📍 422 Francis St, Joliet, IL 60432
Great opportunity to own a tenant-occupied rental property in Joliet. This property features approximately 1,440 sq ft, sits on an oversized 9,240 sq ft lot, and was built in 1900. 2-story single-family residence converted to a 2 unit.
💰 Current Rent: $1,000/MTM per unit = $2000 total (below market)
📈 Below Market Rent: Opportunity to raise rents to market rates
👤 Tenant Occupied: Existing tenant comes with the deal
🏘️ Current Use: Set up and used as a 2-unit
🔧 Condition: Great overall condition — may only need light cleaning, painting, and minor cosmetic updates
🏡 Unit Layout:
- First Floor: 2 bed / 1 bath
- Second Floor: 1 bed / 1 bath
🚗 Garage: Large detached garage per seller information
🌳 Lot: Oversized lot / double-lot feel with one PIN
🔥 Investor Highlights:
- Tenant-occupied rental with immediate income
- Current rent is below market
- Month-to-month tenant gives flexibility
- Approximately 1,440 sq ft
- Oversized 9,240+ sq ft lot
- Garage parking
- Basement
- Quiet street
- Light cosmetic upside
- Strong rental demand area
- Potential to increase cash flow by bringing rents closer to market
📈 Investment Breakdown:
- 🔑 Sale Price: $197,000
- 🛠️ Estimated Rehab Costs: $15k
- 💎 After Repair Value (ARV): $285,000
- 🏠 Taxes:$3,547
- 💰 Market Rents: $1,450/2bd | $1,250/1bd
🏠 Comparable Sales (Comps):
• 💰 $273,000 – 554 E Jackson St, Joliet, IL 60432
This is a solid buy-and-hold opportunity for an investor looking for immediate rental income, rental upside, and a manageable property in Joliet.
Don’t miss this opportunity—deals with this kind of upside move fast!