Uptown Neighborhood One Bedroom – One Bath Condo for $54,900?

Yes, you read that right, for the cost of a moderately priced SUV, you can own a condo in the Uptown neighborhood of Chicago for just $700 a month if you put 20% down including assessments and real estate taxes.   Located at 818 W. Lakeside Place, just steps from the lake and Lincoln Park, perfect for dog owners near the Montrose beach dog park, this Chicago condo is a steal for first-time home buyers.  Chicago real estate has not looked so good for entry level buyers in a generation.

This is just one example of how a young professional can get out of renting, the parents house or off their friends couch and dive into owning real estate.  The federal tax credit of $8,000 has been extended to the spring and is likely not going to be extended again.  Real estate investors looking for a good place to invest can buy this property and probably cash flow in the first month if they are savy enough to find a tenant in spring.

This unit is selling as a foreclosure, yet another victim of the real estate market.  Most likely a recent rehab from apartments, this building has hot water radiant heat and appears to be in quite good condition.  Contact Great Street Properties for listings on additional foreclosures and REO properties in Chicago.