Posted by: union03g | January 19, 2010

An Investor’s Case Study – Buying at 4 bedroom @ $40k…

Buying a single family home at $40,000 must take a lot of guts (or maybe it takes guts to walk away)!

This 4 bed/3bath 2 car, SFH sold for $40k in September of 09 and is now under contract for $300k just three months later. Wow, I assume the strategy was to swipe their credit card for nice bones and blow out the finishes, putting in central air and a finished basement and hope buyers are optimistic. The location is one block west of Humboldt Park which was appreciating nicely in 04/05 but was the first area to be abandoned once housing looked unstable.

Now that housing is re-stabilizing and Chicago’s loan pipeline is filling with only the strong, maybe its time to revisit Humboldt, maybe it will once again declare itself as the new frontier for pioneers looking to make money and maybe the park will begin returning to its former glory (many decades ago) – its always been a beautiful park minus the gangbangers. Will retail/restaurants eventually survive on the west side of the park as they do on the East? Is it worth the gamble?

Good Hunting!

p.s. Looks like the rehabbers ran out of money when they got to the stairs outside 🙂

http://tours6.vht.com/Viewer/PhotoGallery.aspx?ListingID=50032105&Style=STD

1135-n-spaulding-approved.jpg1135-n-spaulding-living-room-approved.jpg1135-n-spaulding-kitchen-approved.jpg1135-n-spaulding-bathroom-approved.jpg

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