Get a 2-Bedroom Lincoln Park Coach House for $350,000: 916 W. Fullerton
This 2-bedroom coach house at 916 W. Fullerton in Lincoln Park came on the market in October 2020.
The coach house has 2 units with one shared wall.
The front building, which faces Fullerton, has 8 units. I don’t know when all of it was built.
There’s a shared courtyard patio.
This coach house is two stories and has its own private entrance and patio.
The living room, kitchen and a half bath are on the first floor.
The living room has a wood burning fireplace.
The kitchen has white cabinets, a stone backsplash, stainless steel appliances and a breakfast bar with seating for 3.
Both bedrooms are on the second floor along with the full bath.
The coach house has the features buyers are looking for including central air and washer/dryer in the unit.
There is no parking but it’s available to rent in the neighborhood.
The listing says rentals are allowed.
This coach house is in the heart of the DePaul neighborhood, near the University, the shops and restaurants and the Fullerton El stop.
Originally listed in October 2020 for $395,000, it has been reduced $45,000 to $350,000.
Would this coach house be a good investment at this price for someone who wanted to be a landlord?
Dawn Lynch at @Properties has the listing. See the pictures and floor plan here.
Unit #CH: 2 bedrooms, 1.5 baths, 1100 square feet, coach house
- Sold in May 1996 for $105,000
- Sold in April 1997 for $168,500
- Sold in October 2001 for $284,000
- Sold in October 2009 for $294,000
- Originally listed in October 2020 for $395,000
- Reduced
- Currently listed at $350,000
- Assessments of $341 a month (includes exterior maintenance, scavenger, snow removal)
- Taxes of $6151
- Central Air and Heat
- Washer/dryer in the unit
- No parking
- Wood burning fireplace
- Bedroom #1: 13×11 (second floor)
- Bedroom #2: 11×8 (second floor)
- Living room: 17×15 (main floor)
- Kitchen: 12×8 (main floor)
- Laundry room: 3×3 (second floor)
“a good investment”
Here’s a decent rental comp, pretty nearby:
https://www.apartments.com/2459-n-orchard-st-chicago-il/n3gvjvm/
Not the cheapest 2/1 w/in a few block, but not the nicest vintage unit either.
$2400/month. Less HOA (rounded up for tiny maintenance reserve, and to make the math easy) = $2000
$24k/yr less $6200 in tax is 17,800. At $350k, that’s a 5 cap.
No, even in the current yield environment, it’s not a good investment.
For it to be a “good investment”, either I need to be way wrong about reasonably achievable rent (ie, closer to $3k, but that seems to be for 2 full baths, or a second living space), or the price needs to be under $275k.
This one lost me at the words, “Coach house.”
This wouldn’t rent for much more that your monthly nut and condo appreciation in this area has been rather abysmal. So the answer is no.
“Here’s a decent rental comp, pretty nearby:
https://www.apartments.com/2459-n-orchard-st-chicago-il/n3gvjvm/”
Not saying its a good investment but…
Proximity to DePaul might be worth a bump in the Mo rent?
“Proximity to DePaul might be worth a bump in the Mo rent?”
Or a little less rent (2/1.5; literally across the street from DePaul campus, $2150):
https://www.apartments.com/1057-w-belden-ave-chicago-il-unit-3a/vqy8rzf/
Guessing that courtyard is near constant parties depending on the number of rentals in this. That would be hell on earth. I wonder about someone having the chair / ottoman and side table that bespeaks their impeccable taste yet the rest of the place screams “We put zero into this, pay us!” from the craptastic rental quality finishes to the 8′ wide second bed…where do I sign up? A parent may buy this and “rent” it to the kid. Make the kid get a roommate to help defray costs. Sell it when they are done with their undergrad and gift them the equity (or use it to pay off student loan debt)….assuming there would be some equity if only by virtue of paying down the loan with roommate money……
“A parent may buy this and “rent” it to the kid. Make the kid get a roommate to help defray costs. Sell it when they are done with their undergrad and gift them the equity (or use it to pay off student loan debt)…”
Prior owners actually owned it for quite some length of time.
Sold 8-31 for $345k.