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4901 W Hubbard St
Chicago, IL

4901 W Hubbard St

$325,000
6 bd • 2 ba • sf

This analysis was generated by artificial intelligence on 1/23/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$325,000

Price/Sq.Ft

$325000

Year Built

1908

AI Property Analysis

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

The Good

This multi-family property at 4901 W Hubbard St, Chicago, IL 60644 offers immediate income potential with two finished apartments and a roughed-out garden unit. Key advantages include: 1. Income Potential: Two ready-to-rent apartments plus a potential third unit for additional revenue. 2. Recent Upgrades: Central heat/air and tankless water heaters in all units, brand new back porch. 3. Location: Situated in an area described as in the "early stages of revitalization," suggesting potential for appreciation. 4. Unit Features: Large kitchens in both finished apartments, spacious living areas, and multiple bedrooms. 5. Price Point: At $325,000, it's priced below the median for a 3-unit building in Chicago (typically $350,000-$400,000). 6. Climate Resilience: Drain tile installed to prevent moisture issues, important given the moderate flood risk (4/10). 7. Energy Efficiency: Tankless water heaters typically use 30-50% less energy than traditional units. 8. Rental Market: Local rental rates ($1,440 for 2-bed, $1,827 for 3-bed) suggest good income potential relative to purchase price. 9. Age: Built in 1908, it has stood the test of time and likely has good bones if properly maintained. 10. Multiple Egress: Garden unit has two methods of egress, important for safety and potential legal rental use.

The Bad

1. Age-Related Issues: At 115 years old, the property likely requires significant ongoing maintenance and potential major system replacements. 2. Unknown Square Footage: Lack of this crucial information makes it difficult to accurately assess value and compare to market rates. 3. Limited Bathrooms: Only 2 bathrooms for 6 bedrooms is below modern standards and may limit rental appeal. 4. Long Market Time: 173 days on market suggests potential issues or overpricing. 5. Location Challenges: Median income of $31,816 in the area is low, which could impact rental rates and property appreciation. 6. School Quality: Nearby schools have very low ratings (2/10 and 1/10), which may deter families. 7. Air Quality: Moderate risk (4/10) with 5 bad air days per year could be a concern for some tenants. 8. Unfinished Unit: The garden apartment requires additional investment to become rentable. 9. Property Tax Uncertainty: Chicago's high property taxes aren't specified, but could significantly impact returns. 10. Potential Zoning Issues: Ensure the property is correctly zoned for a 3-unit rental, especially with the garden unit addition.

The Ugly

1. Rapid Price Fluctuations: The property's price history shows extreme volatility, from $19,500 in 2009 to $300,000 in 2006, suggesting potential market instability or property issues. 2. Renovation Costs: Finishing the garden unit could cost $30,000-$50,000 or more, eating into initial returns. 3. Potential Code Violations: Given the age and multi-unit nature, there may be expensive code updates required, especially for the garden unit. 4. Cash Flow Concerns: With only two currently rentable units, cash flow might be tight or negative after accounting for mortgage, taxes, insurance, and maintenance. 5. Neighborhood Transition Risks: "Early stages of revitalization" could mean current crime or economic challenges. 6. Deferred Maintenance: The long period between sales (2010 to 2024) suggests possible neglected upkeep. 7. Insurance Costs: At $1,170/year, it's relatively high and could increase due to the property's age and multi-unit status. 8. Potential Lead and Asbestos: Given the 1908 construction, expensive remediation might be necessary. 9. Flood Risk: While moderate (4/10), any flooding could severely impact the garden unit and overall property value. 10. Market Timing: With 173 days on market and a recent price increase, there might be underlying issues or market resistance.

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. Experienced real estate investors comfortable with multi-unit properties and renovation projects. 2. Buyers with a household income of $100,000+ to manage potential negative cash flow and renovation costs. 3. "House hackers" willing to live in one unit while renting out others to offset costs. 4. Long-term investors betting on neighborhood revitalization and appreciation. 5. Handy owners capable of doing some renovations themselves to save on costs. 6. Investors with a high risk tolerance and capital reserves for unexpected issues. 7. Those specifically seeking value-add opportunities in emerging Chicago neighborhoods. 8. Buyers interested in historic properties and willing to deal with associated challenges. 9. Investors looking to build a portfolio starting with a multi-unit property. 10. Those with experience navigating Chicago's complex property tax and landlord-tenant laws.

Not For

This property is not suitable for: 1. First-time homebuyers or inexperienced investors due to complexity and potential issues. 2. Buyers seeking a move-in ready, low-maintenance property. 3. Investors requiring immediate positive cash flow without additional investment. 4. Those without significant cash reserves for renovations and unexpected repairs. 5. Buyers prioritizing top-rated schools for family living. 6. Investors uncomfortable with properties in transitional neighborhoods. 7. Those seeking luxury or high-end rental properties. 8. Buyers without the time or willingness to manage a multi-unit property and potential renovation. 9. Investors looking for properties with stable, long-term price history. 10. Those uncomfortable with the potential presence of lead paint or asbestos.
Demographics
Area Median Income

$31,816

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Risk Assessment

Climate Risks

floodMODERATE

FEMA Zone: X_UNSHADED

Insurance: Recommended

airMODERATE

5 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 99°F

windMINOR

Insurance: Recommended

fireMINIMAL

Insurance: Optional

Risk Analysis

1. Cash Flow Risk: Potential for negative cash flow if both units aren't consistently rented at market rates. 2. Renovation Overruns: Garden unit completion could exceed budget, especially if unforeseen issues arise. 3. Regulatory Compliance: Ensuring all units, especially the garden unit, meet current building codes and rental regulations. 4. Market Volatility: Historical price swings suggest high sensitivity to market conditions. 5. Environmental Hazards: Potential for lead paint and asbestos given the age, requiring expensive remediation. 6. Structural Issues: Age-related problems like foundation settling or roof issues could be costly. 7. Flood Damage: Moderate flood risk (4/10) could lead to basement/garden unit issues and increased insurance costs. 8. Neighborhood Transition: "Early revitalization" could stall, impacting property value and rental demand. 9. Tenant Quality: Lower median income in the area might lead to challenges finding qualified tenants. 10. Property Tax Increases: Chicago's history of rising property taxes could erode future profitability. 11. Zoning Changes: Future changes could impact the ability to rent all units or require costly updates. 12. Utility Costs: Older buildings often have higher utility costs, potentially reducing net operating income. 13. Competitive Market: New developments in the area could make older properties less attractive to renters. 14. Insurance Challenges: Age and multi-unit status could lead to higher premiums or coverage limitations. 15. Economic Downturn: A recession could disproportionately impact transitional neighborhoods, affecting rents and value.
Insurance
Annual Cost

$1,170

$98 per month

Financials

Monthly Costs

Price History

Property Taxes

$3,702
2022 Tax Assessment
2.3%from previous year
Assessed Value$18,000
Tax Rate20.57%

Location & Comparables

Subject Property
View on Zillow

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