Chicago, IL — Rifkin Investments

This Fannie Mae NSI First Look property was sold for just under $136,000 to one of NCST’s strategic development partners, Rifkin Investments.  Rifkin was referred to NCST by the City of Chicago’s Housing Department and worked with one of their development partners to renovate this home that was originally built in 1912 with just under 800 square feet of living space.

With $83,000 in renovations, this home received a new kitchen with stainless steel appliances, updated bedrooms and bathrooms with a new bathroom addition on the first floor.  Additional rehab included refinishing the hardwood floors throughout, including the wood staircase.  For a fresher look, the old paneling was removed and painted and new doors were installed.  The home received all new windows, a new HVAC system and new water service.  The home also has a spacious basement with its own exit.  New gutters and updated painting were completed on the exterior of the home.

This home was put on the market during the COVID -19 crisis and was eventually sold, after a previous contract fell through, to a veteran who used a 0% down VA mortgage to finance the purchase. This beautifully renovated property is located in the Hermosa neighborhood of Chicago which is 90% Hispanic/Latino with more than 56% of the properties being rental.  In meeting the homeownership priorities of the City and the Alderman, this home was a welcome homeownership addition to the neighborhood.