The 2-flat at 6219 S Marshfield Ave 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 .
HUD’s rent schedule is the same for all of metropolitan Chicago. It isn’t difficult to find housing at those rents in many environments that are far more attractive than West Englewood.
Join me for a brief look at the property and the area.