8000 S Phillips Avenue Unit 2N Chicago, IL 60617

Single Family Residence

3 Beds

2 Baths

1,700 Sq. Ft.

Open House Schedule

Sun, 9/29, 08:30 PM-09:30 PM

Property Activity

Time on Site

days

Days on Market

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Saves

Last updated on 9/22/2024 7:12 AM

Listing Details

Unmatched Investment Opportunity: 3-Bed/2-Bath Condo in South Shore - Cash Investors Take Note! + $5,000 seller concession! Welcome to 8000 S Phillips Ave Unit 2N, Chicago, IL 60617-a premier investment in the rapidly appreciating South Shore neighborhood. This expansive 3-bedroom, 2-bathroom condo ...spans approximately 1,700 sq ft, offering a bright, open layout with high ceilings and gleaming hardwood floors, making it a perfect candidate for immediate cash flow. Currently tenant-occupied at $1,300/month and is current, this property is a turnkey opportunity for savvy investors. The condo features a spacious master suite, two modern bathrooms, a sunlit living and dining area, and a kitchen outfitted with stainless steel appliances and granite countertops. In addition, the owners are proactively installing a new central air condenser, ensuring the AC remains in peak condition for years to come-an added value for any future owner. Now, let's address the financial details that make this property a standout for the right buyer: The homeowners' association (HOA) has extremely limited reserves, with uncertainties surrounding the actual reserve balance. The 2024 budget indicates a $4,000 reserve, yet conflicting documents reveal an undated figure of "-10,000," raising questions about a potential negative balance. The final figures for the reserves remain unclear. Additionally, the HOA appears to be inactive and not in good standing with the Secretary of State, meaning this is strictly an all-cash transaction. Moreover, the 2024 annual meeting minutes suggest a $21,000 garage repair is on the horizon, likely requiring a special assessment. Whether this cost will be spread among all condo owners or only those with garage units remains unclear, making this an opportunity for investors with the financial capacity to manage potential future expenses. Despite these uncertainties, this condo is priced well below market value, presenting an incredible opportunity for significant appreciation. Positioned minutes from Lake Michigan, the soon-to-be-completed Obama Presidential Library, and a host of local amenities, this property is primed for growth. With minor upgrades, the rental potential could easily rise to $1,600/month, driving even more impressive returns. For the seasoned investor who can see the potential beyond the surface, this is a rare and lucrative opportunity. The property is sold "as is, where is," making this a straightforward transaction for those ready to capitalize on the untapped potential. **Seller also will be providing a $5000 concession to an end buyer** Continue reading

MLS#

12091847

Property Type

Single Family

Bedrooms

Bathrooms

2 Full

Year Built

1924

HOA Fee

$350 Monthly

Square Feet