You Can Get a 2/2 in “Real” Old Town for Under $320K: 1805 N. Orleans

1805 n orleans

This 2-bedroom at 1805 N. Orleans in Old Town came on the market in September 2017.

This is a 9-unit complex without parking in the heart of the historic Old Town neighborhood.

This is a garden unit.

It has hardwood floors and each bedroom has an en suite bathroom.

The kitchen has wood cabinets, granite counter tops and stainless steel appliances.

The unit also has a separate dining room.

It has in-unit washer/dryer but wall cooling.

There’s no parking but the listing says “easy street parking” and you’re in the middle of Old Town near grocery stores, restaurants and public transportation.

The deck in the pictures is shared with other units.

There isn’t high turn over of this unit. Three of the last four owners have each owned it for 5+ years.

Listed for $330,000, it has been reduced to $317,500.

Is this a good way to get into the Old Town neighborhood as a first time buyer?

Millie Rosenbloom at Baird & Warner has the listing. See the pictures here.

Or you can see it at the Open Houses this weekend: Saturday, Oct 28 from 11-1 PM and Sunday, Oct 29 from 11-1 PM.

Unit #2G: 2 bedrooms, 2 baths, no square footage listed, garden unit

  • Sold in January 2000 for $150,000
  • Sold in April 2002 for $261,000
  • Sold in June 2007 for $329,000
  • Sold in May 2012 for $282,000
  • Originally listed in September 2017 for $330,000
  • Reduced
  • Currently listed for $317,500
  • Assessments of $282 a month (includes heat, gas, scavenger)
  • Taxes of $2727
  • No central air- wall units
  • Washer/dryer in the unit
  • No parking
  • Bedroom #1: 10×10
  • Bedroom #2: 12×10
  • Office: 7×6
  • Dining room: 8×7
  • Living room: 19×15

 

18 Responses to “You Can Get a 2/2 in “Real” Old Town for Under $320K: 1805 N. Orleans”

  1. Should be a rental.

    No CA, guess just the bedrooms have window units
    Kitchen looks like a dungeon

    Deck is nice

    The 2012 price seems right

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    Rating: +3 (from 3 votes)
  2. This might make a good Airbnb unit if the building allows it.

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  3. Should be torn down.

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  4. I just never understand why people buy places like this one. It is perfectly fine as a rental, but if you are going to drop $300k, it just seems there are better options other than a glorified basement no matter how convenient the location may be.

    It just comes off as buying out of desperation instead of because it makes sense imho.

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  5. “It just comes off as buying out of desperation instead of because it makes sense imho”

    In Real Estate your buying the land / location, the building’s price is derivative of the land’s value.

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  6. I don’t mind this unit; totally doable for a DINK couple that doesn’t need a car and wants to be close to the action, and doesn’t mind killing an occasional silverfish. What I dislike is that both bathrooms are ensuite; making it difficult to entertain people/host parties without people going in and out of rooms to evacuate themselves. Like most have already said, this would make for a better rental, or investment purchase vs primary property purchase.

    You’re right Russ, it’s something you buy out of desperation because prices are so inflated elsewhere; I know because I even considered touring this out of frustration because it’s rare to find 2/2s as nice as this unit, in this location, in this price range. Ultimately, the no parking was a deal killer.

    Taxes are incredibly cheap; the property is valued at 161k; I really hope this gets corrected upward soon. In Cook County, do under-assessed properties get reassessed after they sell or is done on the 3 year assessment cycle they currently use? Either way this looks like yet another prime example of how green zone gets huge discounts on property taxes, while yellow/red zones pay more to make up the difference.

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  7. My friend used to live in a garden unit in the building next door, this whole building is a total dump and I can’t imagine anyone with half a brain cell would even consider paying over 200k for this frickin garden unit

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  8. I once used Airbnb to stay in a garden apartment. I can’t imagine living in a garden apartment full time, but I would someone could do very well, using this is an Airbnb. It’s risky though because the building’s association could put it on the “do not rent” list.

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  9. ” easy street parking available on quiet tree-lined Orleans Street”

    Hmm, I am dubious.

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  10. Could make a decent duplex down with the unit above.

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  11. the island looks like it’s going to tip over if you lean on it too hard. it looks like there was enough room in install a standard base cabinet instead of such a narrow one.

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  12. I could see this as a desperation purchase for a couple with a kid at La Salle. Parents would take the train at Sedgwick to jobs in the Loop. Eliminating the need for a car on a daily basis.

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  13. DESPERATELY SEEKING JAN TERRI LOLZ!!!!!!
    GO DODGERS!!!!!

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  14. Looks like a small town project.

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  15. The first thing I thought of was this looks like a trailer house. Second, this is probably an investment property. A couple of DePaul students lived here and now the investors are selling.

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  16. What happens to the starter condos like this one if the tax code is re-written to take away the advantages of home ownership?

    If you can’t deduct the property taxes, why buy this? A couple with a $24,000 standard deduction would get more of a benefit than itemizing the mortgage interest.

    Will the starter housing market really suffer if a lot of the tax breaks are gone?

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  17. By the way, something came up this weekend so there won’t be a new post on Monday to start the week.

    Sorry!

    And sorry to leave you with this post for another day.

    But I’ll have something new on Tuesday. There’s a lot going on out there this fall.

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  18. Will the starter housing market really suffer if a lot of the tax breaks are gone?

    I think the housing market in general will suffer. Apparently, the NAHB agrees: https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2017/10/30/the-finance-202-the-tax-bill-gets-its-first-big-corporate-enemy/59f68d3a30fb0468e7653e57/?utm_term=.a014eea921ae

    The National Association of Home Builders announced Saturday that it would oppose the package after talks with House Ways and Means Committee Chairman Kevin Brady (R-Tex.) toward a homeowners tax credit collapsed. And the group plans to be unsparing. “We will do everything we can to defeat this thing,” NAHB chief executive officer Jerry Howard told my colleagues Mike DeBonis and Damian Paletta.

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