Graceland West/ Chicago 2 Flat: Local Advice

[Timothy Ryan]

Hello All:

I am looking at a potential opportunity in the Graceland West area of Chicago. The property is a solid brick 2-flat featuring hardwood flooring; original woodwork; updated kitchens with maple cabinets, granite counters and stainless appliances. It also has a partially finished walk-out basement with bath and kitchenette which could potentially be a third unit (disclosures say the zoning/compliance of the unit are unclear); and detached 2-car garage. It seems to have a great location close to shopping, dinning, entertainment and close to Lakeview High School. There may be issues with the zoning/compliance of the basement unit according to the disclosures. The property is an bank owned, auction property. 

My purchase price would be approximately $525,000. The property appears to have comps valued significantly higher. My goal would be to close on the property and relist it on the MLS or sell to a cash buyer/investor.

I am looking for folks with knowledge of this area of the Chicago market to give feedback about the area, property value and/or the feasibility of my potential strategy. I am an out of state investor and have used this "wholetailing" strategy locally with good success. Thanks in advance!

Timothy Ryan