1402 Inverrary Ln #1402 · Buffalo Grove, IL 60015

$259,000

2 bd · 1.0 ba · 1,030 sqft · Condo · 6 Days on market

Built 1977 $304/mo HOA · 13% of rent

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Why this score? — see what drove the D- 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 +9.2/30.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• 1% rule +4.3/10.0
• Livability +3.9/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautiful 2-bedroom, 1-bath upper-level condo located within the Adlai E. Stevenson High School District! Step inside and discover a bright, open-concept floor plan designed for both everyday living and effortless entertaining. The spacious kitchen features rich cabinetry, ample counter space, and a convenient breakfast bar that flows seamlessly into the inviting living area. Unwind in the cozy living room, complete with a charming gas-burning fireplace, or step outside to your private balcony-the perfect spot to enjoy your morning coffee, unwind after a long day, or soak in the fresh air. This move-in-ready home also offers the convenience of an in-unit washer and dryer, pl

Key facts

• Private balcony
• Spacious kitchen
• Breakfast bar

Tags

• OPEN-CONCEPT FLOOR PLAN
• SPACIOUS KITCHEN
• BREAKFAST BAR
• PRIVATE BALCONY
• GAS-BURNING FIREPLACE
• IN-UNIT WASHER AND DRYER

Property features AI

Finance

• Other: Unit is condominium ownership; Not rebuilt or rehabbed
• HOA & community: Monthly association fee of $304; Association covers water, insurance, clubhouse, pool, lawn care, refuse (scavenger) and snow removal; Pets allowed (cats and dogs allowed; maximum pet weight listed as 999)

Exterior

• Parking: Attached garage (garage owned) with asphalt surface — 1 garage space, 1 total parking space
• Utilities: Water source: Lake Michigan; Public sewer
• Home design: Attached single condo; Entry level: 2 (unit accessed on second level); Estimated living area; Built approximately 41–50 years ago; Unit is part of a 3-unit building
• Construction: Aluminum siding, vinyl siding and brick exterior; Asphalt roof; Concrete perimeter foundation; Built before 1978
• Exterior features: Balcony; Common grounds

Interior

• Kitchen: Range; Dishwasher; Refrigerator; Disposal
• Bedrooms: Master bedroom on the second level (16 x 12) with carpet; Second bedroom on the second level (13 x 10) with carpet
• Flooring: Carpet in living room, dining room and bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Five total rooms; Balcony access (exterior feature connected to living space); One fireplace with gas log and gas starter in the living room
• Laundry & utility: In-unit laundry with washer and dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $259k.

Deal economics

• At list price, monthly cash flow is $-196 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (7.3% below list).
• Recommended offer: $231k (11.0% below list) — sets the bar for cash-flow.
• Cap rate 5.4% vs local median 3.3% in Buffalo Grove — 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 77/100 on livability (#163 in IL, #3,025 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities C-, health & safety C-, commute F.
• Adlai E Stevenson Hsd 125 (suburban): math 72% / reading 73% proficiency, ranked #3 of 620 in IL (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Adlai E Stevenson High School (math 72% / reading 73%, grade B+, #7 of 693 statewide, top 1%, 4,489 students, 0% FRL).
• Market conditions: 117 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• This rent is only 16% of the median local income ($183k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 7y 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.

Recommended offer $230,602 (11.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 5.38%
• Cash-on-cash: -3.25%
• DSCR: 0.86
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -21.6%
• Equity multiple: 0.25×
• Total profit: $-54,246
• Equity at exit: $38,618

10-year hold

• IRR: -15.1%
• Equity multiple: 0.14×
• Total profit: $-62,425
• Equity at exit: $22,394

Cash invested: $72,520 (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 60015

• Active inventory: 117
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,402 high
• Mortgage (P&I): −$1,358
• Tax est. 1.5%: −$324 /mo · $3,885/yr
• Insurance: −$108
• HOA: −$304
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $-196

Break-even live

Break-even rent $2,650

Max offer price $230,602

Occupancy floor —

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1326 Inverrary Ln #1326 Deerfield, IL	3.0	1.0	992	$2,100	$2.12	20d	1	0.06mi
1128 Johnson Dr Unit 3521 Buffalo Grove, IL	2.0	2.0	975	$2,150	$2.21	22d	1	0.10mi
1216 Inverrary Ln #1216 Deerfield, IL	2.0	1.0	1100	$2,075	$1.89	24d	1	0.14mi
746 Inverrary Ln Deerfield, IL	2.0	1.5	992	$2,500	$2.52	24d	1	0.41mi
1411 Johnson Dr Unit 1326 Buffalo Grove, IL	1.0	1.0	715	$1,660	$2.32	22d	1	0.53mi
536 Inverrary Ln Deerfield, IL	2.0	1.5	1000	$2,450	$2.45	24d	1	0.54mi
544 Inverrary Ln Deerfield, IL	2.0	1.5	922	$2,650	$2.87	24d	1	0.54mi
272 Le Parc Cir Buffalo Grove, IL	3.0	2.5	1450	$3,200	$2.21	1d	1	0.55mi
614 Le Parc Cir Unit 22-2 Buffalo Grove, IL	2.0	1.0	1239	$2,200	$1.78	24d	1	0.59mi
1225 Deerfield Pkwy Buffalo Grove, IL	1.0–3.0	1.0–2.0	1000	$2,290	$2.29	1d	17	0.62mi
733 Plum Tree Ct Unit C2 Wheeling, IL	2.0	1.0	1100	$2,150	$1.95	1d	1	0.62mi
360 W Inverrary Ln Deerfield, IL	2.0	2.5	1090	$2,600	$2.39	24d	1	0.67mi
341 Redwing Dr Deerfield, IL	2.0	2.5	1386	$2,650	$1.91	4d	1	0.67mi
1182 Northbury Ln Unit D2 Wheeling, IL	2.0	2.0	1200	$2,095	$1.75	1d	1	0.69mi
1180 Northbury Ln Wheeling, IL	3.0	2.0	1305	$2,650	$2.03	1d	1	0.70mi
1106 Wildberry Ct Unit B1 Wheeling, IL	2.0	2.0	1100	$2,350	$2.14	2d	1	0.73mi
1106 Wildberry Ct Unit B1 Wheeling, IL	2.0	2.0	1100	$2,500	$2.27	10d	1	0.73mi
576 Greystone Ln Unit C2 Wheeling, IL	2.0	1.0	1200	$2,400	$2.00	12d	1	0.81mi
1168 Middlebury Ln Unit A1 Wheeling, IL	3.0	2.0	1200	$2,700	$2.25	11d	1	0.83mi
1701 Johnson Dr Buffalo Grove, IL	1.0–2.0	1.0–2.0	795	$2,590	$3.26	2d	38	0.87mi
146 W Inverrary Ln Unit 146 Deerfield, IL	2.0	1.0	992	$2,400	$2.42	24d	1	0.87mi
146 W Inverrary Ln Unit 146 Deerfield, IL	2.0	1.0	992	$2,349	$2.37	7d	1	0.87mi
450 Manda Ln Wheeling, IL	1.0–2.0	1.0–2.0	806	$1,962	$2.43	1d	38	1.01mi
1160 Windbrooke Dr Unit 2 Buffalo Grove, IL	1.0	1.0	800	$1,950	$2.44	24d	1	1.02mi
1160 Windbrooke Dr Buffalo Grove, IL	1.0–2.0	1.0–2.0	891	$2,560	$2.87	3d	12	1.06mi
11 Marquette Pl Buffalo Grove, IL	3.0	2.0	1330	$2,950	$2.22	1d	1	1.08mi
250 McHenry Rd Wheeling, IL	1.0–3.0	1.0–2.0	1185	$3,140	$2.65	1d	33	1.19mi
112 White Branch Ct Buffalo Grove, IL	3.0	2.0	1420	$2,950	$2.08	15d	1	1.24mi
164 White Branch Ct Buffalo Grove, IL	3.0	2.0	1407	$2,850	$2.03	24d	1	1.25mi
164 White Branch Ct Buffalo Grove, IL	3.0	2.0	1407	$2,845	$2.02	7d	1	1.25mi
202 E Fabish Dr Buffalo Grove, IL	3.0	2.0	1407	$3,100	$2.20	4d	1	1.25mi
202 E Fabish Dr Unit 202 Buffalo Grove, IL	3.0	2.0	1440	$3,100	$2.15	15d	1	1.25mi
200 Hudson Ct Wheeling, IL	1.0–2.0	1.0–2.0	954	$2,665	$2.79	1d	11	1.26mi
1249 S Wellington Ct Unit 1249 Buffalo Grove, IL	2.0	2.0	1206	$2,575	$2.14	3d	1	1.31mi
1242 S Wellington Ct Unit 1242 Buffalo Grove, IL	2.0	2.0	1131	$2,400	$2.12	22d	1	1.33mi
444 Parkway Dr Lincolnshire, IL	2.0	1.0–2.0	887	$3,999	$4.51	1d	16	1.36mi
255 N Buffalo Grove Rd Buffalo Grove, IL	2.0	2.0	1150	$1,675	$1.46	24d	1	1.37mi
70 Buffalo Grove Rd Buffalo Grove, IL	1.0–2.0	1.0–2.0	850	$1,950	$2.29	1d	18	1.37mi
143 Lawn Ct Buffalo Grove, IL	2.0	2.0	1131	$2,500	$2.21	24d	1	1.40mi
500 W Dundee Rd Wheeling, IL	2.0	1.0–2.0	1013	$3,142	$3.10	1d	30	1.47mi

HOA detail condo

• Monthly dues: $304 · $3,648/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $259,000 Active 6 DOM
2. 2026-06-17
   days on market $259,000 Active 5 DOM
3. 2026-06-16
   days on market $259,000 Active 4 DOM
4. 2026-06-15
   days on market $259,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $259,000 Active 1 DOM

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

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 ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,825
• − Mortgage interest: −$14,508
• − Property taxes: −$3,885
• − Insurance: −$1,295
• − Repairs & maintenance: −$2,306
• − Management: −$2,306
• − HOA: −$3,648
• − Depreciation: −$7,535
• Taxable loss: −$6,658
• Est. tax savings @ 24.0%: +$1,598
• After-tax cash flow: $-757/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: Adlai E Stevenson Hsd 125
• NCES district ID: 1732580
• Math proficiency: 72% ▼ -4.00%
• Reading proficiency: 73% ▼ -2.00%
• Median HH income: $146,434
• Composite: 70.66/100
• National rank: #253
• State rank: #3 of 620 in IL

Livability — Buffalo Grove

• Score: 77/100
• State rank: #163
• US rank: #3025

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lake County · 591,991 people
• City population: 42,872
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,096
• Household income: $183,125
• Rent vs Own: 15.3% rent · 84.7% own
• Severe rent burden: 450.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 700,217 people
• By 2030: 693,290 · -1.0%
• By 2040: 673,588 · -3.8%
• By 2050: 643,556 · -8.1%
• By 2075: 562,792 · -19.6%
• By 2100: 457,715 · -34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Asian 8% Hispanic / Latino 5% Two or more races 3% Black 1%
• Common ancestry: Romanian 11% Scotch-Irish 10% Italian 4%
• Foreign-born: 14% · China, South Korea, Canada
• Languages at home: 82% English-only · Russian/Polish/Slavic 6% Other Indo-European 3% Spanish 3%

Political lean MEDSL · Lake

• 2024 margin: Strong D (+20.8) · D 59.7% · R 38.9% · Other 1.4%
• 2008→2024 swing: +1.1pp toward D · 2008: 19.6pp · 2024: 20.8pp
• All cycles: 2024: D+20.8 2020: D+24.1 2016: D+20.3 2012: D+8.1 2008: D+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -318.91%
• Current HPI: 184.8993
• Rent YoY: —
• 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

+11672.7% since first listed

21 events — show timeline

• 2026-06-12 Listed $259,000 MRED as Distributed by MLS Grid
• 2025-05-23 Rental Removed $2,200 MRED
• 2025-05-14 Listed for Rent $2,200 MRED
• 2025-04-12 Listing Removed — MRED as Distributed by MLS Grid
• 2025-04-12 Relisted — MRED as Distributed by MLS Grid
• 2025-04-11 Listing Removed — MRED as Distributed by MLS Grid
• 2025-04-10 Relisted — MRED as Distributed by MLS Grid
• 2025-03-26 Listing Removed — MRED as Distributed by MLS Grid
• 2025-03-26 Relisted — MRED as Distributed by MLS Grid
• 2025-03-20 Listing Removed — MRED as Distributed by MLS Grid
• 2025-01-17 Price Changed — MRED as Distributed by MLS Grid
• 2025-01-17 Listing Removed — MRED as Distributed by MLS Grid
• 2025-01-17 Listed — MRED as Distributed by MLS Grid
• 2024-11-18 Price Changed — MRED as Distributed by MLS Grid
• 2024-11-04 Listed — MRED as Distributed by MLS Grid
• 2021-04-26 Listing Removed — MRED as Distributed by MLS Grid
• 2021-02-05 Listed — MRED as Distributed by MLS Grid
• 2020-06-04 Listing Removed — MRED as Distributed by MLS Grid
• 2020-01-30 Listing Removed — MRED as Distributed by MLS Grid
• 2020-01-30 Listed — MRED as Distributed by MLS Grid
• 2019-11-16 Listed — MRED as Distributed by MLS Grid