7 Months Later and Still Looking for a Buyer for this Portage Park 2-Flat: 5341 W. Berteau
We last chattered about this 2-flat at 5341 W. Berteau in Portage Park in April 2011.
See our prior chatter here.
Back in April, most of you thought the list of $469,000 was way too high for a 2-flat outside of the Greenzone.
It has been reduced just $19,000 since then.
If you recall, it was built in 1918 and has some of its vintage features intact including hardwood floors, stained glass, crown molding and dining room built-ins.
According to the listing, it has also had updates, including skylights, new copper plumbing, new electric and windows.
The units consist of the following:
- Unit #1: 3 bedrooms/1 bath
- Unit #2: 5 bedrooms/2 baths duplex up – owners unit with third floor with vaulted ceilings
Yes, I know the listing says it is a 4/3 and not an 8/3.
The listing says the first floor rental unit has a new kitchen and bath.
The basement has 7.5 foot ceilings.
Built on a 33×125 lot, it does not have a garage but the listing says one can be added.
The property is just a few houses east of Portage Park and is across from Portage Park school.
What will it take to sell this property?
Heather Lange at Koenig & Strey Real Living still has the listing. See the pictures here.
5341 W. Berteau: 2-flat, 4 bedrooms, 3 baths, 3000 square feet, no garage
- Sold in November 1991 for $135,000
- Originally listed in March 2011 for $469,000
- Reduced in May 2011 to $450,000
- Currently still listed at $450,000
- Taxes of $5274
- Central Air
- No garage- but apparently one could be built
- 1st floor 3/1
- 2nd floor duplex up 5/2
“2-flat, 4 bedrooms, 3 baths”
“•1st floor 3/1
•2nd floor duplex up 5/2”
Does not compute.
“What will it take to sell this property?”
A $250,000 PRICE REDUCTION!!!
Sold brick two-flats are a dime a dozen in the 200’s all over Portage Park. Interestingly enough, there are none left in the 200’s. All remaining 2-flats are priced in the $300’s or more and are languishing. Jesus H. Christ inventory sucks right now.
“there are none left in the 200’s. ” for sale that is, meaning that they’ve all been ‘snapped’ up! If you want a two flat in portage park, you better be prepared to pay in the $300’s! It’s unlikely the unit cash flows in the $300’s but that’s irrelevant, it’s all about capital appreciation, not cash flow these dayz.
anon: THAT’s your contribution?
I kid, I kid. Eyeballing the property, I’d guess 2/1 downstairs and 2/2 up. But from the listing, who knows…
“It’s unlikely the unit cash flows in the $300’s ”
What do you think rent is for these two untis? $1700 “cashflows” (barely, barely, barely) a $300k place at 5%, with $5k taxes.
This place needs about $3100 in total rent to be a reasonable risk (note: not a sure thing, just a reasonable risk) as a rental–assuming no deferred maintenance to deal with–at $450k.
What the hell is with that plywood in the bedroom? That looks absolutely terrible!
” Eyeballing the property, I’d guess 2/1 downstairs and 2/2 up.”
But the narrative clearly sez:
“1st flr is 3 bdrm /1 bth rental unit w/ new kitch & bth. Owners duplex up is 5 bdrms /2 Bath, 9.5 ft ceil, 3rd fl vaulted ceils. ”
Which is 8/3. Based on that, and the listing calling it a SFH, rather than a 2-flat, 5/3 could make sense (only the upstairs beds count), but as it, it’s just weird.
might help if they decided to paing the sides of the house too and not just the front eh?
It does not sell because the reader cannot even figure out what they are selling. Is it a 5Br, $BR, 3BR?
I’d say $1,500 for the upstairs, probably $1,200 for the lower unit. The area doesn’t exactly draw higher income rents, it’s portage park. These are nicer units for sure. usually the seller lists the rents and the lease terms in the MLS, but since they aren’t listed, that’s all you really need to know.
“I’d say $1,500 for the upstairs, probably $1,200 for the lower unit. ”
So, high $300s works for this place. $350 would be a deal and $300 a steal. Assuming no major maintenance issues.
That’s on the high end, just a guess of what they would rent for.
“That’s on the high end, just a guess of what they would rent for.”
Sure, but at your implicitly suggested $300k (and 96.5% financing), you could live downstairs for about the cost of taxes, even if you were ~15% high on the rent for upstairs. That’d be a good risk–once you pay down the mortgage enough, re-fi and move upstairs, using the lower downstairs rent to pay your lower mortgage. Old fashioned property ladder.
I saw this place, it needs some work and a garage. This is more likely a house you buy so that an in-law can live downstairs and then you convert it into a kick ass SFH when the in-law kicks the bucket..maybe rent it out for a year or two before the conversion to generate some cash flow.
anon, we didn’t get to see the first floor because it had renters but the 2nd floor is duplexed with the attic. It’s livable but if I bought this place and had the money I’d probably get a contractor to re-work it and make it more professional, less weekend DIYer
This owner is a fool. The time to cut price aggressively was over the past six months because in four weeks time the FHA limit drops meaning his audience of potential fools to take this hot potato off his hands shrinks a bit.
has anyone looked up what they still owe on it and if they HELOC’d it like crazy?
Executed Recorded Document Type Amount
06/21/2006 07/05/2006 MORTGAGE $405,000.00
Executed Recorded Document Type Amount
07/29/2011 08/05/2011 LIS PENDENS FORECLOSURE $0.00
ABN AMRO MTG GRP INC
Rents don’t cover mortgage.
“in four weeks time the FHA limit drops meaning his audience of potential fools to take this hot potato off his hands shrinks a bit.”
You really expect the two-unit limit to drop well over 20% from the current $533k, Bob?
@HD, i’m real simple…can you break it down to me and explain what that means?
“explain what that means?”
They have a mortgage for $405k from ’06, and their lender filed foreclosure this summer.
“They have a mortgage for $405k from ‘06, and their lender filed foreclosure this summer.”
So would this be a pre-short sale?
More like pre REO.
this one goes to the bank unfortunately because the seller hasn’t come to grips that the only market here is a family that has to live in this neighborhood. Price should be around $359k to attract other demographics. Time for the low ballers to go in and make a play for it on a short sale.
Homedelete- how are you able to look up the mortgage history and how much is still owned on it? Please let me know. Thanks.
Nick:
https://addons.mozilla.org/en-US/firefox/addon/cook-county-pin-search/
Search the recorder’s office .
if this goes REO or short sale, I’ll put in an offer of $200k just to see if I get laughed at.
If they don’t have a timeline to sell in the next 2yrs, they could afford to ask for the moon and hope someone bites.
Your looking around 350K to get this sold right now.
Rents will be solid in this building probably around 1000 for the 1st floor and 1400 for the 2nd floor.
The garage is meaningless. It just means another lost $200 per month
$200K buys you a whole lot of work right now in 60641. Im talking bathrooms, roof, HVAC. This seems turnkey and at 350K will positive
“The garage is meaningless. It just means another lost $200 per month”
the house is parked in front of a school and is permit parking on that street. A garage is important to renters and/owners
Icarus on September 6th, 2011 at 6:01 am
“The garage is meaningless. It just means another lost $200 per month”
the house is parked in front of a school and is permit parking on that street. A garage is important to renters and/owners
Then spend $2K for a parking pad off the alley or build a garage for $8K.
I own a buildings near here and rarely do the tenants want the garage. I usually end up renting the garages to an independent person
under contract it seems