Trying to Sell a 2-Flat 20 Years Later in Portage Park: 5341 W. Berteau
This vintage 2-flat at 5341 W. Berteau in Portage Park recently came on the market for the first time in 20 years.
Built in 1918 it has some of its vintage features intact including hardwood floors, stained glass, crown molding and dining room built-ins.
According to the listing, it has also had updates, including skylights, new copper plumbing, new electric and windows.
The units consist of the following:
- Unit #1: 3 bedrooms/1 bath
- Unit #2: 5 bedrooms/2 baths duplex up
Yes, I know the listing says it is a 4/3 and not an 8/3.
The first floor rental unit has a new kitchen and bath.
Built on a 33×125 lot, it does not have a garage but the listing says one can be added.
The property is just a few houses east of Portage Park and is across from Portage Park school.
Is this a good starter property for someone who wants to live in one unit and rent out the other?
Heather Lange at Koenig & Strey Real Living has the listing. See the pictures here.
5341 W. Berteau: 2-flat, 4 bedrooms, 3 baths, 3000 square feet, no garage
- Sold in November 1991 for $135,000
- Originally listed in March 2011 for $469,000
- Currently still listed for $469,000
- Taxes of $5274
- Central Air
- 1st floor 3/1
- 2nd floor duplex up 5/2
Two flats generally no longer sell in the fours outside the green zone. This seller is about four years too late. This might be worth in the high 200’s only bc multi-units are in high demand. Even as recently as a year ago two flats were selling in the high ones and low twos.
“This seller is about four years too late.” +1
I went to the open house last Sunday. It has good bones but needs some more updating.
Agree (a little) with hd here. Possibly a brick 4+ unit will attract $400k+ around here. The rehab on this one is nice, it needs a garage though. $309-349k.
Carelessness at best and likely deceit in the bedrooms in the listing? BLACKLIST!
Here is an interesting comp. The 2 month rehab is suspect, but credit them for low balling the bank in January and now making a quick flip…
http://www.redfin.com/IL/Chicago/5210-W-Cullom-Ave-60641/home/13478592
That link above has got to be under contract with an FHA near zero down buyer. No way a sophisticated investor will pay $335,000 for rehabbed brick twoflat that sold for $186,000 a few months earlier.
ps love the particle board type material in the master bed. clasy.
HD, I was just about to post about that. What about particle board says “decorative finish”?
“love the particle board type material in the master bed.”
Pretty sure that’s a (bad) faux finish that doesn’t photo well.
Speaking of 2-flat pricing, is west edge of Edgewater still Green Zone? There’s a two-flat listed for $625,000 on Hermitage north of Granville that seems very expensive (even if listed for less than 2003 purchase price). Immediate neighborhood far less gentrified than Edgewater east of Clark or south of Peterson.
Architect: look at selling prices not listing prices. Plenty of unrealistic sellers.
Good catch, Architect. That is definitely expensive for the area. Huge lot, though, and looks well taken care of. 1462 Catalpa went for a little under 600, with half the lot size, but further east. You’d think lot size would be a bigger factor in SFH sales than in multi’s.
ChiBuilder, that is one ugly house. I think the one featured here looks much nicer and I don’t like this one either.
This is pretty far west. I wonder how much flight noise from O’Hare would be a factor at such a location.
“This is pretty far west. I wonder how much flight noise from O’Hare would be a factor at such a location”
low flyers come into affect around harlem, only noise you will get is from the drunk polish soccer hooligans from the park or the punk kid in a dodge neon with a exhaust kit, or the gangbanger doing with they do
We Missed ya Groove!!!
I’m not as good at figuring out the mortgage info as HD but it looks like they refinanced many times and put some money into the house. Based on what I saw, and what the house still needed, I’d guess either the place was in worse shape 20 some years ago or they didn’t spend wisely.
Meh.
Why not deconvert it to SFH?
The majority of homes in this area that are this style are SFH.
I wonder if this was always a two flat.
Icarus:
This add-on is amazing.
https://addons.mozilla.org/en-us/firefox/addon/cook-county-pin-search/
Wow. Just checked that out. Amazing what you can find out.
I think this property goes for about $350.
Is it really this easy to make $300,000 in America?
Buy a property and sit on it for 20 years? What’s that 15,000/year appreciation?
Looks to me like a lot of boomers never saved for their 401k via contributing 15k/year and are now trying to bilk the younger generation.
I know there’s a Blue Line station and Metra station somewhere around here, but can’t quite place the location. Is it an asset or liability re: desirability of this property?
@ChiTownGal – the Montrose blue line and Mayfair station are .8 miles east of here. My preference is within half a mile though 3/4 is doable for the right home.
In some ways, this could work as we might need an inlaw arrangement and/or could rent the first floor for a few years then convert to a kick ass SFH. But then I worry that our kids would be targeted for living in the nicest or at least biggest house on the block if not in the neighborhood.
Montrose Blue Line is 1.2 mi. away.
Nice place — too bad it’s in Portage Park. 3% annual appreciation (for inflation) would put this at $244,000 without any upgrades. Add $100K for upgrades gets you to $344,000. However, I think you need to shave off some from that due to the ‘hood — I don’t think this area is as desirable as it was 20 years ago.
“Add $100K for upgrades gets you to $344,000.”
Why would you add 100K for upgrades?
Are you of the opinion that upgrades should return at least 100 cents on the dollar? That’s a bad assumption, IMO.
“Are you of the opinion that upgrades should return at least 100 cents on the dollar? That’s a bad assumption, IMO.”
That’s not my assumption. The $100K is just a number thrown out there — I have no idea what was spent,. I was just illustrating a thought process to get to a value.
From my anecdotal observations during boom times upgrades return over 100c on the dollar. In bust times it goes lower..maybe 50c.
depends on what you are upgrading… some things have a much higher ROI than others
330K – b/c no garage
-you can rent the Duplex up for 1300 and the Down unit will go for $1000 per month
@Lunker, for that price I think I could take a chance on that place.
Not that there’s any science to Cook County property taxes, but the places I’m looking at are ranging 1.5-2% of the market value in taxes. Using that as another indicator on this one would put you btw $264-352k.
oh, lord yes. my in-laws run a kitchen tune-up franchise, there are worlds of difference in terms of things you can do that have fairly quantifiable ROI and things you do just because of personal tastes.
I have two kitchens worth of “hand me down” cabinets/fixtures/appliances that were as good as new, the owners got rid of them simply as they had loads of cash and were bored and wanted to see new stuff in their kitchen.
As a kid who grew up with 25 year old avocado kitchen furnishings that my mom never bothered updating, the concept of updating every few years just for aesthetics is a bit outlandish, but I am enjoying the hand-me-downs!
“depends on what you are upgrading… some things have a much higher ROI than others”
I know this area well
The buildings F/S in the 200K range are beat to hell and need another 100K in work. Or the units are small. Sometimes you can do better with a Duplex unit in a 2 unit building such as this than a 3 unit counting the finished basement.
You do get the rare “cash only, 1 day on the market and under contract” listings but most of the buildings on the market are true beaters and need a ton of work or they are in a bad location that is car dependent.
@Lunker, how do you know the area so well?
If you had to live in Portage Park, and death is not an option, what part would you live in and what part would you absolutely insist upondeath instead?
huh?
Sorry don’t follow you on the death deal.
simply put: what part of Portage Park is good to live in and what part should you avoid?
oh and “how do you know the area so well?”
did you grow up there,go to school there, live there now? etc?
I’m all in favor of bringing back avocado colored kitchen appliances. It’s about time for 70s retro to come around.