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1018 S Oak Park Ave
Oak Park, IL

1018 S Oak Park Ave

$490,300
3 bd • 1 ba • 2,352 sf

This analysis was generated by artificial intelligence on 1/31/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$490,300

Price/Sq.Ft

$208

Year Built

AI Property Analysis

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

The Good

• Sizeable living space: With 2,352 sqft, this property offers a larger living space than many homes in Oak Park. This is beneficial for families or those who need additional space. • Competitive price per square foot: At $208.46 per sqft, the property is priced competitively, which may appeal to budget-conscious buyers. The average price per sqft in Oak Park is around $250, so this property offers a potential discount. • Location in a desirable suburb: Oak Park is a well-regarded suburb with a high median income of $127,195, indicating a strong and stable community. • Proximity to Chicago: Oak Park's proximity to Chicago is a major draw, providing residents with easy access to the city's amenities and job opportunities. • Access to public transportation: Oak Park has good public transportation options, including the Green Line, making it easy to commute to Chicago and other surrounding areas.

The Bad

• Lack of detailed property information: The listing lacks crucial details such as the year built, room details, and information about utilities and systems. This lack of transparency can be a red flag for potential buyers. • Only one bathroom: A single bathroom for a 3-bedroom home may not be sufficient for many families, which could limit the property's appeal. • Unknown age and condition: Without knowing the year built, it's difficult to assess the property's condition and potential maintenance needs. Older homes in Oak Park may require significant updates and repairs, adding to the overall cost of ownership. • No specific property features: The absence of any listed features makes it hard to evaluate the unique selling points of this property. • Potential for high maintenance costs: Given the age of many homes in Oak Park, this property may require significant maintenance and repair costs in the near future.

The Ugly

• High property taxes: Oak Park has some of the highest property taxes in Illinois, which significantly increase the overall cost of ownership. This can be a major deterrent for buyers on a tight budget. Property taxes in Oak Park can range from 2-3% of the property value annually. • Potential for costly renovations: The lack of information about the year built suggests the home may be older and require extensive renovations, which can be costly and time-consuming. Older homes in Oak Park often require $20,000 - $50,000 in updates to bring them up to modern standards. • Limited information on utilities and systems: The absence of utility information raises concerns about the age and condition of essential systems, which could lead to unexpected repair costs. • Risk of flooding: Some areas of Oak Park are prone to flooding, which can cause significant damage to the property and require expensive repairs. Checking flood maps is crucial. Flood insurance can add $500 to $2,000 per year to the cost of homeownership. • Potential for unforeseen issues: The lack of detailed property information increases the risk of unforeseen issues, such as structural problems, which can be very expensive to fix.

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 larger home in a desirable, established suburb: The property's 2,352 sqft size, compared to the average Oak Park home (often smaller), offers ample living space. The median income in Oak Park is $127,195, suggesting a community of stable professionals and families who prioritize education and community. • Buyers who value the walkability and accessibility of Oak Park: Situated on S Oak Park Ave, the property is likely close to local amenities, shops, and restaurants. Oak Park is known for its pedestrian-friendly layout, ideal for those who prefer walking over driving. • Buyers who prioritize community engagement and access to quality education: Oak Park is known for its diversity, progressive values, and highly-regarded public school system. The presence of 'For Sale' signs indicates some turnover and movement within the community, which may appeal to those looking to integrate into a dynamic area. • Buyers who appreciate historic architecture and character: While the exact age of the home is unknown, the image suggests an older home with classic architectural features, common in Oak Park. This may appeal to buyers who prefer charm and character over modern, cookie-cutter designs. • Buyers with a budget that aligns with the asking price: The price per sqft of $208.46, while not directly comparable without knowing the market average for similar homes, suggests a price point that is in line with the local market, for a home of this size.

Not For

• Buyers seeking a modern, recently-built home: The lack of specific year built information, and the architectural style suggested by the image, suggest an older home, which may require updates and renovations. • Buyers who prioritize low property taxes: Oak Park is known for its high property taxes, which may be a deterrent for buyers on a strict budget. • Buyers who are not prepared for potential competition: Oak Park is a desirable suburb with limited inventory, so buyers should expect potential bidding wars and the need to act quickly. • Buyers requiring multiple bathrooms: The property only has one bathroom, which may not be sufficient for larger households. • Buyers who need detailed property information before making an offer: The lack of property details, such as room details, utilities, and systems, may deter buyers who prefer a transparent and well-documented listing.
Demographics
Area Median Income

$127,195

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Risk Assessment

Risk Analysis

• High property taxes: Oak Park has some of the highest property taxes in Illinois, which can significantly impact the total cost of ownership. The absence of specific tax information for this property requires further investigation. Property taxes in Oak Park can range from 2-3% of the property value annually, which could add $9,806 to $14,709 to yearly expenses. • Age and potential maintenance: The lack of information about the year built could indicate an older home that requires significant updates and repairs. Older homes in Oak Park often require $20,000 - $50,000 in updates to bring them up to modern standards. • Limited parking: Parking can be a challenge in some areas of Oak Park, and the property description does not mention off-street parking. This requires further investigation. • Potential for flooding: Some areas in Oak Park are prone to flooding, and it's important to check flood maps to assess the risk for this specific property. Flood insurance can add $500 to $2,000 per year to the cost of homeownership. • Competition and bidding wars: Oak Park is a desirable location with limited inventory, which can lead to bidding wars and higher purchase prices. Buyers need to be prepared to potentially offer over asking price.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$505,950

3.2% above list price

Median Price

$517,250

Based on 6 recent sales

Price per Sq.Ft

$235

Comparable Properties

704 S East Avenue, Oak Park, IL 60304
Price: $370,000
Sq.Ft: 2,783
Beds/Baths: 3/1
$/Sq.Ft:
$13336.2%
Sale Date: 11/1/2024
616 Wisconsin Avenue, Oak Park, IL 60304
Price: $510,000
Sq.Ft: 2,301
Beds/Baths: 4/2
$/Sq.Ft:
$2226.3%
Sale Date: 10/31/2024
839 Beloit Avenue, Forest Park, IL 60130
Price: $517,450
Sq.Ft: 2,025
Beds/Baths: 4/2
$/Sq.Ft:
$25622.6%
Sale Date: 12/10/2024
825 Clinton Avenue, Oak Park, IL 60304
Price: $409,000
Sq.Ft: 2,624
Beds/Baths: 4/2
$/Sq.Ft:
$15625.2%
Sale Date: 10/10/2024
1135 S Elmwood Avenue, Oak Park, IL 60304
Price: $517,250
Sq.Ft: 1,960
Beds/Baths: 4/2
$/Sq.Ft:
$26426.6%
Sale Date: 10/17/2024
615 S Kenilworth Avenue, Oak Park, IL 60304
Price: $712,000
Sq.Ft: 1,884
Beds/Baths: 3/2
$/Sq.Ft:
$37881.3%
Sale Date: 9/11/2024

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