Help Analysis lake shore drive

17 Replies

Lake Shore Dr Chicago, IL 60657

2 beds2 baths1,434 sqft

Here is a condo in lakeshore drive it's on the second floor and it's going for 214000 I need help analysis this deal to see if it's good or not. From the pic you can see it needs a kitchen redo and both bathroom redo. 2 beds2 baths1,434 sqft 

The comps in this building run  recently sold comps past 6 months 300,000-359,000

Originally posted by @George Rodriguez:
Lake Shore Dr Chicago, IL 60657

2 beds2 baths1,434 sqft

Here is a condo in lakeshore drive it's on the second floor and it's going for 214000 I need help analysis this deal to see if it's good or not. From the pic you can see it needs a kitchen redo and both bathroom redo. 2 beds2 baths1,434 sqft 

The comps in this building run  recently sold comps past 6 months 300,000-359,000

 Asking price goes for $214,000 rent I will check on 

Originally posted by @Michael Barbari :

@George Rodriguez

Do you know what rents go for in the building for similar models?

 1 bed one bath goes for 1,300

2 bed room 2 bath goes for 2,300

In same building 

Originally posted by @Michael Barbari :

@George Rodriguez

Are you looking to flip or hold?

I would like to flip and hold, because the way it looks right now no one will rent it. 

taxes are 3,843 the hoa I can't find I'll call the seller tomorrow and find out 

Originally posted by @Michael Barbari :

@George Rodriguez

Have you used the rent calculator under the analyze tab? What is the hoa and taxes?

taxes are 3,843 the hoa I can't find I'll call the seller tomorrow and find out

Originally posted by @George Rodriguez :

Are you looking to flip or hold?

I would like to flip and hold, because the way it looks right now no one will rent it. 

I assume what you mean by flip & hold is renovate & hold. Flip normally implies renovate, then sell. Consider becoming a PRO member and running your analysis thru the BP property analyzer calculators. They have calculators for you to assess profitability for flipping versus holding. I will say based on my knowledge of that area along Lake Shore, it will be difficult for you to get a positive cash flow @ that price point on a Condo. Check the HOA fees.

Originally posted by @Crystal Smith :
Originally posted by @George Rodriguez:

Are you looking to flip or hold?

I would like to flip and hold, because the way it looks right now no one will rent it. 

I assume what you mean by flip & hold is renovate & hold. Flip normally implies renovate, then sell. Consider becoming a PRO member and running your analysis thru the BP property analyzer calculators. They have calculators for you to assess profitability for flipping versus holding. I will say based on my knowledge of that area along Lake Shore, it will be difficult for you to get a positive cash flow @ that price point on a Condo. Check the HOA fees.

I will check on the HOA tomorrow and see but I'm leaning towards renovate and sell

@George Rodriguez , I know the building and there are no 2bed/2baths units in that building that I know of. All 2 bed units have 1 bath or 1.1 bath.  Have you seen the unit? Are you sure it has 2 full baths? Also, there are only 2 units with 2bed, 1.1 bath that sold this year and they sold for 164K and 164,800 respectively. 

Message me directly if you want more details or if you'd like me to send you a CMA for the building.

Lumi Ispas, Century 21 SGR | [email protected] | 773‑392‑2906

@George Rodriguez

One more thing, the unit is on a very low floor as I can see the trees through the window, so keep in mind that people that move in highrises care for views a lot, and the value of this unit will be much lower due to the no view.

Lumi Ispas, Century 21 SGR | [email protected] | 773‑392‑2906

Originally posted by @Lumi Ispas :

@George Rodriguez

One more thing, the unit is on a very low floor as I can see the trees through the window, so keep in mind that people that move in highrises care for views a lot, and the value of this unit will be much lower due to the no view.

 Unless the listing is wrong http://www.zillow.com/homedetails/3180-N-Lake-Shor...

And no I haven't seen the building yet 

Actually you are looking at the right building. I was looking at 3950 Lake Shore which looks identically. :)

The reason the unit is on the market so low and it's been on the market for 70 days already is because is only on 2nd floor. Also, Assm are $1136/month. For that type of assm nobody wants to look at trees. 

You are right on price, however you can't change the condition of being on the low floor. Let it go and find something better. The carrying cost for this property alone will be sky high and it will not be easy to resell it.  There is a 3rd fl on the market also and so far they can't sell it either. 

Good luck in your search!

Lumi Ispas, Century 21 SGR | [email protected] | 773‑392‑2906

George - that unit is on the second floor - trees block the unit.  As a developer myself I would pass given the floor level or steeply factor this floor level into our number. 

Also monthly HOA dues for the unit are $1,136 per month so not the best building for a rental in my book.

Originally posted by @Matthew Putnick :

George - that unit is on the second floor - trees block the unit.  As a developer myself I would pass given the floor level or steeply factor this floor level into our number. 

Also monthly HOA dues for the unit are $1,136 per month so not the best building for a rental in my book.

Thank you for your advise, I love BP this website is great. I will continue my learning and continue my reading on The book on Flipping houses it's great book.