Don’t Buy It, Rent It: A 3-Bedroom Southport Single Family Home at 3408 N. Bosworth

3408 n bosworth approved

We’ve chattered about this 3-bedroom single family home at 3408 N. Bosworth in Southport several times over the years.

Check out our last chatter in May 2013 here.

Yes- it sits right next to the Brown Line tracks.

It’s now been on the market for over 3 months without a sale.

However, there’s now a new option. Instead of buying it, interested parties can rent it.

If you recall, the house has most of the features buyers look for including central air and a 2 car garage.

Built in 1877 on a 25×125 lot, it has some of its original features including stained glass but also has been updated, including a new chef’s kitchen with Viking and Jennair appliances, white cabinets and granite counter tops.

2 of the 3 bedrooms are on the second floor and the property has an unfinished basement.

The house only has 1 bathroom however.

In 2010, the house rented for $2275 a month.

This time, it has listed for $2950 a month. You can see the rental listing here.

What is hotter, the for sale market or the rental market?

Deborah Nick at Conlon still has the listing. See the pictures here.

3408 N. Bosworth: 3 bedrooms, 1 bath, no square footage listed, 2 car garage

  • Sold in February 1996 for $132,000
  • Sold in February 1997 for $170,000
  • Sold in June 2002 for $428,000
  • Sold in July 2005 for $569,000
  • Originally listed in April 2010 for $749,000
  • Reduced
  • Was listed in October 2010 for as low as $589,000
  • Withdrawn
  • Originally listed in March 2013 for $599,000
  • Reduced
  • Currently listed at $575,000
  • Taxes now $10,747 (they were $8523 in October 2010)
  • Rented in December 2010 for $2275 a month (originally listed at $2500 a month)
  • Now also currently available to rent for $2950 a month
  • Central Air
  • Bedroom #1: 15×14 (second floor)
  • Bedroom #2: 14×10 (second floor)
  • Bedroom #3: 11×8 (main floor)
  • Living room: 23×12
  • Dining room: 12×12
  • Kitchen: 16×9
  • Mudroom: 9×6
  • Unfinished basement

31 Responses to “Don’t Buy It, Rent It: A 3-Bedroom Southport Single Family Home at 3408 N. Bosworth”

  1. The 10 year is at 2.25 now. 14 month high. It’s something to watch over the next few weeks. If it keeps rising and pushing up mortgage rates we could see a slowdown in home sales.

    By the way- for those who think it couldn’t rise sharply, in 1993 the 10 year went from 4.4 to 7.0% in just a few months. Of course, that was a bond market crash but nevertheless it has happened before.

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  2. No way this rents for $2,950. I think somewhere in between the 2010 and current asking rent.

    Interest rates are already rising. If the fed takes the foot off the accelerator, it will get ugly out there with a real lack of rising incomes other than for the top 2%.

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  3. Rates can go up at the same time as the prices. Less people would be able to buy at premium neighborhoods and more would rent. It happens all around the world. I don’t see why it is impossible to happen here.

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  4. This is a far better place to rent than buy but I do feel like $3k is a lot for next to the el. I wonder if they’d be willing to rent at the last asking of $2500/month. That is still $225 more than they were getting or $2700 for the year.

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  5. 2950 for a 3/1 next to the brown line? No.

    That being said, I can see a couple bros chipping in for 2500-2600 a month to relive the good old days and have some kegs in the basement. A few blocks too far west for the rest of their bros living in Wrigley to go home, so they will probably all have to crash on the couch and will wake up when that brown line starts putting on the brakes into the southport stop at 7 am sunday morning.

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  6. IF someone rents this at almost 3k a month, they are dumb

    Fed will ‘leak’ some statements later this week or next week to curb this sell off, just wait

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  7. I live a few houses down from this place in a MUCH older condo/apartment (4 flat) for the past six years. Our rent went from 2,010 in 2007 to 2,250 in 2013 (7th year in my place). Our apartment is probably a little over 2000 sq feet, three large bedrooms, living room, dining room, seperate kitchen, 1.5 bathrooms. Basement for storage with free washer/dryer. We have a small porch to sit on in the back too. Nothing is really updated in my place. I don’t think the 2950 is completely off given the area and the quality of the rental property. My place is way older, doesn’t have central air and has radiator heat that barely works. Our windows are old and there is a draft in my place. My LL just refinanced this past year and that is why we saw a $50 raise in rent from 2012 to 2013. I wonder if this place has sound proof windows? It would suck being right next to the El though because we can hear it clearly in my place and we aren’t directly next to it.

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  8. “This is a far better place to rent than buy … $2500/month”

    $2500/month is about the cash outlay for a $417k mortgage (yeahyeah principal–howmuchamonth?) + taxes + insurance. So, yeah, *far* better to rent than to buy, at current ask, and likely rent.

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  9. It may never be cheaper to buy than rent a SFH in the green zone.

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  10. 2400 a month max. $800 per person for 3 people to share a bath is ok. More then that they will look to get own place. Cant be that hard to find if willing to live on the El tracks for this place

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  11. I would absolutely rather rent this than pay 575k. Don’t have to make a down payment or pay maintenance/upkeep costs.. If you find that you hate living next to the EL, you can always leave. There’s value in having that option.

    A couple with a baby will rent this. $2950 may seem absurd but I think the owners get it (or very close to it). Rental market for 3bedrooms is crazy right now. I wouldn’t pay this but given the choice rent/buy, I’m renting.

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  12. Anon, I wasn’t even referring to money. This is the type of place you rent instead of buy regardless of the numbers. If you rent it, when you get sick of the brown line or single bath you finish the year and move on. If you buy this place, when you get sick of the train or single bath you have to find someone else crazy enough to spend 1/2 a million or more for a house on the train tracks WITH only one bath…..not an easy thing to do!

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  13. Rents seem to be pretty crazy right now, I just happened to randomly stumble on a sign posted for a 2 bedroom at Diversey & Kimball for $1800 a month. Nice enough apartment, but standard vintage building, nothing fancy – that’s insane IMO.

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  14. “Anon, I wasn’t even referring to money.”

    Yeah, but the $$ reinforces it. This is a decent property to own as a rental–but with a price starting with, at most, a 3. At $2275/month, and $10k in taxes, I wouldn’t want it unless it started with something less than *35*. Sure, you might eke out 10-15% more rent, but you’re almost certain to have more vacancy then, which eats up most of that delta.

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  15. this should sell in the threes. but it never will in my lifetime.

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  16. “this should sell in the threes. but it never will in my lifetime.”

    It might in Jack Lew dollars.

    But it’s not going that low now, nor in the near future, no.

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  17. I mean I can’t believe that anon(tfo) just advocated that a SFH house in the GZ in this condition actually sell in the $300’s. You can’t even get a rough equiv in park ridge or long grove (anymore at least) in the $300’s much less in the GZ. But that’s what makes sense in a rent v. own scenario.

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  18. Way the heck out yonder, and on the el no less? And one bathroom? I can’t bring myself to click on the link.

    I had two location/real estate-related feelings/thoughts this morning. First, running on the lake, I was reminded how beautiful it can be here, and how, provided one lives within a few blocks of the park/lake, Chicago really tops all of the other major cities in terms of outdoor amenities (i.e., ease of access to, beauty, relative cost, proximity to primary commercial/financial district, etc.). Second, I was looking at housing options in a handful of midsize metro aeas of the country, and was reminded of how well a family can live in such places. All of the places I was (re)investigating have better climates, cheaper housing (some more so than others), comparable school situations (give or take), and nearly comparable professional opportunities (fewer opportunities, sure, but they’re hardly backwaters). Granted, they all offer far less in terms of cultural offerings, etc., and none are situated on a body of water like Lake Michigan, but they certainly present a compelling alternative.

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  19. “You can’t even get a rough equiv in park ridge or long grove (anymore at least) in the $300?s ”

    Where is the elevated train in Long Grove?

    I understand that the PR equivalent is something in the flight path, close to ORD.

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  20. “I was looking at housing options in a handful of midsize metro aeas of the country”

    What, pray tell, do you consider a ‘midsized metro’? Doesn’t have to be an exact list, but an approximate bracket of the size, please? Like: Denver (21) to Jacksonville (40)? KC (30) to SLC (50)? Omaha (60) to Des Moines (91)? Or more scattered as to size, but based on geography?

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  21. Yikes, $550 for a 3/1 on the brown line. you can buy a 3/2 condo in Roscoe village for that. wouldn’t you stay in a a newer condo over this house any day?

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  22. northside Shameless house

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  23. I just went through the rental process again last month when my landlord decided not to renew my lease (I think his nephew wanted it.) Anyway, wow was I shocked to find that the rental market was basically going through the same thing as the purchase market. Apartments would rent in a DAY from listing. One place had an open house because of all the interest — started at 9:00 a.m. and I got there at 9:12 a.m. to find five people filling out applications. I pretty much had to email AND call AND text any listing and go with my checkbook half filled-out.

    As such, prices have risen in many cases to reflect the rat race.

    And all this was for a 1-bedroom.

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  24. I live up the street from this place and I saw an ‘under contract’ sticker on the sign one day, but then it was gone…

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  25. “I mean I can’t believe that anon(tfo) just advocated that a SFH house in the GZ in this condition actually sell in the $300?s.”

    I don’t think this is a place you buy to live in, and that rent (even at $2900), with those taxes, and SFH maintenance, isn’t worth a price in the 4s, imo. With $10k in taxes, imo, you need about $3200 monthly to justify $400k.

    This place, if you haven’t seen it, should amuse you HD:

    http://www.redfin.com/IL/Chicago/1942-W-Grace-St-60613/unit-1/home/13387244

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  26. “but it never will in my lifetime.”

    This is always a scary thing to say because it’s usually wrong.

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  27. steve heitman on June 11th, 2013 at 11:41 pm

    Sabrina, in 1993 GDP grew by 4%. Give me a call when we are again growing at that level and we can discuss rates. The recent rise in the 10-year is a simple rise in a new range. Instead of 1.75% – 2%, we will now see 2% – 2.25%. This of course until GDP increases and unemployment comes down.

    As far as this property… location location location sucks. enough said!

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  28. “Sabrina, in 1993 GDP grew by 4%.”

    That’s not what caused bonds to crash Steve. Pulease. Learn your financial history. It’s a bond bubble. It’s going to go bye-bye at some point, GDP or not. Nothing to backstop it once the Fed ends its emergency measures (which it must do probably sooner rather than later.) Bond rates are reflecting this reality right now. But like any market- once the investors in it panic (as they did in the 1990s) then all bets are off. Will we get a panic sell off? Who knows.

    Mortgage rates are going to go up- but how much no one knows. I’m betting they’re going to go much higher than everyone thinks. We could see 5% mortgage rates pretty quickly.

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  29. 5% is historically low.

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  30. Mortgage rates are going to go down- but how much no one knows. I’m betting they’re going to go much lower than everyone thinks. We could see 1-2% mortgage rates pretty quickly.

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  31. “That’s not what caused bonds to crash Steve.”

    Please to distinguish your view from the view here:

    http://snwam.com/blog/2013/2/1/then-and-now-a-comparison-of-the-1994-bond-market-sell-off-and-todays-market

    not that they agree with Stevo 100%, but they disagree with you.

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