Got Cash? Bank Owned 2-Bedroom in Logan Square: 2159 N. Stave
This bank owned 2-bedroom unit at 2159 N. Stave in Logan Square is another property that needs some completion before you can move in.
The listing says the unit has been “brought to drywall.”
No HOA is in place for the building, which appears to be 2 units.
According to the listing, you also can’t obtain conventional lending in order to purchase the property. You’ll need all cash.
Will investors be jumping on this one?
Jim Murrin at Jameson has the listing. There are some interior pictures which can be seen here.
Unit #2: 2 bedrooms, 2 baths, 1 car parking
- Sold in February 2007 for $325,000
- Bank owned
- Currently listed for $78,500
- No HOAs
- Taxes are “new”
- Central air
- Bedroom #1: 11×10
- Bedroom #2: 10×10
- Living room: 14×12
- Kitchen: 10×11
You could probably finish this place out with a bunch of lowe’s specials and ikea crap to rental quality and make it cashflow, the question is, do you really want to bother with a property in the not so nice part of LS?
Poor people have to rent somewhere. Two bed/two bath, central air in LS probably $1,200 to $1,400 a month, that’s my guess. You could probably make a couple hundred bucks a month cash flow before taxes. I’d rather own the entire building to make it worth while and even then I’d screen my tenants carefully.
The requirement for all cash will mean an investor will get this on the cheap and it will likely cashflow.
True to Sonies point it isn’t for me, but someone will undoubtedly make money off of it. And likely a pro not an amateur idiot who can’t run numbers.
They sold the place two and a half years ago and there’s no association in place still? What’s going on with the other unit (the “not being marketed” one)?
“Poor people have to rent somewhere. Two bed/two bath, central air in LS probably $1,200 to $1,400 a month”
$1400/month is ~50% of net income for a person making about $41,200 (aka 110% of Chicago median *household* income). So there’s something wrong with your collective assumptions*, HD.
*1. This would be a unit for poor people (perhaps sarcasm).
2. This might rent for $1400/month.
3. No one pay over 50% of net income in rent.
Oh anon(tfo) always trying to throw stuff in my face. I probably deserve it, I’ve been pontificating an awful lot today
“Oh anon(tfo) always trying to throw stuff in my face.”
Only one of the three has to be wrong. Sort of like cheap, fast and good.
Extremely unlikely that a 2/2 around here (facing el tracks, in subpar LS location) would rent for 1400, or even 1200. Assuming standard rental-quality finishes, I’d guess average rent is 950 or so (check CL).
Positive side of this location, tho, is great cuban sandwiches at Marianao!
And I think the bistec sandwiches at Marianao prove that cheap, fast, and good is definitely possible…
Sold for $68k. . .
holy crap.
Look at this one, under contract, just down the block.
Listed at $19,900!!!!!
Redfin has photos of 2159 Stave unit as well.