Get a “Lovely 4Bed/2Bath Home” in Morgan Park for $11,500: 1329 W. 111th
This 4-bedroom 2-flat at 1329 W. 111th in Morgan Park just came on the market.
It is bank owned.
The listing describes it as a “LOVELY 4BED/2BATH HOME WITH SPACIOUS ROOMS. GREAT BUY FOR BEGINNING INVESTOR OR LARGE FAMILY. ”
Be sure to check out the listing pictures.
The kitchen appears to have some of its cabinets and nothing else. There is a bathtub in one of the bathrooms but nothing else.
It appears to be a 2-flat with a 2/1 unit on each floor even though the listing keeps referring to it as if it’s a single family home.
The listing indicates that one of the units is rented on a month to month basis for $1178. (????)
Built in 1919, it is on a standard 25×125 Chicago lot.
Originally listed for $115,000, the listing was corrected that day to read “$11,500” instead.
Normally, I might think it was a mistake by the realtor in putting in the price but there is a house just a few blocks away at 11203 S. Aberdeen that is under contract and listed for $7,000 so $11,500 doesn’t seem out of the question
What are the prospects for a property like this?
John Staib at @Properties has the listing. See the pictures here.
1329 W. 111th Street: 4 bedrooms, 2 baths, 2-flat, 2 car garage
- Sold in November 1994 for $13,500
- Sold in June 1995 for $82,500
- Sold in July 1998 for $25,000
- Sold in December 1998 for $87,000
- Sold in July 2001 – no price listed but there was a mortgage for $37,825
- Lis pendens foreclosure filed in October 2010
- Bank owned in June 2011
- Currently listed for $11,500
- Taxes of $3334
- No central air
looks better in the street view than the listing photos but i’m not sure its the correct listing – picture match. No way is that a two flat
Seems priced right for east of I-57.
True Story, I painted the Public Storage buildings just a few blocks east of here about 15 years ago, and let me tell you… holy cow, there are a bunch of PSYCHOS in this area and likely nothing has changed here in lovely Roseland
You honestly couldn’t pay me to live here, there’s a reason this crapshack is less than a used honda as it was likely a meth lab or crack house or gang hideout and the likelyhood of you getting robbed or shot while living here is extremely high
love the bit about one of the units being rented out on a m2m basis for $1178
and Sabrina, where’s your picture of this place? Or are you scared to drive by or get your camera stolen on 111th st?
It seems rather cheeky to begin the description with the word “lovely.”
LOVELY 4BED/2BATH HOME WITH SPACIOUS ROOMS. GREAT BUY FOR BEGINNING INVESTOR OR LARGE FAMILY.
Is the Realtor trying to be funny?
I know, I know, we aren’t supposed to talk about it here…
But I question some of the design choices in this home. The taste level of many of the finishes suprises me.
You could buy the entire block for the price of one GZ home!
If you are going to rehab a clunker might as well go brick…
http://www.redfin.com/IL/Chicago/656-N-Spaulding-Ave-60624/home/13261433
This is a steal. PUt 50k into it home despot style, rent out for $1,200 a month section 8. This is quite the investment opportunity. THIS is how you make money in real estate.
$10K, for some nice, working-poor person who knows how to do things and wants to have a nice little home for himself he can fix up and make his own.
Then s/he should appeal the taxes.
The taxes are OBSCENE. There is no way a place like this should have to pay more than $500 taxes. I have a friend who owns rentals in this area and can tell you that this area gets NO city services. The alleys are unpaved and the streets cratered with potholes. Weed-and-trash-choked lots are never cleaned, and the owners aren’t forced by the city to do it. These people are getting nothing for their taxes.
You can get many lovely, livable condos on the north side, in W Rogers Park and West Ridge,for $30K to $40K that are already minimally livable and easily rentable to decent tenants.
This shack will need a minimum of $50K to meet Section 8 codes, and don’t be fooled by the high rents you can get with Section 8. You might be able to rent this out for $1400 a month, with the tenant paying $500 and HUD the rest, if you shovel a lot of money into it and go through about 3 inspections and endless fussing before you get Section 8 approval, but you will end up giving the rent money back doing this over and over and over because the tenants will shred the place so quickly. Then, you’ll spend hundreds to thousands of $$$ on attorneys and filing and court fees evicting the tenants, who will of course have about three lawsuits going against you because the fridge wasn’t working (she says) and her food spoiled, or the furnace isn’t working (because her brother or boyfriend pulled out all the salable parts) and her baby caught cold. And no matter how many or few people she said will be living there, there will be at least 20 people shacking up in the place.
Strong opportunity for linoleum salvage.
Homedelete: This is how people THINK you can make money on real estate. So many people go buy a nonsense place such as this, think they can “fix it up and rent it” and not only do they not understand how much it costs to “fix it up”–they can’t get anyone to rent it. Because, now that Old Town has turned into “Mixed Income Heaven”, NO CHA person is going down there to live. The CHA people prefer to be near Whole Foods and the new APPLE store.
You’d have to worry about your safety and the safety of the workers wile you attempted to fix this place up. I wonder if Home Depot would even come out to this area.
“here in lovely Roseland”
Nope, it’s Morgan Park. That Public Storage is in Morgan Park, too, at 111th & Morgan.
“I wonder if Home Depot…”
Why not? Besides it’s only a short way to the Home Depot at 87th & the Ryan.
your workers tools would get stolen from their trucks in broad daylight as they worked inside the house
“Nope, it’s Morgan Park. That Public Storage is in Morgan Park, too, at 111th & Morgan.”
whatever, its the wild hunneds and it sucks
“whatever, its the wild hunneds and it sucks”
That is the Roseland part of the 100’s, although no doubt spreading.
I would be afraid to go into this neighborhood and I wouldn’t be surprised if a lot of home depot and other workers were afraid to also.
“If you are going to rehab a clunker might as well go brick…”
Now, *that* place had some low taxes!!
$3.37 for 2009!
You can make money off this, but it’s work. And the yield is great, and there is risk, and an element of slumlording, but I love it. You’re going to have to show up at the front door on the 1st of the month to collect the rent. and evictions? hahaha, you can use something around the office we call ‘non-judicial remedies’. Everbody chases rents in lakeview hence it’s difficult to cash flow a property there and people are drooling all over themselves to buy a 2/2 in a association building. But this, a house for $11,000, that’s a steal. With tax prorations you could probably you probably buy this for less than $7,000. a piece of land in a major world city for $7,000. I’ve hread of stories of people buying vacant lots on the south side for $1,000 and with the tax prorations they actually get the property for free. They’ll hold on to it, pay the taxes, and wait for the south to rise again.
tell me more about these Tax Prorations you speak of
At closing the bank pays taxes at 100%, so you get a $3,334 credit on the closing statement. So if you guy this for $10,000, you get the $3,334 for taxes, and then all you need to bring to the closing table is $3,334.00. Of course you’ll need that credit to actually pay taxes in the future, but that’s the future. Today, you need less than $7,000 to buy this house at closing. Someday, the south will rise again. When the water wars start and the west and the southwest is depopulated those residents will look for somewhere to live, with cheap homes and infrastructure…the south side of Chicago baby, it’s all here and we live next to the largest collection of fresh water lakes in the world…
shit that made no sense, let me retype that:
if you buy this for $10,000, you get the $3,334 tax credit at closing, and you need to show up with $6,666.00 to buy this place.
Don’t you have to pay the taxes in the few months after buying?
“GREAT BUY FOR BEGINNING INVESTOR OR LARGE FAMILY. ”
It would be interesting to know how many families are buying homes in this condition and fixing them up as their primary residences. It’s a nice idea in theory and would help stabilize these areas. I’m guessing there are not a lot of people out there who could take on such a large project.
“you need to show up with $6,666.00 to buy this place.”
as if there weren’t enough other signs pointing to “no” …
“Don’t you have to pay the taxes in the few months after buying?”
That’s a problem for future HD, who will presumably be more responsible than the cribchattering HD of this afternoon.
But seriously, how are taxes so high? If your home was *seriously* damaged and you didn’t repair it, do you have some recourse on taxes before it gets reassessed?
This place is pretty close to Old Fashioned Donuts.
HD –
So the proration is just the same as you would get at any closing for any property? Since taxes are paid one year behind in Cook County, the credit would be for the 2010 taxes, which are owed by the seller? (Am I right here?)
But the taxes are not waived completely, right? I thought you meant at first that because it was a distressed property in a poor neighborhood there was some sort of special program where they would waive the taxes…
“If your home was *seriously* damaged and you didn’t repair it, do you have some recourse on taxes before it gets reassessed?”
Like, gutted by fire damaged? The city will at some point make you tear it down, and then you’d have a vacant lot, taxed as a vacant lot.
And, if it’s held for rental, you need to have it vacant during the proper tax year, and for [a full year? at least several months?] to claim the vacancy reduction, so you have a one year-plus lag on that.
So, yes, but no.
“Like, gutted by fire damaged? The city will at some point make you tear it down, and then you’d have a vacant lot, taxed as a vacant lot.”
I was thinking more like v severe damage, still basically inhabitable, but where the structure is unquestionably worth much less (say half) of before. So not a vacant lot or a true teardown, but my property is absolutely worth a lot less than before. And say for whatever reason I don’t get it fixed for a long time. Do I have any way to appeal taxes?
Sold in Dec 1998 for $87K – Holy Crap
Before Morgan Park “comes back”, the south loop has to come back. Oh and Bronzeville and Hyde Park too need to come back. Bridgeport and Chinatown too probably would like a come back. And Pilsen. And Pullman should come back and Jackson Park too. And now that Schiller is gone, Uptown is on the list of wanting to “come back”. So while some may think a Morgan Park “come back” is only a matter of time, I think 40 years is about right. I hope HD is 20 so he can enjoy his success in Morgan Park.
“I think 40 years is about right. I hope HD is 20 so he can enjoy his success in Morgan Park.”
HAhahahha. You don’t see me buying here.
“Sold in Dec 1998 for $87K – Holy Crap”
Really a perfect example of price effects caused by financing–I’d bet a Jim Baker dollar (or a 2022 Malnati’s sausage contract–put or call, your choice) that the low $$ sales in the 90s were for a un-financeable property, paid in cash, and each of the high $$ closings in the 90s was financed with a 3.5% or less down mortgage.
“HAhahahha. You don’t see me buying here.”
But, HD, the taxes are low enough that you could afford private school. And the PITI would be less than $2k, for sure.
Homedelete, you should change your name to Braindelete. You just went on and on how you can make money and it will take work and this is how people make money and so on. You can’t make money here in this lifetime. Goodbye.
Wow, pretty harsh words for this neighborhood. Having never been anywhere near it, I took a StreetView tour and saw a lot of well-maintained homes and a bunch of working class cars. Plenty of empty lots but none were trash-strewn and all of them had the grass mowed. None of the cars that I saw looked like they belonged to the no-good crowd.
Hey, maybe it went seriously downhill since the Google van drove through.
The security system alone would cost $40,000 or more the way I would do it. The one murder case I worked on back in ’06 happened a few blocks away from here. One of his co-defendants was murdered in retaliation by the family of the deceased so the survivors had a great defense as to who pulled the trigger – “the dead guy.” Ahhh….I told you I do everything here, this place I work at is large and diverse enough to handle everything. And yes we got paid on that case too, very well IIRC.
“anon (tfo) on September 20th, 2011 at 3:43 pm
“HAhahahha. You don’t see me buying here.”
But, HD, the taxes are low enough that you could afford private school. And the PITI would be less than $2k, for sure.”
Hahhahahah betty my money is in vodka, bullets and canned food, because you can’t eat gold, and I need bullets to protect my food and vodka. THat’s my insurance. and a $20,000 car insurance policy through Magnum insurance.
“BettyBoop on September 20th, 2011 at 3:45 pm
Homedelete, you should change your name to Braindelete. You just went on and on how you can make money and it will take work and this is how people make money and so on. You can’t make money here in this lifetime. Goodbye.”
You can’t eat gold but you can make your fillings from gold. And I bet Homedelete, your mouth is filled with silver. You have that “bad upbringing” vibe about you….that your mother gave you cookies for breakfast–you didn’t bathe much, your clothes came from charity….Anyway how do you think the schools are in this neighborhood Homeydelete? Your kids would probably be one of the smartest– most advanced! You may want to re-visit your rehab plans and give it a shot.
Check out this one sweetie
http://www.redfin.com/IL/Chicago/1459-W-110th-Pl-60643/home/13074674
“BettyBoop on September 20th, 2011 at 4:08 pm
You can’t eat gold but you can make your fillings from gold. And I bet Homedelete, your mouth is filled with silver. You have that “bad upbringing” vibe about you….that your mother gave you cookies for breakfast–you didn’t bathe much, your clothes came from charity….Anyway how do you think the schools are in this neighborhood Homeydelete? Your kids would probably be one of the smartest– most advanced! You may want to re-visit your rehab plans and give it a shot.”
“None of the cars that I saw looked like they belonged to the no-good crowd. no-good crowd.”
haha oh man
nobody in the “no good crowd” is stupid enough to park their car on 111th!!!
Thats what garages and pit bulls are for
or this one
http://www.redfin.com/IL/Chicago/11443-S-Ada-St-60643/home/13067103
Somebody is making money down there. You’re such a dumbass.
“Check out this one sweetie”
That’s some excellent freeway proximity.
Also, if someone’s asking $40k for your preferred arsenal, I think I can help you get guns for less.
“That’s some excellent freeway proximity.”
Wow, that house is literally on I-55. I’m sure that’s some good living. Though frankly living downtown with the windows open can be noisy as hell too.
its actually I57 and its only 3 lanes each way there, so its probably just a nice white noise
This block is bookended by two baptist churches. Awesome.
Call it South Bucktown, open a Michigan State bar and see if takes off.
What is the connection between Bucktown/wicker park and michigan state? My buddies and I used to go to a bar called “plan B” and it is full of people from michigan state.
I haven’t heard much about it for years, but Morgan Park Academy was the 2nd best private school on the south side.
“I haven’t heard much about it for years, but Morgan Park Academy was the 2nd best private school on the south side.”
G- the U. of C. Lab Schools are one of the best and it also is on the south side – does that make the south side a good place to live? What a profound statement…….
Every college philosophy major/minor takes a logic class. You obviously did not take that class.
“Clio on September 20th, 2011 at 5:53 pm
“I haven’t heard much about it for years, but Morgan Park Academy was the 2nd best private school on the south side.”
G- the U. of C. Lab Schools are one of the best and it also is on the south side – does that make the south side a good place to live? What a profound statement…….”
HD – huh? if you have something to say, spit it out. You are too dumb to be coy.
Clio – dummy, you analogy is not a logical response to to G’s innocuous comment about Morgan Park Academy. I guess that’s what years and years of rote memorization does to the mind – turns it into mush and destroys the ability to employ critical thinking.
HD – being a physician is WAAAAAY more than rote memorization. Sure you have to know a lot of facts, but every person is very different. You have to understand people, their lifestyle, their presenting symptoms, the acuity of illness, the confounding signs/symptoms, etc. before you can come to an accurate diagnosis and treatment plan.
Law is rote memorization. Add in the fact that most attorneys are not as intelligent or ethical as physicians and you have a recipe for disaster!!
“None of the cars that I saw looked like they belonged to the no-good crowd.”
What kind of cars? I’m curious now! Tinted windows, spoilers and spinning rims?
Nice examples of rehabs in the area, HD. I hope the nabe improves.
These areas are never going to be gentrified by GZ-dwellers. The rehab buyers are local residents. I’m thinking it’s not likely that a family can take on the burden of buying a home in poor condition and renovating it. But they can buy a renovated home from a developer for around 100K and live and own for less than renting.
“and Sabrina, where’s your picture of this place? Or are you scared to drive by or get your camera stolen on 111th st?”
I’m not scared of Morgan Park. I’ve spent quite a bit of time in Pullman and surrounding areas. Sure- this is on the east side of the highway. Cross west over the highway and the homes are suddenly $200,000 and higher. Big difference.
But someone is buying these for less than most cars. Others nearby that are in better condition are listed for $150,000. Not sure how long those will take to sell.
I’m more scared in Humboldt Park than in this neighborhood to be honest.
I don’t have a picture because someone just sent me the listing and I didn’t have time to take one. That’s it.
“Before Morgan Park “comes back”, the south loop has to come back. Oh and Bronzeville and Hyde Park too need to come back.”
Hyde Park never went anywhere. It has some of the most expensive real estate in the city. And yes, properties are selling. Haven’t you heard? A Whole Foods is opening in the neighborhood. A sure sign that it doesn’t need to “come back”- because it has already arrived.
I would like to commend HD for not taking clio’s bait to devolve this thread into the 10,000th cc debate on doctors vs lawyers.
“I would like to commend HD for not taking clio’s bait to devolve this thread into the 10,000th cc debate on doctors vs lawyers.”
Yes- I second that!
“What kind of cars? I’m curious now! Tinted windows, spoilers and spinning rims?”
Chrysler 300’s, Escalade’s
There are all these urban idealists who assume people will move back and all will be peachy-keen. But they only want ‘the right people’ to move back.
They forget how large areas of the city that are down trodden really are. Not just Rogers Park and Uptown “need to be gentrified” or whatever. Learn to read a map and see that Chicago is not just the Loop and North Side lakefront.
It would be interesting to get a group of middle class retirees together and buy a block or two of really cheap houses… maybe hire a security guard to patrol 24 hours a day and they’d be set. For that matter, I would be interested in such an idea.. cheap house with low monthly expenses in a secure environment. Maybe they could even gate in the community. Detroit might be a better option for such a plan though.
Yeah this is on the wrong side of the Expressway
I used to take the branch line of the Metra/Rock Island rather frequently; it went through Morgan Park and Beverly and the looks of both neighborhoods seemed quite nice, at least from the train window. So what has happened in the last couple years to make Morgan Park unacceptable?
“Chrysler 300’s, Escalade’s”
We get it. A lot of you are scared of the south side and scared of people who don’t look like you and too scared to admit it. Believe me, people are born, raised and educated on the south side and have never been shot, robbed or mauled by child eating pitbulls. Why don’t you move to Mayberry?
I’m not white. I don’t have to live in a fancy neighborhood, but I’ll be honest – I do not want to live around people on welfare. Working class is fine. Working poor is fine. But not welfare. I’ve lived among welfare whites in Canada. Blacks in DC. Spanish in NY. It’s all the same bag of trash. I know I don’t want any part of it.
I think a lot of you do not see the opportunity here. This is a no brainer. In just this calendar year, I have purchased and resold up or rented out 30 properties (CHA) at this price point. Most of my buyers are found word of mouth and renters are found in the community. We are looking at 40-60% ROI on the flips and as high as 20-30% annual return on rentals. I am not from these communities and I am an obvious outsider. But the truth is many people want to live in these communities because it is their home and where their family is. It’s what they know and all they want. One poster mentioned the CHA residents moving to the northside. The truth is there is very little sec 8 availability in the nice neighborhoods for obvious reasons, and it is may be not what everyone wants. There are lots of these homes and I encourage CC readers to explore this opportunity. It also is hugely beneficial to these neighborhoods. Furthermore the final sale price of a lot of these homes still continue to be low Which means you are not ripping a low income someone off. This is the only way to fix the house crisis is to move through the inventory. The returns are there, take some initiative!!
Frankly after reading more of the comments here I would say that many of the posters here are closed minded and borderline offensive. Furthermore, many of you who are real estate professionals gve a clear bias against the south side. The truth is there are real people with real Lifes in these communities and thye need a place to live too. Just because the houses people Here can afford are between 70-150k doesn’t mean they deserve your disrespect.
I am reminded why I stay away from crib chatter. Too many judgemental people with dangerous preconceptions who they think they know real estate.
I did post here a few days late, but no one is willing to provide my tardy comment a response?
hey VL, I said it was a great place to make money. I linked to numerous flips; and I talked about rentals. Everyone made fun of me. I think you for posting and validating my point.
“VL on October 1st, 2011 at 3:45 pm
I did post here a few days late, but no one is willing to provide my tardy comment a response?”
VL, I just saw this. I personally find some of the comments very offensive too. There is nothing wrong with being poor. In fact, unlike what many on this website claim there are lots of hard working, nice, and very interesting people who just make little money.
Under K after price reduction to $10,800. that reduction made ALL THE DIFFERENCE