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Updated almost 6 years ago,

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4
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Brandon Salinas
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4
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How much did this Chicago gut rehab likely cost?

Brandon Salinas
Posted

Saw this property on the market a week ago and now it's contingent. Looks like it was a 3 flat in below average condition when it was sold 12 months ago for $285k. They completely re-did the property into 3 units and listed it for $700k.

Contingent listing:

Sold February 2018 listing: https://www.redfin.com/IL/Chicago/3327-W-Pierce-Ave-60651/home/13286123

My questions are: https://www.redfin.com/IL/Chicago/3327-W-Pierce-Ave-60651/home/13286123/mred-09812044

1) Does this look like a 'good' rehab job quality wise or cheap? Or middle of the road? I know it's hard to tell just from pictures. Cosmetically it looks great to me, just curious what those with more knowledge think.

2) What do you think the total costs were to do all this rehab work?

3) Was this likely a normal individual investor job, or a bigger group/team job? How did they likely fund this if it took a year to do? I thought 203k looked appealing but realized rehabs must be done in 6 months for that. So was this likely funded with cash and they had the reserves to let the property be vacant for 12 months and ate that as part of their costs? Just trying to understand from the rehabber perspective

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