Tired of Renting? A 1-Bedroom Duplex in the Heart of Old Town: 200 W. Menomonee

200 w menomonee

This 1-bedroom duplex in the Williamsburg Gardens at 200 W. Menomonee in Old Town just came on the market.

The 4-story brick building was built in 1905 and has 15 units.

The unit has tiger oak floors and crown molding along with a unique carved closet door.

There is a half bath off the living room and a renovated full bath on the second floor.

The bedroom is on the second floor with a small sitting or office area.

The kitchen has white cabinets and the listing says there are new carrara quartz countertops, a marble backsplash and stainless steel appliances.

It has a washer/dryer in the unit but no central air. There are window units. There is also no parking but there’s rental parking in the neighborhood.

This unit is in the middle of the restaurants and shops of Old Town and near several forms of public transportation.

Is this perfect for someone tired of renting?

Laurie Popovich at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #12: 1 bedroom, 1.5 baths, 933 square feet, duplex

  • Sold in July 1990 for $121,000
  • Sold in June 1992 for $160,000
  • Sold in June 2000 for $249,000
  • Sold in July 2004 for $337,000
  • Sold in December 2012 for $260,000
  • Sold in July 2015 for $315,000
  • Currently listed for $349,900
  • Assessments of $242 a month (includes exterior maintenance, scavenger and snow removal)
  • Listing says there are $55,000 in reserves
  • No rental restrictions in the building
  • Taxes of $4583
  • No central air- window units only
  • Washer/Dryer in the unit
  • No parking
  • Bedroom: 15×14 (second floor)

10 Responses to “Tired of Renting? A 1-Bedroom Duplex in the Heart of Old Town: 200 W. Menomonee”

  1. This is going to sell very quick, very limited inventory for sale in the OTT

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    Rating: +2 (from 2 votes)
  2. “carrara quartz”

    Didn’t know that there were quartz quarries in Tuscany.

    (yes, I realize that’s the branding and not a weird realtor claim)

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    Rating: +1 (from 1 vote)
  3. This is very anecdotal but this is one of many listings I’ve noticed this year where the property was last bought in 2015 or 2014 and is now re-listed (not flipping, little remodeling). Is everyone just trying to get out while inventory is low and the market is heating up? Between title transfer fees, closing costs (on either side, which sellers will take on if they re-buy again), and realtor commission, I can’t imagine they’re coming out ahead or breaking even relative to 2 years of renting.

    As someone in a fiscally good position who is renting by choice, I still wouldn’t buy this property. #9 in this building rented for $2100/month and at this price the monthly payments (at 20% down) come in just around $2100 not including the impending property tax hike. I’m seeing this more and more on properties I like; where buying comes out to be more expensive than renting! So aside from hoping you get appreciation, why take the risk of home ownership? Nevertheless, it sucks to see prices rising again and only adds to the stress that I should buy now, lest I be “priced out forever”.

    Funny money is definitely re-inflating the bubble. Low inventory is the gasoline and the light is a mix of real estate crowdfunding, low-credit lending, and more down-payment buyer assistance programs to low-income people that shouldn’t be buying (this actually contributes to rising rents, hurting their peers while they take on more debt than they should).

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    Rating: +5 (from 9 votes)
  4. well some of that money goes towards principal payment, and then there’s the interest and property tax deduction so its not really the same cost if you hold it a long time

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    Rating: +5 (from 7 votes)
  5. Good point Sonies, I did forget those perks of home ownership that effectively lower your monthly payment. However, those only benefit if you itemize. In some cases for some people it can be smarter to take standard deduction.

    Either way, I would not want to let the tax tail wag the dog when the cost of buying vs cost of owning are virtually equal.

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    Rating: +3 (from 3 votes)
  6. “the interest and property tax deduction”

    And the opportunity cost of your down payment.

    When rent ~= PITI w/ 20% down, the monetary benefits are probably close enough to a wash that its the other things–flexibility v certainty; no maintenance v ability to change things, etc–that are real the decision makers.

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    Rating: +3 (from 3 votes)
  7. luis_carruthers on February 9th, 2017 at 6:23 pm

    ‘ a mix of real estate crowdfunding, low-credit lending, and more down-payment buyer assistance programs to low-income people that shouldn’t be buying ‘

    This is now our economy. Don’t see this changing. Car loans and credit operating same way.

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  8. Owning your home is about that feeling you get when you know you ‘own’ something. you get to paint the walls and decorate any way you want. That alone is worth the home ownership premium. I know, because I live it, and I have purple accent and black chalkboard walls in every room, including my bathrooms.

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    Rating: +9 (from 9 votes)
  9. Do you sleep on a round velvet bed?

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    Rating: +5 (from 5 votes)
  10. “Do you sleep on a round velvet bed?”

    Heart-sharped, vrooom vroooom…..the ladies love it!

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