Deal of the month – Lake Forest charmer for $180K

Community Partners for Affordable Housing (CPAH) has just acquired and is offering for sale a 3-bedroom, 2-bath farmhouse at 863 N McKinley Rd in Lake Forest.

The price is $180,000, which is $70K less than what CPAH paid for it less than a month ago, and about half of the $349K it sold for in 2005. According to CPAH, monthly principal, interest, taxes and insurance payments will be approximately $1,200 per month.

The home, built in 1910, is in an outstanding Lake Forest location, two blocks from the Metra Station and a few minutes’ walk from downtown Lake Forest and Market Square. The home has a broad, welcoming front porch, hardwood floors, an updated kitchen and baths, central air, an unfinished basement, a 1-car garage and sits on a 50 x 75 foot lot.

The home is available to households earning less than 80% of the area median income, or approximately $60,000 for a 4-person household. Applicants who live or work in Lake Forest are preferred.

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