Buy This Lakeview 3-Bedroom Single Family Home For Just $349,900: 1115 W. Roscoe
Forget the 3-bedroom condo. Buy this bank owned 3-bedroom single family house at 1115 W. Roscoe in Lakeview for just $349,900 instead.
What’s the catch?
It’s on a very small 22×50 lot, with no backyard.
It DOES have a 1-car garage (which you can see on the alley in the picture below.)
The house has hardwood floors and its kitchen and bathrooms appear to be intact.
The kitchen has maple cabinets and granite counter tops. The appliances are missing, however.
The house has central air and a full, unfinished basement.
This house is directly across the street from 1114 W. Roscoe another bank owned property we chattered about a year ago- but that house was ON the El line and was a 3-flat that needed work. See our chatter on that property here.
It sold for $305,000 in January 2011, was renovated and re-sold for $675,000 in November 2011.
Will there be a bidding war on this house?
Any guesses on a selling price?
Jason Reiner at Solid Source Realty has the listing. See the pictures here.
1115 W. Roscoe: 3 bedrooms, 2.5 baths, 1756 square feet, 1 car garage
- I couldn’t find any prior selling info because the PIN appears to be for the building next door. Not sure what the correct address is on this property.
- Redfin and Zillow both say it sold in August 2004 for $578,000
- It is a Fannie Mae Homepath property.
- Currently listed for $349,900
- Taxes of $8328
- Central Air
- Bedroom #1: 19×10 (second floor)
- Bedroom #2: 13×13 (second floor)
- Bedroom #3: 12×13 (second floor)
It sold in August 2004 at a price there was no way rents could make sense for any prospective landlord. Which is any price much above 300k.
Some aspiring landlord with grandiose visions of RE profits will likely pay far more than 300k for this as they will likely be anchored to the 2004 price. Cap rates will be low and this won’t be a big money maker.
That is one fugly house. Talk about curb repel!
“Some aspiring landlord with grandiose visions of RE profits will likely pay far more than 300k for this as they will likely be anchored to the 2004 price”
I knew my my ears were burning……..
It is one fugly house but once you pull into your attached garage it isn’t so bad inside, especially for $349 in this hood. I don’t know that there will be a bidding war as most SFH buyers want a yard and most condo buyers don’t want a SFH but I bet someone will like it enough near this price.
While I agree with the previous comments about the (utter) lack of curb appeal, this seems like it has the potential to be a pretty good deal. Im not sure how loud it will be here (it seems to be very close to the El tracks), but a livable home with parking, walking distance to brown and red line in a decent area is probably worth at least the $199/ sq ft price being asked. Also, I believe you can get 3.5% back on many (all?) homepath homes used as a primary residence. This would seem like a prime candidate for a starter home for someone looking to do an FHA/ homepath loan. Is it glamerous, no, but barring any major structural/ mechnaical issues, a decent deal for the size and location. If people think this is a bad deal, I’d love to see what they could show for sale or recently sold in the same price range, with a similar size and location.
If I were living here, I’d make sure to return after dark not to have to vomit at sight of my house.
“While I agree with the previous comments about the (utter) lack of curb appeal, this seems like it has the potential to be a pretty good deal.”
“Also, I believe you can get 3.5% back on many (all?) homepath homes used as a primary residence.”
Not anymore. The homepath deal expired (Fannie Mae). Homesteps now has that offer (Freddie Mac).
This is probably destined to become kind of a crappy (eventually) rental for twentysomethings, right? Probably it will sell for above the asking price for that use. I think that with $20k put into the basement with heated floors this would rent for maybe $3400 a month?
The HomePath stuff might result in a civilian buying it, though, I dunno how that works.
You’d have to be pretty desperate to live in lakeview to buy this.
Did this used to be a tavern?
Perfect for that person who never wants to actually talk to their neighbors. Pull in the garage, go inside, and your fugmo house is everyone else’s problem.
otoh, this does pass the old school test of keeping your house unattractive to burglars from the outside while improving it on the inside.
This house looks like it is leaning in all of the exterior pictures. It may eventually lean across the alley onto the building on the other side. It would be like living in an old European building.
Link to property record:
http://ccrd.info/CCRD/controller?commandflag=searchByProperty&optflag=SearchCommandForIL&county=il031&userid=null&userCategory=7&nameid=-7412534&ptrno=290117451&instrumentnumber=0423129050&doctype=WARRANTY DEED&partytype=D&name=LLMR%2BVENTURE%2BLTD%2BP%2FS&officeid=70&lastname=LLMR VENTURE LTD P/S&pin=14204150230000
bah, the link broke. transactions for this property were recorded under a pin ending in 023, rather than 025.
yikes! i can smell the mold through the picture
“This house looks like it is leaning in all of the exterior pictures.”
That just looks like crappy photography to me, but who knows how it is in person.
“You’d have to be pretty desperate to live in lakeview to buy this.”
Lest anyone forget, I’d MUCH rather take the subject property and save $100k than to buy this place. http://cribchatter.com/?p=13115 I think the subject home is far from the worst house in Lakeview!
$3400/no?? Bwahahaha. Halve that.
ben: it’s like deciding which poop smells better.
“it’s like deciding which poop smells better”
I’ll agree….but with an attached garage, better location, updated interior, and for $100k less I bet this poop smells like roses to someone.
Not me!
Very obviously a former “small business with owner living upstairs” situation that underwent a bare-bones renovation in hopes of attracting a home buyer.
“That just looks like crappy photography to me, but who knows how it is in person.”
Actually, the cars on the street are level in the pictures. It is really the house that is leaning.
“the cars on the street are level in the pictures”
Nevermind the cars–in Sabrina’s pic, look at the last vertical mortar line in the bricks of the garage–each one is further away from the house as you go up.
Note that some of the PIN confusion is bc the building across the garage from this house was condo-fied.
It’s a cold, overcast Monday. Sabrina, can we please get a less depressing posting?
Pretty sad someone paid 578k for THIS… WOW!
“Actually, the cars on the street are level in the pictures. It is really the house that is leaning.”
Nope, that’s wide angle lens distortion. There are tilt/shift lenses that are made for architectural work that won’t do this, but they’re expensive.
Joe T: “that’s wide angle lens distortion”
Does that distortion also make the end bricks longer? Not *appear* longer, but actually longer?
To All – I am the broker for this property and it is NOT leaning. As mentioned in a previous post, it is just “crappy photography” from my blackberry. Thank you for the positive and negative posts. They made me laugh this morning.
Maybe they had delusions of putting some giant 4-story+ condo building here before the crash?
“Pretty sad someone paid 578k for THIS… WOW!”
“Does that distortion also make the end bricks longer? Not *appear* longer, but actually longer?”
Hmm, some work with a level might be needed. Although that could just be from the corner trim on the house not being plumb.
” Although that could just be from the corner trim on the house not being plumb.”
Tis true.
Terrible inside photos. It seems like a dark interior as it is, but at least they could have opened the shades!
What a depressing place. Teardown.
I actually think the tiny lot and attached garage are pretty cool. But I don’t know if there’s any hope for that building. If it were really solid, you could always put money into fixing the facade, and maybe doing something with the roof in terms of a deck/garden. It would take a lot of imagination, but this could turn out to be a fairly unique place.
I live right over here. They moved out last weekend and even took the garbage cans. The garage is hard to get into. The best is to back in. Two summers ago the building on the other side had to redo the garage for a special assessment of 10k. The people here were very nice.
I don’t like how it is on the street and alley. Gangs like to tag their front stoop.
And those are some tough gangs at Sheffield & Roscoe, eh Barb?
People that back out of garages are gluttons for punishment. Everyone should be backing in when parking in a garage just for peace of mind if nothing else.
Getting out of your garage by blindly backing into an alley is an act of blind faith I would avoid if at all humanly possible.
“The garage is hard to get into. The best is to back in.”
Replace “Cubs fans” for gangs and “urinate” in place of tag.
“And those are some tough gangs at Sheffield & Roscoe, eh Barb?”
“$3400/no?? Bwahahaha. Halve that.”
Five minutes on Craigslist and maybe $3000 is a better price point, but $1700 is laughable. You’re nuts if you don’t think that three post-college grads won’t spend a grand a month each to be this close to Wrigley with a party basement just like the frat house, and it’s not half bad upstairs. My bro Tony even has a place to park his Wrangler!
Does kind of suck that the basement is actually bellow grade so there’s not even casement windows.
“Does kind of suck that the basement is actually bellow grade so there’s not even casement windows.”
sounds perfect for a rape cage
Well, this was once a storefront and that’s what ‘urban living’ is about. Lakeview was working class for decades and train tracks ran nearby, with small factories dotting the area next to apartments.
The brick car repair shop was in business in the 90’s, not sure what it is now.
Funny that everyone on the old post for the 3-flat across the street was 100% positive it was a tear down and called someone any who said it could be fixed up an idiot….
I saw a couple in their 50s looking at it today at 4:15. They were checking out the garage.
This still hasn’t sold.