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1643 N Wolcott Ave
Chicago, IL

1643 N Wolcott Ave

1.5M
6 bd • 5 ba • 4,400 sf

This analysis was generated by artificial intelligence on 2/26/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

AI Property Analysis

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List Price

$1,463,100

Price/Sq.Ft

$333

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Sizeable Living Space: With 4,400 square feet, this 6-bedroom, 5-bathroom house offers ample living space, suitable for larger families or those needing extra rooms. • Potential Rental Income: Chicago's rental market for larger units is strong. A 4-bedroom unit averages $2,940 per month, suggesting this property could generate significant rental income if partially or fully leased. • Location in Chicago: Situated in Chicago, the property benefits from access to city amenities, cultural attractions, and diverse dining options. • Multiple Bathrooms: Having 5 bathrooms adds convenience, especially for larger households, reducing potential morning congestion.

The Bad

• Unknown Build Year: The listing lacks the year the property was built, making it difficult to assess potential maintenance needs and code compliance. Older homes may have outdated systems or require significant upgrades. • No Property Description: The absence of a property description limits understanding of the home's features, layout, and condition. Buyers must rely solely on visual assessments or further investigation. • High Price per Square Foot: At $332.52 per square foot, this property is priced above the city's median, possibly due to location or recent renovations. Buyers should compare this to similar properties in the area. • Lack of Utility Information: The listing provides no details on utilities, making it challenging to estimate monthly expenses. Buyers should inquire about heating, cooling, water, and electricity costs.

The Ugly

• Potential for High Maintenance Costs: Without knowing the build year or property condition, there's a risk of high maintenance costs, especially if the home requires significant updates or repairs. Chicago's weather can exacerbate these issues. • High Total Ownership Costs: Combining the $1,463,100 purchase price with Chicago's high property taxes (approximately 2.1%) and potential maintenance expenses results in substantial monthly ownership costs. • Risk of Unexpected Repairs: Given the lack of property details, there's a risk of encountering unexpected repairs or issues, such as plumbing, electrical, or structural problems, which can be costly. • Limited Information for Due Diligence: The absence of a property description makes it difficult for potential buyers to conduct thorough due diligence, increasing the risk of overlooking important factors.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Buyers Seeking a Large Home in a Desirable Chicago Neighborhood: This 6-bedroom, 5-bathroom house provides ample space for larger households. • Individuals Prioritizing Proximity to Urban Amenities: Located in Chicago, the property offers easy access to city amenities, cultural attractions, and dining options. • Renters Interested in Maximizing Space: With an average rent of $2,940 for a 4-bedroom unit in Chicago, this 6-bedroom property could accommodate multiple renters and potentially offset mortgage costs. • Buyers Comfortable with Chicago Property Taxes: Understanding and budgeting for the city's higher property taxes is essential for potential homeowners.

Not For

• Buyers Seeking Low Property Taxes: Chicago's property taxes are relatively high compared to other regions, which could deter budget-conscious buyers. • Individuals Unprepared for High Utility Costs: Given the property's size, heating and cooling expenses can be substantial, particularly during extreme weather conditions. • Buyers Seeking a Low-Maintenance Property: Older homes in Chicago may require ongoing maintenance and potential renovations, which may not suit those seeking a hassle-free home. • Individuals Sensitive to Urban Noise and Congestion: The property's location in Chicago may expose residents to higher levels of noise and traffic compared to suburban or rural areas.
Demographics
Area Median Income

$110,694

Property History

Price History
Ownership Timeline
$1,175,000Financed
Nov 30, 2018
Zoe R Lasky, Ira J LaskyErin Hallett, Philip Doroff
Warranty Deed
Standard Sale (Purchase/Resales)
$673,500Cash Purchase
Sep 23, 2015
Cornelis Hoogstraten, Andrea FinkZoe R Lasky, Ira J Lasky
Commissioners Deed
Foreclosure
$0Cash Purchase
Oct 23, 1995
Mid Town Bank & Trust Co Of ChicagoCornelis Hoogstraten, Andrea Hoogstraten Fink
Joint Tenancy Deed
Foreclosure

Market Insights

Real-time analysis of the local housing market

January 2025
Seller's Market

This is currently a competitive market for buyers in 60622. Homes are selling quickly and often above asking price, so be prepared to act fast and make strong offers.

$641,333
$343/sqft
6.9%
Change from last month
Your price: $1.5M (+128%)
Your price/sqft: $333/sqft (-3%)
164
47 sold last month
6.8%
Change from last month
53 days
Average for homes in this area
61.8%
Change from last month

Sale Price Distribution

Last month
7
Over Asking
homes
6
At Asking
homes
34
Under Asking
homes
Total: 47 homes sold

If you're buying a home in 60622, you may be able to get a good deal. 72.3% of homes here sold below asking price last month.

Sale Time Distribution

Last month
23
Under 30 Days
homes
Your property
15
30-90 Days
homes
9
Over 90 Days
homes
Total: 47 homes sold

Many homes in 60622 are selling fast, if you're buying plan to act quickly.

Risk Assessment

Risk Analysis

• High Property Taxes: Chicago's property tax rates (around 2.1%) can significantly impact affordability. A $1,463,100 home could incur annual taxes of ~$30,725. • Aging Infrastructure: Given the unknown build year, there's risk of outdated systems like plumbing or electrical, which may require costly upgrades. Chicago's older housing stock often faces issues like lead paint or asbestos. • Extreme Weather: Chicago's harsh winters can cause damage such as burst pipes or roof issues, leading to unexpected repair costs. Proximity to Lake Michigan also raises flood risks. • Market Volatility: Chicago's real estate market can fluctuate, impacting property values. Economic downturns or shifts in local industries could affect home prices. • Regulatory Compliance: Renovation projects often require permits, which can be complex and time-consuming. Non-compliance can result in fines or legal issues.

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Financials

Monthly Costs
Market Rent (6 bed)

$2,940

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Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Subject Property

Price
$1,463,100
Price/sqft
$333
Layout
6 bd•5 ba

Stats in the Area

Based on 6 comparable properties nearby

Average Price

$1,883,000

22.3%

Your price is 22.3% below average

Median Price

$1,775,000

17.6%

Based on 6 recent sales

Price per Sq.Ft

$416

20.1%

Your price is 20.1% below average $/sqft

Comparable Properties

2016 N Clifton Avenue, Chicago, IL 60614
Price: $3,573,000
Sq.Ft: 5,200
Beds/Baths: 6/6
$/Sq.Ft:
$687106.6%
Sale Date: 12/30/2024
2146 N Oakley Avenue, Chicago, IL 60647
Price: $1,175,000
Sq.Ft: 4,100
Beds/Baths: 5/4
$/Sq.Ft:
$28713.8%
Sale Date: 10/15/2024
2144 W Cortland Street, Chicago, IL 60647
Price: $1,800,000
Sq.Ft: 4,380
Beds/Baths: 5/6
$/Sq.Ft:
$41123.6%
Sale Date: 9/4/2024
1835 N MARSHFIELD Avenue, Chicago, IL 60622
Price: $1,325,000
Sq.Ft: 4,229
Beds/Baths: 5/4
$/Sq.Ft:
$3135.8%
Sale Date: 9/10/2024
1614 N MARSHFIELD Avenue, Chicago, IL 60622
Price: $1,650,000
Sq.Ft: 4,800
Beds/Baths: 5/4
$/Sq.Ft:
$3443.4%
Sale Date: 9/27/2024
1621 N Bell Avenue, Chicago, IL 60647
Price: $1,775,000
Sq.Ft: 3,900
Beds/Baths: 5/4
$/Sq.Ft:
$45536.9%
Sale Date: 9/10/2024

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