896 Victory Ln Unit 896V

Justice, IL 60458

$48,100B-

3 bd · 2.0 ba · 1,216 sqft · Built 2026 · Manufactured · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,854/mo
• Mortgage (P&I): −$252
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$389
• Net cashflow: $1,132/mo
• Annual: $13,584/yr
• Cap rate: 34.53%
• Cash-on-cash: 100.86%
• DSCR: 5.49
• 1% rule: 3.85%
• Cash to close: $13,468

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $48k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).
• It's been on market 118 days — a 9% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $333 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#268 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A; Watch: schools D, amenities F, health & safety F.
• Argo Chsd 217 (suburban): math 20% / reading 20% proficiency, ranked #423 of 620 in IL (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 43 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 34.5% vs local median 3.4% in Justice — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.