Property Under Contract in Chicago - Foundation Issues

[Andrew McCotter]

My business partner and I have a property under contract in the 60647 zip code in Chicago. We just completed the inspection and realized the building is leaning pretty significantly. We couldn't get in the crawl space because the current owner glued the hatch shut. The land value of the property seems to be around $320K - $350K from what I'm seeing in comps.

A little background on the property:

2 Flat originally built in 1898

Purchase Price - $320,000

Lot Size - 2178sqft

My question - Has anyone dealt with fixing foundations before, and if so, is it worth it? Anyone familiar with this area who might want to partner on this deal?

[Andrew McCotter]

@Nathan Mount We have a signed contract, we're planning to back out if we can't figure out what to do with it. But we feel it was a really good price. Haven't seen anything that cheap come along in that area.

And yes, they tried to conceal the lean. Appears they glued the access to the crawl space shut and added cement to the exterior of the building to try to make it look like new foundation was poured or something.