Get a 3-Bedroom House for the Price of a Condo: 4919 N. Magnolia in Uptown
This bank owned 3-bedroom vintage frame house at 4919 N. Magnolia in Uptown has been on the market since September 2010.
The bank has reduced the price $55,100 in that time.
It is now listed $205,100 under the 2005 purchase price of $505,000 and is cheaper than some nearby condos.
Built in 1905 on a 30×125 lot, it has a 2 car garage but no central air conditioning.
All 3 bedrooms are on the second floor.
From the interior pictures, it looks like some of the bathrooms and part of the kitchen are intact (but there are no appliances pictured in the kitchen.)
Located west of Broadway, just a few blocks from the Argyle red line stop and not far from Andersonville shops/restaurants, is this house a steal?
Linda O’Donnell at Re/Max Signature has the listing. See the pictures here.
4919 N. Magnolia: 3 bedrooms, 2.5 baths, 1488 square feet, 2 car garage
- Sold in June 1991 for $150,000
- Sold in September 2005 for $505,000
- Lis pendens filed in April 2009
- Bank owned in May 2010
- Listed in September 2010 for $355,000
- Reduced several times
- Currently listed for $299,900
- Taxes of $6295
- No central air
- Bedroom #1: 13×17
- Bedroom #2: 11×13
- Bedroom #3: 10×10
Here we have an incomplete kitchen. Sure, appliances can be obtained cheaply but, again, this will be noted in the appraisal report and an underwriter may take issue with this since it’s “uninhabitable” in its current condition. The problem with most REOs is that they are difficult to finance and often need cash buyers to move.
Maybe I shouldn’t say “most”…however, *many* of the foreclosed SFHs that I’ve toured have an issue that makes conventional or FHA financing a challenge.
I love that staircase…if something like this had been available at this price when I was looking (2003 and lived in that area) I would have taken the maximum loans I could have got…and this would be my short sale today 🙂
“I’ve toured have an issue that makes conventional or FHA financing a challenge.”
That’s true, but the FHA 203K loan rehab loan is perfect for this property.
http://www.forbes.com/2010/06/18/fha-home-repair-loan-personal-finance-203k.html
Many of my clients are using this type of loan to purchase homes that would be considered uninhabitable and then building them out completely new. There are tons of great SFH & 2/3/4 flats in great neighborhoods at a real discount. Buyers with the vision and patience are using this mortgage to have a nice finished product.
I’d take a nice condo over this money pit anyday.
“That’s true, but the FHA 203K loan rehab loan is perfect for this property.”
If an REO is aggresively priced, a cash offer will likely be submitted and that will always win out over a 203(k)-contingent offer.
“If an REO is aggresively priced, a cash offer will likely be submitted and that will always win out over a 203(k)-contingent offer.”
This property has been on the market for months. So apparently it’s not that attractive at this price.
“This property has been on the market for months. So apparently it’s not that attractive at this price.”
Hypothetically speaking…I don’t believe this property is aggresively priced based on its condition. It needs to be dropped at least $50k.
I cannot fathom how this place was ever able to fetch $505K… oh the good old days.
This is a good price for this house…
If it was in not in Uptown!
How difficult and painful is the process to get approved for a full (not streamlined) 203(k) loan? I’ve heard you need consultants to put together all the documentation and that it takes months and months. I’ve also heard that the contractors need to be approved and they’re more expensive than your average contractor and that renovation can get pricey.
Woohoo!! My tip made it to Cribchatter! I feel cool now. MLIA.
I think Uptown should change its name. It is very nice where this place is.
I think I walked by this place last summer and thought, what a charming looking house I could never afford.
It doesn’t look in bad shape…sure the appliances were removed but what about the rest of the home?
If only it had a few more bedrooms.
There are two types of 203k loans. Streamlined and then full on construction. Streamlined gives you like up to $30k for basic repairs (painting, appliances, etc) if I recall correctly. Both are a PITA and the reality is most banks and loan officers don’t want anything to do with them. There is also Fannie’s Homepath mortgage which does the same.
Very convenient location.
Convenient to several recent shooting locations, that is. Uptown sucks.
Was this a renovation that ran out of money before it started? Some parts look updated (bathrooms, basement?) and others…well… I don’t know. If you look at the house from the front, it looks to me that the roof over the porch appears slightly slanted. Maybe it’s just the photo. The siding on the house looks a little sketchy too. The kitchen needs to be totally redone. Check out those cabinets in the back, good luck reaching those if you’re under 6 foot. The laminate floors…yikes. That back yard looks like it’s straight out of NOLA post Katrina.
I do agree that the staircase is a very nice feature and the HW floors pictured look to be in great shape.
At this price in this neighborhood, I would still want another 20% reduction before I would feel comfortable with this.
This place has potential. There are some drawbacks to the location imho being one block off Broadway, but it is very convenient to the redline, not too far of a walk to Andersonville, and the price is lower than most of the condos in the area. If someone has $40-$50k to put into this place, it might be a good long term play.
“Convenient to several recent shooting locations, that is. Uptown sucks”
Not even close to shootings.
When you read Uptown Update you have to read it knowing it is an anti Helen Shiller / pro James Cappleman blog. They hate Shiller and support Cappleman for Alderman. They over-hype a lot of the stories on there for political reasons. Uptown is not as bad you hear, there are two shitty pockets left. I’ve lived in Uptown for ten years and never had a problem. I like its charming grit. This place is four blocks north and totally different. It is more andersonville than Uptown.
Which part is more charming, the tiny baggies all over the street or the homeless people playing Frogger on Broadway?
Uptown sucks. It’s not even up for debate.
Jason (TFO)
You are blind. Uptown is still dangerous, on the whole. I spend a fair amount of time there. Thankfully, the Police seem to be out in force. Uptown Update highlights the many flaws of Uptown, and some of it’s gems.
Wouldn’t it be great to be able to pull out of your garage and straight into the car wash?
Having a library on the block is good and bad, and the carry-out options within 500 feet are excellent (if not necessarily actually good–opinions?).
Does very much look like a reno that ran out of time/money. If it had been *finished* at $505 I could understand in context, but $505 for a place that was probably untouched was beyond nuts, in this location. It would look much better at about 200, or maybe at 250 if it were in “rentable” condition (not that I’m suggesting it as a rental property, just as a baseline for livable as a project house).
Looks like they did a really nice job on all the wood, and the exterior of the house looks pretty good too, but the yard is totally trashed, front and back.
You’ve got to remember that when people who live in Uptown say that the shootings “aren’t even close”, they mean that they didn’t actually have to run for cover at the time.
Here’s a map of Uptown business as usual: http://2.bp.blogspot.com/_JTlCj7YVS0Q/TSlt1UcORjI/AAAAAAAAF1Q/pXSxsrkKSqc/s1600/FoxGraphic.jpg
“Here’s a map of Uptown business as usual”
Showing the “4 blocks north” thing was basically correct.
Still, this isn’t really the nice part of Uptown.
It’s so close to Tank Noodle and Sun Wah that I’d probably never cook if I lived here
I prefer Pho777 to Tank Noodle, IMO it is much better
Bradford,
LOL. Ahhh yes, the propaganda map that has been going around. There are shootings in Lakeview and Wrigleyville also. So what? But thank you for proving my point. I said there are two shitty pockets left. They are on your map.
Shitty pocket number 1: Between Wilson and Montrose on Magnolia. – I will note that I lived on this block for five years and never had a problem. Lately there have been some shootings there. The reason? Because Helen Shiller dumped all the “affordable” housing there.
Luckily for us CPD took care of business over there recently.
http://chicago.cbslocal.com/2011/01/14/police-bust-uptown-gang-drug-operation/
Shitty pocket number 2: East of Broadway on Sheridan. Again, more “affordable” housing.
I will ask, “affordable to whom?” Certainly not the taxpayers, as we shelled out $380,000.00 per unit.
But I digress, this property is not even in Shiller’s ward. It is much nicer. Bradford, I think you are in denial, I think I’ve you hang out at Crew.
I love Uptown, and now that we got rid of St. Helen the Socialist, things are going to get much better.
as my old gym teacher use to say “opinions are like butt holes, everyone has one”.
Debating on crib chatter whether an area is dangerous or sucks is like debating whether a house is in a particular neighborhood …you’re not gonna convince anyone to come over to your outlook.
There are parts of Uptown that are sketcy and undesireable and there are parts that are nice. Believe it or not, there are even parts of Lincoln Park that still have a scary throwback element of the 70s and early 80s when no one wanted to live there.
It’s about your particular situation. Some people are pioneers and can deal with a certain level of bad element. Others need the area to be stablized first and will pay the extra money for house once an area becomes more Green Zone like.
Anyway, back to the house. I would offer $250 for the place. I like fixing up places. It is like an expensive hobby to me.
I really like the pho place by the grocery store on broadway, just north of Lawrence, awesome grocery store by the way. For the right cash buyer or 203k owner occupant, at 250K both of them would have a great deal here and an opportunity to do a flip after renovations.
This house is five blocks from the nearest shooting identified in the map that Bradford posted. Five blocks makes a big difference in most parts of the city. To put it in perspective, if you move this house five blocks north, it the 5400 block of Magnolia, it would probably sell for $500k in its current condition.
I’m not saying I would want to live here. But I don’t think it should be lumped in with the part of Uptown that is further south.
So the next alderman is going to crack down all of the problem buildings and push out the unwanted elements in Uptown? Because that’s the only way Uptown is going to change. Don’t forget getting rid of the halfway houses and any Section 8 landlords.
Uptown has been a mess for far longer than Shiller has been an alderman. My husband grew up on the block of Magnolia in question. Heck, it was a much quieter street in the 80’s than it is now, even with all of the slumlords owning the buildings.
So good luck to the next alderman, but I don’t think they’re going to be able to create the next Lincoln Park.
Icarus,
I am with you on that.
IMO this place needs to be 90% gutted, except for the staircase and tiled bathroom every else is junk. The yard alone is tons of work. This place needs $75k of work easy. I think $225k would move it.
Anonemoose,
Geez I hope not. If I wanted to live in Lincoln Park I would live in Lincoln Park.
$225 would rock!
“It’s so close to Tank Noodle and Sun Wah that I’d probably never cook if I lived here”
As an OT FYI, Tank has a really large delivery zone, including down to parts of Logan.
“Tank has a really large delivery zone, including down to parts of Logan.”
You aren’t kidding:
“Range:
West to California
East to Lakeshore
South to Jackson
North to Howard “
Actually I do also prefer Pho 777 to Tank Noodle, I just referenced Tank since I figured more people know it.
I could also talk about sandwiches at Ba Le or nice baked goods at La Patisserie and more asian style Chiu Quon Bakery…drool
like I said, I wouldn’t end up cooking much anymore.
Where’s the link to the delivery ranges and min order for Tank? TIA
Mmmm..
http://www.yelp.com/biz/pho-xe-tang—-tank-noodle-restaurant-chicago
Also, I have to check this place out now:
http://www.lapatisseriep.com/
“Where’s the link to the delivery ranges and min order for Tank? TIA”
Delivery area pulled from Yelp. Didn’t ref minimum order that I saw.
tried pho viet recently is was very delicious try the rice wrap w/ beef.
“Didn’t ref minimum order that I saw.”
I’ve ordered in the $20-25 range for delivery. They package up noodles separately from broth etc. and it travels about as well as can be expected.
This place sold for $200K. Wow.