A 1-Bedroom Condo Under $17,000 in Rogers Park: 7226 N. Rogers
This bank-owned 1-bedroom condo at 7226 N. Rogers in Rogers Park is currently listed for $16,900.
The listing says it is a cash only sale.
That is $138,100 under the 2007 sales price.
The listing also says that offers are due by today at 5pm.
But don’t worry if you think you’re missing out. The unit has actually been on the market since February and has already been reduced by $13,000.
The listing says the kitchen cabinets are missing (and the pictures confirm that there is no kitchen).
It also appears from the pictures that there is a washer/dryer hookup in the unit. There’s no parking and I can’t tell about central air. Cabinets are also missing in the bathroom (but the tub and toilet appear to be there.)
The vintage unit has hardwood floors.
How low will prices go in Rogers Park?
Gaspar Flores at Su Familia Real Estate has the listing. See the pictures here.
Unit #2: 1 bedroom, 1 bath
- Sold in August 2007 for $155,000
- Lis pendens in December 2008
- Bank owned in November 2009
- Originally listed in February 2010 for $29,900
- Reduced
- Currently listed for $16,900
- Cash only!
- Offers due on Mar 22 by 5 pm.
- Assessments of $155 a month
- Taxes of $8061 (typo?)
- Bedroom: 14×10
- Living room: 16×13
- Kitchen: 11×9
The realtor commission must be what? $800 or something.
Is this close enough to Loyola to make sense as student housing? though at 800 / month for taxes & assessment, doubt 1 bedrooms are catching much more around there. To Craigslist!
Looks like this is an “english basement” unit – note step down into unit. I recall a TV news story on a Rogers Park multi-unit condo converter who was installing wood floors in garden-level units directly on compacted dirt floor (no concrete slab) with subsequent rodent infestations and sewer problems. Condo conversions in Rogers Park require particular scrutiny. This unit’s immediate neighborhood isn’t close to Loyola campus, and has a tough reputation. Not a good deal – unless purchaser wants to be a Section 8 landlord.
I offer $1.
As for the taxes, I checked the treasurer’s site and this unit did actually pay $8K last year. So did at least one other unit. I started looking up a couple other units and found 3 paying about $3-4K but I also found 2 units that only paid $500 for 2009 total. Something is definitely screwed up with the taxes.
So if you bought in Aug 07, first payment not late until Oct 30. If lis pend. was in Dec 08 how many payment were even made? To the lawyers here, how many months late do you have to be (usually, on average, typically) before the bank records the lis pend.?
I was wondering if there would come a point at which the taxes and assessments on condos would be so high that people would have to give them away. Now I wonder if people will eventually have to pay someone to take them off their hands!
It all depends. Under normal conditions the lis pen is usually filed shortly before the foreclosure lawsuit is filed. the law suit is usually filed somewhere after the 3rd missed payment but before the 5th. We are no living under normal conditions so a lis pendens can take many months, and in some cases, years.
“To the lawyers here, how many months late do you have to be (usually, on average, typically) before the bank records the lis pend.?”
@Gary
$820 in HOA+taxes/month will eat away at the $17K sales price pretty quickly.
As to representing the buyer. Assuming 2.5% for the buyer side and their brocker taking 40%, that leaves the buyers agent with $255 commission. Will an agent even (want to) represent a buyer. It still take time to put the offers through and there is professional liability issues. I just don’t see it worthwild to most RE agents to get involved for a measly $255.
Whats your take on this issue?
thats when you start selling whole buildings; deconvert/apt
“Now I wonder if people will eventually have to pay someone to take them off their hands!”
The cooperating commission on this one is a flat $1000. That’s what you have to do with low priced listings – or offer higher %s. There are hungry agents out there that are doing rentals so this is like signing a rental. If an agent is working with a buyer that is interested in a property like this they are ethically bound to pursue it. Of course, that doesn’t mean they would. If an agent doesn’t want to work on deals like this then they should just not take on clients that might be be interested in them. There is a certain deal level below which you just can’t make enough money for the service you are providing.
What a piece of crap, I mean… wow… You couldn’t pay me 17k annually to live there
Is Section 8 the guaranteed rent payer it used to be? Considering my IL and Federal tax refunds are going to be 3 months late, I wonder how section 8 landlords will be paid on time from here on out.
“Is Section 8 the guaranteed rent payer it used to be? Considering my IL and Federal tax refunds are going to be 3 months late, I wonder how section 8 landlords will be paid on time from here on out”
I thought the State of Illinois decided to just stop paying the bills.
good point Lauren!
Will they accept Visa or Mastercard for the purchase? 🙂
http://www.redfin.com/IL/Chicago/4014-N-Central-Park-Ave-60618/unit-4020/home/13483627
HD: “[4014 Central Park]”
IF the average rent is realistic at $1300/mo and the units are all actually complete (yeah, poor assumptions) and the reno included repairing structural/mechanical issues, then $3.9mm is pretty decent to run it as a rental building.
I am looking at many places priced under $30K in RP and West Ridge that once sold between $135K and $200K.
I ruled this piece of garbage out immediately. The 7200 block of Rogers Ave is horrid, this is a basement apartment, and the building is fugly
There are many others that are available, or will soon be available, in better buildings. Many are half rehabbed, or better yet, untouched by rehab. Others are rehabbed. You must do your due diligence and you mostly must have cash, but you can get a very good deal this way.
But please, please, don’t buy with the idea you are going to rent it out Section 8. We in Rogers Park do not want more Section 8 in our neighborhood, and I surely don’t want it in any building I buy into. There are fewer and fewer Section 8 vouchers available in any case, thank God.
“But please, please, don’t buy with the idea you are going to rent it out Section 8. We in Rogers Park do not want more Section 8 in our neighborhood, and I surely don’t want it in any building I buy into.”
Who cares? If the economic incentives make sense (and with a purchase price this low) an aspiring landlord will surely “snap it up” and rent it out.
The good thing about being a slumlord is you don’t have to live in the dumps you buy or even in close proximity.
This place is a steal at 17k. Just sink ~13k into it to get it to pass code and boom very CF+ rental right there.
Don’t worry it won’t be me who buys this I don’t have the time nor will these days to dip my toe into the slumlording biz but I guarantee someone else will.
Yep, Bob, as long as the government provides the incentive to be a slumlord, people will take it, just like they’ll borrow money they can’t afford to pay back and build subdivisions of 5000 sq ft houses in suburbs 75 miles out of town that no one’s ever going to buy.
Condo owners, take note. Work to protect your building from abusive rentals by investor-owners. A good condo association, which the dump featured here surely does not have, is needed to keep your building from being turned into an unregulated rental slum by investor-owners. If you have a good building, keep it that way- allow no rentals, or only a small percentage, and require board screening and approval of all renters. There is at least one section 8 tenant occupying a condo down the street that sold for over $200K a few years ago.
8 years later….this unit is under contract to be sold for $110k! good investment!
I see why someone commented on this:
https://www.redfin.com/IL/Chicago/7226-N-Rogers-Ave-60645/home/144510849
Whoever had the guts to take on this deconversion is going to do very well.
“this unit is under contract to be sold for $110k!”
No, the whole building, 8 units, is contingent at $1.1m–$137,500 per unit.
Pretty reasonable rents, too. Should be able to maintain them. WIldcard is the taxes.
And I was wrong–no deconversion done, just someone acquired all (?? all but one??) the units. Still 12 parcels (9 units and 3 parking spaces).
Looking a little more, seems that there is one other owner, who also owns one of the parking spaces.
Looking at the AV for the individual units, taxes shouldn’t go up much, if at all.