1653 N Talman, Chicago (tenants, foreclosure, sales, condos)

[Humboldt1]

Brick 3flat with finished basement. Each unit appears to be 1200 sq ft. Price is 279K. Street is half new condos and row homes. Half mile from western blue line. I walked it last night and it appears okay. I just wish it was a little closer to the blue line.

Units are 3 bedroom, 1 bath and are listed as renting for $1100/mth. I would occupy the basement unit in order to be owner-occupied. There is a garage that could possibly rent for $200/mth. Units are metered separately so utilities are the responsibilty of the tenants.

The only negative I see (have not been inside or seen roof) is 8K in taxes. Why so much? Even if I get homeowners exemption taxes will still be 5-6K per year.

I plan on using 15K govt giveaway as part of this purchase.

What do you guys think?

[middle-aged mom]

Nice looking place, Humby. Previous owners paid $620 for it in 12/05. The equalized assessment rose 40% almost immediately, thereafter. Less than a year later, owners tried to sell at $700K. I assume you know the rest.

Have you been inside?

[Humboldt1]

I tried looking it up on BairdWarner and wasn't able to find previous sales price. That sales price explains the high property tax. This must be a foreclosure or at least a short sale. Do you know anything more?

I am hoping to go look at it this weekend. Roof condition and the inside will be key. $279K is really low, even in this market. Surely, something is wrong with the place.