Buy a House and Get a Rental Unit Thrown In: 2212 W. Augusta in Ukranian Village
We haven’t chattered as much about multi-family properties but I know it’s a goal for many to live in one unit and rent out the others to cover the mortgage.
What about a single family home with a 1-bedroom coach house out back?
Such is the case with this 2-unit property at 2212 W. Augusta Blvd. in the Ukranian Village.
The 2-bedroom single family two story house is 1812 square feet. The coach house is a 1-bedroom 1200 square foot duplex.
The listing states that the single family home rents for $2400 a month while the coach house is rented for $1950.
Does this make sense as an investment?
George Furla at @Properties has the listing. See more pictures here.
2212 W. Augusta Blvd: house- 2 bedrooms, 2 baths, 1812 square feet; coach house- 1 bedroom, 1 bath, 1200 square feet; 2 car garage
- I couldn’t find a prior price
- Currently listed for $789,500
- Taxes of $14,211
- Coach house leased for $1950 a month
- Single family house leases for $2400 a month
- C/A
No, it doesn’t make sense, its money looser until you drop the price down to $600K (assuming 20% DP, 5.8%) and even then you are making nothing but your maintenance money.
Just curious, I am seeing a lot of multi-units come on the spring market at dream prices, at prices that are not even close to being operational or income generating, any idea why people and realators are still letting people set prices this way. Do they realize that you need 20% down for multi-units now at a minimum?
The listing sez “Duplexed SFH”. WTF? “Two-story” isn’t snazzy enough? Is there no basement (thus “triplexed”)? I hate realtor-speak.
Haywood, you should know that realtors in general don’t do anything except agree with their clients… I’ve never really seen one that gives their “expert” advice on homes to potential clients. Most are only concerned with commission $$$ and don’t care that the house might sit on the market for a few months or a year. Just as long as the $$$ is coming in at some point. Am I synical? yep, I think RE brokers for the most part don’t know their head from their ass. Not all are bad, there are a few really good ones, but unfortunately as a biproduct of the boom, we now have a flood of under qualified morons brokering housing… IMHO.
$1950 for a 1/1? That is pretty high rent for the area.
Currently rented a 1200 sqft 1/1 2 blocks from western ave for $1950 a month? Who the hell is paying that?
Jason, research actually shows that realtors will try to convince clients to lower prices in order to move homes faster. A $100,000 price reduction with a 5% total commission might only be worth $1,250 (half of $5k – 5% of sale price and then half of $5k for split with “the house” – their office) to the realtor so their incentive is to move it fast. If the price seems high, there might be a relationship there between the seller and realtor (family, friends, etc) in order to deal with the higher price.
it just seems odd to me that not one Real-o-tard in this city understands multi-unit buildings, especially now that the bubble has burst, if you priced this thing at say $550K (assuming the rents are right, and I have found they rarely are) you might get a quick sale
> $1950 for a 1/1? That is pretty high rent for the area.
I live in this hood. 1/1 goes for $800. Maybe $1,000 if its super nice.
They’re bringing out the hard gun gimmicks now, auctions, throwing in “free” rental units. But in reality, they’re still overpriced.
I’ll sell you a 15,000 car for 30,000 and I’ll THROW IN AN IDENTICAL CAR FOR FREE!
WHAT A DEAL!
Thats what is going on here.
“Single family house leases for $2400 a month”
Is it actually leased for $2400 a month, or is that just some fantasy wishing price? Big difference. As always, buyer beware and do your own math.
I like the actual property here though. Looks like a good place to live in from what I can see in the pictures.
“$1950 for a 1/1?”
Sounds about right….
…wait for it…
…IN MANHATTAN!
“Is it actually leased for $2400 a month, or is that just some fantasy wishing price?”
That’s not wacky, even for the neighborhood, tho it’s probably a little high. The $1950 for the 1/1 is the dubious one. And even if it’s currently rented for that, is it a 20 year lease with escaltors and a letter of credit? If not, does anyone think the next lease will be for less?
You can rent a fatty 2000 sqft 3br coach house in west lakeview (east of ashland) for $2800, why would you live here for $400 a mo. less?
“You can rent a fatty 2000 sqft 3br coach house in west lakeview (east of ashland) for $2800, why would you live here for $400 a mo. less?”
Because the tenant doesn’t want you and Bob as “neighbors”?
Lotsa people love Ukie Village (I’m not one of them), so I think it’s an apples and oranges comparison. As HD points out repeatedly, he wouldn’t live in LP unless it was cheaper than alternatives. There are plenty of UV/WP/BT residents who feel more strongly than HD about LP and LV being undesireable.
“Yeah I’m sure they’d rather have Pedro & Maria and their 20 kids, 4 grandparents, and 6 aunts and uncles instead.”
QED.
those rents are crazy town…particularly the coach house.
I would want a master lease from the seller and escrow $50,000 in teh event the rents drop.
“I would want a master lease from the seller and escrow $50,000”
Yeah, now that you mention it, it would need to be a cash escrow–who knows which lender would actually be good for an LoC. But make the rent escrow higher than that–$50k is only a 2 year guarantee and doesn’t account for escalators.
Maybe it’s time to start moderating the comments on this site.
Jackpot we’d start with yours. Just because you’re politically correct and sensitive doesn’t mean others are.
What gives you the right to suggest anyone’s comments are out of line and should be removed? This isn’t your site–you are a lurker here and have no right to try to imbdue your sense of appropriate content.
I do post here occasionally, Bob.
I suggested moderation to be polite and not call out any one poster. But if Sonies has the right to make offensive speech, I have the right to criticize it. And make no mistake, Sonies’s posts have become increasingly offensive. It’s telling that you choose to defend them.
Heck, Jackpot, it’s not like someone was mentioning how many books his cat reads (and likes to keep on display to impress her friends); **that** would require moderation.
Thanks for the laugh, anon (tfo).
Obviously it’s Sabrina’s call, and I never suggested it wasn’t. But if she wants to limit comments about books, I’d think she’d also want to limit posts making stereotypes about Latinos. I enjoy this site, but I don’t like where it’s heading.
Jackpot,
Personally I wish she would limit whiney posts by people with no sense of humor, but again I understand that this isn’t my site and not my call to make.
I have a sense of humor, Bob. For example, I laughed at anon (tfo)’s comment about not wanting people like you and Sonies for neighbors.
Worrying about incredibly tacky lawn ornaments doesn’t make you sound like a great neighbor Sonies. Kind of makes you sound like a bitch though.
Long time readers of this site know that we’re here to talk about the actual property- not the furniture, or the collectibles on the bookcases, or the wedding pictures on the wall, or the orange color paint that you hate etc. etc.
All of that stuff is irrelevant because the new homeowner can simply change it (and WILL change it.)
This isn’t an interior design site (you can go read those if you want to criticize interiors.)
But if you’re talking about the property (whether or not that catwalk is cool or the kitchen remodel is somehow strange etc.) – then that’s fine and relevant to the discussion of a property.
I realize that there are times when you just can’t help but talk about the interiors (the furniture, paint colors etc.) because it can’t be avoided with some properties. But try and keep it to a minimum.
Every once in awhile, we’ll talk about whether or not staging helps sell a unit (as some properties are CLEARLY professionally staged.) In that case- the staging becomes part of the property discussion for obvious reasons.
I’m not going to censor discussion on neighborhoods- because each person has their own priorities on deciding where they want to live. But obvious offensive comments will be deleted because- what’s the point?
You don’t have to live there if you don’t like the neighborhood. But others WILL (and do) like it.
Let’s keep it relevant.
We’re here to talk about the properties: what they’re selling (or not selling) for and what’s happening in the Chicago housing market. Isn’t that interesting enough?
Sorry that the fireworks comment came off as offensive. I was trying to defend Pedro but muddled it when i linked him to the bottle rockets. Probably plenty of asians, blacks and whites shooting off fireworks too.
Seriously though, never saw so many backyard/frontyard fireworks. even saw a roman candle war across a courtyard between two apts.
Cut the price in half and then its worth it.
Damn, I hate it when I am reading a blog string and some of the offensive comments have been deleteed! It makes it hard to follow what you all are talking about, and I feel like I missed a ggod laugh!
Blame Jackpot he’s the b*#&%!
Jeebus, Bob, give it a rest.
dont mind bob and sonies, no one listens to them in real life so they come here to be racist.
the site _is_ going downhill. for example remember the poster who went under the name ‘streetervillerealtor’? she made very useful, insightful posts with specific knowledge about buildings earned from her years in the business…. and now she’s gone along with most of the other most useful reasonable posters.
Id also like to say that as a realtor the racsim here is appalling and as a person i’m offended (not that anyone online cares hahah). posters useless comments about race aside i still like the site and like to stir the pot every now and then
on to the property. – coachhouses make great rentals. just dont try and turn it condo and sell it off – everyone wants to live in a coachhouse, but no one wants to buy them
Yes commenting on the excessive lawn decorations in the east village and the fact that latinos typically have lots of kids and all live in the same house is sooo racist. Its fact. My best friend is mexican, my other best friend is black. We joke about stuff like this all the time. If Carlos Mencia wrote that, would he be considered racist?
The next time I listen to a PC police realtor lecture me on anything will be a first. And thanks for deleting the comments sabrina, I don’t really want to get anyone’s pants in a bunch. So to all you e-police out there, Sorry, my bad.
“dont mind bob and sonies, no one listens to them in real life”
Howabout you these days, Count? The masses aren’t taking to heart your advice that “its never been a better time to buy”?
“the poster who went under the name ’streetervillerealtor’?…and now she’s gone”
Hey Count Chocula, it might not have anything to do with your profession’s headcount shriking so quick the guillotines can’t keep up would it?
http://www.realtor.org/library/library/fg003
But don’t let other facts get in the way of your speculation. Hope you’ve got a killer game of Solitaire these days as you’ll need it.
“not that anyone online cares hahah”
You got that one right, used home salesperson. You definitely got that one.
good news to see the realtor head count shrinking. i always found it troubling to meet agents whose main profession was as (delete as appropriate) attorney/lender/stripper/server/stand-up comedian/zookeeper. if NAR really wanted credibility they would make a license much harder to obtain and more expensive to renew. they could also start telling the public the truth, rather than preaching nothing but sunshine and good times ahead. there’s a reason realtors are ranked as the least-respected profession in the country.
“there’s a reason realtors are ranked as the least-respected profession in the country”
It’s “least prestigious”, which is different from “respect” to me. 2-5 were Actor, Banker, Accountant and a tie b/t Entertainer and Stock Broker. Top five were Firefighter, Scientist, Teacher, Doctor and Military Officer. Farmer was 9th highest. Which says to me that the American public has a weird concept of “prestige”.
Hah – it’s hilarious how much those polls are based on media hype. The 2 professions that took the biggest hit were bankers and athletes. In years of the appropriate scandals, accounting and ministers were near the top of the list (or bottom, depending how you think). Once the next big media blitz hits, the sheep will follow another target. The least they could is try to paint an accurate picture, but fiction is so much more fun!
Actually, I misread ministers – government ministers…
Sonies, are you seriously using Carlos Mencia as your measuring stick? So you can be judged ‘seriously unfunny’ in addition to ‘sadly racist?’
Besides, Ukie Village is full of Ukies and white hipsters, not brown people. You probably don’t much venture West of Ashland, do you…