780 Prairie Rd

Glencoe, IL 60022

$2,950,000F

4 bd · 4.5 ba · 4,545 sqft · Built 2004 · SingleFamily · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,093/mo
• Mortgage (P&I): −$15,470
• Tax + insurance: −$4,629
• HOA: −$0
• Vac / Maint / Mgmt: −$650
• Net cashflow: $-17,656/mo
• Annual: $-211,871/yr
• Cap rate: -0.89%
• Cash-on-cash: -25.65%
• DSCR: -0.14
• 1% rule: 0.10%
• Cash to close: $826,000

Investor read

• This is a 4-bed/4.5-bath single-family listed at $2.95M.
• At list price, monthly cash flow is $-18k ($-212k/yr) — negative.
• To cash-flow at today's rent, offer at most $354k (88.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $309k (89.5% below list).
• It's been on market 33 days — a 3% lower offer ($2.86M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $309k (89.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $20k of loan paydown is wiped out by about $88k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#119 in IL, #2,064 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities D+, cost of living F.
• New Trier Twp Hsd 203 (suburban): math 76% / reading 80% proficiency, ranked #2 of 620 in IL (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: New Trier Township H S Northfield (923 students, 0% FRL).
• Market conditions: 41 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 3 sale attempts 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 $620k; list at $2.95M implies a 376% gain — meaningful room to come down on a strong offer.
• Cap rate -0.9% vs local median 1.6% in Glencoe — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 90% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.