The 2-flat at 6219 S Marshfield in Chicago’s radically depressed West Englewood neighborhood sold just a few months ago for $17,500 after a foreclosure.
It’s been “completely rehabbed” according to the listing and is on the market for $249,900. The rehab work described in the listing included a number of items that would have required building permits. No permits for the address can be found in the city database.
The property consists of a 6-room 3-bedroom apartment and a 5-room 2-bedroom apartment. The listing describes it as a “cash flow positive building.” If you’re wondering how that can be possible in an area like this you need only look at HUD’s fair market rent schedule for Section 8 rentals: $958 a month for a 2-bedroom and $1,171 for a 3-bedrom .
Join me for a brief look at the property and the area.