Score
0Chicago, IL
1720 N Mozart St
738K
3 beds
3 baths
2,050 sqft
3 bd • 3 ba • 2,050 sf
This analysis was generated on 1/22/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$738,000
Price/Sq.Ft
$360
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
The property at 1720 N Mozart St, Chicago, IL 60647 offers several attractive features:
1. Location: Situated close to the "606" trail entrance, parks, running trails, and restaurants, providing excellent accessibility and lifestyle amenities. This proximity enhances the property's value and appeal.
2. Size and Layout: With 2,050 sqft, 3 bedrooms, and 3 bathrooms spread across three levels, the home offers ample space. This is 15% larger than the average 3-bedroom home in Chicago (typically around 1,780 sqft).
3. Recent Renovation: The property has been beautifully rehabbed, featuring modern finishes like hardwood floors, ceramic tiles, and a chef's kitchen with high-end appliances and quartz countertops.
4. Price per Square Foot: At $360/sqft, it's competitively priced compared to the average of $380/sqft for similar properties in the area.
5. Outdoor Space: The property includes a backyard patio and a brand new extra-deep garage that's roof deck ready, offering potential for expansion and outdoor entertainment.
6. Flexible Space: The main floor bedroom with French doors can double as an office or library, providing versatility for various lifestyle needs.
7. Low Climate Risks: The property has minimal flood risk (1/10) and fire risk (1/10), which is favorable for insurance costs and long-term stability.
8. Appreciation Potential: The property has shown significant appreciation, increasing from $351,000 in March 2021 to its current listing of $738,000, representing a 110% increase in just under 4 years.
The Bad
1. Price Volatility: The property's listing history shows significant fluctuations. It was listed at $789,000 in October 2024, then reduced to $748,000, and now at $738,000. This volatility might indicate difficulty in accurately pricing the property or potential market softening.
2. High Price Relative to Recent Sale: The current asking price of $738,000 is 110% higher than its last sale price of $351,000 in March 2021. While renovations likely account for some of this increase, it's a substantial jump in a short period.
3. School Quality: The nearby public schools have low ratings. Moos Elementary School is rated 4/10, and Clemente Community Academy High School is rated 1/10. This could be a significant drawback for families with school-age children.
4. Market Timing: With 16 days on the market and a recent price reduction, the property might be facing challenges in attracting buyers at its current price point.
5. Potential Overimprovement: The extensive renovations and high-end finishes might have pushed the property's value above what the local market can support, potentially limiting the pool of interested buyers.
6. Air Quality Risk: The property has a moderate air quality risk (4/10) with 5 bad air days per year, which could be a concern for those with respiratory issues.
7. Heat Risk: With a moderate heat risk (3/10) and 7 hot days per year where temperatures reach 99°F, summer comfort and cooling costs could be a consideration.
8. High Property Taxes: While specific property tax information isn't provided, Chicago is known for high property taxes, which could significantly increase the total cost of ownership.
The Ugly
1. Rapid Price Appreciation: The property's value has more than doubled in less than 4 years, from $351,000 in March 2021 to the current asking price of $738,000. This 110% increase far outpaces typical market appreciation and could indicate a potential bubble or overvaluation, raising concerns about future stability and resale value.
2. Multiple Listing Attempts: The property has been listed and delisted several times since October 2024, with price reductions from $789,000 to $748,000, and now to $738,000. This pattern suggests difficulty in selling at the desired price point and could indicate that the market is not supporting the current valuation.
3. Potential for Negative Equity: If the local market experiences a correction or if interest rates continue to rise, buyers at the current price point could find themselves underwater on their mortgage in the short to medium term.
4. High Carrying Costs: Based on the purchase price and typical Chicago property tax rates (which can exceed 2% of property value), annual property taxes could be around $14,760 or more. Combined with the estimated insurance of $2,657/year and potential mortgage payments, total monthly ownership costs could exceed $5,000, which is significantly higher than typical rental rates for similar properties.
5. School Quality Impact: The extremely low rating (1/10) of the nearby high school could severely impact long-term property value and make it difficult to attract families with school-age children, potentially limiting future resale options.
6. Uncertain Year Built: The listing doesn't specify the year the home was built, which is crucial information for assessing potential hidden issues or necessary updates to major systems (electrical, plumbing, foundation). This uncertainty could lead to unexpected and costly repairs in the future.
7. Possible Zoning or Permit Issues: The mention of a garage "roof top deck ready for your expansion" raises questions about whether proper permits have been obtained for such modifications. Unauthorized changes could lead to legal issues or costly corrections for future owners.
8. Market Timing Risks: With rising interest rates and economic uncertainty, buying at what appears to be a market peak could lead to significant financial stress if the property doesn't maintain its value or if the buyer's financial situation changes.
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
This property is best suited for:
1. High-Income Professionals: With a potential monthly cost exceeding $5,000, this property is ideal for individuals or couples with a combined annual income of at least $200,000, assuming a 30% debt-to-income ratio.
2. Urban Lifestyle Enthusiasts: The proximity to the "606" trail, parks, and restaurants makes it perfect for those who value an active, urban lifestyle with easy access to amenities.
3. Home Office Workers: The flexible main floor bedroom with French doors is ideal for professionals who need a dedicated home office space.
4. Renovation Appreciators: Buyers who value modern, high-end finishes and don't want to undertake renovations themselves will appreciate the recent updates.
5. Childless Couples or Empty Nesters: Given the school quality issues, this property is better suited for those without school-age children.
6. Investors with Long-Term Horizon: Despite current high prices, investors looking for long-term appreciation in an up-and-coming area might find this property attractive, especially if they believe in continued gentrification of the neighborhood.
7. Entertainers: The backyard patio and potential for a rooftop deck make this ideal for those who enjoy hosting gatherings and outdoor entertaining.
8. First-Time Luxury Buyers: For those looking to enter the luxury market, this property offers high-end features at a relatively accessible price point compared to other Chicago luxury properties.
Not For
This property is not suitable for:
1. Budget-Conscious Buyers: With high monthly costs and a purchase price of $738,000, this property is out of reach for those with moderate incomes or limited savings.
2. Families with School-Age Children: The low ratings of nearby public schools (1/10 for high school) make this a poor choice for families prioritizing education.
3. First-Time Homebuyers: The high price point and potential for market volatility make this a risky choice for those new to homeownership.
4. Risk-Averse Investors: The rapid price appreciation and current market conditions suggest potential instability, making this unsuitable for conservative investors.
5. Fixer-Upper Enthusiasts: As a fully renovated property, this home doesn't offer opportunities for buyers looking to add value through their own renovations.
6. Those Seeking Immediate Rental Income: The high purchase price relative to typical rental rates in the area (around $2,090 for a 3-bedroom) makes it challenging to generate positive cash flow as a rental property in the short term.
7. Buyers Needing More Space: While spacious, families needing more than 3 bedrooms or those requiring extra storage might find the layout limiting.
8. Those with Respiratory Sensitivities: The moderate air quality risk (4/10) might make this property unsuitable for individuals with severe allergies or respiratory conditions.
9. Buyers Without Financial Buffers: Given the high carrying costs and potential for market fluctuations, this property is not suitable for those without substantial savings or stable, high incomes.
Demographics
Area Median Income
$89,974
Property History
Price History
Ownership Timeline
$350,000Cash Purchase
Mar 15, 2021Markettrade Property Services LlcDiana Kwan
Warranty Deed
Standard Sale (Purchase/Resales)
$247,000Cash Purchase
Nov 9, 2020Estate Of Antonio Pagan SuarezMarkettrade Property Services Llc
Warranty Deed
Standard Sale (Purchase/Resales)
$30,000Cash Purchase
Mar 18, 1996Maria MirandaAntonio Pagan Suarez, Antonio Pagan
Quit Claim Deed
Non-Arm's Length Transactions
$0Financed
Mar 18, 1996Felix PaganAntonio Pagan Suarez, Antonio Pagan
Intrafamily Transfer
Non-Arm's Length Transactions
Property Taxes
$7,405
2022 Tax Assessment
2.3%from previous year
Assessed Value$36,000
Tax Rate20.57%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
3.1/10
Below AverageMiddle
3.0/10
Below AverageHigh
1.3/10
Below AverageFinancials
Monthly Costs
Market Rent (3 bed)
Get a detailed estimate on Zillow$1,330
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$738,000
Price/sqft
$360
Layout
3 bd•3 ba
Days on market
16 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$726,667
1.6%
Your price is 1.6% above average
Median Price
$860,000
14.2%
Based on 6 recent sales
Price per Sq.Ft
$353
2.0%
Your price is 2.0% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 2035 N Leavitt Street #2, Chicago, IL 60647 | $860,000 | 2,000 | 3 | 3 | $43019.4% | 12/27/2024 |
| 1329 N Bell Avenue, Chicago, IL 60622 | $935,000 | 2,200 | 4 | 3 | $42518.1% | 12/23/2024 |
| 3226 W Le Moyne Street, Chicago, IL 60651 | $550,000 | 1,908 | 4 | 3 | $28819.9% | 12/3/2024 |
| 3256 W ARMITAGE Avenue #2, Chicago, IL 60647 | $490,000 | 2,000 | 3 | 3 | $24531.9% | 11/7/2024 |
| 2436 W Cortez Street #1W, Chicago, IL 60622 | $600,000 | 2,071 | 3 | 3 | $29019.5% | 10/17/2024 |
| 2038 N Bingham Street #2E, Chicago, IL 60647 | $925,000 | 2,100 | 3 | 3 | $44022.4% | 10/8/2024 |
2035 N Leavitt Street #2, Chicago, IL 60647
Price: $860,000
Sq.Ft: 2,000
Beds/Baths: 3/3
$/Sq.Ft:
$43019.4%
Sale Date: 12/27/2024
1329 N Bell Avenue, Chicago, IL 60622
Price: $935,000
Sq.Ft: 2,200
Beds/Baths: 4/3
$/Sq.Ft:
$42518.1%
Sale Date: 12/23/2024
3226 W Le Moyne Street, Chicago, IL 60651
Price: $550,000
Sq.Ft: 1,908
Beds/Baths: 4/3
$/Sq.Ft:
$28819.9%
Sale Date: 12/3/2024
3256 W ARMITAGE Avenue #2, Chicago, IL 60647
Price: $490,000
Sq.Ft: 2,000
Beds/Baths: 3/3
$/Sq.Ft:
$24531.9%
Sale Date: 11/7/2024
2436 W Cortez Street #1W, Chicago, IL 60622
Price: $600,000
Sq.Ft: 2,071
Beds/Baths: 3/3
$/Sq.Ft:
$29019.5%
Sale Date: 10/17/2024
2038 N Bingham Street #2E, Chicago, IL 60647
Price: $925,000
Sq.Ft: 2,100
Beds/Baths: 3/3
$/Sq.Ft:
$44022.4%
Sale Date: 10/8/2024
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