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,