900 W Grace St
Chicago, IL 60613
PASS
Price
$192,500
Beds
1
Baths
1
Sq Ft
700
Year
1906
Days Listed
0
◆ Executive Summary
Overall: PASS — This listing appears to be a rental lease fraudulently or erroneously listed as a property sale. The description explicitly states "1 year lease. Must be rented furnished" while presenting a $192,500 purchase price, indicating either severe data corruption or intentional misrepresentation. The catastrophic 1,929% gap between the list price ($192,500) and tax assessed value ($9,980) compounds the problem, suggesting either massive assessment errors or fundamental listing fraud. Critical system information is completely missing for this 120-year-old building, making any legitimate property evaluation impossible and raising red flags about the listing's authenticity.
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900 W Grace St, Chicago, IL, 60613 home PASS Rental Listing Disguised as Property Sale Catastrophic Tax Assessment Discrepancy Missing Critical System Information Rental Lease Disguised as Sale
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▲ Top Findings
Rental Listing Disguised as Property Sale
Description states '1 year lease. Must be rented furnished' while listed as property for sale at $192,500. This appears to be a rental unit incorrectly categorized, creating massive confusion for potential buyers.
Catastrophic Tax Assessment Discrepancy
List price of $192,500 versus tax assessed value of only $9,980 represents a 1,929% gap. Even accounting for assessment lag, this extreme disconnect suggests either grossly outdated records or fundamental data errors.
Missing Critical System Information
Complete absence of heating, cooling, roof, exterior, foundation, and flooring details prevents proper condition assessment. For a 120-year-old building, system information is essential for purchase decisions.
Rental Lease Disguised as Sale
The listing description states '1 year lease. Must be rented furnished' - this is clearly a rental property, not a sale. The entire listing appears to be corrupted data mixing rental and sale information.
Catastrophic Data Corruption
Critical system data is missing across the board - no heating/cooling info, no parking details, no agent info, no MLS ID, and corrupted comparable sales showing '[object Object]' entries. This level of missing data suggests major listing system failures.
Impossible Tax Assessment Ratio
List price is 1,929% of assessed value ($192,500 vs $9,980), creating an absurd effective tax rate calculation. This extreme disconnect suggests the tax data doesn't match the actual unit being listed.
Forced Furnished Rental Constraint
Listing explicitly states 'Must be rented furnished' which severely limits tenant pool and flexibility. This constraint reduces rental demand and complicates management while locking you into a specific rental strategy.
Assessment-to-Market Value Bomb
Tax assessed value is $9,980 vs $192,500 list price (1929% ratio). Cook County's triennial reassessment cycle means this property is drastically under-assessed and faces massive tax increases upon sale or reassessment.
This Is A Rental Lease, Not A Sale
The listing description clearly states '1 year lease. Must be rented furnished.' This is not a property for sale - it's a rental masquerading as a purchase listing, which is either a data error or potentially deceptive marketing.
Catastrophic Assessment-to-List Price Gap
The list price is 1,929% of the tax assessed value ($192,500 vs $9,980). While assessments lag market values, this nearly 20x gap suggests either a massive data error or serious overpricing relative to the county's property valuation.
Expert Panel (10/10)
Critical rental listing masquerading as property sale with catastrophic tax assessment gaps and missing essential buyer information.
Rental Listing Disguised as Property Sale
Description states '1 year lease. Must be rented furnished' while listed as property for sale at $192,500. This appears to be a rental unit incorrectly categorized, creating massive confusion for potential buyers.
Catastrophic Tax Assessment Discrepancy
List price of $192,500 versus tax assessed value of only $9,980 represents a 1,929% gap. Even accounting for assessment lag, this extreme disconnect suggests either grossly outdated records or fundamental data errors.
Missing Critical System Information
Complete absence of heating, cooling, roof, exterior, foundation, and flooring details prevents proper condition assessment. For a 120-year-old building, system information is essential for purchase decisions.
Massive Price Premium vs Area Comps
At $275/sqft for 700sf, this 1-bedroom significantly undercuts area 2-bedroom comps ranging $264,900-$401,300 (294-334/sqft). However, the rental nature makes this comparison meaningless for buyers.
Poor School District Performance
Nearby schools rate poorly with Greeley Elementary at 5/10 and Lake View High at 3/10. Combined with rental confusion, this further diminishes any legitimate buyer appeal.
This is a rental lease masquerading as a property sale - complete data corruption makes analysis impossible.
Rental Lease Disguised as Sale
The listing description states '1 year lease. Must be rented furnished' - this is clearly a rental property, not a sale. The entire listing appears to be corrupted data mixing rental and sale information.
Catastrophic Data Corruption
Critical system data is missing across the board - no heating/cooling info, no parking details, no agent info, no MLS ID, and corrupted comparable sales showing '[object Object]' entries. This level of missing data suggests major listing system failures.
Impossible Tax Assessment Ratio
List price is 1,929% of assessed value ($192,500 vs $9,980), creating an absurd effective tax rate calculation. This extreme disconnect suggests the tax data doesn't match the actual unit being listed.
Poor School District Performance
Both assigned schools are underperforming - Greeley Elementary scores 5/10 and Lake View High School scores 3/10. This significantly impacts family appeal and resale value in this price range.
Furnished rental requirement kills flexibility while ultra-low assessment suggests tax shock incoming.
Forced Furnished Rental Constraint
Listing explicitly states 'Must be rented furnished' which severely limits tenant pool and flexibility. This constraint reduces rental demand and complicates management while locking you into a specific rental strategy.
Assessment-to-Market Value Bomb
Tax assessed value is $9,980 vs $192,500 list price (1929% ratio). Cook County's triennial reassessment cycle means this property is drastically under-assessed and faces massive tax increases upon sale or reassessment.
Strong Rent-to-Price Ratio
Monthly rent estimate $2,055 against $192,500 purchase equals 1.28% monthly ratio, well above the 1% rule. This suggests good cash flow potential if other constraints can be managed.
Missing Critical System Information
No data on heating, cooling, foundation, roof, or other major building systems for a 120-year-old property. This creates massive due diligence gaps for a building that likely needs significant capital expenditures.
Premium Pricing vs Comparable Sales
At $275/sqft for 700sqft, this unit prices above the $235-290/sqft range of larger 2BR comparables nearby. The 1BR/700sqft configuration may justify premium per-sqft pricing but limits upside.
This appears to be a rental lease disguised as a property listing - major red flags abound.
This Is A Rental Lease, Not A Sale
The listing description clearly states '1 year lease. Must be rented furnished.' This is not a property for sale - it's a rental masquerading as a purchase listing, which is either a data error or potentially deceptive marketing.
Catastrophic Assessment-to-List Price Gap
The list price is 1,929% of the tax assessed value ($192,500 vs $9,980). While assessments lag market values, this nearly 20x gap suggests either a massive data error or serious overpricing relative to the county's property valuation.
Missing Critical System Information
No information provided about heating, cooling, HVAC systems, roof condition, foundation type, or flooring - all essential for evaluating a 120-year-old condo. This lack of transparency makes proper due diligence impossible.
Poor School District Performance
Both assigned schools are severely underperforming - Greeley Elementary scores 5/10 and Lake View High School scores just 3/10. This significantly impacts long-term resale value and family desirability.
Comparable Sales Show Significant Price Gap
Nearby 2-bedroom condos are selling for $264,900-$401,300, while this 1-bedroom is priced at $192,500. The price-per-square-foot is reasonable, but the small size and poor condition disclosure make comparison difficult.
This is a rental listing masquerading as a purchase - massive red flags across all data points.
Rental Listing Disguised as Sale
The description states '1 year lease. Must be rented furnished' - this is clearly a rental property being listed as if it's for sale at $192,500. This fundamental mismatch makes all other financial data meaningless and suggests serious listing platform errors or fraud.
Catastrophic Assessment-to-List Price Gap
Listed at $192,500 vs tax assessed value of $9,980 - a 1,929% ratio that's completely implausible. Even accounting for Cook County's lagging assessments, this suggests either massive data corruption or intentional misrepresentation of property value.
1906 Construction Era Hazards
Built in 1906, this property predates all major building safety codes and likely contains lead paint, asbestos in later additions, and potentially dangerous original electrical/plumbing systems. Chicago's harsh freeze-thaw cycles have likely compromised original masonry and foundation systems over 120 years.
Complete System Information Blackout
Zero information provided on HVAC, electrical, plumbing, roof condition, or structural systems for a 120-year-old building. This level of missing data for such an old property suggests either major defects being hidden or complete listing negligence.
Comparable Sales Mismatch
Listed at $192,500 for 700sf while nearby 2-bedroom units sold for $264,900-$401,300. Either this 1-bedroom is severely compromised or the pricing is fundamentally wrong, supporting the rental listing theory.
Poor School District Performance
Assigned schools rate 5/10 and 3/10, indicating below-average educational quality that impacts long-term property values and neighborhood desirability for families with children.
Rental-only unit masquerading as a sale with devastating structural red flags.
Rental Unit Fraudulently Listed as Sale
Listing description states '1 year lease. Must be rented furnished' - this is clearly a rental property, not a condo for sale. The $192,500 'list price' appears to be fraudulent or an error in the listing system.
Catastrophic Tax Assessment Disconnect
List price of $192,500 versus tax assessed value of only $9,980 creates a 1,929% gap. This extreme disconnect suggests either massive tax assessment errors or listing price manipulation.
Missing Critical System Information
No information provided on heating, cooling, foundation, exterior materials, or flooring condition. For a 120-year-old building, system details are essential for evaluating renovation costs and structural integrity.
Poor School District Performance
Assigned schools score poorly with Greeley Elementary at 5/10 and Lake View High at 3/10. This significantly impacts family appeal and resale value in the neighborhood market.
Comparable Sales Pricing Disconnect
Nearby 2-bedroom units sell for $264K-$401K, making this 1-bedroom at $192K appear either underpriced for legitimate reasons or part of a fraudulent listing scheme.
Extreme tax assessment disconnect and lease-only restrictions create regulatory risk nightmare.
Catastrophic Tax Assessment Gap
Property lists for $192,500 but tax assessed value is only $9,980 - a staggering 1,929% gap. Cook County's triennial reassessment cycle means this property faces massive tax shock when reassessed to market value, potentially quintupling annual taxes from $199 to over $3,800.
Forced Furnished Rental Restriction
The listing states 'Must be rented furnished' which significantly limits the buyer pool and creates regulatory compliance issues. This restriction reduces flexibility for owner-occupants and investment strategies while potentially violating local rental ordinances.
High-Density Zoning Vulnerability
Located in Lake View/Wrigleyville, the area is experiencing ongoing infill development and mixed-use projects. The building's 1906 vintage courtyard style faces encroachment risk from higher-density developments that could block views and increase density pressures.
Event Zone Tax Risk
Proximity to Wrigley Field creates special assessment exposure for infrastructure improvements, crowd control measures, and public safety enhancements. Chicago routinely levies special assessments on properties benefiting from sports district improvements.
Rental-only condo with massive tax-to-list price discrepancy and critical missing system information makes this uninsurable at current terms.
Catastrophic Tax Assessment Gap
Tax assessed value of $9,980 versus $192,500 list price creates a 1,928% discrepancy. This extreme gap suggests either assessment errors, unreported improvements, or significant overpricing that will trigger reassessment shock.
Missing Critical System Information
No information on heating, cooling, electrical, plumbing, or foundation systems for a 120-year-old building. These systems are essential for insurability assessment and coverage decisions in vintage construction.
Rental Restriction Insurance Complications
Must be rented furnished with 1-year lease requirement suggests investor-only property with potential short-term rental restrictions. This limits coverage options and increases liability exposure.
Vintage Construction Risk Factors
1906 construction presents standard concerns including potential knob-and-tube wiring, galvanized plumbing, and asbestos-containing materials. Age alone increases premium factors significantly.
Poor School District Impact
Elementary school rated 5/10 and high school 3/10 suggest declining neighborhood fundamentals that could affect long-term property values and claims frequency patterns.
Historic Chicago building with concerning environmental legacy and severely depressed assessment suggests major underlying issues.
Extreme Assessment-to-List Price Discrepancy
Property assessed at only $9,980 while listing for $192,500 creates a 1,928% gap. This extreme disconnect in a stable neighborhood suggests potential structural, legal, or contamination issues that have suppressed the official valuation.
Pre-1978 Lead Paint Risk
Built in 1906, this property has extremely high probability of lead-based paint throughout. Federal law requires disclosure and proper remediation protocols for any renovation or disturbance of painted surfaces.
Historic Building Asbestos Exposure Risk
Early 1900s construction era presents high likelihood of asbestos in insulation, floor tiles, pipe wrapping, and other building materials. Professional inspection required before any renovation work.
Mandatory Radon Testing Required
Illinois encourages radon testing for all residential transactions. Chicago properties, including condos, can have elevated radon levels that require mitigation systems for safe occupancy.
Urban Air Quality Degradation
Wrigleyville location near major event venue and high-traffic corridors exposes property to elevated particulate matter, noise pollution, and periodic crowd-related environmental impacts during baseball season.
Rental-only condo investment with concerning lease restrictions and underperforming schools in otherwise solid Lake View location.
Forced Furnished Rental Restriction
Property must be rented furnished with 1-year lease requirement, severely limiting tenant pool and complicating property management. This restriction reduces flexibility and may indicate owner-occupancy restrictions or building bylaws that constrain investment returns.
Significantly Below Market Comps
Listed at $192,500 while nearby 2BR condos sold for $264,900-$401,300, and even 1BR units in building recently valued around $230,000-$282,000. Either this unit has serious undisclosed issues or represents exceptional value.
Poor School District Performance
Assigned schools rate poorly with Greeley Elementary at 5/10 and Lake View High at 3/10. This significantly impacts family appeal and long-term property values, limiting buyer pool to investors or childless households.
Excellent Transit and Walkability
Prime Lake View location near Sheridan Red Line with high walkability to Wrigley Field, restaurants, and lakefront. Neighborhood shows stable appreciation patterns and strong rental demand from young professionals.
Massive Assessment Gap
Tax assessed value of $9,980 versus $192,500 list price creates 1,928% ratio, indicating either severely outdated assessment or potential tax reassessment shock upon sale that could dramatically increase carrying costs.