1551 N 43rd Ave

Stone Park, IL 60165

$379,999D+

6 bd · 3.0 ba · 2,450 sqft · Built 1961 · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,787/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$1,642
• HOA: −$0
• Vac / Maint / Mgmt: −$795
• Net cashflow: $-643/mo
• Annual: $-7,712/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.06%
• DSCR: 0.91
• 1% rule: 1.00%
• Cash to close: $106,400

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $380k.
• At list price, monthly cash flow is $-643 ($-8k/yr) — negative. Per door: $-321/mo.
• To cash-flow at today's rent, offer at most $266k (29.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $379k (0.3% below list).
• It's been on market 29 days — a 2% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $266k (29.9% below list) — sets the bar for cash-flow.
• In year one you build about $28k of equity ($3k loan paydown + $25k appreciation (6.7% local appreciation)).
• Location reads 82/100 on livability (#68 in IL, #1,121 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities D+, health & safety D+.
• Proviso Twp Hsd 209 (suburban): math 12% / reading 17% proficiency, ranked #507 of 620 in IL (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Whittier Primary School (353 students, 0% FRL); Northlake Middle School (math 15% / reading 19%, grade F, #460 of 665 statewide, top 72%, 379 students, 0% FRL); Proviso West High School (math 6% / reading 11%, grade F, #584 of 693 statewide, top 85%, 1,868 students, 0% FRL).
• Watch-outs: property tax is 3.2% of price; flood insurance adds $460/mo.
• Market conditions: 7 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 9 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $129k; list at $380k implies a 195% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?