An Investor’s Dream? A 2/2 With Parking In West Town At 2029 W. Division
This 2-bedroom at 2029 W. Division in West Town recently came on the market.
It is bank owned.
The listing says that it is a Freddie Mac First Look Initiative property for the first 15 days (meaning owner-occupiers get the first look at it.)
But the listing also says that the building is “all rentals.”
This unit has diagonal cherry wood floors.
The kitchen is mostly intact with stainless steel appliances and granite counter tops although it appears some of the doors to the cabinets may be missing.
From the pictures it also seems that the bathrooms are intact. An older listing said they were stone.
The unit has central air, a parking spot and in-unit washer/dryer.
Back in 2010, the unit was available as a “preforeclosure” for $289,000 but the listing also said it was “cash only.”
There is a top floor unit in this building currently available to rent on Craigslist for $2550 a month (it also has a private rooftop deck). See the Craigslist post here.
Is this an investor’s dream?
[As an aside- the bank has sat on this property for nearly 16 months- before it re-listed it.]
Sally Crachy at Applebrook Realty has the listing. See the pictures here.
Unit #2: 2 bedrooms, 2 baths, 1600 square feet
- Sold in May 2006 for $449,000
- Was there a sale in April 2008?
- Lis pendens filed in February 2009
- Was listed as a “pre-foreclosure” in July 2010 for $289,000
- Withdrawn
- Bank owned in June 2011
- Currently listed for $308,000 (includes the parking)
- Assessments of $140 a month
- Taxes of $6547
- Central Air
- Washer/Dryer in the unit
- Building is ALL rentals
- Bedroom #1: 14×14
- Bedroom #2: 11×10
Thread hijack – today is our first year wedding anniversary! I’d love it if Sabrina could feature listings on northwest side homes or others would link to the favorites.
Had a friend that lived in this building and she hated it. Noise was terrible at night from all the bars and restaurants on the street.
“I’d love it if Sabrina could feature listings on northwest side homes or others would link to the favorites.”
You might give sabrina a little more notice. I really think old norwood for you. 5724 new hampshire or 5738 natoma. Natoma seems move in ready but the new hampshire lot is awfully tempting. You could call it your compound, kennedy-esque football games, parties w coed secretaries, etc. etc.
“northwest side homes”
What do you mean by “northwest side homes”? This covers a large area.
There simply hasn’t been much on the market. It’s not really worth it for me (time wise) to go to those neighborhoods if there is only 1 or 2 houses on the market.
BUT- I’ve been meaning to head out to some neighborhoods I haven’t covered in awhile. Look for some new properties next week.
In the meantime, please send me tips on what you want to see.
It makes sense for this development to be all rentals…busy/ugly street, ugly storefronts…
I never understood the diagonal floors. Did anyone think those looked good or did they just like the idea of paying more for installation?
Icarus,
First, congrats! Second, by “northwest side,” do you mean Roscoe Village?
I was thinking the usual suspects, Portage, Irving, Jefferson Park or Denning. Or maybe there’s some little nook I’m missing out on. Just yesterday we discovered West Ridge and Saganash Woods though those are not options from a commuting point of view.
wow there’s a lot of hate on this site. “Rating: -1 (from 7 votes)”
Icarus, in order for you to get anything useful you’d have to specify a lot more criteria: commuting options, # beds, # baths, price, condition, lot size, school parameters, etc…
Not a great price from a cashflow perspective, but if you factor in the “free smells” from Jimmy John’s it looks like a little better deal.
Very odd situation that I don’t have time to research. No MLS rentals listed in the last 2 years in this building. Of course, not all rentals go through the MLS…but none? And the listing also says that THERE IS A CITY OF CHICAGO HOUSING COMPALINT FILED ON THIS PROPERTY
Only an investor is going to touch this property and, frankly, I’ve seen better investment opportunities out there in this area.
not that this is a bad street, a bad hood, or this is a bad place. it just seems about 40k overpriced considering all rentals and what the unit has and its downfalls.
“Thread hijack – today is our first year wedding anniversary! I’d love it if Sabrina could feature listings on northwest side homes or others would link to the favorites.”
someone called?
http://www.redfin.com/IL/Chicago/6032-N-Nickerson-Ave-60631/home/13508629
or overlooking a golf course?
http://www.redfin.com/IL/Chicago/6356-N-Indian-Rd-60646/home/13511666
or you could have a HUGE 50×231 lot!!!!!!
now thats deep
http://www.redfin.com/IL/Chicago/5655-N-Newcastle-Ave-60631/home/13507039
and who doesnt love them some oversized bungalow on a anniversary?
http://www.redfin.com/IL/Chicago/6776-N-Ionia-Ave-60646/home/13591522
Wow Groove delivers.
“commuting options, # beds, # baths, price, condition, lot size, school parameters, etc…”
our max price is $400K. We’re screwed on commuting..she works downtown, i work in OBT. We need at least 2 full baths and would like an oversized lot. move in condition so that we could update over time and not live under construction for too long. Like maybe do a kitchen one year and then dormer/expand the upstairs later down the road.
Damn matthew lesko beat me to the punch on the “free smells” pun
Now I feel pretty useless
“i work in OBT”
oakbrookterrace? If so, why not OPRF?
Never clear on whether you require a good public school or not.
“BUT- I’ve been meaning to head out to some neighborhoods I haven’t covered in awhile. Look for some new properties next week.”
ROUND LAKE BEACH PLEASE!!!!
How about Stone Park? near 294 and 90 for downtown commuting!!!
” DZ (October 1, 2012, 9:58 am)
“i work in OBT”
oakbrookterrace? If so, why not OPRF?
Never clear on whether you require a good public school or not.”
the craigslist ad; the photo of the vaulted great room. How come all I can see is that hideous duct work, and the dust on the top of it, and the sloppy duct hangers?
label under “how not to shoot a room”.
I like that Nickerson place groove, too bad its “contingent” already
I agree, Nickerson is near perfect.
“I like that Nickerson place groove, too bad its “contingent” already”
“I agree, Nickerson is near perfect.”
Also more than 50 percent over icarus’ budget.
“Never clear on whether you require a good public school or not.”
Also more than 50 percent over icarus’ budget.”
Let’s assume that if we pay the top of our budget, good public schools are required. if we save money on the home, we can afford private or even catholic school as our babies might inherit my running genes.
Had a verbal sparring match with a realtor this weekend over an overpriced house that needs updating. She has an offer but it’s not near ask and even though the place has been on the market since May without a price drop, her client cannot give away their home even though there is no mortgage, HELOC or liens against the place.
If I share the address, can everyone submit an offer of ASK – $150K so she soils her pants.
Icarus – for you, I will put in an offer of $1 and act like a confused contestant on The Price is Right.
“Let’s assume that if we pay the top of our budget, good public schools are required. if we save money on the home, we can afford private or even catholic school as our babies might inherit my running genes.”
I think it’s “we can afford catholic or even private.” In any event, do k – 12 schools give sports scholarships?
“do k – 12 schools give sports scholarships?”
yes some private and boarding schools do, not full rides or anything usually a significant discount
“In any event, do k – 12 schools give sports scholarships?”
You bet (some) do. Some are more open about it than others, and not sure about current prevelance in metro Chicago.
Happy anniversary, Icarus! I know bungalows aren’t for everyone, but this is one of the nicer ones I’ve seen in OP in your price range. Taxes seem nuts, though – I wonder if they’ve ever appealed.
http://www.redfin.com/IL/Oak-Park/1100-N-Harvey-Ave-60302/home/13277278
“Also more than 50 percent over icarus’ budget.”
posted before budget was known (remembered)
Icarus, what about the Peterson Park area? I grew up around there and it was safe and the houses were nice and inexpensive. The schools aren’t great though.
“Icarus, what about the Peterson Park area? ”
Jenny what would be the boundaries? it doesn’t come up on Redfin or the other search engines I use so is it a sub-neighborhood?
“Taxes seem nuts, though – I wonder if they’ve ever appealed.”
It’s assessed as being worth $362k; OP taxes *are* nuts.
@mh, nice bungalow. My understanding is that while even the “worst” part of Oak Park beats many of the questionable non-GZ neighborhoods, there is a good part and a bad part.
The fact is, I really don’t know the suburbs as well as I know the NW side of chicago (beyond Roscoe Village) so I really couldn’t say what is a good burb and what is a bad burb.
One of the things I’ve learned from this site is that once you buy a property, you are locked into it for at least 10 years.
“It’s assessed as being worth $362k; OP taxes *are* nuts.”
Agreed, I live there and my tax bill makes me slightly ill, but even for OP this seems a little high given the list price. Probably my expectations haven’t kept up with the times.
“My understanding is that while even the “worst” part of Oak Park beats many of the questionable non-GZ neighborhoods, there is a good part and a bad part.”
I run by here all the time – not the estate section, but not a “bad” part of OP at all. Hatch is well regarded.
“it doesn’t come up on Redfin or the other search engines I use”
gthooi:
Bryn Mawr to Peterson, California to River (or Central Park). Just north of Budlong Woods.
http://www.zillow.com/peterson-park-chicago-il/
further: PP has wiki link:
http://en.wikipedia.org/wiki/Peterson_Park
Part of West Ridge.
You just need a new job, Icarus. In Skokie or something.
@ tfo, that comes up as “west Ridge” on Redfin.
Oh I love the purple bathroom on this one
http://www.zillow.com/homedetails/5754-N-Virginia-Ave-Chicago-IL-60659/3619008_zpid/
mh: wanna be shocked by the taxes? Look at this one:
http://www.redfin.com/IL/Oak-Park/410-Lenox-St-60302/home/13273439
Was trying to find another slightly further west for Icarus (since you’d really rather be w of ridgeland), and was appalled at those taxes.
“Chicago Magazine has referred to [it] as a “Hidden Jewel”!”
How can you pass it up Icarus?
That kitchen makes my eyes water.
wanna be shocked by the taxes? Look at this one:
I am duly shocked – seriously. I hope the homeowners put 5 kids through OP schools.
“Oh I love the purple bathroom on this one”
I have a bathroom with tile almost exactly like this. I am struggling to figure out how to take out most of the tile while still preserving some of the decorative trim at the top – I’m pretty sure it’s not possible and I’m going to have to take it all down. If it were only a different color I might leave it as it.
“take out most of the tile while still preserving some of the decorative trim at the top – I’m pretty sure it’s not possible ”
Really depnds how good a job they (over)did installing it. Once you’re ready to try (ie, committed to taking it all out, if necessary) you need to grind out *all* the grout underneath the trim you want to save, and the take out the tile underneath starting from below. Prob want to take out the grount down each side of the tiles immeidately below the trim too. No guarantee, but best shot. You’ll also likely have work to do building up/smoothing down the base to get the new tiles to match the trim level.
Its’ messed up that $400k is an entry level home in so many crib chatter neighborhoods especially on teh NW side (albany park excluded). All that gubmint and pension money floatin’ dem home prices up.
Seriously though a $400k home doesn’t buy $hit anywhere west of route 31. Move out to Fox Lake or Batavia where $400k buys a real home with a 3 car garage, 4 baths, 5 bedroom and a decent yard. The trees will grow in time.
“posted before budget was known (remembered)”
Yeah, I know, which is why my comment was of the follow up posts not yours, though slightly sad that icarus thanked you so profusely for citing 3 overbudget properties and 1 wo requisite school, while no appreciation for my efforts, at all.
“Chicago Magazine has referred to [it] as a “Hidden Jewel”!”
Also more than a little sad that dennis rodkin ignored my question.
“wanna be shocked by the taxes? Look at this one:”
Obviously this place is overassessed, and also for some reason no HO exemption. But even taking this into account, was thinking that while OP houses had crazy taxes, this still seemed disproportionate relative to taxes for higher price house. Took a look at a nonrandom couple and they all seemed to be underassessed. Bc there are enough big houses in the cheaper part of town to pull down the average?
I would define Peterson Park as about Bryn Mawr to Devon and Pulaski to Kimball. This house is a typical home in the area: http://www.estately.com/listings/info/6216-north-saint-louis-avenue
“this still seemed disproportionate relative to taxes for higher price house”
Have friends with a “higher priced home”; they pay a bit over 3.1% of their assessor market value, which is prob a bit below what they could sell for.
“Yeah, I know, which is why my comment was of the follow up posts not yours, though slightly sad that icarus thanked you so profusely for citing 3 overbudget properties and 1 wo requisite school, while no appreciation for my efforts, at all.”
Sorry for not sharing the love DZ…it’s been a busy day. At the time Groove was the only one who linked to any sights though your two Let Me Google Those Myself were interesting.
I’m off to have an anniversary dinner with my wife. For the people who spent the time thumb downing my posts today, I suggest you whack off to something outside your comfort zone tonight. Or if you are lucky enough to have an insignificant other, be there for them. 😀
” For the people who spent the time thumb downing my posts today, I suggest you whack off ”
sorry i gave you one thumb down only because you mentioned that someone thumbed you down, i just wanted to add to the hilarity 🙂
i was probably arlready going to whack off today anyway, now i cant because i will have a running icarus and pictures of thumbs in my head while doing it. (only one will throw me off course)
Happy anniversary Icarus! Good luck with your house hunting.
“http://www.redfin.com/IL/Oak-Park/1100-N-Harvey-Ave-60302/home/13277278”
mh, I have been in that house. It is a great home in OP for the price. Decent space, well updated and a HUGE master bedroom upstairs. We have a little more room in our budget, so it didn’t quite match up in size to other homes we have been looking at though.
Oak Park taxes are insane (the normal tax bill we have seen looking at about $500k homes has been in the 12-18k range), but River Forest’s taxes are cheaper which makes the slightly higher prices easier to afford. South RF certainly has some decent affordable homes on the market.
Icarus, OP or RF would be a good place location-wise for you and really no part of OP is bad. It gets more “sketchy” as you get closer to Austin, but you are completely fine at least east to Lombard or so. I currently work on the southside and my partner works in Oak Brook….Oak Park/River Forest is about the only place we can look with a decent commute. It really is more city-like than suburban.
Icarus…what about….
http://www.redfin.com/IL/River-Forest/35-Franklin-Ave-60305/home/13323488
or
http://www.redfin.com/IL/River-Forest/43-Franklin-Ave-60305/home/13322652
or 1526 Clinton, RF or 11 Thatcher, RF (although I think something has to be wrong with it at that price….)
Thanks benjamon9. A realtor at an open house in OP told us that the houses along the south side near Roosevelt were good deals because that part of OP is starting pick up (she phrased it better). Would you agree with her?
Icarus, homes south of the Eisenhower in OP definitely do not have the stigma they had when I was growing up in OP. Some of the schools on the very southside of OP are now very desirable and you can find decent deals in the area. South of 290 though I wouldn’t look east of Ridgeland at all…but that is probably just a personal preference.
We were going to put in an offer on this house…http://www.redfin.com/IL/Oak-Park/1037-S-Scoville-Ave-60304/home/13247712 but I dragged my feet over the first weekend it was listed and when we were ready to put in the offer the bank had already just accepted an offer. The far south side of OP has great commutiing options to OBT with 290 and Roosevelt and Cermak so close. It also is a plus for us as we have many friends who bought in Berwyn during the boom when they couldn’t afford Oak Park and we’d be near them.
“It also is a plus for us as we have many friends who bought in Berwyn during the boom when they couldn’t afford Oak Park and we’d be near them.”
benjamon –
What’s the verdict on Berwyn from all your friends?
Are they still happy there?
Do they like it?
How’s the commute to work?
Are they going to stay awhile?
Getting back to the property that’s supposed to be the topic of this thread (no offense Mr. & Mrs. I – happy anny to you): if it’s “all rentals” I shudder to think of what the status of the condo association is like, if there is one at all. And how far behind are the assessments?
So the sounds from the businesses downstairs waft into the walls and windows of the hipsters and yupsters upstairs? Sounds like the revenge of the “hepghosts” as former neighborhood stalwart Nelson Algren described them once upon a time.
“Some of the schools on the very southside of OP are now very desirable and you can find decent deals in the area.”
I haven’t looked there in a long time, but the elem school in the SE corner (Lincoln??) seemed highly regarded. I’ve also heard from friends and prob here as well that the may be a middle school issue in OP.
“The far south side of OP has great commutiing options to OBT with 290 and Roosevelt and Cermak so close.”
And blue line.
OT: Where the formatting of the site has been off for me lately in Chrome browser.
More OT: Where’d you go for you dinner Icarus?
“that the may be a middle school issue in OP”
Have heard similar.
“SE corner”
SW, SW, SW.
“More OT: Where’d you go for you dinner Icarus?”
Wildfire. had the queen cut prime rib. Nightingale had a steak.
That 1037 S Scoville Ave is a really nice home and surprisingly within a price range I was looking at. Is there a catch other than no appliances? is it because it’s on the south side of OP and near Austin? Seems like a lot of renovated house for a cheap price. Seems like a diamond in the rough that provides some value. like my house in the burbs, it was a diamond in the rough.
Icarus,
For the two couples we are closest to, I think both are happy with Berwyn but have reservations….
1. One couple has a young daughter. They love the house and area that I know of but I believe they plan on moving to OP by the time she gets to school age I believe.
2. The other couple got a good deal on a foreclosure and likes Berwyn but does have some issues with loud neighbors compounded by small lots, etc.
All work near Oak Park/Berwyn except one in Oak Brook. All have short commutes
HD, scoville was a foreclosure. It needed appliances and paint. It was pretty far from Austin. It had several offers. Had we been able to put one in we would have put one in well over ask. The bank priced it to create a bidding war. It was a beautiful home. Tiny yard though but down the block from a huge park.
Benjamon9, your friends probably already know about this school, but on the off chance they don’t, The Children’s School in Berywn is amazing.
http://www.thechildrensschool.info/index.php?option=com_content&view=frontpage&Itemid=1
We moved to Oak Park because my wife was working in Oak Brook. Nice compromise if one is still working in city while other is in western burbs. I have nothing but good things to say about Oak Park. You just have to be somewhat mindful of being too close to border streets (North Avenue, Austin, Roosevelt… not so much Harlem). However, everyone has their own tolerance levels.
Sorry, the Berwyn comments were for milkster not Icarus. I shouldn’t cc and work at the same time.