Looking for a move-in ready 2 bed condo in a great neighborhood just steps from the lake? Normally, I would say you are SOL, but check out this listing at 735 W Bittersweet, Unit 3S, that just hit the market for $195,000.
View listing here for rest of the photos
Let me start by saying this seller has excellent taste. The unit shows incredibly well through its listing photos. The owners have managed to keep the vintage charm of the 1920’s unit, while updating the condo with today’s trends and expected conveniences. The kitchen and baths have been completed updated, the oak floors are pristine, there is a washer/dryer in unit and the furniture is all tastefully done; all for under $200k. It is certainly not the largest 2 bed unit out there, but it offers a move-in ready condo in Lakeview/Uptown, on the lake, for an incredible price.
Is this a Deal?
HOA fees, which can often be killers in older buildings (but this is not a high-rise, which helps reduce costs tremendously), are a reasonable $367 per month, making the cost of ownership quite low as seen in the following table:
2 bed / 1 bath condos within a 0.2 mile radius of this unit have rented for a median price of $1,750 per month over the last twelve months. This means, after adjusting for tax savings and principal pay-down, a buyer would save over $9,000 per year ($785 per month!) buying this unit versus renting a comparable one. So, yes, this is unquestionably a great deal for someone. If you decided you wanted to rent the unit out for $1,750 per month instead of living in it for yourself, you would be earning a 21% return on your money (8% without a mortgage), which is phenomenal, especially in an area as nice as this.
Given how well the unit shows, as well as its attractive pricing, I would be very surprised if this unit doesn’t sell quickly.
You can check out the listing here.