A Single Family Home Under $100K in the Oakland Historic District: 4160 S. Lake Park
This 4-bedroom bank owned single family home recently came on the market at 4160 S. Lake Park in the Oakland Historic District on the South Side.
Built in 1890, the listing says it retains many of its vintage features.
Its four bedrooms are all located on the second floor. It also has a 2.5 car garage.
The listing states that the interior is “dated” and the house needs some repairs. It also does not have central air.
Within just two or three blocks of this home are single family homes currently on the market from $300,000 to $800,000.
Is this finally a deal for under $100,000?
Henry Jones at Jones Realty Company has the listing. See the listing and the pictures here.
4160 S. Lake Park: 4 bedrooms, 2.5 baths, 2060 square feet, 2.5 car garage
- I couldn’t find the last sales price- looks like it sold in 2002
- Bank owned as of January 2008
- Originally listed in October 2008
- Reduced numerous times
- Currently listed for $96,900
- Taxes of $2557
- No central air
I’m not sure this is such a deal. I’d want it as a gift, or maybe I’d even want to be paid to take it.
It’s a charming old house but it needs a total rehab to be habitable. It has EVERYTHING- dropped ceilings, dry-rotted windows, an ugly old pink bathroom with fixtures missing…….there probably isn’t a single component in the house that doesn’t need to be replaced or repaired.
Plus, it’s not exactly in a choice neighborhood.
What a piece of crap
Looking at listed vacant lots, it seems to be priced with a value of less than $25k for the structure (possibly negative) which looks to refelct the reality of the structure.
I would love to have seen this block 80 years ago.. what a shame!
I’m surprised the metal bars over the windows haven’t been stripped off for scrap yet.
kill it with fire!
Neighborhood is definitely not the best, but it’s fair. Right in between the formerly-rapidly-still-slowly-gentrifying area north and closer to King Dr, and the pretty-well-fully-gentrified Oakenwald area south. Most public housing gone or will be soon, right? I believe the new Harold’s near here on Cottage is one of the only ones without a bulletproof glass ordering window (the one in Wicker Park may be the only other one). Will almost certainly be a pretty rich hood in about 30 years, if you can wait that long!
You can smell the indoors from those pictures.
I am a sucker for vintage, and i dont mind living in “rough” areas. But i dont know if that much $$$ in reno even if i lived in it for 10 years would be worth it?
From the pictures i dont see and vintage feature inside. from the cheapo bathroom door (i am vintage door lover) to the bad ceilings i dont see the potential, inside that is.
It would be cool to also purchase the empty lot next door for a side-yard urban retreat. Put up a high wall along the sidewalk and put in a Japanese garden or something.
If I were a handyman (which I’m most definitely not), I’d consider this place. You could almost pay cash for it.
“You could almost pay cash for it.”
Given the condition, you’d almost have to.
The lot next door, if the owner would sell, would likely cost about the same as this structure.
That’s my theory on the entire south side. Buy up entire blocks, build medium sized homes on 2 and 3 lot parcels, use some of the lots as neighborhood parks donated to the park district. You can buy lots for $10,000 a piece and with a little bit of negotiation I bet you can could buy it cheaper than that. If you build enough homes the areas will eventually gentrify and you’ll have a nice urban yet quasi-suburban affordable neighborhood in the City near downtown, public trans and downtown. but homes need to be affordable, not this bubble mentality of building as many homes as possible on the smallest parcel of land, but literally building a 1,600 sq ft ranch on a 3 lot parcel, all through the bad south side neighborhoods. That’s my version of urban revitalization. I read the other day some guy wants to make urban farms in detroit. to each’s own.
“danny on January 6th, 2010 at 10:44 am
It would be cool to also purchase the empty lot next door for a side-yard urban retreat. Put up a high wall along the sidewalk and put in a Japanese garden or something.
If I were a handyman (which I’m most definitely not), I’d consider this place. You could almost pay cash for it.
“
Previously, it was far easier to buy a single-story industrial bldg. on 2-4 acres, knock it down, get the site rezoned, and do it that way.
“Buy up entire blocks, build medium sized homes on 2 and 3 lot parcels, use some of the lots as neighborhood parks donated to the park district. You can buy lots for $10,000 a piece and with a little bit of negotiation I bet you can could buy it cheaper than that. If you build enough homes the areas will eventually gentrify and you’ll have a nice urban yet quasi-suburban affordable neighborhood in the City near downtown, public trans and downtown.”