The Renovated Logan Square 2-Flat: 2629 N. Harding

Just 9 months ago, you could have bought this brick 2-flat at 2629 N. Harding in Logan Square for under $100,000.

Now, the listing says it has been rehabbed with new kitchens, baths, and mechanicals and can now be yours for $249,000.

Built in 1910 on a 30×125 lot, the building has original woodwork and built-in hutches.

The building consists of the following:

  1. Unit #1: 3 bedrooms, 2 baths
  2. Unit #2: 3 bedrooms, 1 bath

It also has a 2-car garage.

There is a washer/dryer in the basement but it looks like no central air.

Does this make sense for an investor?

Diana Forero-Mazzanti at Re/Max Exclusive Properties has the listing. See the pictures here.

2629 N. Harding: 6 bedrooms, 3 baths, 2 car garage

  • Sold in December 2004 for $375,000
  • Lis pendens filed in February 2007
  • Bank owned in October 2009
  • Sold in January 2010 for $95,000
  • Currently listed for $249,000
  • Taxes are $5071

68 Responses to “The Renovated Logan Square 2-Flat: 2629 N. Harding”

  1. “LOGAN SQUARE CORRIDOR”??

    LogSCo? Really?

    As to investment–if you think you could get $2k in *collectible* rent b/t the two every month, then yes, it’s properly priced. I have no idea if either the rent amount or collectibility is reasonable for the location.

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  2. The exterior is beautiful and $250k seems reasonable, but it might take time since nearby 2-flats can be had at half that price. Rents for the 3br would be $950 give or take. West Logan Square is being sought out way more than it was 5 years ago, but this particular section is somewhat hampered by Pulaski Ave. undesirables and idiotic 15 yr gangbangers. On the plus side, the Metra is within 3 blocks as is a decent park with a natatorium.

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  3. If someone is looking for a property in this area, this might make a lot of sense. Based on a 250 sale price with 20% down and a 5% interest rate, your monthly costs will be 1500-1600 (including principal, interest, taxes, insurance). If you could rent one of the units out for 1000/month, you could live in the other one for 500-600/month. Great deal IF you are looking in this area.

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  4. that’s Logan Square on a technicality, realistically you are almost a mile away from the Square, and it can be a pretty sketchy mile.

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  5. UGH! Terrible photos. What exactly am I looking at here? Out of 15 shots, 4 are of the exterior. 2 (poor) ones of the “garden”. 1 of a detail on the garage and 3 of the basement? And the kitchens are rehabbed, but they forgot the appliances? I’d like to know what exactly the “new mechanicals” entailed.

    For 100K it was probably fine barring any violations or extensive structural renovations. I don’t know the area to judge whether 249K is reasonable.

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  6. Given the support the government is providing to the low end of the housing market I could easily see this selling for 250k given its proximity to the Healy Metra stop.

    But Pulaski is way the eff out there and this is far enough from Diversey & Milwaukee that maybe no greenzone whitbreads would venture out this far for an SFH.

    But hipsters don’t take the Metra, as thats the same modality of transportation their suburban parents, whom they are trying to rebel against and be different from, likely took into town. For true hipster legitimacy/street cred you need to take the dilapidated blue line which is a total POS. So dunno..

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  7. “that’s Logan Square on a technicality”

    Community area carries over to the tracks, so it’s pretty clearly Logan Square. The “corridor” is funny, as it’s a mile west of the end of Logan Blvd and how can a Square have a Corridor in any case?

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  8. That 2nd floor balcony above the stoop is great for pouring boiling oil on restless natives or Jehovas witnesses

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  9. “For true hipster legitimacy/street cred you need to take the dilapidated blue line which is a total POS.”

    duh, how else are you supposed to get to the “double door”?

    and the bus is for losers right?

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  10. “But hipsters don’t take the Metra, as thats the same modality of transportation their suburban parents, whom they are trying to rebel against and be different from, likely took into town. For true hipster legitimacy/street cred you need to take the dilapidated blue line which is a total POS. So dunno..”

    I would have thought it could be hipster viable from an ironic perspective. There aren’t really that many hipsters on the blue line anyway (at least at regular work hours). There are a lot of non-hipsters in Logan Square, at least where I live.

    Also, blue line is awesome, thank you very much.

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  11. a card-carrying hipster does not take public transportation but rather rides his/her single-speed bike.

    I am seeing a lot more of these types in this particular area because the rents are way lighter than e. logan square/bucktown/wickerpork and the hipster-desired nightlife on Milwaukee or California is just 15 mins away by bike.

    Shifting the conversation to food: BBQ mecca Smoque is just 15 minutes due north on pulaski. Also I would recommend that CribChatterz check out The Brown Sack on Central Park and El Cubanito on Pulaski and Wrightwood.

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  12. “There aren’t really that many hipsters on the blue line anyway”

    Yeah right. The Milwaukee blue line stop is their Mecca, Damen blue line stop their Medina & Western blue line stop their Riyadh.

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  13. “The Milwaukee blue line stop”

    ??

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  14. “Yeah right. The Milwaukee blue line stop is their Mecca, Damen blue line stop their Medina & Western blue line stop their Riyadh.”

    First, I thought you would instead rail on how hipsters don’t have jobs and aren’t up at normal work hours, which may well be true.

    Second, Damen is much more yuppie/trixie/whatever these days than hipster. Logan (which I assume is what you meant by “Milwaukee”) certainly has hipsters, just not as many as you might fear. I’m always afraid when I walk by a hipster crowd outside logan sq auditorium that Bob will stumble on it by accident and spontaneously combust or go postal.

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  15. “Logan (which I assume is what you meant by “Milwaukee”) ”

    Given the progression, I though Div/Ashland.

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  16. hipsters ride fixies with teeny tiny handlebars

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  17. “I’m always afraid when I walk by a hipster crowd outside logan sq auditorium that Bob will stumble on it by accident and spontaneously combust or go postal.”

    No I am insulated from the hipsters in LV, luckily. Occasionally I do imbibe a bit too much and me and some buds go over to L&L to stir the pot with the hipster outpost that dive is. I wish there was a way we could trade Bucktown L&L Tavern for Cans. Both are out of place for their neighborhoods and belong in the other.

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  18. “Given the progression, I though Div/Ashland.”

    Ok, let’s put some cribchatter dollars on it. I thought that hatred of hipsters would trump logic.

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  19. “Community area carries over to the tracks, so it’s pretty clearly Logan Square. The “corridor” is funny, as it’s a mile west of the end of Logan Blvd and how can a Square have a Corridor in any case?”

    Community area, yes. In terms of the Logan Square *neighborhood,* I’m not convinced.

    This seems pretty dead-on to me:

    http://www.logansquarepreservation.org/1881map.html

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  20. “Also, blue line is awesome, thank you very much.”

    Oh yeah. I grew up with the ravenswood/brown line, and it was slow & creaky due to all the curves. the blue line is smooth & fast – and we denizens who use the logan and belmont stops don’t have to freeze our cajones off in the winter.

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  21. “Community area, yes. In terms of the Logan Square *neighborhood,* I’m not convinced.”

    Sure, but is that the limit of the Corridor?

    “Ok, let’s put some cribchatter dollars on it. I thought that hatred of hipsters would trump logic.”

    Trumps rationality, for sure, but there’s logic even in drunk’n’angry Bob rants (Bob *ANGRY*. BOB **SMASH**, but only stuff Bob doesn’t own).

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  22. “This seems pretty dead-on to me:
    http://www.logansquarepreservation.org/1881map.html

    I personally have little interest in these definitional issues but since I live around here I’ll say that there are lots of folks east of California who view themselves as in Logan proper.

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  23. “I wish there was a way we could trade Bucktown L&L Tavern for Cans.”

    Let me know how I can help. I’d love to sign a petition or something.

    🙂

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  24. “I would have thought it could be hipster viable from an ironic perspective.”

    See, this is why I love hipsters. Anything can be “hip” if you are doing it ironically.

    Accidentally wore two different color shoes? An ironic nod to the herd’s need for conformity.

    Toddler somehow got hold of bubble gum and ended up lodging it in your hair? Cut out a huge chunk and consider it an ironic commentary on beauty standards.

    Can only afford to drink cheap beer in old man bars? Hipster heaven, people.

    “hipsters ride fixies with teeny tiny handlebars”

    So two years ago. Hipsters now ride circa 1975 Schwinn ten-speeds.

    And anyone who thinks the Damen blue line stop has more hipsters than chads/trixies hasn’t been to Bucktown/WP since 1994.

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  25. “There are a lot of non-hipsters in Logan Square, at least where I live.”

    I was at Longman & Eagle on Monday night (kind of a low rent Gage) and it was basically ground zero for Hipsters. Also anyone hating on L&L can get bent, that place is great.

    As to this property, I think it might actually be a reasonable investment, but I wouldn’t want to live there myself.

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  26. “hipsters ride fixies with teeny tiny handlebars” . . .

    Also known as “trend speeds.”

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  27. “Can only afford to drink cheap beer in old man bars? Hipster heaven, people.”

    Except I drink higher quality beer (than PBR) for far cheaper in LV & LP. You honestly don’t think most of those hipsters are _actually_ poor do you Madeline? Wearing their $200 American Apparel outfits? They might have no income but they have mommy & daddy out in Davenport, IA or Hinsdale to bankroll their undoubtedly cash flow negative lifestyle.

    They are former suburbanites Madeline. And true to their chain-store suburbia roots they certainly don’t get their “thrift looking” outfits at real thrift stores. They get them at hipster chain stores by egregiously overpaying.

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  28. Bob, my point is that because of hipsters, all the thrifty type things that I do regularly can be recast as “hip”.

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  29. “They are former suburbanites Madeline. And true to their chain-store suburbia roots they certainly don’t get their “thrift looking” outfits at real thrift stores. They get them at hipster chain stores by egregiously overpaying.”

    Thank god someone’s keeping the economy going.

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  30. This place is probably priced close to market, considering the updates and new mechanicals.

    See, e.g., 2441 Ridgeway sold for $200, 2416 n springfield for $259. . . but then you have REO sales coming in at $62 (2426 n hamlin). Which is life in W Logan (speaking of, you can see where they over the gang tags on the garage).

    It certainly is Logan (I love that historical map, but think LS is pretty clearly the tracks to Ashland, diversey to either armitage or bloomingdale if yr old school/brave).

    This Koz park area, though. . . let’s just say I wouldn’t list it as an amenity, in its current state.

    At the same time, there have been lots of sales around here recently and they appear mostly to be young families (and, yes, hipsters). Moreso here than the other two “bad” areas of logan (the SE corner and SW corners of the hood).

    Given the stead stream of sales in the area, and the good bones, I bet it sells within 10% of ask.

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  31. got too drunk one night and got your face tattoed?

    ironic indeed

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  32. “They might have no income but they have mommy & daddy out in Davenport, IA”

    Davenport, really?? Median HH income in Davenport is less than Chicago city wide (circa 37k). That is a stupid example.

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  33. close to the healy metra stop. Agree about the pics. Would have liked to see the built ins instead of the garage and garden.

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  34. “but think LS is pretty clearly the tracks to Ashland, diversey to either armitage or bloomingdale if yr old school/brave). ”

    Never to Ashland. Western Avenue. FULL STOP.

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  35. “Davenport, really?? Median HH income in Davenport is less than Chicago city wide (circa 37k). That is a stupid example.”

    Only the Davenport aristocracy can afford to send their kids to be hipsters. Trust me there are a tons of hipster kids from bumblefvck with rich parents. Whether that be in the midwest or a random suburb around Chicagoland.

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  36. “Never to Ashland. Western Avenue. FULL STOP.”

    Sorry– I meant Western, typed Ashland. (I also apparently forgots to type “painted,” and the “y” on my “stead”. Too tired for internet grammar.)

    But Logan Blvd. does go east of western. . . and there’s the sliver n of fullerton, east of western, recently discussed here, that I’d prolly have to call LS. . . So, uh, raggedy partial stop?

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  37. yeah, I’ll give ya that raggedy little triangle, anchored by Quenchers, that’s bounded by Western, the Kennedy expwy and Fullerton as Logan Square, too, but only on a technicality. To me, it feels more like the raggedy little northernmost triangle of Bucktown.

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  38. danny (lower case D) on September 1st, 2010 at 8:27 pm

    Why is there a need to categorize people as hipsters, trixies/chads, chain-store suburbanites, Iowa transplants, big ten graduates, etc. etc.? It’s all just useless labels.

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  39. danny, believe it or not – they have done in-depth studies on this and found out that people take a lot of comfort in grouping people. It gives them a sense of order, belonging, etc. Otherwise, it is too confusing and time-consuming to learn about each and every person. I am not saying this is right and I certainly don’t subscribe to this way of thinking (the grouping of man), but the rest of society seems to do so…God, I have to get a life!!!

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  40. Categorization is a hard-wired function that has been central to survival of the species. Nowadays, it helps us target marketing segments and sell more stuff. Hooray for labels.

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  41. And if it weren’t for hipsters, I wouldn’t be listening to Eddie Money right now at the Beachwood.

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  42. ” anchored by Quenchers”

    BTW, Quenchers is an awesome place, even though the name makes it sounds like a sports bar inside a Holiday Inn.

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  43. “but there’s logic even in drunk’n’angry Bob rants (Bob *ANGRY*. BOB **SMASH**, but only stuff Bob doesn’t own).”

    Awww sorry.. was that really your “I support the public option” b-sticker? Well I’d imagine whomever also supports the public option with regard to car insurance these days as well.

    😀

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  44. two flat have been selling really hot all over the city in the twos and the low 300s and in fact seemed to have been selling better than sfh. This at 100 was a screaming deal. I’ve been wonder why everyone wants a two flat so bad and it appears these buyers just want to flip. The current price is about fair but the question remains: are there enough greater fools left to buy this flippers flip? Why not just buy your own 100k two flat and pay someone to do the work instead?

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  45. The Ashland station on the Blue Line (with Milwaukee and Division) would definitely be the go-to stop for the true “hipsters” as opposed to poseurs from the suburbs. Because it’s got the Nelson Algren shrine/fountain on site and is an easy walk to Revolution Books and Dusty Groove Records, plus a couple of non-SB espresso joints. Oh, and a recently-opened thrift shop because yes, REAL hipsters (as well as their economy-minded middle-class cousins) buy stuff at REAL thrift stores!

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  46. “yeah, I’ll give ya that raggedy little triangle, anchored by Quenchers, that’s bounded by Western, the Kennedy expwy and Fullerton as Logan Square, too, but only on a technicality.”

    lived in Logan Sq in the early 80s, everyone called that area Logan Sq, even a bit east of Western, ’tis true.

    actually, Bucktown wasn’t a term I heard until the mid-90s.

    it’s neither here nor there, but I guess in my mind Pulaski is most definitely NOT Logan Sq. And as for this “Corridor” idea, file that one under wishful thinking – Wrightwood b/n Kedzie and Pulaski is almost 100% residential, there’s no booming commercial activity as there is on Southport.

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  47. “Why is there a need to categorize people as hipsters, trixies/chads, chain-store suburbanites, Iowa transplants, big ten graduates, etc. etc.? It’s all just useless labels.”

    People label themselves, dude. Ever hear of this thing called the fraternity/sorority system?

    Furthermore, certain groups most certainly do pigeonhole themselves into an identity because they seek out environments of people exactly like themselves. Me, I like diversity, as in, a weirdo element (not criminal, mind you)

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  48. “…found out that people take a lot of comfort in grouping people. It gives them a sense of order, belonging, etc. Otherwise, it is too confusing and time-consuming to learn about each and every person. I am not saying this is right and I certainly don’t subscribe to this way of thinking (the grouping of man), but the rest of society seems to do so…”

    LOL this is the biggest crock of shite you have written here…and that is saying a lot! Of course you group people and there are hundreds of examples of you doing so. My fav is your line “Those poor hard working souls….” Funny.

    Equally as funny is Bob’s severe and intense dislike of hipsters and all that their life entails. I think Bob is just mad at himself for not jumping on that hipster bandwagon when he was younger. Now he is a little too old to be considered a hipster…to fit in with the Milwaukee blue line stop group. He feels miserable about not taking the opportunity to become one in his younger years and his writing about his supposed dislike shows this to be true.
    Come to think about it, there are several similarities between these so called hipsters and the real Bob…..hhmmmm doth protest too much?

    In my not so limited experience in this area…Damen to be exact, I found it to be more upwardly mobile yuppies who inhabited the area and hipsters were more of a minority/sideshow in the clubs/bars/restaurants. I compare it to the LES and SOHO/Tribeca groups here in NYC.
    I agree with danny(lower case d) regarding labeling groups of people:
    “Why is there a need to categorize people as hipsters, trixies/chads, chain-store suburbanites, Iowa transplants, big ten graduates, etc. etc.? It’s all just useless labels.”
    I see it as feeling ‘self important’ and ‘above’ others whom you, deep down inside really want to be a part of, good or bad.
    Belonging to the Gay community where categorizing people is the first and primary way of judging who is important enough to be recognized or to be good enough for you to spend time with, I find the practice disturbing and insulting at the same time.
    Can’t we all just get along?

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  49. Growing up, my parents worked hard and we didn’t have much money and I occasionally had to wear hand-me-downs from my parents’ friends kids, which I just loathed. I WILL NOT wear second hand clothes. Ever again. EVER. Anyway, it’s not like vintage stores are cheap. My money goes further at Old Navy, Forever 21 and H&M.

    I have an acquaintance who is a management consultant making about 300K a year who chooses to live in Bushwick and shop at the East Williamsburg thrift stores. We went to a party a couple of weeks ago and from the people there you’d think you couldn’t buy a stick of deo or a razorblade anywhere in Brooklyn. I had to go outside to get some fresh air!

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  50. “Why not just buy your own 100k two flat and pay someone to do the work instead?”

    That’s what paying $250k for this place is the equivalent of. Sure, you’re paying *way* too much for the reno, but that’s the GC fee for someone who has no clue how to deal with contracting for construction work. And also a finder’s fee for locating and acquiring the $100k place that wasn’t about to fall down. And $15k to the realtors for finding the completed project and 2x tribute to King Richie and Cook County. Basically, the $250k is the $100k + reno + GC fee at ~50% of reno cost + transaction costs for two sales. Doing something like this w/o getting your hands dirty is expensive.

    I bet WL could have done it cheaper and better, tho.

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  51. wleo,

    Just because you have a disability does not make you part of any sort of “community”. About the extent of your “community” entails is an intense interest in fashion, interior design and east Belmont.

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  52. “Just because you have a disability does not make you part of any sort of “community”.”

    So, the deaf community doesn’t exist? What about the Lambo owner’s club? Is that not a community?

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  53. does a corridor have to be commercial in order to carry that title? W. Wrightwood has a feel that is distinct from Fullerton, Altgeld or Diversey…so I can buy the idea, although it is clearly an invented RE agent-ism.

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  54. bob,

    although we don’t see eye to eye on much, I guess westleo has, himself, grouped both us into a category: those of who he feels the need to consistently and constantly disagree!!! don’t worry, though, he may just be a bit intimidated – we obviously bring about some of his deeper insecurities.

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  55. “Just because you have a disability does not make you part of any sort of “community”. About the extent of your “community” entails is an intense interest in fashion, interior design and east Belmont.”

    Spoken like a true closet case

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  56. “Just because you have a disability does not make you part of any sort of “community”. About the extent of your “community” entails is an intense interest in fashion, interior design and east Belmont.”

    What type of disability do you think I have?
    Is it comparable to the one you have in abundance…halted development of simple mental skills…mild to moderate mental retardation?
    Or would you consider your obsession with everything ‘hipster’, the community which has not accepted you, a disability as well? I can’t imagine the pain you must go through because your peers will not accept you!!??!!

    “Spoken like a true closet case”

    Here Here!!!
    Bravo!!

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  57. HD,
    “Why not just buy your own 100k two flat and pay someone to do the work instead?”

    I agree of course… do it myself.

    A finished home asking $250K, move-in ready is much more desirable
    than a $100K dump and renovation project to 99% of the market. You need less cash to buy the $250K (renovation and construction loans are a pain that buyers have a hard time with, so you mostly need more cash for the work).

    Well, not everyone is cut out for major renovation projects. Even if your GC is great and trusted (like a couple of mine), you still have to make a ton of decisions and it helps to be around the project to keep the crews “motivated”.

    I’m in day three of my own 90 year old bungalow renovation as we speak (catching up on blogging/work on my lap top now)…

    My friends who have stopped by have all said things like “whoa, it’s a big place, a lot of work”, “seem overwhelming”, “sounds like a lot of money”, etc…
    People

    I got a killer deal on a great lot/steet/location in my own hood, appraised much higher than I paid. Putting my GC and subs to work is actually fun for me. With my career, I can spend time there working on the house with the crews. A renovation of any kind is a time suck most people can’t afford.

    Move-in quality at a premium trumps rehab. Prices have to be real low for professionals to speculate and those looking to renovate the property for their personal residence.

    For example, in Irving Park there have been a couple successful single family home flips in the spring/summer season. Those homes were bought at $90-100K and sold for over $300K. Very similar homes on better lots sitting at $175-$199K are not selling. Too pricey for developers/flippers. However, if a person was buying the house for their primary residence for $150-$199K there is plenty of room in the budget numbers to improve the house and be under that $300K mark.

    They don’t need to make a profit like the speculator. Those homes don’t sell because there are very few buyers willing to renovate, especially to the extent of this Logan Square two-flat I imagine.

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  58. I left a sentence out above; “People just are not prepared, confident or have the know-how to do a home renovation”.

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  59. anon (tfo), just saw your post above… Not stopping on your toes.
    But, I did add the example of what’s going on in a real market like Irving Park. ONLY the pros are picking up the CHEAP houses. If they are “a litte cheap”, even a good deal for a primary residence rehab, no normal buyer is touching the homes.

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  60. ““People just are not prepared, confident or have the know-how to do a home renovation”.”

    Time. You forgot probably the biggest–lack of time.

    Sure, someone like Groove could save the equivalent of his work pay over the 6 months of doing a full reno on a wrecked house himself, but then how does he pay the mortgage and eat, etc? Then the only way for that to work out is to flip the place. And then he’d still need to find a new job after he was done.

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  61. “anon (tfo), just saw your post above… Not stopping on your toes.”

    No worries. It’s a concept where repetition adds value, even for me–ensures that I’m not losing my mind.

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  62. anon,

    “time suck” was the way I put it 🙂

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  63. ““time suck” was the way I put it”

    Time suck if you have a crew and are doing some yourself; full time job (or 2d job) if you’re doing much/most of it yourself–the cheap way.

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  64. “Time. You forgot probably the biggest–lack of time”

    wanna know how long it took to convert my attic, with dormers and all?
    5 months!!!!!!! yep 5 months now you see why i skipped on plumbing a bathroom up there.

    it was me and a buddy on the dormers and another buddy did the electrical the rest was evenings and weekends.

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  65. “the rest was evenings and weekends.”

    *the rest was evenings and weekends by myself.

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  66. “does a corridor have to be commercial in order to carry that title? ”

    I think the concept is fairly ludicrous to begin with, but to me what the title actually is doing (at least with Southport Corridor) is distinguishing a particular stretch of Southport from the rest of the street.

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  67. I agree with you eric, a rehab project is less preferred to a turn key move in property. However, it will remain to be seen if the marketplace will support every rehabber and their best friend’s mother buying 100k and flipping at 250k or300k. The bottom has dropped out of the market and only time will tell what market will remain. But yeah, you’re right also, the 150k to 200k is no mans land. No move un properties yet too pricey to rehab.

    Which to me seems like that’s the perfect place for the median to eventually settle.

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  68. “Which to me seems like that’s the perfect place for the median to eventually settle.”

    Yeah, in median condition too, meaning crap that you wouldn’t live in.

    At $250k, if this is actually rehabbed well enough to rent for ~$1k each, it’s a fair cap rate to be an investment property. ‘course, a 3/2 SFH in the same area wouldn’t rent for much more, so maybe that’d be fairly priced at ~$175-200.

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