The Affordable Vintage Uptown 1-Bedroom: 918 W. Winona
I get lots of requests for posts on “affordable” properties- especially on the north side.
This vintage 1-bedroom condo at 918 W. Winona in Uptown is priced under $200,000.
There is no square footage listed but the room sizes are generous:
- Living room: 20×14
- Kitchen: 18×10
- Bedroom: 14×12
- Foyer: 13×5
However, it doesn’t have the bells and whistles many buyers would like these days: no central air, no in-unit washer/dryer and no parking.
Is this an affordable alternative to renting?
Donna Plank at Baird and Warner has the listing. See the listing and more pictures here.
Unit #401: 1 bedroom, 1 bath
- Sold in March 1995 for $27,000
- Sold in September 2003 for $134,000
- Currently listed for $150,000
- Assessments of $352 a month
- Taxes of $1818
- OR you can rent it for $1200 a month
- No central air
- No in-unit laundry
- No parking – but available for $125-$150
- Elevator building
Nice little place, walk to the bus….
But there is a massive war breaking out in Uptown right now. It is really abig deal. Check out fixwilsonyard.org
I’ll stick with my RN 1/1 with w/d in-unit @ $1100.
Like the layout here, though…
Well it’s a realistic multiple of the rent…but the rent seems high for this nabe, no?
Well the selling price seems reasonable — it might need to come down a little due to lack of a/c and in-unit laundry — but the rental price is INSANE! That should be closer to $1,000/month.
Rent would be high. I was able to rent (last year!) a brand new one bedroom + den, with an indoor parking space for $1400/ month…in the West Loop. That included heat, water, and a fitness center. Not even comparable.
The assesments suck
quick scan of craigslist shows 1BR 800-1000 in uptown. 2BRs 1200-1500
Bad rental, and a bad buy. WTF are those assessments so high for? That’s like adding 33% to a mortgage payment for a property like this. No washer dryer, no AC, undesireable hood. No!
I know this building well, and consider this price to be absolutely laughable. I also know of one specu-vestor in the this place that has been trying for a loooong time to unload similar units at cheaper prices than this.
Remember, when figuring rent parity, you must also factor in the maintenance and taxes, which means you will have to charge a rent that isn’t justified for this place in order to cover all your expenses.
The place is a maintenance nightmare with too many renters. You can do better going up Sheridan into Edgewater proper, get a better place for less money in a much better neighborhood.
I lived in a number of rentals in Uptown in the 90’s. I really liked how large and spacious the units where, not to mention cheap compared to further south.
Around the late 90’s I think I spent 1000 for a nice rehabbed 3/2 which I shared. I left when it went condo and they offered it to me for 140k which I thought was nuts at the time.
I think the same unit hit the 400’s at some point.
Ahh memories.
Hell, you could do better renting in Gold Coast. There are 1 bedroom rentals in about this price range, maybe even a little less, with about this much space and these kind of amenities. Not to mention a neighborhood that is many times safer. Sure, you couldn’t buy the place for $150,000, which just proves how insane this rental price is.
Whats hilarious is if you include multi-units in your MLS listings you’ll often see multi-units for cheaper than the single condos or SFHs. Chalk this up to them being tied to fundamentals (rental yields).
Its really insane how much idiot bagholders bid up properties across the country.
ChiGuy – where in River North are you getting a 1/1 with in-unit WD for $1,100?
Jason(TFO)- Are TIF funds for Wilson Yard only coming from Uptown residents or all Chicago taxpayers?
“The place is a maintenance nightmare with too many renters. You can do better going up Sheridan into Edgewater proper, get a better place for less money in a much better neighborhood.”
I couldn’t agree more. There are 4 1bd/1bt units in my building (edgewater, Thorndale Court.) left for sale, all have brand new everything, plus central air and w/d in unit. The are a little smaller than this place, but the developer is only asking $169K which I’m sure he would sell for $160K.
Guest:
Wells & Grand. not a high rise. was rehabbed in 2000 w/ granite, hardwood, etc. part of it is the landlord is a partial deadbeat. There aren’t really any amenities either. Landlord did, however, just replace the entrycom buzzer (it had been broken for 3 years from what the previous tenant says). Guess I”m lucky that I don’t have to pay for pool/gym/doorman/maitenence ppl/elevator/etc.
I’m very familiar with 930 W Winona, right down the street. It’s a modern bldg (4+1). Newer kitchens and baths, hardwood floors, updated cabs. Certainly not condo quality though. The 1bd/1bas in the building rent for $850-$875. That building is fully occupied. That’s the market for quality rental in that pocket. Therefore, this unit in far superior condition with quality building systems is not advertising an outrageous rent. Just because you think someone is a “moron” or an “idiot” for paying that price in this location doesn’t mean it’s not a market rent. East of Sheridan near the lake North of Lawrence South of Foster… those are the only things relative to compare rents to. You can’t do a rent survey based upon some great deal your pal has in the Gold Coast or West Loop… just like you can’t sales comp a unit in those areas. Everyone’s criticisms of this rent value lack anything substantive.
Aaron:
What about doing sales comps with Craigslist? I spent 5 minutes there and found 1BR within your comparable area whose pictures look comparable. I’m pretty sure $400 more than next door isn’t.
i.e,.
2/1 = $1400 http://chicago.craigslist.org/chc/apa/1014314489.html
3/1 = $1550 w/ parking http://chicago.craigslist.org/chc/apa/1014288100.html
1/1 = $765 w/ 1 month free rent http://chicago.craigslist.org/chc/apa/1014265537.html
Aaron:
check craigslist. i found at least 6 apts in your defined area that make 1200 w/ no parking/ ac / w/d a joke.
i.e.
2/1 = $1400 http://chicago.craigslist.org/chc/apa/1014314489.html
3/1 = $1550 w/ parking http://chicago.craigslist.org/chc/apa/1014288100.html
1/1 = $765 w/ 1 month free http://chicago.craigslist.org/chc/apa/1014265537.html
Here is some rental data from the area:
855 Ainslie #2 2/2 ASK $2,300
911 Ainslie #3 3/2 ASK $1,790
918 Winona #401 1/1 ASK $1,250
943 Ainslie #? 2/2 RNTD1/27/2009 $1,350
828 GUNNISON #2-S 2/1 RNTD1/4/2009 $1,350
908 Winona #1N 1/1 RNTD12/14/2008 $1,275
828 Gunnison #1-S 2/1 RNTD10/2/2008 $1,550
918 Winona #305 1/1 RNTD6/9/2008 $1,000
857 Ainslie #3 2/2 RNTD11/26/2007 $1,700
828 GUNNISON #2-S 2/1 RNTD7/31/2007 $1,600
928 GUNNISON #1 4/2 RNTD11/28/2006 $1,595
Aaron
apparently my comment won’t post with specific craigslist comparables but you might want to check it. I found 6 apartments in your predetermined area from 1-3 BR that make 1200 for this a joke.
The MLS rents seem a bit high….craigslist is probably lower. I’ve never rented anything directly from the MLS and I don’t know anyone who has either. obviously that’s not to say it doesnt’ happen but I agree with ChiGuy that those rents seem high for uptown
CK – speaking of uptown in the 90’s I went to a few parties in apartments there … loyola grads, $1,300 a month for 3/2’s with a rooftop deck. Vintage but very well kept. Too bad the ‘hood was literally the ‘hood. But that’s why it was so cheap. BUt it was huge…I remember the two bathrooms were right next to each other….strange.
“I agree with ChiGuy that those rents seem high for uptown”
Well, given your familiarity with Uptown studios, I guess we can call you our resident expert (haha).
“I remember the two bathrooms were right next to each other….strange”
Nah. Means you can have one wet wall shared b/t them. Less lost space for drain vents, etc.
It makes sense but I mean they were literally next to each other in the same hallway almost like it was two apartments at sometime in the past converted into one. In my apartment the kitchen sink and bathroom share a wet wall … but to have two bathrooms next to each other was a very odd layout. There is no purpose to have two bathrooms next to each other, even my old apartmetn in the rp had a master bath and a regular bath, they weren’t right next to each other.
bn that was a good joke about being the uptown expert b/c I live there in a studio. I actually laughed out loud!
“anon (tfo) on January 30th, 2009 at 5:04 pm
“I remember the two bathrooms were right next to each other….strange”
Nah. Means you can have one wet wall shared b/t them. Less lost space for drain vents, etc.”
Jason(TFO)- Are TIF funds for Wilson Yard only coming from Uptown residents or all Chicago taxpayers?
Ha! To make a long story short, it is from all taxpayers.