Vacant Property Right Next to My Apartment.....Thoughts?

[Dannielle Givens]

My fiance and I are beginning to search for our first home. I absolutely love the area that we're in. It's right next to Lake Michigan (I can see the lake from my room), the bus stop is right in front of my doorstep and the train is only a 7 minute walk. There are tons of shops and restaurants in a 5 mile radius. And then there was the house next door...

Literally right next to my apartment complex is a house that has been vacant for the two years I've lived in this complex. It's in between my high rise and another high rise to the right of it (and a Catholic Church in front). 

What I do know:

• Privately owned
• Last sold at over $600,000 in 2015
• Last assessment: 2016 at $128,752.1287
• Classification 2-09
• Tons of violations for poor upkeep
  • Rat investation
  • Poor lawn maitenance
  • Tons of trash

(doesn't seem like an issue at this time... no rats seen on the way to work)

What I would like to know:

• Would this be worth tearing down?
  • Is the value of my community something that I could invest in as a first time homeowner and someone who would like to make this purchase as if I were an investor?
  • How to find the value of my community?
• How can I find the whole history of the property?
  • Currently a single family home (pictures online look horrific), but approved for condo
• What steps should I take before calling the owner? Should I even call them? I have their information in terms of address, but I'm curious to know why no one has placed a bid on the property. 

Thank you so much in advance,

Dannielle

[Brian Ploszay]

You have to find out who owns this.  First, check the real estate tax records  (tax portal or treasurer site).  You'll probably find out that the taxes were not paid and sold.  Go to the cook county recorder of deeds, after you find the PIN number.  You'll find out more on this.  It could very well be abandoned.  Eventually a tax buyer or the Cook County Land Bank will own it.  You can call the land bank as well.  Both of these groups may own the back taxes, but never recorded a deed.  But they essentially have the right to take it to deed.   The city doesn't want to volunteer to take these buildings down, since it costs them at least 15K in non-recoverable dollars.  If the property is non kept up, call your local Alderman's office.  Sometimes, neighbors volunteer to take care of these type of  properties.  Squatters sometimes start fires, so try keeping the building boarded up.