Affordable prices make it an ideal time to buy, but rental units sweeten the deal
If you’ve been weighing the idea of investing in a single-family home, consider properties that are a bit outside the box and can generate some spare change with a rental unit. “Outside” is where many of the assets are on this updated, 1,600-square-foot, four-bedroom, two-bathroom bungalow at 2138 N. Lawndale. Located in west Logan Square, it’s priced at $199,999 and includes a 750-square-foot, two-bedroom garden apartment — which can command a sizable rent in this burgeoning neighborhood filled with gourmet restaurants, boutique shopping and plenty of green space. The charming façade (above) boasts curb appeal, the lot has a small backyard and the porch-top terrace off the master bedroom maximizes outdoor space.
Also outside, you’ll find a five-year-old, extra-tall, two-car garage behind the house with doors and private entrances on both sides of the structure to access the alley and backyard. Built in 1898, the charming house underwent a total rehab 11 years ago and has new hardwood floors in most rooms, updated kitchens and restored original woodwork. It’s owned by an empty nester who is scaling back, but it’s an ideal spot to start — or add to — a real estate portfolio.
Another sweet deal in Logan Square is a four-bedroom, three-bathroom bungalow at 2442 N. Avers for $199,000. It sits on a standard 25-foot-by-125-foot lot with a larger yard, a two-car detached garage, hardwood floors and a short, two-block walk to the Metra. The home has been split into two units, but can yield four thanks to a newly finished living space in the basement. Contact Molly Marino, Baird & Warner, (312) 282-6422, Molly.email@example.com
For a brand-new, beautifully executed total gut rehab of a 1901 bungalow, go northeast to 3410 N. Troy in Avondale. The three-bedroom, two-bathroom home with a snazzy eat-in kitchen, lower-level finished family room, hardwood and stone floors, two-car garage, new back deck and easy access to the expressway, bus and CTA Blue Line is $310,000.
Kick up the color quotient in your place with CB2’s 100 percent hand-tufted, 5-foot-by-8-foot fine wool color field rug from Creativity Explored, a San Francisco nonprofit that showcases the work of artists with developmental disabilities. $399, 800 W. North, (312) 787-8329, Cb2.com
Story by Lisa Skolnik