All Forum Posts by: Harry Durden

@Wilhelmina Greenwood here’s to hoping that the property can rent at that price. No, I LOVE open concepts, but most people do not have dining room sets anymore. My thought was to use the dining room and split the space between an oversized living room and an oversized kitchen. I would open the wall for the kitchen and possibly put islands in the unit.

I’m not sure if it’s a waste of money, but my thought is if it fits in the budget should the upgrades actually matter.

@Eric Michaels that’s definitely my thought. I’m not set on this property, but I did want to get everyone thoughts so that when I go in I can have questions prior to the inspection

@Wilhelmina Greenwood yes, I am familiar with the area and that is also what my concern is due to it being so close to parkway gardens. Because I plan to live in one of the units I wanted to modify it for my own comfort. I can afford the mortgage with no problem so whether it takes a while to rent or there is a lag wasn’t the biggest concern of mine to be honest.

I do want the property value to increase and for more rehabs/developments to pop up in that area. And if that doesn’t happen I wanted to at least get $1200-$1350 per unit. Not sure what if for that area it’s unreasonable.

As far as adding a second bathroom I wanted to do that because one bathroom seems unreasonable and if I decide to sell in 20 years at least the rehab is done. Im here to gain knowledge and take ALL the advice I can get so please keep it coming.

Lastly, on the living/dining room situation. I actually want thoughts on to how to best utilize that space. Even if I don’t choose this building to purchase in the end, I am running into those a lot and I hate them. How could I reconfigure that space? Is it worth it?

@Alan Dunlap thanks for the insight. Yes, I plan to live in one of the units and rent out the rest. My plan is to have a buy and hold strategy, but I believe a 2nd bathroom would be crucial. I agree, I don’t wanna upgrade too much especially if the value is not there.

I will have a 203(k) loan.

@Alan Dunlap hey so a few updates. The building is being sold as is, 100 tax proration, no disclosures. I went to the website and there are 6 building code violations:

1. Deteriorating masonry and loose mortar at front entry wall at stairs.

2. No cap at chimney.

3. Interior basement wall front deteriorating masonry and eroded mortar.

4. Column at basement jacked up by 3 horizontal 6x6 beams insufficient repair (13-52-210)

5. No smoke detectors either front stairwell.

6. No CO2 detector at basement furnaces.

@Jaysen Medhurst yes, based on the photos how much would it be to do a full gut rehab?

FIRST TIME BUYER/INVESTOR:

I am currently looking for 4-Unit buildings in Chicago. I came across a 4 unit with 3bed 1bath per unit. It has building code violations and looks like it will need a full gut rehab. I want to convert one of the smaller closets into a second bathroom and inexpensively add an island in the kitchen.

I also have thoughts on trying to redesign the space because the dining room is so large and seems obsolete. I simply have thoughts on ballpark for pricing. Here is a link of the property below.

https://www.trulia.com/p/il/chicago/address-not-disclosed-chicago-il-60637--2104387084