2.5 Acres in Sycamore, IL - $885,000

32 Unit apartment complex in Sycamore, IL 16-1 bedroom units, 16-2 bedroom units. Tenants pay electric heat. Large 2.5 acre lot, 4 washers & 4 dryers are leased. Property in the USDA Rural Development Low Income Housing Program. Property is required to stay in the RD program until 2035. This RD program allows renting only to low income tenants. Rents are controlled. Profit limited to $4380 per year. Must be professionally managed. Purchase: NO NEW LOANS can be taken on this property. Buyer assumes current mortgage of (approx.$150K) and brings cash to closing equal to difference between purchase price and mortgage balance. See documents for details.