Bank-Owned 3-Flat Reduced and Under Contract 5 Months Later: 3510 N. Ashland in Southport
Last May we chattered about this bank-owned 3-flat at 3510 N. Ashland in Southport.
See our chatter and pictures here.
At that time it was listed at $386,100 under the 2006 purchase price.
It has since been reduced another $87,000 and has now gone under contract.
Does this price make sense from an investment perspective?
David Piche at Re/Max Signature has the listing. See more pictures here.
3510 N. Ashland: 3-flat, 9 bedrooms, 4 baths, 3 car parking
- Sold in December 2003 for $470,000
- Sold in September 2006 for $1.1 million
- Bank owned in January 2009
- Originally listed in April 2009 for $713,900
- Was still listed in May 2009 at $713,900
- Reduced several times
- Currently listed at $626,900
- Under contract
- Taxes of $10,144
- All utilities separate
- W/D in each unit
- Central Air
“Does this price make sense from an investment perspective?”
Not if it still floods “constantly” as was asserted in the prior thread.
still a “No”.
great quote about this place from the prior thread:
“the best part was that when the unit above us used their tub our ceiling leaked!!! to the point where it was filling up out light fixture with the bath water!”
curious to know, if there are such problems with flooding or leaking how this house made it so long. Looks like it was built about 80-100 years ago. did people live there that long while it flooded?
““the best part was that when the unit above us used their tub our ceiling leaked!!! to the point where it was filling up out light fixture with the bath water!””
This could be as simple as the faucet on the tub or something else not being installed properly. Its an under $300 fix if thats the case.
“curious to know, if there are such problems with flooding or leaking how this house made it so long. Looks like it was built about 80-100 years ago. did people live there that long while it flooded?”
Could be something was done wrong on the most recent reno. And every time the local sewers are modified in any way, there is a *chance* that flooding conditions change.
Poor contractors are notorious for installing pipes wrong, I wouldn’t be surprised if you opened an access the problem would be an easy find. It may be the overflow isn’t tied into the drain.
I guess the flooding issue was not that big of a problem as it has already been sold! I am thinking that it was just an incorrect installation of the drain pipe. Easy to find the source of such a leak and a solution.
This thread is indicative of the fact that while buyers are seeking to find the deal of the century, they are not willing to do any of the repairs themselves to bring a unit up to an acceptable condition. While it may be a bit intimidating to tackle such projects, once you actually complete a few of the repairs, the confidence falls into place and you always end up looking for the next project.
As much as I enjoy finding a turn key home, the fact that I will be able to do what I want to a house is more of a motivator to get me to purchase a new property.
Does this thought make sense to you all?
I am with you wl, just not sure if this is a deal from a cf perspective (600K), but has some vintage appeal on the outside.
I cant believe this thing sold for a million dollars in 2006 what was anyone thinking!
At $1.1 million it’s a steal when you can flip it for $1.5 a few years later…
“I guess the flooding issue was not that big of a problem as it has already been sold!”
Or, they didn’t disclose it and the buyer’s inspector didn’t notice the problem. B/c it’s bank-owned, it’s an absolute no-disclosure deal–not that any disclosure requirements would necessarily mean that any given seller would have disclosed it, anyway–>not nearly everyone is as scrupulous as you, WL.
the basement (master bedroom and bath) also backed up with the sewage. they told us the fix would required tearing up Ashland.