KeySay, an NCST community buyer, purchased this three-story, two-unit town house through the Enhanced First Look program. The property interior was very outdated and the exterior had deferred maintenance; there was also a large hole in the roof which exposed the interior to a great deal of water damage. Both of these factors led to renovations exceeding $100,000.
The new owner-occupant is an Army veteran who earns less than 80 percent of AMI. He stated he had looked at 50 homes for sale before he found this one in Rogers Park, and he “immediately loved the neighborhood and was thrilled the home was rehabbed.” He became a first-time homeowner with a VA loan the day after Christmas 2018. KeySay gave this veteran a closing credit of $2,650. The owner’s plan is to live in the first-floor one-bedroom apartment, and lease the upstairs unit that has three bedrooms and two bathrooms. It’s anticipated the rental income from the upstairs unit will cover his mortgage and property taxes.
Renovations to the property included removing, re-grading and replacing the entire roof, replacing the windows on the top two floors for energy efficiency, and tuck-pointing the parapets. They also completed two new kitchens and three new bathrooms, and installed new doors and a new porch. In addition, the landscaping was refreshed.
Rogers Park is Chicago’s northernmost neighborhood positioned along the shores of Lake Michigan, and while it’s a good distance from downtown, there are multiple train stops in the area for easy accessibility. This neighborhood is considered one of the most diverse in Chicago, and is home to people from all over the world – residents speak nearly 40 different languages and hail from over 80 countries.