2-Flat Reduced $140K Since February But Still No Takers: 1618 N. Cleveland in Old Town
We’ve chattered about this 2-flat in Old Town at 1618 N. Cleveland several times since it was first listed in February 2010.
See our May 2010 chatter here.
Since that time, it has now been reduced $140,000 but still there are no buyers.
Once listed as an investment property, then it was about “location, location, location” and converting the property into a single family home.
Now the listing says you can “own a piece of history” and that FHA financing is “possible.”
The 2-units are as follows:
- Unit 1: 3 bedrooms, 1 bath, currently rented for $1200 a month
- Unit 2: 2 bedrooms, 1 bath, currently rented for $1200 a month
There is a 2-car garage with the property.
There is also central air and heat with is separately metered and a washer/dryer in the basement.
What price will it take to finally sell this property?
Sandra Adler at Prudential Rubloff still has the listing. See the pictures here.
1618 N. Cleveland: 5 bedrooms, 2 baths, 2 car garage, 2-flat
- I can’t find an original sales price but last sale was in 1998
- Was listed in February 2009 for $590,000
- Reduced
- Was listed in April 2010 for $540,000
- Reduced
- Was listed in May 2010 for $490,000
- Reduced
- Currently listed for $450,000
- Taxes of $10,712
- Central Air
Getting closer to land value. There is great variation in land value in Old Town.
Love the “property features” in the linked listing.
Also: Not a full depth lot.
Totally OT: why is Metra not replacing the crappy bridges south of Fullerton? The Armitage and Webster bridges are going to be in their current, and deteriorating, condition for at least 8 more years?
This is a steal for someone with the cash to convert it to a single family home.
“This is a steal for someone with the cash to convert it to a single family home.”
The lot is only 80′ deep. It’s in the OTT district. It’s on the protected list. You’d have a hell of a time making meaningful changes to the–not attractive–exterior and there’s no place to expand. It’s 2002 SF, not counting the almost entirely below grade basement.
So, while it may be a decent deal for someone who has the cash and wants to live in it, this isn’t one where you spend $450k + $300k and end up with a $1mm house.
that said, if someone with a good plan could make this a nice single family with a garage, I don’t think I have seen one in this area for less than $1M in a long time.
The Rubloff link shows it at $395k now. At that number the place looks more doable for a live in owner to get into the area. The facade issue is a common problem for lower brick/upper frame. Not much can be done except sandblasting the brick and choosing a more tasteful siding color, both of whcih would cost what 15k?
Thanks for the update. So, basically, this 2-flat with parking could conceivably sell for what a 2/2 condo in, say, Southport, is currently listed for.
Very interesting.
For someone who wants to be a live in owner in Old Town/Lincoln Park this doesn’t seem like a bad starter place if your ok with a 2 bedroom/1 bath. One downside I could see is the location, you would have to deal with Church traffic and from local caps meetings I know there have been some issues with the public housing around the corner.
I wonder if you could get more for the rental unit. $1200 seems a little low for an Old Town 3/1 with hardwood, C/A, dishwasher, laundry in building and parking even if the 3rd bed wasn’t really usable.
Price now at 395k.
so is the verdict that it is not sooo safe? safe enough for young kids?
how much would the rehab to single family cost? permits?
at what price point is it worth it to get into the old town triangle?
are there other such deals?
“are there other such deals?”
The multi-unit properties are getting hit hard. Many of them need work but if you have the cash and time/patience, there are “deal” to be had in every single neighborhood.
Financeguy. Read the earlier thread about this property
As I recall a reader who had toured the property and possibly inspected it, reported there was something weird about how the neighbor’s electrical service was attached to this building and it would cost a ton to make it right.
This seems like a tear down that would cost a lot just to tear down.
“The multi-unit properties are getting hit hard. Many of them need work but if you have the cash and time/patience, there are “deal” to be had in every single neighborhood.”
Lets be honest: most greenzone purchasers have professional FT jobs and aren’t in the business of landlording. These people don’t understand that they’re getting into a part-time side job just to try to make the mortgage note work. Really stupid– especially if your other unit isn’t even covering half of your all in costs (net of taxes).
Also my categorization of greenzone purchasers of these multi’s is exemplified by the moniker of a previous poster.
Financeguy what makes you think your accounting or finance skills are easily transferable to land-lording? Just because you have a job that requires more education doesn’t mean you’re going to make a good landlord or that land-lording is easy.