331 E 22nd St · Chicago Heights, IL 60411

$85,000

2 bd · 2.0 ba · 842 sqft · SingleFamily public records · 247 Days on market

Built 1915 8,276 sqft lot Est $116k · 27% under ↓ 25% since listing

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Attention rehabbers and investors, this 3 bedroom - 1.5 bath home that stands in good condition. Just needs updating throughout. This is a 3 bedroom 1.5 bath home with an unfinished basement. Main level features a dining room, kitchen, hald bath and family room with a mudroom at the back entrance. Second floor features 3 bedrooms and a full bathroom. The 2nd floor also has its own back staircase entrance if the property wants to convert to a 2 flat. Newer 100 amp box in basement hot water tank and Furnace in good condition No A/C at all - gas and 220 for dryer hook up. Property being sold "As Is" - Village Inspection report needs to be signed and is the responsibility of the buyer

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 1915

Property features AI

Finance

• Other: Property listed as not rebuilt; indicated as rehabbed; Parcel and additional parcel information on record
• HOA & community: No master association fee required

Exterior

• Parking: Detached garage with 2 garage spaces (2 total parking spaces)
• Utilities: Lake Michigan water source; Public sewer; 200+ amp electric service
• Home design: Detached single-family home; Two stories; Fee simple ownership; Rehab completed in 2006
• Construction: Built over 100 years ago; Aluminum siding; Asphalt roof; Concrete perimeter foundation
• Exterior features: Lot smaller than 0.25 acre; Lot dimensions listed as 8505

Interior

• Kitchen: Range; Refrigerator; Eating area/table space in kitchen
• Bedrooms: Three bedrooms (master and two additional bedrooms on the second floor)
• Flooring: Hardwood flooring in living areas; Vinyl in kitchen and some utility areas; Carpet in bedrooms; Wood laminate in dining room
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Natural gas heating; Forced air system
• Interior features: Six total rooms; Unfinished attic; Unfinished full basement
• Laundry & utility: Laundry room; Gas dryer hookup; Utility room on main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 6.4% in Chicago Heights — 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.

Location & tenants

• Location reads 71/100 on livability (#339 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F, amenities F.
• Bloom Twp Hsd 206 (suburban): math 8% / reading 9% proficiency, ranked #591 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bloom High School (math 7% / reading 8%, grade F, #589 of 693 statewide, top 86%, 1,737 students, 0% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 222 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 247 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $35k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.74% ✓
• Cap rate: 14.50%
• Cash-on-cash: 29.31%
• DSCR: 2.30
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $116,196
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
231 E 21st St	0.27mi	2/1.0	966 (+15%)	6mo	$133,000	$138	54
266 E 23rd St	0.18mi	3/1.0 (+1)	936 (+11%)	17mo	$85,260	$91	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.48% rent growth · sell at horizon

5-year hold

• IRR: 27.7%
• Equity multiple: 2.20×
• Total profit: $28,647
• Equity at exit: $12,674

10-year hold

• IRR: 37.2%
• Equity multiple: 5.05×
• Total profit: $96,399
• Equity at exit: $7,349

Cash invested: $23,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 43 Moderately Tenant-Leaning
• State Illinois: 43 Moderately Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Chicago RTLO is among the strongest tenant ordinances in the Midwest; downstate is more landlord-friendly.

Methodology + full state rankings →

ZIP-level market 60411

• Home prices YoY: -33.9%
• Rents YoY: 6.5%
• Active inventory: 222
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,483 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$109 /mo · $1,304/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $581

Break-even live

Break-even rent $747

Max offer price $85,000

Occupancy floor 56%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 E Main St Unit 2 Chicago Heights, IL	2.0	1.0	1000	$1,550	$1.55	7d	1	0.83mi
63 Hickory St Unit 2 Chicago Heights, IL	3.0	1.0	900	$1,700	$1.89	24d	1	1.14mi
53 W 15th St Apt 2 Chicago Heights, IL	1.0	1.0	700	$900	$1.29	24d	1	1.28mi
83 W 15th St #1 Chicago Heights, IL	3.0	1.0	1050	$1,500	$1.43	3d	1	1.34mi

Listing history 15 events

1. 2026-06-07
   statusdays on market $85,000 Pending 247 DOM
2. 2026-06-04
   days on market $85,000 Active 246 DOM
3. 2026-06-03
   days on market $85,000 Active 245 DOM
4. 2026-06-02
   pricedays on market $85,000 Active 244 DOM
5. 2026-06-01
   days on market $89,900 Active 243 DOM
6. 2026-05-31
   days on market $89,900 Active 242 DOM
7. 2026-03-13
   status Active
8. 2026-03-05
   historical Contingent - Continue to Show
9. 2026-02-04
   status Active
10. 2026-01-28
    historical Contingent - Continue to Show
11. 2025-11-19
    price $89,900
12. 2025-10-12
    price $99,900
13. 2025-10-06
    status Active
14. 2025-10-02
    historical Contingent - Continue to Show
15. 2025-10-01
    listed $119,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $1,304 · $109/mo
• Projected year-2 tax: $1,617 · $135/mo
• Expected delta: +$313/yr (+$26/mo · 24.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,790
• − Mortgage interest: −$4,761
• − Property taxes: −$1,304
• − Insurance: −$425
• − Repairs & maintenance: −$1,423
• − Management: −$1,423
• − Depreciation: −$2,473
• Taxable income: $5,980
• Est. tax owed @ 24.0%: −$1,435
• After-tax cash flow: $5,541/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Bloom Twp Hsd 206
• NCES district ID: 1706420
• Math proficiency: 8% ▼ -3.00%
• Reading proficiency: 9% ▼ -8.00%
• Median HH income: $39,795
• Composite: 7.4/100
• National rank: #9952
• State rank: #591 of 620 in IL

Livability — Chicago Heights

• Score: 71/100
• State rank: #339
• US rank: #6836

Category grades

Amenities F Commute A+ Cost of living A+ Crime F Employment C- Housing A+ Health & safety C+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chicago Heights, IL
• County: Cook County · 4,486,803 people
• City population: 52,175
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 52,175
• Household income: $62,073
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 1714.0

Population outlook (Cook County) Hauer SSP2

• Today (2025): 5,347,519 people
• By 2030: 5,357,703 · +0.2%
• By 2040: 5,324,924 · -0.4%
• By 2050: 5,230,762 · -2.2%
• By 2075: 4,785,735 · -10.5%
• By 2100: 4,188,836 · -21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 49% Hispanic / Latino 26% White 19% Two or more races 11%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 4% Portuguese 1% Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Cook

• 2024 margin: Solid D (+42.0) · D 70.4% · R 28.4% · Other 1.2%
• 2008→2024 swing: -11.4pp toward R · 2008: 53.4pp · 2024: 42.0pp
• All cycles: 2024: D+42.0 2020: D+50.3 2016: D+53.0 2012: D+49.4 2008: D+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.75%
• Current HPI: 212.4058
• Rent YoY: ▲ 6.48%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• State GDP YoY: ▲ 1.59%
• F500 in state: 60

Industry mix (Fortune 500 HQ in IL)

Industry	F500 HQs	Revenue
▸Insurance	4	$201B
▸Consumer Goods	4	$87B
▸Industrial Machinery	3	$64B
▸Healthcare	2	$55B
▸Retail / Pharmacy	1	$148B
▸Agriculture / Food	1	$86B

Price history

-25.0% since first listed

9 events — show timeline

• 2026-03-13 Relisted — MRED as Distributed by MLS Grid
• 2026-03-05 Contingent — MRED as Distributed by MLS Grid
• 2026-02-04 Relisted — MRED as Distributed by MLS Grid
• 2026-01-28 Contingent — MRED as Distributed by MLS Grid
• 2025-11-19 Price Changed $89,900 MRED as Distributed by MLS Grid
• 2025-10-12 Price Changed $99,900 MRED as Distributed by MLS Grid
• 2025-10-06 Relisted — MRED as Distributed by MLS Grid
• 2025-10-02 Contingent — MRED as Distributed by MLS Grid
• 2025-10-01 Listed $119,900 MRED as Distributed by MLS Grid

Property tax history

+0.4%/yr

Latest (2023): $1,304 · +383.9% YoY. Source: county tax records.