Flip in Wayne, IL

5 Replies

https://www.hubzu.com/property/0007147205368-4-N-751-White-Oak-Ln-Wayne-IL-60184

http://www.zillow.com/homedetails/4N751-White-Oak-Ln-Wayne-IL-60184/4353553_zpid/

I don't plan on buying this property today, but I've been searching in the Chicago area for a flip and came across this place.

Wondering if a few here could help convince me why or why not this property would be a good candidate for flipping.

I know the reserve hasn't been met, and haven't seen the property in person, but the neighborhood values seem great and repairs look mostly cosmetic.

Thanks

It backs to rt 59 and is very loud and I heard there is issues with the stucco and moisture that has got behind the walls. The previous owner reached out to our firm to sell a couple years back. Area and neighborhood are great but always rumors the area wells have had contamination in past years. Nothing ever verified that I know of but sometimes rumors are just as bad.

Medium untitledMark Ainley, GC Realty & Development LLC | [email protected] | 630‑587‑7400 | http://www.gcrealtyinvestments.com | IL Agent # 471.003954 | Podcast Guest on Show #72

@Lucas Ruppert it looks like a very nice place, but you are way outside of my comfort level on a place to flip at this cost. Good luck on it.

Thanks for the information Mike. I appreciate it. Must be problems, auction was re-listed for a lower price.

@Lucas Ruppert

Tough to go off of just those two website links. Zillow is a good ballpark, but I trust that site about as far as I can throw it... which is not even possible.

Next questions would be, what are the ARV comps within .25 - .5 mi away within the last 6 months. And whats the estimate on the rehab?

Since Zillow is saying its $200k higher than Hubzu is asking, might indicate its worth looking into more in depth.

Good luck!

- Zach

@Mark Ainley is right - great subdivision but road noise coming from 59 is pretty bad. I know people that live in that subdivision and they always complain about the water. Also RE taxes tend to be on the high side. People I know pay little over 18k for slighly larger property.