This 5-bedroom bungalow in Chicago’s south side Roseland neighbor-hood appears to be a great value, listed at $29,900. Although this house is flanked by vacant lots, most of the street’s 19th century houses are intact and appear to be maintained and occupied. The foreclosee paid $172,500 for this house about five years ago (4/2/2003), and Zillow.com estimates that this house is now worth $167,000 (over five times higher than its current listing price).A thorough but simple renovation of this house would run $20,000 to $30,000 (less if you scrimp), and the house could rent for $1,300 to $1,500 per month (good section 8 candidate), offering an excellent ROI for an investor. Alternately, it could be a good place to buy, rehab and sell on a land contract or rent-to-own sort of deal. This house needs some work, but could certainly prove to be worth the effort. Roseland has received some negative attention for its crime in the past, but for an investment property, it can be a great opportunity as long as you can get onto a relatively stable block.
The basics...
Address: 128 West 103rd Place, Chicago, IL 60628
Current Listing Price: $29,900
PREVIOUS Sale Price: $172,500
Size: 5 Bedrooms, 1 Bathroom; 936 square feet
Lot: .07 acres
http://www.realtor.com/realestate/chicago-il-60628-1098401124/
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