Bank Owned 2-Bedroom Reduced $35K in the Historic Brewster: 2800 N. Pine Grove in Lakeview
This 2-bedroom unit in the historic Brewster building at 2800 N. Pine Grove in Lakeview has been on the market since December 2010.
It is bank owned.
In that time period, it has had two reductions for a total of $35,000.
From the pictures and the listing description, the kitchen and bath appear intact.
The kitchen has 42 inch maple cabinets, stainless steel appliances and granite counter tops.
The unit has an eastern exposure and exposed brick.
There is no central air, only a window unit, and no in-unit washer/dryer or deeded parking.
The unit is now listed $68,100 under the 2007 purchase price.
Is this now a steal for an investor?
Gaspar Flores at Su Familia Real Estate has the listing. See the pictures here.
Unit #3B: 2 bedrooms, 1 bath, 650 square feet
- Sold in November 1994 for $80,000
- Sold in July 1997 for $90,000
- Sold in January 2007 for $198,000
- Lis pendens foreclosure filed in December 2009
- Bank owned in October 2010
- Originally listed in December 2010 for $164,900
- Reduced
- Currently listed at $129,900
- Assessments of $339 a month
- Taxes of $1887
- No central air- window units only
- No in-unit washer/dryer
- No parking
- Bedroom #1: 13×9
- Bedroom #2: 12×10
- Living room: 15×13
- Kitchen: 11×8
Wouldn’t rent for this be like $1500?
Wait – how do they fit 2 bedrooms in 650 square feet?
It might be a 2 bedroom, but that square footage makes this a very small two bedroom, I think, if it’s really 650. Tempting, though. And, really not significantly more than the studio in this building that was listed for $79K, but I think sold for around $72ish.
Clio asked my question- how do you call a 650 sq ft place a 2 bedroom?
Great location, but horrible apartment. I have viewed a number of units in this building and they’re mostly disasters- too small, with windows set so high the sills are level with my chest (and I’m tall), windows overlooking the hallway, and bizarre configurations. It never looked like a pleasant and comfortable place to live to me.
But I believe it’s worth $129K. Someone should buy at this price.
“how do you call a 650 sq ft place a 2 bedroom”
It has two small bedrooms, a kitchen and a living room which if i added correctly come to 520 sq ft. I guess the bathroom is something like 13 X 10. so it’s possible, just not a very big place.
Without A/C. or a washer/dryer. or parking.
Ugh. Thanks for ruining my romantic fantasies about the Brewster, Sabrina. I alwyas hated the interior stairwells, but this unit is d.u.m.p.y. Old wooden windows, tacky perma-installed A/C, painted trim, carpet, and looks worse than many other vintage rental comps in the hood.
Cheap price, low floor, dumpy unit. You’re better off renting.
“Wait – how do they fit 2 bedrooms in 650 square feet?”
How many square feet is a twin bed?
Wow this place is very unattractive inside. It should be rehabbed as an studio.
This building always reminds me of the movie “Running Scared”… throw down your pants!!!
I could make a mint teaching Realtors how to take nicely-framed, well-lit, pictures with a basic point-and-shoot camera.
“I guess the bathroom is something like 13 X 10.”
You forgot about closets, Icarus. probably totaling about 3×10. And I still doubt the bathroom is really 10×10.
Actually, looking again at the pix, the closets total a bit more than that and the bath is almost certainly 6 (or 6.5) by 8 or 9. Maybe 60 sf total.
Needs appliances. If there is nothing wrong with the rest of the unit, I’d call it a “deal” at something under $110k.
“I guess the bathroom is something like 13 X 10.”
Looking at the photo of the bathroom, and the vintage of the building, it’s probably a standard 6 x 7.5 feet.
Just doing some basic math, it doesn’t seem to make too much sense for an investor. Using the numbers on the Redfin listing:
$130k, $25k down (20%), 5% int
mortgage=$550
taxes=$150
assessments=$340
Total=$1040
You’re over $1,000 a month into it before any maintenance, insurance, other expenses. I have a hard time believing this would rent for anything over $1200/mo due to it’s size and condition. So, best case scenario, you’re clearing about $100/mo on your $25,000 down. If I’m doing this right, it comes out to a 4.8% ROI, but with a lot of risk and headaches.
I wish I could find a 3 bed just like this place, same area, same price range. I’d love to live here for this price, even if the place is small. We lived in a much smaller 2/1 in Europe with one child and it was fine.
Wasn’t this the Chucky building? It’s a good thing the units are small with the electric heat pump heating. I remember when they rehabbed it, it was advertised heavily as something special – WFMT always had ads for rentals here.