Chicago Lot Price - Northcenter a block from Coonley

[Frank S.]

Hi there, 

I am working with a friend on a FSBO, I may buy that house. Imagine a frame house on a 4,500 lot. The house is a full gut or even a demo job.

This is located about a block from Coonley, it's a prime location, but the house needs tons of work: roofs, decks, dated baths and kitchens, HVAC heating issues, floors, paint, etc.  It's a smaller foot print house, 3 levels.  That's why I am looking at it as a borderline demo job rather than a gut job. We will probably fix it. 

I am seeing 3,100 SF lots going for $510,000 minus realtor fees ($30,600), total $480,000.  What's the upcharge for the wider lot above (4,100)?  I am estimating about $620,000 sell price "as is" minus realtor fees ($37,000), so this will land in about $580,000.  

Again, it's a friend, so I'm looking at a fair deal.  They had a realtor acquaintance that told them $660,000, that will land my price at $620,000 which will not cut it according to my calcs. I think they are off by $40K. Their friend hasn't seen the interior.

Thanks, 

[Frank S.]

Originally posted by @Jonathan Klemm:

@Frank S. - I am agreeing with @Henry Lazerow numbers seem to look pretty accurate for that area.

What is your rehab budget and projects

Good. I was starting to believe their fantasy valuation.  Thanks @Jonathan Klemm

Well, this is not going anywhere. They were very dry during our chat. The comps given were absurd, borderline dishonest. Their "friend" used mostly brick two flats as comps at $690,000 to $725,000.  They have no idea.  Of course, they thought I was nuts when valued their house at -$100,000 less than the brick two flats on the pictures. 

There may be a chance someone picks it up at a slightly higher price, but that block is not that special.