Tuesday, January 31, 2012

Home Buying Tips: Clients take pass on two-flat short sale in Roscoe Village

Last week we rushed our clients over to view this short sale two-flat at 3438 N Claremont after the price dropped to $424,900 for two reasons: (1) At the $424,900 asking price, location and size of the units...this is a nice deal. (2) It's in Audubon School attendance boundaries and the rent numbers will work really great for a live-in owner operator.

A short-sale two-flat in Roscoe Village...and my thumb in the left hand corner.

The caveat?  It's a short-sale and it needs a good amount of interior and exterior up-front maintenance. This type of two-flat style (and the fact it's on a standard lot) make it less desirable for a single family home conversion later one. The short sale is not yet "approved" at this asking price.  This is a key point buyers need to understand.

However, the basement is renovated into an existing apartment and could bring extra income for an "in-law" or roommate or could be "duplexed down" to create a large apartment.  The maintenence for the experienced eye is very doable and can be done to keep the building very profitable as an owner operator situation in this great location.

My clients passed... the maintenance for this type of building is a little out of their comfort zone.  My guess is the building has offers on it since the price reduction to $424,900.  Existing offers are not readily known to the public...it takes a little more investigation.

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