cabinetry, stainless steel appliances, countertop, window, and exterior door
Bathrooms: Two full baths and one half bath remodeled with new floor and wall tile, vanity sink, toilet, tub, and shower fixtures
Additional Bathroom: New floor and wall tile, vanity sink, toilet, tub, and shower fixtures
Laundry Room: Added with new washer and dryer
Flooring: Refinished hardwood floors
HVAC: Upgraded with slim-profile radiators throughout