Deal of the Week on a 2-Flat in North Center? 2141 W. Cullom
This brick 2-flat at 2141 W. Cullom in North Center recently came on the market.
It is bank owned.
The units consist of the following:
- Unit #1: 2 bedrooms, 1 bath
- Unit #2: 3 bedrooms, 1 bath
Built in 1908, the building doesn’t have central air. It also doesn’t have any parking.
While it’s clear from the listing that the property needs work, with a price under $200,000- is this a steal?
Kevin Sullivan at Coldwell Banker has the listing. See the pictures here (including interior pics).
2141 W. Cullom: 5 bedrooms, 2 baths, no parking
- Sold in October 1985 (I couldn’t find an original price)
- Lis pendens in July 2008
- Bank owned in July 2009
- Originally listed in December 2009 for $188,100
- Taxes of $5696
- No central air
I say this is a price even Homedelete won’t mock!
Its funny because places like this just south about 1.5 miles on lincoln avenue in west lakeview will attempt to sell for 500k. Not bad but I would guess this place gets torn down.
I would be all over this place….
Probably a great deal, but no pics of the basement are an issue. I inquire, because last weekend my wife and I looked at one house that was priced cheap and looked great in the main living floor, but the basement had black mold covering the basement walls to shoulder height and covering the floor.
I agree, this 2-flat will likely be a teardown.
Some foreclosure agents’ tactic is to price incredibly low and get a ton of offers and sell for well above asking. I looked at a house in Portage Park for myself recently, listed for 122k. It went under contract in a few days and ended up closing at 175k. I’ve seen it happen many other times too.
Even if you can get it for say, 250k, it would be a pretty good deal to rehab and rent out, since many renters don’t care as much about parking and this is a great neighborhood for renters.
It’s not really a tear-down candidate, because if you look at the zoning map, the lot is odd shaped and is landlocked, and really close to Lincoln. It is also next door to Gannon’s Pub. Again, great for renters, not so much for an owner occupant.
I think I remember this one staying on the market for a long time even during the bubble (but my memory could be faulty)
haywood, you are correct. It was on the market pretty much straight from 9/2004-1/09. Original list price (which was ludicrous even for 2004) of $549,900. Last list price of $456,000.
Interesting history on this one, the owners owned it since 1987 and probably paid pennies for it, but they kept mortgaging the crap out of it.
Still sharp as a tack, haywood:
listed 9/1/2004 $549,900 reduced $529,900 expired 3/1/2005
listed 4/26/2005 $529,900 cancelled 7/18/2005
listed 4/24/2007 $529,900 cancelled 5/8/2007
listed 5/8/2007 $509,900 cancelled 6/4/2007
listed 6/4/2007 $499,900 cancelled 7/23/2007
listed 7/23/2007 $499,900 cancelled 8/1/2007
listed 9/6/2007 $560,000 reduced $456,000 expired 12/31/2008
listed 12/18/2009 $188,100 reduced $188,100 active
Quick to the draw, jc.
Don’t mess with my mad MLS skills. 🙂
I do need to work on my reading skills, since I missed the part about it being off the market from 7/05-5/07.
“Don’t mess with my mad MLS skills.”
LOL. I have an intern that is taking that as a challenge. Now I can get even more free work out of him!
Parking isn’t an issue in that area (I used to live down the street), you could drive a semi and still find a spot.
Yes Nate, but if you’re buying a home, you want parking with it… preferably a garage, especially on a day like today!
Totally agree with JC on this one. If you look at it from above, the Gannon’s beer garden is right next to the building and the parking lot wraps around to within mere feet ofhte back door. That said, I expect it to get bid up and sell quickly. Too bad the owners didn’t just lower the price a bitback when the market was good.
Oh, and a smallish landlocked building directly across the street is for sale also and the price is in the low 600s.
ME states that this is probably a tear-down if there is black mold in the basement.
I disagree wholeheartedly. This type of building is robust. It can take multiple wetting/drying cycles without structural damage, unlike much modern construction.
If the basement is moldy you just clean it out to the masonry walls, stop any ongoing moisture intrusion, and do what you want with the basement.
A lot of people are making a lot of money scaring folks about mold. It’s often an easy thing to remediate.
Peace out!
I like the location of this place too… there’s a Jewel about a block south of this place on Lincoln, and Welles park is a short walk away. Not to mention plenty of lively bars, restaurants & such along Lincoln. Plenty to like about this neighborhood.
And, JC is totally right about wanting parking on a snowy day like today. But, also because it’s a goddamn hassle parking your car on the streets of Chicago. Even with a city sticker, there’s always street cleanings, and people scheduling moving trucks on the street with less than 24 hours notice, random dents, random flat tires, etc., etc. If you have a garage, you don’t have to deal with that.
A Jewel about a block south, eh? This building is practically in the Jewel’s parking lot. If you wanted to you could put a gate in your rear fence and step right into the Jewel’s parking lot.
And I revise my statement about a teardown after others’ comments and looking at the aerial photo on google maps. but I wouldn’t discount this right away as potential o/o. The greater neighborhood location is great, one unit is three bedrooms and the price is amazing (even assuming a bidding war into the high 200s).
“the parking lot wraps around to within mere feet ofhte back door”
That’s the Jewel parking lot.
That block of Lincoln from Cullom south is terrible for accidents/traffic. Not just the girl who was killed November 1, drove past a 3-car accident on Sunday, and talked to someone whose car was the victim of a hit and run on the same block.
The lot does kick out to the east, so there’s a bit of not-very-nice outdoor space. I’d hate to live next door to the dumpsters for a tavern.
Look at this one-Greystone two flat on Ashland in Lakeview.
It is pending after only two weeks on market:
http://www.redfin.com/IL/Chicago/4125-N-Ashland-Ave-60613/home/13393039
“Look at this one-Greystone two flat on Ashland in Lakeview.”
Someone’s going to insist it’s uptown.
Plus parking; minus location compared to Cullom (even w/ Jewel pkg lot), right? So, interior/mech/exterior conditions being presumed about equal, Cullom gets bid up quite a bit, right? $275k seems like good value as rentals for these places, assuming that they are habitable w/o much more than a coat of paint (bad assumption? Sure! I’d bet on it!).
This one is pending in the MLS already.
Also the 4100 block of Ashland is not as nice as the Cullom location. However it appears to be in better condition. Although, it is semi-detached versus completely detached. That’s a minus to me.
Either one is a good deal to use as an investment.
Thanks for the update on this property jc. That’s why I called it the deal of the week! I thought it might not stick around too long.