80% Off the 2007 Price in East Humboldt Park: 1216 N. Rockwell
This bank-owned 3-flat at 1216 N. Rockwell in East Humboldt Park (also known as West Town in the MLS) is currently listed for 80% under the 2007 purchase price.
There are no interior pictures so we don’t know the condition of the units.
The building was built in 1878.
Here are the unit sizes:
- Unit #1: 1 bedroom, 1 bath garden unit
- Unit #2: 2 bedrooms, 1 bath
- Unit #3: 2 bedrooms, 1 bath
This is a cash only sale.
The listing says not to disturb the occupants.
Additionally, an “eviction process will need to be implemented. Seller may not be able to convey possession at closing.”
There is no mention of a garage or any parking.
Could this be a steal for a savvy renovator and landlord wannabe?
Ayoub Rabah at Great Street Properties has the listing. See the exterior pictures and listing here.
- Sold in August 1994 for $88,500
- Sold in September 1997 for $148,500
- Sold in February 2007 for $785,000
- Lis pendens in November 2008
- Bank owned in October 2009
- Originally listed in April 2010 for $169,900 (cash only)
- Reduced
- Currently listed for $159,900 (cash only)
- Taxes of $5450
“Eviction process will need to be implemented.”
In other words, after you close, count on another 3 months before you can get in and do anything with it. Also, no telling how happy the current renters will be about leaving. They may trash it on the way out.
Still. That’s a good price for a brick 3-flat.
Hilarious the realtor calls it Wicker Park. How can you get the tenants to leave?
Maybe camp out in the front yard with your shotgun or something?
“in East Humboldt Park (also known as West Town in the MLS) ”
But the listing sez Wicker Park! Not even “West” WP.
100% financed in ’07, with a 75% 1st and 25% 2d.
Also bought the vacant lot next door for $300k (90% loan) in Jul-07. Also foreclosed in Dec-08.
Note that the lot is short and has no alley access. Almost need to buy the adjoiner, like the prior owner did.
“easy access to I-90/94 & Blue Line el stop”
I usually walk 25 blocks and consider it easy access to an el stop.
“I usually walk 25 blocks and consider it easy access to an el stop.”
It’s “only” 1.15 miles to the Western stop. 9 blocks.
Expect units will need a gut rehab after tenants are evicted. Expect evictions not to go per procedure. Listing should say “gem for experienced landlord” in realtor speak. Pricing speaks volumes on pending problems for future purchaser; new price reduction amplifies that feeling.
lol listing says its in Wicker park
What a dumbarse realtor listing this is Wicker Park when its literally steps from Humboldt Park itself.
I doubt this is a deal. Just because there was likely mortgage fraud on a 2007 transaction with a notional value of 785k does not mean you’re getting an 800k place for 160k.
More likely they’re trying to sell you an 80k place for 160k.
“DO NOT DISTURB OCCUPANTS. Eviction process will need to be implemented.”
Wonder why the current owner doesn’t want the tenants disturbed and wants to cash out before the tenants are outta there. Could it be he knows they’ll be leaving with a few fixtures, toilets and having some fun with the drywall?
Wonder why
Don’t forget- a bank IS the current owner.
@bob,
”likely mortgage fraud at $785K’…I’d have to say almost guaranteed. Even if this place was a gut-rehabbed palace, it would never have been worth (even in bubble time) over $400K.
Condition of the unit (just from three poorly taken pics) shows absence of maintenance…probably none done since before the lis pendens was put in place 11/08. Google earth showed even more of a mess.
The ‘evication process needs to be implemented’ is a sure sign there are less than acceptable tenants in place and yes, they will definately trash the place upon leaving. I would not be surprised if the owners (prior to the bank taking possession) are the tenants that would need to be evicted. If the bank taking possession did not deter the owners from leaving, nothing will. Sorry situation for the bank to be in and even sorrier if they can convince someone this is a good deal.
Walk….no run away from this place! I did one of these things early in my career and learned a great deal about ownership and being a landlord…with a great deal of human behavior…scummy human behavior….thrown in..
Never again!
why wouldn’t the bank have proceeded with eviction proceedings as soon as they took possistion back. That would have been taken care of months ago.
Trying to evict tenants like these could take months. They show up to court saying “we didn’t know there was a foreclosure!” and then they get another 120 days to live rent free and trash the place. Welcome to crook county.
“#Tom (tfo) on May 21st, 2010 at 6:40 am
why wouldn’t the bank have proceeded with eviction proceedings as soon as they took possistion back. That would have been taken care of months ago.”
“Trying to evict tenants like these could take months. They show up to court saying “we didn’t know there was a foreclosure!” and then they get another 120 days to live rent free and trash the place. Welcome to crook county.”
And hasn’t Illinois and/or Chicago imposed some additional rules for lenders in evicting tenants? Why would the lender want to throw good money after bad on legal fees, especially if the tenants are actually sending rent checks in any amount?
I am one of the current tenants and I promise that none of us plan on ‘trashing’ the place when we move. In fact our main disagreement is that we tenants as a whole would like to stay. We are good tenants who’ve improved the property and are currently building some nice gardening work. The bank tried to intimidate us into leaving and we’ve had hell trying to stay until we can hopefully get a new landlord who is interested in keeping good tenants. The listings say to not ‘disturb’ us but I can speak for all tenants and say we are actively interested in whomever our new landlord will be.
I understand the opinions/comments above are rooted in some bad experiences but this is not the case for this building.
Thank you.
what rent are you paying?
$700
All three units about the same rent?
The taxes would be an easy win for reduction. Should be cut in about half. This is probably a good investment prop for someone with experience in the ‘hood.
Yes the rent is all about the same. For the life of me I don’t know why a landlord (or the bank) would want to throw out three good tenants. We all pay rent and all get along well and would be very pleased to stay.
In my opinion it would be a greater threat to have the building vacant, there’s quite a few roaming drunks and gangs from the local highschool, a vacant property could be difficult to secure.
At any rate, interested parties feel free to knock on Door #2 and I would be more than happy to show you around.
Mentioning the roaming gangs and derelicts in the neighborhood – any other selling points?
I would think that a potential buyer would want a realistic picture. We are also steps from beautiful Humboldt Park and right off the historic Paseo Boricua. There are good and bad things about the neighborhood which are not so much ‘selling points’ as resident’s portrait. Yes the neighborhood is changing, but in patches rather in waves.