Old Town 2-Flat Now Reduced $100K: 1618 N. Cleveland
We’ve chattered about this 2-flat at 1618 N. Cleveland in Old Town several times.
See our April 2010 chatter here.
It was recently lowered in price again and is now listed for $100,000 under its original list price in February 2010.
Once listed as an investment property, now it’s about “location, location, location” and converting the property into a single family home.
The 2-units are as follows:
- Unit 1: 3 bedrooms, 1 bath, currently rented for $1200 a month
- Unit 2: 2 bedrooms, 1 bath, currently rented for $1200 a month
There is a 2-car garage with the property.
There is also central air and heat with is separately metered and a washer/dryer in the basement.
Is this getting juicy in terms of buying it to convert into a single family home?
Sandra Adler at Prudential Rubloff still has the listing. See the pictures here.
1618 N. Cleveland: 5 bedrooms, 2 baths, 2 car garage, 2-flat
- I can’t find an original sales price but last sale was in 1998
- Was listed in February 2009 for $590,000
- Reduced
- Was listed in April 2010 for $540,000
- Reduced
- Currently listed for $490,000
- Taxes of $10,712
- Central Air
“Once listed as an investment property, now it’s about “location, location, location” and converting the property into a single family home.”
Yeah, because as an “investment property” it’s *still* overpriced by at least $200k. The days of sub-4% cap rates for real estate are gone.
Can’t rent a 3/1 in OT for more than $1200 with parking? Must be a real craphole.
This block is full of pretty run down properties and backs up to the projects. It is a pretty rough block with a serious lack of curb appeal.
Does anyone know if the place is “Tear down” eligible or is it protected?
Congratulations to the potential buyer at this price.
Given it will probably cost you $3,400 per month with 20% down, and you’re only getting $2,400 in revenue – you can piss away a grand per month!
Rents are ALL over the board in Old Town depending on what you are renting.
“Does anyone know if the place is “Tear down” eligible or is it protected?”
It’s in the Triangle district, and is apparently from Jul-1873. Also supposedly “Italianate”. Don’t think this would be an easy teardown
“Don’t think this would be an easy teardown”
Two guys could push this house over with their bare hands… I dont think it would be that tough
Sonies – now that’s a thought. Quick, someone buy it, get a good home owners insurance plan and….SNEEZE! Because you could huff, and puff, and blooooo wait, the house will just fall down by itself.
lol
“This block is full of pretty run down properties and backs up to the projects.”
The housing behind it is not “the projects”. It isnt even subsidized.
Second City Cop blog-site had a post-comment today about the immediate rough neighborhood and tough crowd congregating around the North/Sedgwick El stop. Also, anyone else note the gang problems at North Avenue Beach the past three days? Also covered at SCC site.
I’ve been reading the SCC postings recently. Pretty scary, though you have to wonder what’s the truth between all the typical fear-mongering over there.
One way or another, I’d be pretty wary of hitting up North Ave beach these days.
May sound petty, but, very unprofessional listing. are you kidding – they can’t even make the bed or remove the trash from the coffee table to take these unprofessional snapshots? particularly while trying to sell at an overvalued price?
Here was my post re: North Ave Beach from the Lakeview/Burling 2/1 thread. Sort of a lively discusion over there. Not really fear mongering, downplaying it if anything:
“Anyone that was at North Ave Beach yesterday or tonight had some serious culture shock smacking them in the face.
Think the worst elements of the Taste meets the beach.
Last night around 8 I saw two gangs squaring off right in front of Castaways. There were about 15 dudes on each side. Not enough cops in all of downtown to stop that if it would have popped off. I was lucky enough to walk by right as each group was doing the “start acting like you’re grabbing your gun to psych out the other gang” move. Good times.
Tonight, I went back for more. As the rolling police patrols came down the lake front trail (absolutely insane in it’s own right) I saw groups of girls throwing signals as the patrols approached to other groups of gangsters who would then take of running in the opposite direction. I got to feel like I was in an episode of The Wire.
Then, after walking up North to Wells I saw the group of CPD foot patrols the city had to deploy to monitor the bus stop the kids use to get home after their night at the beach. A young girl in jogging gear with a fresh black eye was frantically talking to one of the officers. Across the street in front of the McDonalds a group of cops in a Tahoe was chasing off a group of kids that were having another stand off.
This is the middle of Old Town, folks and it’s not even June yet. We’re in for one crazy Summer.
The National Guard thing doesn’t sound so crazy to me all of a sudden.
The city better rein this in or the tax base is going to dry up faster than you can say “White F’ing Flight”.”
those crazy kids are always hanging out by castaways. nothing new.
The thugs know that a disproportionate amount of police resources are focused on the South and West sides. Why party by home and worry about the hard-chargers in Mobile Strike Force and Targeted Response Unit messing with you when you can go to the undermanned lakefront?
However, the lakefront bike detail starts up soon (something like 10 P.O.s for every lakefront district), so that’ll help matters a bit. Heck, I wouldn’t be suprised if more than manpower than usual gets sent to the 18th District, which includes North Ave Beach and Navy Pier.
CPD is reportedly 3000 patrol officers short, and has many politically-sponsored desk job hacks at headquarters occupying space but not responding to crime.
I believe that house on Cleveland has a tiny lot and no garage. That’s the big problem (and the ridiculous tax assessment). The good news is that the silly historic district rules are in jeopardy.
I was at the beach Sunday night and was amazed at the size of the crowd. It was similar to a Grant Park festival only without the cops. One could sense that thugs would start showing up. The number of volleyball nets is overdone. They should cut the number in half.
The party at North Ave Beach is over for now.
Last night there were well over 100 cops of every variety (mounted, uc,4 wheeler, bikes) in the parking lot by Castaways. The number of people was less than 1/4 of what it was Sunday, Monday, Tuesday.
That will give you an idea of how many people were down there for no other reason than to cause trouble earlier this week. I can’t stop thinking of the blog post on Second City Cop that said:
**Once again, tonight saw over a THOUSAND gang bangers at North Ave beach causing disruption. Car 6 on scene in the middle of it, calling for cars.Groups of 50-100 bangers fighting. Yuppies running from the beach. Dugan called for cars on citywide to respond to the scene. And its only Monday night. The next accountability meeting for Bt. 1800 aint gonna be pretty. Lakefront is gone, say bye bye.**
I was there. It was insane. I can’t stress enough that the crowds were not boombox/skateboard kids that look vaguely threatening but are mostly just trying to have a good time. It was straight up white tee/beaters w/ red high tops gangsters mad dogging everyone that passed them. I have neighbors that would have immediately abandoned their $3mm+ sfhs if they would have seen North Ave Monday and Tuesday night. The city made the right choice by bringing in all the police. This really shows how precarious the facade of order in the “green zone” is. The city better keep this show of force up if it doesn’t want to see RE plummet.
I think the play here is to start buying up RE in the nicer suburbs, I see massive degentrification coming.
Um, that sounds like fear-mongering to me.
If I lived inside Castaways, maybe I’d be looking to sell. But predicting “degentrification” or, ahem, “White F’ing Flight” seems a bit labored.
Fine. I don’t care if you agree with me or not. I’m just telling you what I saw.
Those trouble makers don’t just spontaneously appear at castaways. They have to get there somehow. North and Wells was just as bad the last few nights as many of the kids catch the bus home from there.
Go down there any night this weekend. It’s the middle of Old Town, what’s the big deal, right? After all I’m probably just “mongering”.
It was crowded Sunday but it wasn’t a scary crowd. Just the usual volleyballers. In a large enough group anywhere, there will always be a knuckledragger or two. Mr. chicagobull is a hoot! Gee, I hope his zillionaire neighbors don’t panic.
Guy, Sunday wasn’t bad and didn’t get bad until night time.
Monday and Tuesday were bad.
Like I said, I don’t care if you think I’m exaggerating. I’ve spent time well off the beaten path in the Caribbean, Mexico, and SA. I know the difference between scary and dangerous environments. Monday was scary. Tuesday was dangerous. I wouldn’t even be on here posting unless I thought it was worth commenting on.
I’m just telling you what I saw. Go down to the beach tonight and ask yourself what it must have been like to warrant that many police.