Looking for an Investment? 3826 N. Whipple in Albany Park
I know many of you are interested in the deals that are showing up in 2, 3 and 4-flats.
Thanks to the Tipster who sent me information about this 2-flat at 3826 N. Whipple in the Albany Park (or is it east Irving Park???) neighborhood.
This is bank-owned and there are no pictures of the interior. But it’s listed at a 1990s-price.
Here’s the listing:
UNIT IN GOOD AREA OF CHICAGO. PROPERTY IN PRETTY GOOD SHAPE. HAS AN EXTRA UNIT IN ATTIC (4-2-1) BUT ZONED AS 2-UNIT. SOLD AS IS. PROOF OF FUNDS OR LETTER FROM MTG COMPANY REFLECTING MTG COMMITMENT A MUST ADDENDUMS REQ-ACCESSVIA CONNECTMLS. EM=CERT FUNDS.
Agents and buyers visit www.homesteps.com (under “ask an Agent”) for bonus and closing cost information on offers from 10/23/08-01/31/09 w/ escrow closing 03/14/09.
Re/Max Southeast has the listing. See the listing here.
3826 N. Whipple: 2-flat, 5 bedrooms, 2 baths
- Sold in July 1997 for $138,000
- Sold in July 2000 for $241,000
- Sold in October 2004 for $350,000
- Sold in May 2005 for $425,000
- Sold in September 2005 for $525,000
- Lis pendens filed in July 2007
- Bank owned in February 2008
- Originally listed in August 2008 for $209,900
- Reduced
- Currently listed for $199,900
- Taxes of $5,984
If anyone goes to check it out, please update us on its condition. Thanks.
Somebody get a leash on Steve H before he runs to the auction house.
I’m afraid to see what the interior looks like. I’m also afraid to tell a certain friend about it…. he’s already swimming in an alligator tank with all his underwater “fixer upper” properties.
hey look someone at a bank finally realzed multi unit properties value should reflect the value of the rents and the cost of money, what a revolutionary idea
OR the property is gutted and moldy.
“OR the property is gutted and moldy.”
If it’s just moldy, it’s still rentable! And it has an illegal unit, w/ the basement still available for another illegal unit. This is a great starter property for aspiring slumlords (which is about how I would advertise it if I were the listing agent–can’t believe they signposted the illegal unit like that).
The killer is those taxes.
may be one of the few times a new owner will see the property taxes drop.
While rents may be comparable or close in Albany Park to hoods like Lincoln Park, I have to wonder about rental yields.
Fact is Lakeview and Lincoln Park will always have a good pool of transients ready to move in each fall (students and people relocating from other cities, etc). I don’t know if that is the case with this neighborhood.
Occupancy yield on a given unit is as important, if not moreso, than rents. Having an extra month vacancy/year is almost 10% rent foregone.
“While rents may be comparable or close in Albany Park to hoods like Lincoln Park, I have to wonder about rental yields.”
Yeah, but where can you buy three 2br units in LP or LV for $200K? Each one of these could be empty 6 months for every one year lease and your return would STILL be much, much better than a LP 3-flat. And your maintenance expectation would be “compliance with law” rather than anything more.
In order to comply, you just have to deconvert the illegal unit. Make it an attic.
This place seems like a good deal, I am going to try to check it out.
Makes me want to watch Stir of Echoes… “Dig”
“you just have to deconvert the illegal unit”
But I **want** the illegal unit. It makes the place worth 30 to 40% more. For that to work, you need plausible deniability.
Also, why change it to an attic? combine it with the 2d floor unit, you have a 2-unit, but one with a bigger (and more valuable) 2d unit.
Yeah, yeah, second kitchen–what’s that for? Who cares–not your business–my tenants like it.
Yeah but how do you insure against an illegal unit? I’d bet the insurance co. would be itching to find something like that to reneg on paying a big claim.
Yo Chicago is highlighting an Invsco property. I have commented but would like some help. Can some of you go over and comment on the issues with their properties. Plus joes website is so boring, way too much kool-aid drinking going on over there…….
“Yeah but how do you insure against an illegal unit? I’d bet the insurance co. would be itching to find something like that to reneg on paying a big claim.”
Sure, but how’s that different from any other insurance claim? Also, do you think that the folks who rent illegal units get renters insurance? How is the InsCo going to know? B/c there are 3 fridges in the rubble? I have 3 fridges in my house! (not really, but I have two and know some with 3).
Valasko… don’t waste your energy punching trees
IB- your right. Hey doesn’t anyone where Steve H is? Its getting boring around here without his insight. I hope he hasn’t jumped out of one of his rental property windows.
Apparently there are no tenants now – either that or the listing agent didn’t put the rents down (imagine that). So you have to ask yourself why.
Nevertheless, buyers are finally demanding reasonable returns on their purchase. The days of cap rates below 5 – 6% are gone. Good for investors. I’m doing a short sale on a listing right now and it’s going to go for a decent return.
The building pretty trashy. There is the whole in the roof, so you will have to invest A LOT before you can let ppl in. There are no renters in the building. its very very bad. Ive seen it. You have to turn down the building first and rebuild it from scratch.