903 Notre Dame Dr

Matteson, IL 60443

$245,000F

3 bd · 1.0 ba · 978 sqft · Built 1979 · SingleFamily · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,625/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$575
• HOA: −$0
• Vac / Maint / Mgmt: −$341
• Net cashflow: $-576/mo
• Annual: $-6,910/yr
• Cap rate: 3.47%
• Cash-on-cash: -10.07%
• DSCR: 0.55
• 1% rule: 0.66%
• Cash to close: $68,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $245k.
• At list price, monthly cash flow is $-576 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (41.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (33.7% below list).
• It's been on market 31 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (41.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#525 in IL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: schools D+, amenities F, commute F.
• Rich Twp Hsd 227 (suburban): math 5% / reading 12% proficiency, ranked #577 of 620 in IL (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 70 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 3 sale attempts since 13y 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 $156k; list at $245k implies a 57% gain — meaningful room to come down on a strong offer.
• Cap rate 3.5% vs local median 6.1% in Matteson — 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 31 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.