295 Anderson Ter, Des Plaines IL | Buy it. Renovate it. One loan.

295 Anderson Ter

Buy it. Renovate it. One loan.

$505,000 · 3 beds · 2.1 baths · 1,063 sq ft · 1959 brick ranch · full basement with separate entrance

Slider: left = real listing photo; right = AI concept rendering (not actual property). Drag or use arrow keys.

See the potential, room by room

Real listing photos on the left. On the right, concept renderings of one possible full-house renovation in white oak, white trim and doors, and matte black hardware.

Exterior

New roof, black-framed windows, entry and garage doors, landscaping.

Living room

Wide-plank white oak floors, new windows, recessed lighting, warm white paint.

Kitchen

Full gut: new cabinets, quartz, appliances, lighting and layout refresh.

Bedroom

White oak floors, new windows, fresh paint, updated lighting.

Hall bath

White oak vanity, quartz top, new tile, glass panel, matte black fixtures.

Half bath

New vanity, quartz, tile floor, lighting and matte black fixtures.

Basement in-law suite

Finish the full basement with its separate entrance: living area, bedroom, bath.

The $150,000 scope

Hypothetical estimate, not a contractor bid. One plausible way to allocate a full-house budget. Actual scope and pricing come from a licensed contractor's bid and the lender's review.

Area	Example line items	Budget
Roof	Tear-off, underlayment, architectural shingles, gutters	$15,000
Windows & doors	Black-framed vinyl replacement windows, entry door, garage door	$13,000
Exterior & curb appeal	Tuckpointing, trim, lighting, driveway patch, landscaping	$6,000
Kitchen	Cabinets, quartz, appliances, backsplash, lighting, plumbing/electrical	$30,000
Hall bath	Full gut: tub/tile surround, vanity, toilet, fan, fixtures	$14,000
Half bath	Vanity, toilet, tile floor, lighting, fixtures	$6,000
Basement in-law suite	Framing, insulation, drywall, egress window, full bath, kitchenette, flooring	$25,000
Flooring	White oak hardwood, main level (replaces parquet)	$8,000
Paint & interior trim	Whole-house paint, interior doors, trim, hardware	$6,000
Mechanicals	Furnace/AC, water heater, electrical panel & updates	$10,000
Subtotal, construction		$133,000
Contingency	≈12.8% of construction (≈11.3% of total) for surprises	$17,000
Total hypothetical rehab budget		$150,000

Example payment

Purchase price: $505,000
+ Renovation budget: $150,000
Total project cost: $655,000
5% down payment: $32,750
Loan amount: $622,250
Hypothetical rate: 7.375% · 30-yr fixed

Example principal & interest$4,297.73/mo

Hypothetical example, not a rate quote or APR. P&I only: excludes property taxes, homeowners insurance, mortgage insurance (PMI is required with less than 20% down), contingency reserves and renovation/closing fees. Assumes the as-completed appraisal supports $655,000. Rates, terms and eligibility subject to change and credit approval.

Two ways to finance the purchase and the renovation together

Fannie Mae HomeStyle® Renovation

Conventional loan for the purchase plus renovation in one closing.
Based on the as-completed (after-renovation) appraised value.
Renovation costs up to 75% of the lesser of purchase price + renovation costs or the as-completed value.
Primary, second home or 1-unit investment property; down payment can be as low as 3–5% for eligible primary-residence buyers.
Work by a licensed contractor; funds go into a custodial account and are paid out in draws. Few restrictions on the kind of work, including cosmetic and luxury upgrades.

FHA 203(k)

FHA-insured loan for purchase plus repairs; primary residence only.
Minimum 3.5% down for qualified borrowers; FHA mortgage insurance applies; FHA county loan limits apply.
Limited 203(k): non-structural repairs up to $75,000.
Standard 203(k): larger and structural work; a HUD-approved 203(k) consultant is required.
No luxury items; work must meet program and property standards.

Program summaries are general and simplified. Each program has its own eligibility, limits, reserves and fees. Ask Nick which one fits this house and your plans.