masterkey logo
205 W Michigan Ave
Score
0
Urbana, IL

205 W Michigan Ave

486K
4 bd • 3 ba • 2,400 sf

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

AI Property Analysis

0:00
0:00 / 0:00
List Price

$485,700

Price/Sq.Ft

$202

Year Built

AI Property Analysis

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

The Good

• Spacious Layout: With 2,400 square feet, the property offers ample living space. The four-bedroom, three-bathroom setup suits families. • Competitive Price per Square Foot: Priced at $202.38 per square foot, it's within a reasonable range for Urbana, making it attractive to buyers. • Rental Income Potential: With four bedrooms, the property has good rental income potential. The average 4-bedroom rental rate in Urbana is $1,384 per month (2023 data). • Proximity to Amenities: Located in Urbana, the property is likely close to schools, parks, and shopping centers. This adds convenience.

The Bad

• Unknown Year Built: The listing does not include the year built, making it difficult to assess the property's condition. Older homes may have outdated systems, such as plumbing and electrical, that require costly upgrades. • No Property Description: The absence of a property description makes it hard to gauge the home's unique features. Buyers need more information to assess its value. • Limited Property Features: The listing lacks details about property features. Essential elements like the type of heating and cooling systems are missing. • Higher Price per Square Foot: At $202.38 per square foot, the property is slightly above the average for Urbana. This may deter budget-conscious buyers.

The Ugly

• High Renovation Costs: Older homes typically require extensive renovations. This can lead to unexpected expenses. • Potential for Hidden Issues: Without knowing the year built, there's a risk of hidden problems like foundation issues or asbestos. Inspections are essential but costly. • High Total Cost of Ownership: Renovation costs, property taxes, and insurance add up. This may make the property unaffordable for some buyers. • Lack of Information: The listing lacks essential details. This makes it difficult to assess the property's true value and potential risks.

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

• Established Families: The four-bedroom layout suits families needing ample space. The location is close to schools and parks, offering convenience. • Buyers Seeking Rental Income: With four bedrooms, the property can be rented to students. The average 4-bedroom rental rate in Urbana is $1,384 per month. • Buyers Comfortable With Older Homes: The house requires some upgrades, but it offers the chance to customize it. • Buyers Familiar With Urbana: Local expertise helps navigate the city's nuances.

Not For

• Buyers Seeking Modern Amenities: The property lacks modern features. It requires upgrades to meet current standards. • Buyers on a Tight Budget: Renovation costs add to the purchase price. This may strain finances. • Buyers Unfamiliar With Urbana: Local knowledge is crucial for navigating the market. This property might not suit newcomers. • Buyers Prioritizing Turnkey Properties: The property needs maintenance. It is not move-in ready.
Demographics
Area Median Income

$31,843

Property History

Price History
Ownership Timeline
$388,000Financed
Jul 19, 2021
Cynthia Jean Ottemann, Peter Michael OttemannZoe Leblanc, Daniel Miller
Warranty Deed
Standard Sale (Purchase/Resales)
$336,000Financed
Jul 18, 2005
Michael R Goldman, Rachel A SchurmanPeter Michael Abbamonte, Cynthia Jean Ottemann
Warranty Deed
Standard Sale (Purchase/Resales)

Market Insights

Real-time analysis of the local housing market

January 2025
Seller's Market

This is currently a competitive market for buyers in 61801. Homes are selling quickly and often above asking price, so be prepared to act fast and make strong offers.

$182,250
$140/sqft
4.7%
Change from last month
Your price: $486K (+167%)
Your price/sqft: $202/sqft (+45%)
47
9 sold last month
2.2%
Change from last month
49 days
Average for homes in this area
8.2%
Change from last month

Sale Price Distribution

Last month
1
Over Asking
homes
2
At Asking
homes
6
Under Asking
homes
Total: 9 homes sold

If you're buying a home in 61801, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Sale Time Distribution

Last month
4
Under 30 Days
homes
Your property
4
30-90 Days
homes
1
Over 90 Days
homes
Total: 9 homes sold

Many homes in 61801 are selling fast, if you're buying plan to act quickly.

Sunlight Analysis

Visualize how sunlight affects this property throughout the day and year.

Sunlight Analysis

Data provided by Shadowmap

Loading sunlight data...

Risk Assessment

Risk Analysis

• Unknown Year Built: The unknown year built makes assessing the property's condition difficult. It also affects financing and insurance options. • High Renovation Costs: Older homes typically require extensive renovations. This can lead to unexpected expenses. • Tornado Risk: Urbana is prone to tornadoes. This increases insurance premiums and potential damage. • Property Tax Uncertainty: Without knowing the exact taxes, budgeting becomes difficult. This affects affordability. • Lack of Property Details: The listing lacks essential information, such as utilities. This makes due diligence challenging.

Price Prediction Challenge

Think you know what 205 W Michigan Ave will sell for? Put your market expertise to the test!

Be the first to predict

Your local insight could help set the benchmark for other buyers.

No predictions yet

Kick off the challenge by making your guess. You'll help other buyers get a feel for this property’s value—and you might just claim the top spot when it sells.

Financials

Monthly Costs
Market Rent (4 bed)

$1,384

Get a detailed estimate on Zillow®
Unlock Premium Features

Supercharge Your Property Analysis

Get unlimited AI-powered insights and analysis to make confident decisions about any property you're interested in.

Best for serious buyers
  • Unlimited AI analysis
  • Unlimited AI chat
  • Advanced tools & insights
$24.92/mo
Billed yearlySave 17% ($60/year)
Cancel anytime • 30-day money-back guarantee

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Subject Property

Price
$485,700
Price/sqft
$202
Layout
4 bd•3 ba

Stats in the Area

Based on 6 comparable properties nearby

Average Price

$305,333

59.1%

Your price is 59.1% above average

Median Price

$255,000

90.5%

Based on 6 recent sales

Price per Sq.Ft

$131

54.5%

Your price is 54.5% above average $/sqft

Comparable Properties

601 E Evergreen Court, Urbana, IL 61801
Price: $307,000
Sq.Ft: 2,401
Beds/Baths: 3/3
$/Sq.Ft:
$12836.8%
Sale Date: 11/4/2024
405 W Elm Street, Urbana, IL 61801
Price: $230,000
Sq.Ft: 2,016
Beds/Baths: 5/3
$/Sq.Ft:
$11443.6%
Sale Date: 11/22/2024
612 W Washington Street, Urbana, IL 61801
Price: $255,000
Sq.Ft: 2,288
Beds/Baths: 4/3
$/Sq.Ft:
$11144.9%
Sale Date: 9/18/2024
608 W Main Street, Urbana, IL 61801
Price: $250,000
Sq.Ft: 2,210
Beds/Baths: 4/2
$/Sq.Ft:
$11344.1%
Sale Date: 11/22/2024
503 Burkwood Court E, Urbana, IL 61801
Price: $245,000
Sq.Ft: 1,986
Beds/Baths: 3/2
$/Sq.Ft:
$12339.0%
Sale Date: 11/15/2024
502 W Pennsylvania Avenue, Urbana, IL 61801
Price: $545,000
Sq.Ft: 2,760
Beds/Baths: 4/4
$/Sq.Ft:
$1972.4%
Sale Date: 10/31/2024

Frequently Asked Questions

Property Discussion

Start the Conversation

Share your insights on this property—did you visit the open house? Know of any hidden pros or cons? Your street-level knowledge could be exactly what another buyer needs.

You
Potential Savings
$14,571
Join 1,000+ buyers

Analyze Any Property for Free

Get instant insights and potential savings on any Zillow® listing.

Free Analysis
AI-Powered Insights
Instant Results

Similar Properties

7625 W Isham Ave
Chicago, IL
0 pts

7625 W Isham Ave

$565K
3
4
1,500
View Analysis
697 Tall Grass Dr
Bolingbrook, IL
0 pts

697 Tall Grass Dr

$545K
4
3
2,306
View Analysis
4735 N Talman Ave #1
Chicago, IL
0 pts

4735 N Talman Ave #1

$469K
3
2
1,325
View Analysis
View All Properties