Pre-Foreclosure 2-Flat Under Contract After Reduction: 1823 W. Cornelia in Roscoe Village
This 2-flat at 1823 W. Cornelia in Roscoe Village first came on the market in March 2010.
The listing now says it is a “pre-foreclosure” and priced for a quick sale.
Apparently it worked as it is now under contract the day it was reduced.
The 2-flat consists of the following:
- 3 bedrooms, 2 bath duplex up “owners” unit: rented for $2650 a month
- 1 bedroom, 1 bath: rented for $1300 a month
Both units have central air and tenants pay their own gas and electric. There is a two car garage.
The property is built on a larger than standard Chicago lot of 37×125.
There are no interior pictures of the property.
The listing also says that the building has rental income of $47,400 a year.
It is located one house west of the Brown Line El tracks.
Does this 2-flat make sense even at this pre-foreclosure price?
George Cuevas at Jameson has the listing. See the listing here.
1823 W. Cornelia: 4 bedrooms, 3 baths, 2 car garage, 2-flat
- Sold in April 1992 for $205,000
- Sold in January 1998 for $335,000
- Lis pendens foreclosure filed in November 2009
- Originally listed in March 2010 for $579,900
- Reduced
- Listed as a “pre-foreclosure” at $525,000
- Under contract
- Taxes of $3594
- Central Air
Uhh? This place generates 4k a month and it’s going into forclosure?
What’s the catch?
Its why you shouldn’t use your house as an ATM
$1300 a month for a 1bd next to the ‘L’? Must be a nice unit.
No interior photos, plain-faced exterior “workman’s cottage”, and sideyard adjacent to Brown Line tracks, all for $525,000? Price still seems high for property.
Income also seems inflated, even more so given utilities are extra. Wonder whether “$2650 tenant” is the property owner masked in supposed tenancy? Because this doesn’t look like a $2650/month property. Basement 1-bedrm apartment, with slab-on-grade dampness and odor issues likely, also seems to have a higher than typical rent – maybe it has two more non-conforming bedrooms down there.
The catch is it doenst really generate 4K a month
I live in this neighborhood. You can rent a nice 3 bedroom for $1200 a month (sometimes with a garage) in a 2 flat that is not right next to the L platform so I cant imgine anyone paying that much for the 1 bd. You can get 1bd in small buidlings for less then $1000
“sideyard adjacent to Brown Line tracks”
“under” is more descriptive. right at the begin/end of a curve.
I also live in this neighborhood. The rents are more like $1600 for a 2 bd/1ba/no garage, and $1300 for a 1bd/1ba/no garage. Hard to believe the claim of $2650 for the duplexed owner’s unit.