Fixing Up the 4-Bedroom Formerly Bank Owned Ranch in Humboldt Park: 936 N. Saint Louis
This 4-bedroom 1960s ranch at 936 N. Saint Louis in Humboldt Park is one of the houses that was bought as a foreclosure, renovated, and put back on the market.
Built in 1963, the brick ranch is on a standard Chicago lot of 25×125.
The listing says it has new electric, plumbing and heat.
There are also new hardwood floors and the kitchen has new cherry cabinets.
The house also has a finished basement with a rec room.
3 out of the 4 bedrooms are on the main floor.
There is no central air and there is no garage, but the listing says there is new concrete in which to park 2 cars.
Bought in 2010 for just $26,000, this house was originally listed for $124,900 in February but actually RAISED in price to $145,900 in April 2011.
This isn’t the only rehab on the street.
Recently a rehabbed 5 bedroom, 2 bath house at 913 N. Saint Louis was listed for $99,900.
What’s the market for rehabs in Humboldt Park?
Angel Navaroo at Re/Max Signature has the listing. See the pictures here.
936 N. Saint Louis: 4 bedrooms, 2.5 baths, 1120 square feet, 2 car parking on concrete slab
- Sold before 1989 (couldn’t determine the price)
- Lis pendens filed in January 2007
- Bank owned in November 2010
- Sold in November 2010 for $26,000
- Originally listed in February 2011 for $124,900
- Raised in April 2011
- Currently listed at $145,900
- Taxes of $2160
- No central air
- Bedroom #1: 10×14
- Bedroom #2: 9×11
- Bedroom #3: 9×11
- Bedroom #4: 10×10 (basement)
- Rec Room: 13×30 (basement)
Southwest of Grand Ave you can practically get rehabs for free if you have the balls. I have looked around here before, but since I don’t carry a gun I never pursued anything. I would rather put up a little more capitol for something North of the park off of the boulevard.
Wonder how much money they put into it for the rehab, it says there is new plumbing and electric.
I think its great that there are investors out there buying up dilapidated homes and fixing them up. It really improves neighborhoods and i hope it will be a positive as we come out of this housing slump.
There is a reason why east humbodlt park is full of these “next to nothing homes” 1) they are woefully outdated and have not been cared for. 2) Humbodlt Park gentrification was only possible in the land of the 300K 25 year Condo owner.
It is such a shame because a safe, rehabbed, thriving Humbudlt Park would be so good for the city because of it’s location Just West of gentrification miracles and Just North of Gentrification Hopes Garfield Park. Not going to happen in this climate though. It would take a radical reintergation of foreclosed and otherwise abandoned homes–all of which would need several 10’s of thousands of dollars to make accpetable to renters of buyers anything above poverty level.
The rehab is nice, and the profit seems fair, but tell me who is the buyer? The NINJA loan class is not being offered free money anymore.
The buyer is a howmuchamonth FHA buyer with a large tax refund as a down payment. They exist, believe me, there are plenty of them.
“but tell me who is the buyer?”
I would ask the dude who lives at 923 N SAINT LOUIS. I don’t think there is anyone who thinks this particular area will actually gentrify. But there are probably a large number of families there that either like it or are accustomed to the people and for $100k they are happier than pigs in $hit to live in a home like this.
I’ve always thought these 1960’s brick ranches, which are everywhere dotting the cityscape, are extremely ugly.
For buying in a low income area like this there are plenty of programs for owner occupant buyers with both below market interest rates low deposits and not PMI.
For my 3 flat in uptown, i was able to get 3.92% APR (with no points) through a special mortgage program… basically my mortage is 1200 a month.. its pretty brilliant
sorry i mean downpayments, not deposits
I think the flipper did a nice job. This could make for a nice little home for the right person. It is TINY though. On a seperate note, what does HD have against tax refunds now? Does he hate puppies and babies and ice cream now too?
the only thing I know about this location is that it’s near Joe Boston’s beef stand (good beefs).
I agree that the Italian beef is excellent at Boston’s (al pastor tacos at Jalasciense are top notch as well), but St Louis is one loooong half mile west of there (but closer to the unemployment office). It’s a very different vibe. If the rehab wasn’t done by a community group, there will be someone will be making an fire insurance claim before the house is ever sold.
923 N St Louis has an interesting history.
4/02 2-flat sold as “everything new, completely remodeled) for $200k with $190k mortgage (95% LTV)
9/05 foreclosure filed
6/06 deed to lender (CitiMortgage)
10/06 teardown bought $42k with $33.6k mortgage
5/07 construction loan for $530k ($33.6k mort paid off)
5/08 foreclosure filed
3/09 deed to lender (Community Bk of Lemont)
10/09 REO sale for $40k
7/10 sold for $184.9 with $182,442 Wells Fargo mortgage (98.7% LTV)
“The buyer is a howmuchamonth FHA buyer with a large tax refund as a down payment. They exist, believe me, there are plenty of them.”
So what? Some of these people will default, some won’t. What goes on in your utopia – the government looks over everyone’s shoulder and has to approve any economic activity?
Have you ever heard of the phrase “having some skin in the game?” FHA is the new subprime and will need a bailout soon enough. I guess the government is already looking over our shoulder.
“#JJJ on April 26th, 2011 at 3:44 pm
“The buyer is a howmuchamonth FHA buyer with a large tax refund as a down payment. They exist, believe me, there are plenty of them.”
So what? Some of these people will default, some won’t. What goes on in your utopia – the government looks over everyone’s shoulder and has to approve any economic activity?”
“Have you ever heard of the phrase “having some skin in the game?” FHA is the new subprime and will need a bailout soon enough. I guess the government is already looking over our shoulder. ”
Their former commissioner David Stevens already jumped the shark and went to work over at the Mortgage Banker’s Association. So it means a bailout is coming.
Of course the longer it takes the better it will eb for Mr. Stevens career as he can distance himself from all the government-backed subprime loans he oversaw the origination of.
Down payments are the single most important factor in keeping house prices affordable.
The howmuchamonth at whatevertheprice and whatevertheterms attitude so prevalent in our society is strongly curtailed by the typical response “I need howmuchadownpayment? I don’t have that kind of money.”
um, guys….there will never be a buyer for this house.
This may be the only thing Dan’s ever written that I agree with. See people, we CAN all get along!!!
“Joe Boston’s beef stand (good beefs)”
“um, guys….there will never be a buyer for this house.”
Not if they keep raising the price 16.8% every two months.
Unless you know something about the condition or situation of the house we do not, of course there will be a buyer of the house.
Prolly not at $146, maybe not at $125, but wouldn’t this (with some paper work) qualify for a Section 8 rental, and draw $1200+/month? Easily worth $100k.
anon- I do know the hood. I don’t think Sec 8 vouchers are growing off trees these days, nor do I think anyone who has plunked down 100K will be willing to rent to a person w/ Sec 8. (at least not if they’ve had my experience w/ it)
Maybe someone buys it w/ the assistance of a church group or community group, but they haven’t a lot of money these days either, but the job training programs that rehab these house DO have money. But it’s like getting your hair cut at the barber college to buy one of their projects.
I sincerely wish someone would buy it, but I think it more likely that a contractor was sitting on inventory that is worth more as an insurance claim. If I hadn’t seen so many buildings around here torched in the last few years, I probably wouldn’t be so suspicious. (I’m talking buildings w/ brand new roofs, porches and windows.)
I am hoping db is wrong, but I would not be surprised if db is correct
Could not agree more. I hate them too. They look like a place, you would raise chickens in.
“I’ve always thought these 1960’s brick ranches, which are everywhere dotting the cityscape, are extremely ugly.”
Some of the 1960’s sprawling brick ranches in the suburbs are prett cool, but these small 25×125 lot sized yellow brick ranches are ugo.
Some of these places look barely bigger than a two-car garage, but then they magically have 3-4 bds inside and people have raised entire families in them, hosted holidays, etc.
“but these small 25×125 lot sized yellow brick ranches are ugo.”
The real beauty of these style of raised ranch homes is that they are cheap and easy to live in and maintain. They were built very solidly in the 1950s and have practical floorplans for those that don’t need cathedral ceilings, 20×40 foyers, etc.
I can take or leave yellow brick, but the house in question needs landscaping appropriate to a raised ranch with a front door on the front of the house to give it some curb appeal.
I don’t think I’ve ever been to this neighborhood, but on paper it looks like it would be convenient to the Loop. It’s odd to me that neighborhoods like this one aren’t safer. My friends live in a similar house at about 6000 N. St. Louis. They paid $350,000. I wonder why that neighborhood is successful and safe, while this neighborhood, that is more convenient, is not safe.
jenny,
many reasons why, to lazy to type ALL of it.
your buds over in peterson park area (6000 st louis) may have a inconvenient commute to the loop but is actually more convenient to everything else. (not everyone works in the loop)
this home maybe closer to the loop and right by one of the top 10 parks in the city (IMO) but its in a gang invested area which is close to the border from were it goes from black gangs to PR gangs and north mexican gangs. which have plauged decades of positive development in the area.
@Groove, oh come on, type a few. We’ll spring for the popcorn
I drove past on my way home today. Was solicited on the corner of Iowa & St Louis by 5 corner businessmen. It’s mostly an intact pocket, a few burned board ups, but no empty lots, and very little strewn trash comparatively speaking. Mostly older homeowners, but it only takes one renter or grandchild to screw up everything.
This house would fulfill my unicorn criteria. I would pay a premium for a recent renovation. Clean, not too big, efficient, utilitarian, easy to maintain as an in-town. I’m taking for granted that the mechanicals were properly updated, but I would have it properly inspected before putting ANY earnest money down or have it clearly written into the contract that your earnest money is refunded if it does not pass inspection. If you do a 360 streetview on Google, most of the houses on the street are pretty 100 year old homes like most of Humboldt Park seems to be.
I’ve never been to this part of Humboldt Park. I’m assuming it’s a terrible neighborhood and public transportation is really not an option in this location. I’m assuming this is not an area where I could leave a SFH unoccupied for long stretches of time. I’m really curious and I’d like to check the area out the next time in town without forming baseless opinions, but common sense tells me it’s going to be sketchy.
Since qualified buyers are going to be limited for this property, if you’re interested, aggressively lowball.
2 Questions:
– Is this area better or worse than it was 10 years ago?
– Do you think this area will improve or worsen in 10 years?
I know zero about western Humboldt Park except that it has a reputation for gangs, guns and section 8. Is this hyperbole or fact?
Worse than 10 years ago, will be worser (local lingo) ten years hence. Fact, the poor really do get poorer.
It’s not really Humboldt Park either, more like Northern EGP. The Metra tracks act as a dividing line, with Grand Ave sporting abandoned warehouses on either side.
If you’re comfortable w/ an open air drug market on your corner, by all means check it out. Or better yet buy on my street.
http://www.urbanrealestate.com/property/3437-W-Adams-CHICAGO-IL-60624-LCKMCWUEO7VK6.html
http://www.redfin.com/IL/Chicago/3536-W-Adams-St-60624/home/13257681
Hi db –
Thank you for sharing those listings. I’ll live on your street! The built in woodwork at 3536 W Adams is to die for and it’s amazing you can buy a house like that for the price of a studio downtown. Do you really live in East Garfield Park? I’m so intrigued. I’ve never been there. That’s another trip for me to make. You have excellent el access in that area. I know it has a tough reputation. I have to confess I don’t know anything about it. You would think the transit options would make it conducive to gentrification even more than Humboldt Park where you are reliant on buses, especially if there are a lot of pretty vintage buildings.
I really do live here. Even I’m amazed that I’ve lasted for ten years and have had negligible crime issues. There are absolutely gorgeous homes over here, but they suffer from long term neglect to things like plumbing, roofs, masonry, all the expensive stuff. So after you’ve dumped a hundred grand, you’re still surrounded by a shit hole neighborhood. Village Ghettoland Farms is what we call our place. Access to the Conservatory’s leftover plants helps.
There’s quite a few of us old pioneers over here, as there are a lot of artist studios warehouses on Carroll and Albany that have been there for 20+ years. It’s too bad there doesn’t seem to be the same pioneering attitude that transformed Lincoln Park, Bucktown and Wicker Park 30 years ago. You can pick up graystone two flats for 30K right now, but I don’t think 20-somethings today know which end of a hammer to hold, and now I’m too old to lug sheetrock.
Milkster, my mom still lives in the home we grew up in in Humboldt Park. I really, really wish she had sold during the height of the boom. Alas, even then, HP was realistically (or would that be optimistically?) a good 15 years away from transformation/gentrafication.
DB — I really thought Garfield Park would be the next hotspot. All those great vintage greystones. Are there sections that are better than others?
Icarus- you know, it’s actually mostly good over here. Not a whole lot different than Wicker Park was in ’87, old drunk guys at the liquor store, streets that you avoid because of gangs. Crime wise it’s the same as Humboldt Park, block by block.
But unlike WP in the 80’s, no Rainbo Club, Urbis Orbis or Busy Bee or ‘Jewels’ or Value Village. Or Humboldt Park now, with Rootstock, the California Clipper, Continental, Maiz, Flying Saucer, Five Star Coffee, Shokolad, Komoda, etc. being supported by the neighborhood. Humboldt Park has gentrified or rather, demographically changed, at least in the southern areas that were predominately Ukie. It just ain’t doublewide stroller gentrification.
Carroll St, Fulton Ave near the Conservatory, the area behind Providence-St Mel’s are probably 10-15% “diverisified”. There are some grand mansion types on Warren and Washington, complete w/ foyer fireplaces and an extra lot or more (the brownstone that was built for Marshall Field’s daughter finally got rehabbed!). Plus newer condos once occupied by Newsweek readers who have probably moved on.
I drove by this place tonight. It’s not really “humboldt park” imho because it’s west of railroad tracks. West of these tracks the neighborhood is 100% bona fide Westside ghetto. So I drove west on Chicago, I didn’t even bother to turn north on St. Louis, feeling like clio on Western Ave., I just decided to turn north on Central Park (a main street) and get the hell out of there, then taking a right on red at Augusta so I wouldn’t have sit at an intersection. This is a rough area.
dan peoples comfort level are different, my good friend from highschool and our tall forward in our league live over here. during the season we will hang a his house after and will hit up BBQ’s at his place in the summer.
he is a bit west of here, right by Augusta and Pulaski, and in the day time i dont feel or my wife dont feel uncomfortable at all.
i am not saying its some wonderful area where people skip and lick lollipops. but it isnt as bad as you make it sound.
Everyone’s comfort level is different
Groove & Dan- you’re both right. There are good sections, but this is not an area in which the vast majority of people are going to feel comfortable. Even the junkies driving in for their fix are probably scared. (Warning: “driving while white” in certain parts will definitely get you pulled over by the police after dark. God, I hate rookies). And you should hear the longtime residents at the CAPS meetings, they’re scared too and there’s not a whole lot the cops can or will do about it.
Speaking about Humbolt Park, I ate at La Encantada (aprox. 3400 W. North Ave.) about a week ago. Wow, one of the best Mexican restaurants i’ve eaten at ever!
Sonies, I’ve got La Encantada on my list to try this weekend. Thanks for the recommendation. I love food recommendations. It’s a great way to check out different neighborhoods.
About the house at 936 N Saint Louis, it’s been reduced to 139.9K.
Interesting. 928 N Saint Louis sold for 134.5K last week a couple of doors away. 928 has better curb appeal. It’s a cute 1906 brick house. The renovation was very similar. The developer bought it for 24.4K in September 2010.
http://www.redfin.com/IL/Chicago/928-N-Saint-Louis-Ave-60651/home/13285145
936 N Saint Louis featured in this profile was bought for 26K in December 2010. Still listed for 139.9K.
Will 928 N Saint Louis set a new much higher comp for the neighborhood? I’d be interested in the financing details.
So the financing info for 928 N Saint Louis hit CCRD and it’s not great:
Purchase price: $134,500
Amount mortgaged: $131,089
LTV ratio: 97.5%
I’m assuming the buyer did an FHA loan with 3.5% down and rolled in a little extra for closing costs.
936 N Saint Louis is still listed at 139.9K.
My relatives had a welding shop on Grand and Kildare, and in the 60’s this was a triving middle class area. These ‘modern’ bungalows were built for hard working people and are ‘mid century modern’.
For years, these would be advertised as ‘newer homes’. But, times and ‘hoods change. City is mostly very uppity rich or dirt poor these days. Yuppies should care about beyond ‘green zone’, since areas declining will affect them, so quit thinking about ‘bulding walls’.
936 N Saint Louis was de-listed on 11/25/11.
Wonder if the developer decided to rent it instead?
This house was relisted on 1/25/2012 and as of 2/6/2012 there is a sale pending.
It’s so crazy how the numbers have changed over the last couple of years.
Remember this house in Garfield Park at 936 N St. Louis? It was bought by a rehabber in December 2010 for just 26K. After sitting on the market for over a year it finally sold for 130K in March 2012. I can’t believe they had to wait so long for a bite. According to Redfin it’s now worth 227K.
Now look at this house for 230K at 4854 W Crystal, a lot deeper into the Westside hood, bought for 97K in October 2016:
https://www.redfin.com/IL/Chicago/4854-W-Crystal-St-60651/home/13280651?utm_medium=email&utm_campaign=recommendations_update&utm_source=myredfin
This is a terrible neighborhood. I know because I take the bus to the Fallas at North and Cicero sometimes because they are a lot nicer and have a much better selection than the one by me in Portage Park.
Anyway, the house on Crystal will probably be under contract soon.
“This is a terrible neighborhood.”
you know it’s a terrible neighborhood when they have to put a cage around the air conditioner.
LOL Marco! I thought you were talking about a window unit… not an actual exterior ground mounted AC unit!! hahaha
“It’s so crazy how the numbers have changed over the last couple of years.”
Thanks for pointing this out Milkster. Yes, prices have skyrocketed in the last 7 years.
Is it justified?
The economy is much better and money remains cheap. Is the cheap money fueling speculation? Or is gentrification really moving this far west? I’m always shocked at what homes are selling for near Humboldt Park and how many “new” $800,000+ houses they are building out that way. Who is paying that for that neighborhood? But someone is.
“Is the cheap money fueling speculation? Or is gentrification really moving this far west?
I’ve been studying the data and cash-out-refis are ticking up again. I wouldn’t say they’re at abnormally high rates like they were during the last bubble from 2006 – 2008 – they are more at normal rates. I tend to be on the conservative side and feel uncomfortable taking on too much debt I might not ultimately be able to pay for. I’ve never personally taken out a cash-out-refi, but then again I would never carry a balance on my credit cards either.
Here are some data points from Freddie Mac on the percentage of mortgage refinances which were cash-out-refis. In other words, the borrower took out more than what was owed on the original mortgage and that difference was taken in cash:
2003 Q3: 36%
2004 Q3: 61%
2005 Q3: 74%
2006 Q3: 89%
2007 Q3: 87%
2008 Q3: 78%
2009 Q3: 26%
2010 Q3: 18%
2011 Q3: 16%
2012 Q3: 15%
2013 Q3: 15%
2014 Q3: 28%
2015 Q3: 40%
2016 Q3: 41%
You get these rehabbers who’ll fund their whole portfolio by cash-out-refiing their current renovation to fund the next. It’s called the “BRRRR Method”. You can Google it. It could potentially all come crashing down again.
The psychology of home-buying is fascinating. Everyone wants to buy now that prices are high and inventory is scarce.
I love this anecdote about Tonya Harding, btw:
As a child, Tonya learned the high cost of failure
AL HARDING LEANS BACK AND CHUCKLES as he recalls one of his favorite stories about his daughter, Tonya. It was the late ’70s, and Harding, his wife, LaVona, and 7-year-old Tonya had piled into his pickup for the 15-hour drive from Portland, Ore., to Great Falls, Mont., where Tonya was to compete in a figure-skating competition. “Tonya had always wanted a fur coat like the other kids wore when they weren’t skating,” says Al, 60. “I had gone into debt to buy her a rabbit fur coat, kind of a black-and-gray color. One of the girls in the competition says to Tonya, ‘That’s a pretty coat. What is it?’ Tonya told her it was rabbit. Tonya says, ‘What’s yours?’ The little girl says, ‘Mine’s mink.’ Tonya says, ‘Well, mine’s paid for.’ The comeback was just perfect.”