Score
0Chicago, IL
2225 W Monroe St #4
225K
2 beds
2 baths
1,600 sqft
2 bd • 2 ba • 1,600 sf
This analysis was generated on 2/7/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$225,000
Price/Sq.Ft
$141
Year Built
2007
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Large living space: At 1,600 sqft, the condo offers ample living space compared to the median condo size in Chicago, which is around 850 sqft. This is almost double the size.
• Below-average price per square foot: The price per square foot is $140.63, which is lower than the average price per square foot for condos in the Near West Side, which ranges from $250-$350. This is significantly lower.
• Modern amenities: The condo features stainless steel appliances, in-unit washer/dryer, a balcony, and an outdoor grill, offering convenience and appeal to potential buyers.
• HOA covers essential services: The HOA includes water, insurance, exterior maintenance, lawn care, and snow removal, reducing the burden on the homeowner and providing cost predictability. The Chicago average HOA is $350, so this is a good deal.
• Short Sale Opportunity: The listing highlights this as an advantage, which could mean that the price could be negotiated lower than the current asking price.
The Bad
• Low school ratings: Dett Elementary and Marshall Metropolitan High School are both rated 1/10, potentially impacting property value for families with children.
• History of price reductions: The property has undergone multiple price reductions since July 2024, suggesting potential issues attracting buyers or an initially inflated price.
• Contingent status fluctuations: The property has been listed as "contingent" multiple times, indicating deals falling through, which can be a red flag.
• Moderate climate risks: The property has a moderate flood risk (3/10) and moderate air quality risk (4/10), potentially leading to higher insurance costs and health concerns.
The Ugly
• Short sale complexities: Short sales can be lengthy and unpredictable, requiring patience and potentially resulting in a failed transaction. The lender's approval is not guaranteed.
• Unknown interior condition: The listing acknowledges that "additional interior work may be needed by the BUYER," indicating potential hidden issues and additional expenses beyond the purchase price. This could include structural, electrical, or plumbing problems.
• Declining property value: The property's sales history reveals a significant decline in value since 2005, selling for $375,000 in 2005 and now listed at $225,000. This could signal underlying issues or market depreciation.
• Low-rated schools: The extremely low ratings of nearby schools (1/10) can deter families and negatively impact long-term property value. This is a major concern for potential buyers with children.
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 condo in the Near West Side at a price below market value, particularly those comfortable with short sale processes. The 1,600 sqft provides ample living space.
• Individuals looking for a unit with modern amenities, including stainless steel appliances, in-unit laundry, and a balcony.
• Buyers prioritizing locations with convenient access to public transportation, given its location in Chicago. This can provide easy access to downtown and other parts of the city.
• Investors interested in properties with potential for increased value after necessary repairs and upgrades are completed. The property's history shows sales at significantly higher prices.
Not For
• Buyers with a strict timeline due to the uncertainties inherent in short sales, which can experience delays.
• Individuals uncomfortable with potential repair costs or those seeking a move-in-ready property. The listing suggests interior work may be required.
• Risk-averse buyers due to the property's history of price fluctuations and the complexities of a short sale.
• Families prioritizing top-rated schools, as the local schools have low ratings (1/10).
Demographics
Area Median Income
$52,126
Property History
Price History
Ownership Timeline
$285,000Cash Purchase
Feb 27, 20082225 W Monroe IncRay Wallace
Corporation Deed
Standard Sale (Purchase/Resales)
$375,000Financed
Nov 2, 2005Mcvan Development LlcElena Andreeva, Nataliya Smelyanskaya
Warranty Deed
Standard Sale (Purchase/Resales)
$163,000Cash Purchase
Aug 1, 2005Daniel, MersGreenwich Investors Xvi Llc
Legal Action/Court Order
Foreclosure
$340,000Financed
Jun 24, 2004Geneva WoodsMarlon Daniel
Warranty Deed
Standard Sale (Purchase/Resales)
$0Financed
Jul 22, 1999Geneva Woods, Victor L CooperGeneva Woods
Intrafamily Transfer
Non-Arm's Length Transactions
Property Taxes
$5,192
2022 Tax Assessment
1.9%from previous year
Assessed Value$28,576
Tax Rate18.17%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
1.0/10
Below AverageHigh
1.0/10
Below AverageFinancials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$225,000
Price/sqft
$141
Layout
2 bd•2 ba
Days on market
224 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$350,993
35.9%
Your price is 35.9% below average
Median Price
$291,500
22.8%
Based on 6 recent sales
Price per Sq.Ft
$226
37.8%
Your price is 37.8% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 2743 W Congress Parkway #3W, Chicago, IL 60612 | $231,958 | 1,400 | 3 | 2 | $16617.8% | 1/29/2025 |
| 2834 W Harrison Street #A, Chicago, IL 60612 | $245,000 | 1,480 | 3 | 2 | $16617.7% | 11/22/2024 |
| 1926 W ERIE Street, Chicago, IL 60622 | $717,500 | 1,900 | 2 | 2 | $378168.5% | 12/18/2024 |
| 2830 W Harrison Street #A, Chicago, IL 60612 | $245,000 | 1,480 | 3 | 2 | $16617.7% | 10/25/2024 |
| 2442 W Harrison Street #3, Chicago, IL 60612 | $291,500 | 1,300 | 2 | 2 | $22459.5% | 11/23/2024 |
| 1645 W Ogden Avenue #712, Chicago, IL 60612 | $375,000 | 1,442 | 3 | 2 | $26084.9% | 10/3/2024 |
2743 W Congress Parkway #3W, Chicago, IL 60612
Price: $231,958
Sq.Ft: 1,400
Beds/Baths: 3/2
$/Sq.Ft:
$16617.8%
Sale Date: 1/29/2025
2834 W Harrison Street #A, Chicago, IL 60612
Price: $245,000
Sq.Ft: 1,480
Beds/Baths: 3/2
$/Sq.Ft:
$16617.7%
Sale Date: 11/22/2024
1926 W ERIE Street, Chicago, IL 60622
Price: $717,500
Sq.Ft: 1,900
Beds/Baths: 2/2
$/Sq.Ft:
$378168.5%
Sale Date: 12/18/2024
2830 W Harrison Street #A, Chicago, IL 60612
Price: $245,000
Sq.Ft: 1,480
Beds/Baths: 3/2
$/Sq.Ft:
$16617.7%
Sale Date: 10/25/2024
2442 W Harrison Street #3, Chicago, IL 60612
Price: $291,500
Sq.Ft: 1,300
Beds/Baths: 2/2
$/Sq.Ft:
$22459.5%
Sale Date: 11/23/2024
1645 W Ogden Avenue #712, Chicago, IL 60612
Price: $375,000
Sq.Ft: 1,442
Beds/Baths: 3/2
$/Sq.Ft:
$26084.9%
Sale Date: 10/3/2024
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