2015 S Finley Rd #302

Lombard, IL 60148

$175,000D

2 bd · 2.0 ba · 1,092 sqft · Built 1975 · Condo · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,344/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$354
• HOA: −$612
• Vac / Maint / Mgmt: −$492
• Net cashflow: $-32/mo
• Annual: $-382/yr
• Cap rate: 6.07%
• Cash-on-cash: -0.78%
• DSCR: 0.97
• 1% rule: 1.34%
• Cash to close: $49,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $175k.
• At list price, monthly cash flow is $-32 ($-382/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (3.2% below list).
• Meets the 1% rule at list price ($2k rent vs $175k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $169k (3.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#314 in IL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: cost of living C-, health & safety D+, amenities F.
• Glenbard Twp Hsd 87 (suburban): math 38% / reading 40% proficiency, ranked #126 of 620 in IL (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Manor Hill Elem School (math 54% / reading 44%, grade D, #182 of 2,056 statewide, top 10%, 244 students, 0% FRL); Glenn Westlake Middle School (math 37% / reading 37%, grade F, #167 of 665 statewide, top 27%, 967 students, 0% FRL); Glenbard East High School (math 30% / reading 31%, grade F, #175 of 693 statewide, top 26%, 2,275 students, 0% FRL).
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents flat; 138 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• 2 sale attempts since 15y ago; this cycle's ask has dropped $25k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; list at $175k implies a 84% gain — meaningful room to come down on a strong offer.
• Cap rate 6.1% vs local median 3.7% in Lombard — 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

• 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?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?
• 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.