Discover a unique opportunity in Streator, IL, where you can invest in a classic Illinois handyman special for just $55,000. This property, with an estimated After Repair Value (ARV) of $162,000, offers a promising potential for significant equity growth. Families and investors alike will find that this three-bedroom, two-bath home combines affordability with room to personalize.
Features of the Handyman Special
This Streator IL home for sale boasts high ceilings, a custom kitchen, and ample living space. The home features vibrant architectural details, including
- Soaring 10-foot ceilings on the main floor
- A spacious family room connected to a formal dining room, perfect for gatherings
- A charming custom kitchen equipped with an island
- Ample space in three oversized bedrooms
- A large, unfinished attic that can potentially serve as a stunning primary suite, providing instant equity.
The property also includes a fenced yard, a detached garage, and an inviting front porch, ideal for enjoying pleasant evenings. Given its rich history dating back to 1889, there's plenty of character along with modern conveniences, such as city water and sewer.
Why Invest in Streator, IL?
Investing in this handyman special presents several advantages
- Affordable Housing in Illinois: The listing price of $55,000 positions it as a coveted option for families seeking budget-friendly options. The overall low cost of living in Streator enhances the attractiveness of the home.
- Community Spirit: Streator is known for its friendly, welcoming atmosphere, where residents frequently engage in local events. This sense of community fosters a supportive environment for families and individuals alike.
- Access to Outdoor Activities: The proximity to parks and recreational areas makes it easy to enjoy outdoor activities, such as hiking and fishing, adding a lifestyle benefit beyond just the home itself.
Considerations for Potential Buyers
Owning a home in Streator comes with its benefits but also a few challenges
- Limited Job Market: Employment opportunities can be sparse, particularly in specialized fields. Many residents commute to nearby cities like Ottawa for work, which may affect your lifestyle choices.
- Fewer Amenities: Streator’s amenity offerings are modest compared to more urban settings. Shopping, dining, and entertainment may require travel to surrounding areas.
- Transportation Needs: Residents usually rely on personal vehicles due to the minimal public transport options available in the area.
- Weather Variability: Seasons can be extreme with cold winters and hot summers, which may not suit every buyer's lifestyle preferences.
- Population Decline: Like many small towns, Streator has seen a decline in its population, impacting community vitality and available services.
The Investment Potential
For investors interested in the flip houses in Illinois market, this property stands out as a prime candidate. Here are some reasons this investment makes sense
- The projected ARV of $162,000 offers the potential for a substantial return on investment after renovations.
- Renovations can enhance both value and personal enjoyment of the home, making it an attractive option for both flipping or long-term rental.
- Properties like this handyman special are becoming rare as urban migration continues. Investing in Streator now may yield future financial benefits.
Equity Growth Opportunities
The significant equity that can be unlocked with this property is evident with the planned updates and renovations
- Remodeling the kitchen and bathrooms can provide a considerable uptick in property value.
- Utilizing the third bedroom and finished attic for functional living space can cater to family needs and attract more buyers in the future.
- Enhancing outdoor spaces with landscaping can improve curb appeal significantly.
Next Steps for Interested Buyers
Opportunities like this do not stay on the market for long. If you’re inspired by this Illinois handyman special, consider scheduling a showing to explore its full potential. With a little love and investment, this property can become not just a house, but a beloved home that suits your family’s needs and lifestyle.
This Streator IL home for sale is located at 216 Lasalle St, Streator, IL 61364, listed at an unbeatable price of $55,000. For inquiries, reach out to a realtor or agent of your choice, and ensure independent verification of details and the property status before making a commitment.
Whether seeking affordable housing in Illinois or pursuing a promising property investment opportunity, don't miss out on this chance to invest wisely while enjoying the charm and community spirit of Streator.