|This Edgewater two-flat is a great price and condition for our client. BUT it comes with a catch. All photos Eric Rojas, Broker, Kale Realty|
We looked at a few newly listed small multi-unit buildings with our client on Sunday in Edgewater, Addison Mall and North Park neighborhoods. We jumped on the best priced building in Edgewater (preferred location). We found out quickly that the purchase was subject to tenancy. This generally means the buyer will have to adhere to the current tenant lease agreements upon closing. Whatever that may be.
In this case the property has month to month tenants in both units and the "in-law" unit situation. We wanted the tenants vacated prior to a closing. The seller's agent has told us the owner won't do that... the tenants will be the buyer's responsibility. Basically the tenants aren't going anywhere.
Even though the asking price is great this is too much risk for our buyer. This will be her primary home and she will rent the other unit out. No stomach for squatters or an eviction process should it come to that. A professional investor who has dealt with tenant issues may be wise to scoop this up. Understanding local ordinances and a state's specific tenant law is key when buying multi-unit buildings.