Single-Family Rental Financing in Harvey, IL

Single-Family Rental investing in Harvey

Single-family rentals are the cleanest DSCR file you can write in Harvey. One unit, one lease, one Form 1007 market rent schedule, and the deepest set of sale and rent comps in the Cook County appraisal market. Detached stock also carries the longest average tenancies, which is what actually protects the ratio you close at.

At the Harvey median of $110,000, a single-family rental prices near $110,000. Minimum down is 20% ($22,000), leaving a loan of $88,000. Estimated all-in PITIA runs about $850 per month.

Returns and structure

Return metrics at the Harvey median for this product: an estimated cap rate of 6.09%, and monthly cash flow of $50 positive at 20% down. A file that cash-flows at the minimum down payment is the exception in Illinois right now, and it gives you room to absorb an insurance renewal without going to the reserve account.