Check this out:
418 W 60th St, Chicago IL 60621 sold for $4,180
1715 S 6th Ave, Maywood IL 60153 sold for $1,764
So is the fact that the units are not habitable, probably in housing court, possibly under receivership, stripped out and in need of full rehab, no association, possibly no other unit owners, probably legal issues, probably will take years if ever to resolve issues and get habitable.
You'll need full plans and permits to do anything and probably the Judge's permission.
Buying one unit is a waste of time. Some smart investors are doing Ok by buying all the units over time and reassembling the entire building.
Unless you are experienced or have deep pockets, stop getting enticed by the hype and move on.
Yes, you can buy a foreclosed condo for $5,000. Make sure you have a knowledgable Realtor to work with and my make sure you do your homework and research this condo completely
Coldwell Banker Residential Brokerage