Attention Investors: Get a 1-Bedroom in East Lakeview For Just $103,000: 626 W. Waveland

This 1-bedroom at 626 W. Waveland in East Lakeview has been on the market since September 2011.

It is bank owned.

In that time it has been reduced $37,000.

But it also appears to have been under contract at least twice- in February 2012 and in March 2012.

The listing says “This one will go fast.”

At 750 square feet, it has a wood burning fireplace and hardwood floors.

From the pictures, the kitchen appears intact and has white appliances and cherry cabinets.

It has in-unit washer/dryer but no central air and no parking (it is rental in the neighborhood.)

For an investor, is this now a deal?

Cynthia Gaffney at @Properties has the listing. See the pictures here.

Unit #2D: 1 bedroom, 1 bath, 750 square feet

  • Sold in November 1993 for $70,500
  • Sold in January 1999 for $98,500
  • Sold in May 2004 for $175,000
  • Sold in November 2006 for $195,500
  • Lis pendens foreclosure filed in March 2010
  • Bank owned in July 2011
  • Originally listed in September 2011 for $139,900
  • Reduced numerous times
  • Under contract in February 2012
  • Under contract in March 2012
  • Reduced
  • Currently listed at $102,900
  • Assessments of $299 a month (includes heat and cable)
  • Taxes of $2697
  • No central air – window units only
  • In-unit washer/dryer
  • No deeded parking- rental in the neighborhood
  • Bedroom: 15×12

 

9 Responses to “Attention Investors: Get a 1-Bedroom in East Lakeview For Just $103,000: 626 W. Waveland”

  1. There’s a set of dogs (one fluffy white eskimo-type dog, one black lab-looking dog) who bark all day and night from this building, incessantly. Complaints abound on everyblock.

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    Rating: +7 (from 7 votes)
  2. Same neighborhood as the weird “townhouse” off of lake shore that was posted a couple weeks ago. This neighborhood sucks. I lived in the building next to this courtyard and hated it.

    What would you need to charge for rent to BE?

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  3. With $523/mo in taxes and assessments, there can’t be a lot of room left for profit. Could you get $1000/mo for this?

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  4. I guess look at the listing for 3D to see what you can do with it – it appears to be the same. I imagine someone grabs this and rehabs it for a quick flip, although there is probably a reason it hasn’t closed twice before.

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  5. thought i recognized it, my friend owned a similar unit in this building. She was renting it for $950 in 2005 without parking. She also sold it around then and made a tidy profit.

    The good news is that she was hit with a special assessment to repair the roof or something so presumably that has been taken care of.

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  6. Juni-Your crazy! This is a great neighborhood! You commented how bad this hood was before if I recall… your around the block from the lake/bike path/playground/tennis courts/baseball fields/express buses, and 10 min walk to the el, around the corner from anything you need… Whole Foods, FFC, restaurants, Wrigley (yet far enough to avoid the drunkards), and it’s full of great old beautiful vintage condos mixed with newer high rises. What’s not to like? I don’t get it.

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  7. I bet you can get over $1,000 per month as is. I paid more for far less in Lakeview. This has in-unit laundry as well.

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  8. lol @ This neighborhood sucks. Same old Crib Chatter, East Lincoln Park, Gold Coast, River North or GTFO around here.

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  9. “lol @ This neighborhood sucks. Same old Crib Chatter, East Lincoln Park, Gold Coast, River North or GTFO around here.”

    shitty, old, run-down rental properties? check
    70’s era 4 +1’s? check
    terrible congestion from lsd, overcrowded rental population and the new york highrise? check
    The only positive is that you’re close to the lake. You’re a walk from wrigleyville, except you have to walk past the LGBT center on Halsted which is a whole other discussion…Not a great thing for the neighborhood.

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