Cheaper Than Renting? A 2-Bedroom Duplex in Buena Park: 711 W. Gordon Terrace
This 2-bedroom duplex at 711 W. Gordon Terrace in the Buena Park neighborhood of Uptown came on the market in August 2016.
Built in 1979, it has 90 units with garage parking.
This unit faces north.
The living dining/kitchen and half bath are on the first floor with the 2 bedrooms and full bath on the second floor.
The kitchen has white cabinets and appliances with granite counter tops and a kitchen island open to the living room.
There are hardwood floors on the first floor.
Garage parking is included in the price. There’s no central air but there are wall cooling units.
There’s also no in-unit washer/dryer but there’s coin laundry in the building.
At just $219,900, is this a deal compared to city rents?
Is Buena Park one of the few neighborhoods that even still has deals?
Michael Vesole at @Properties has the listing. See the pictures here.
Unit #521: 2 bedrooms, 1.5 baths, duplex, 1100 square feet
- Sold in December 1998 for $171,000 (per Zillow)
- Sold in May 2003 for $227,000 (per Zillow)
- Currently listed for $219,900 (parking included)
- Assessments of $475 a month (includes cable, internet, heat, doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $2410
- No central air- wall units
- No in-unit washer/dryer but coin laundry in the building
- Bedroom #1: 11×13 (second floor)
- Bedroom #2: 13×9 (second floor)
I would love to drop $45000 to live so close to Uptown and pay for laundry others have used thousands of times before me. I can’t believe this didn’t sell before list.
It had better be quite a bit cheaper than renting, bc it’s pretty much a rental-grade building and unit. Gotta offset your capital risk and exit costs.
If they de-list and upgrade the fridge and stove and dishwasher for about $4K in costs they can maybe sell for $215K – $220K. People at this price point don’t have the wherewithal to do that as a new buyer – – they want to live repair-free for at least five years because they are buying as much as they can afford on their current income. Otherwise this is an OK deal. For me however, coin laundry is the hallmark of a rental so they may have to upgrade appliances AND cut to $215K if they are serious about selling.
I would amend my comment to include the thru-wall units depending on how old they are. I firmly believe that at this price point, which is very entry level for the north side of Chicago, newness of mechanicals and appliances is really key. The prospective buyer is going to max out on their mortgage and have little disposable income for repairs and upgrades. I’ve seen it many times and even lived it when I was younger and less experienced.
Would this work as a rental. What do you think it would rent for
“Would this work as a rental. What do you think it would rent for”
G?!?!?!? As in THE G?!?!?
I can see a young couple buying this who don’t care about stainless. Or even a single person buys it and gets a roommate. I think this would be a pretty good investment to live in for a few years and then rent it out.
“G?!?!?!? As in THE G?!?!?”
I got excited there for a minute too. Lol.
But, alas, it is someone else using “g” – lowercase (although this time they signed in as upper case.) First began posting, but only a handful of times, in 2009. I’m surprised I didn’t flag it last time just to stop the confusion with “G”- who provided us with all the data.
I’m going to change the sign-in to “GG” just so there’s no future confusion.
LOVE IT!!! THIS AREA RAWKS!!!!!
Long time lurker first time commenter here. I absolutely think this would be a good option for a first time mid 20s single type buyer. I am renting out a 1 bed across the street from here for 1350 , assume this could go for 1600-1700. So why would you do that instead of paying 1200 all in for your own place and the chance to build equity and tax deductions , assuming you planned to stay for at least 5-7 years. Obviously the lack of w/d or outdoor space hurt but at this price point for 2 beds you can’t have it all. my overarching point is people always do the wrong thing, in early 2000s when market was overheated everyone was buying. Now when 1/2 bed condos are cheap everyone is renting. Despite this, some of these older rental quality condo high rises may need to reconvert back to rentals simply because there are very few mid 20s 1-2 bed lower end condo buyers anymore.