Fair Rent? (Wicker Park) (Chicago, Humboldt: lease, how much, tenant)

[pbrb]

I'm new to Chicago and am about to sign a lease in Wicker Park but want to make sure it's not overpriced. The location is just northwest of Damen and Division. The apt is a little odd, it's a 3 br, but the 3rd bedroom is really small (there is a closet) so my roommate and I would probably use the space as an office instead of finding a 3rd. There's one bathroom. So it's either a 3br 1 bath or 2br + office 1 bath. There's a good sized deck off the back and it comes with 2 tandem parking spaces. That's about it, no dishwasher, no washer/drier in building, no AC, and it's in crappy shape. Though, it is large. 6 rooms, about 1200-1400 square feet w/ a seperate living room/dining room/kitchen.

The rent is $1,200/mo. I've been told if it was a little nicer, w/ a washer/drier in building and a dishwasher the rent would be around $1,500 so I'm getting a pretty good deal. Is that true?

What do you think I should be paying?

[Avengerfire]

Sounds like a deal to me. Without seeing it I give my thumbs up.

If the heat is included it is even more tantalizing.

[Lookout Kid]

That sounds like a good deal to me. You're definitely not getting ripped off. I paid significantly more than that for a 2-BR 2-Bath place in Wicker Park five years ago, though the location was better and it was a brand new gut rehab.

[surlycue]

That's a good deal. Few of the older places have AC so the tenant is normally responsible for getting a couple of window units in the summer if they so desire. Two included parking spots is a real rarity. If street parking is feasible you may consider renting out the spots to recoop what a 3rd roommate would provide.

[Lookout Kid]

Originally Posted by pbrb

The location is just northwest of Damen and Division.

Just make sure this is true and that it isn't west of Western. Humboldt Park is an entirely different ballgame.

[pbrb]

No, it's like 2 blocks north of division and a block or two east of division. I'm kind of surprised though, the rents seem high. So how much would I be looking to pay in the same area if the place was crappy, but I did have a dishwasher and a washer/drier?

[Avengerfire]

Originally Posted by pbrb

...No, it's like 2 blocks north of division and a block or two east of division...

Do you mean east of Damen?

[Avengerfire]

Originally Posted by pbrb

...So how much would I be looking to pay in the same area if the place was crappy, but I did have a dishwasher and a washer/drier?

Well first off what is your definition of crappy?

Second, most places around there will not have a dishwasher if they are crappy

[pbrb]

Yeah, East of Damen, sorry. The kitchen is extremely old, the majority of the windows are also extremely old. I mean it'll look a lot better after painting it, but the kitchen looks like it's from the 60's. It just looks really crappy and old.

[5Lakes]

$1200 seems cheap for that size, especially with parking. I don't think you will get much better of a deal unless it's a complete dump.