506 157th St · Calumet City, IL 60409

$59,000

4 bd · 2.0 ba · — sqft · MultiFamily · 124 Days on market

Built 1923 4,551 sqft lot ↓ 9% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

* * * THIS BUILDING MUST BE CONVERTED TO A SINGLE FAMILY PER SOUTH SUBURBAN LAND BANK RULES * * * For sale is a all brick two flat building featuring four total bedrooms, two bathrooms, and a full basement. Needs full rehab and conversion to a single family.

Key facts

• 4,551 sq ft lot
• 2 garage spots
• Built 1923

Property features AI

Finance

• Other: Possession: Negotiable
• Financial info: Insurance expense listed: $576; Special service area: No; Property contains 2 rental units (rents reported at $875 each); Tenants pay electric and gas

Exterior

• Parking: Detached garage with 2 garage spaces (2 total parking spaces)
• Utilities: Water source: Lake Michigan; Public sewer
• Home design: Two- to four-unit property (2 units); Fee simple ownership; Over 100 years old; Built before 1978
• Construction: Brick construction; Tar/gravel roof
• Exterior features: Lot dimensions approximately 37 x 123; Lot smaller than 0.25 acre; Zoned for multi-family

Interior

• Kitchen: Unit 1 includes a refrigerator; Unit 2 has no appliances included
• Bedrooms: 4 bedrooms total; Unit 1 (first floor): 2 bedrooms; Unit 2 (second floor): 2 bedrooms
• Bathrooms: 2 full bathrooms total; Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Natural gas heating; Forced air system
• Interior features: 10 total rooms; Unfinished full basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $59k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Cap rate 33.2% vs local median 8.3% in Calumet City — 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 (#330 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D-, amenities F.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lincoln Elem School (math 7% / reading 14%, grade F, #1,473 of 2,056 statewide, top 72%, 772 students, 0% FRL); Thornton Fractnl No High School (math 6% / reading 10%, grade F, #587 of 693 statewide, top 85%, 1,383 students, 0% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 196 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $2,193/mo this rent would consume 48% of the median local household income ($55k/yr) (locally 2415% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 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 1923 — 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 D 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 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: 3.72% ✓
• Cap rate: 33.23%
• Cash-on-cash: 96.21%
• DSCR: 5.28
• GRM: 2.2

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
804 Mackinaw Ave	0.25mi	4/2.0	—	5mo	$185,000	—	72
735 May St	0.30mi	4/2.0	—	9mo	$230,000	—	66
502 154th Pl	0.30mi	4/4.0	—	4mo	$225,000	—	62
812 Mackinaw Ave	0.25mi	4/2.0	—	18mo	$105,000	—	61
764 May St	0.25mi	4/2.0	—	20mo	$201,000	—	59
611 Hirsch Ave	0.50mi	4/2.0	—	8mo	$40,000	—	57
218 157th St	0.35mi	5/3.0 (+1)	—	9mo	$310,000	—	54
447 154th Pl	0.27mi	4/4.0	—	16mo	$297,900	—	53
300 Waltham St	0.40mi	5/5.0 (+1)	—	2mo	$180,000	—	50
112 Webb St	0.50mi	5/3.0 (+1)	—	8mo	$200,000	—	49
646 Ingraham Ave	0.63mi	5/2.0 (+1)	—	14mo	$255,000	—	42
28-30 Webb St	0.71mi	5/2.0 (+1)	3,576	13mo	$335,000	$94	38

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 · 6.17% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.97×
• Total profit: $82,047
• Equity at exit: $8,797

10-year hold

• IRR: —
• Equity multiple: 13.82×
• Total profit: $211,807
• Equity at exit: $5,101

Cash invested: $16,520 (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 60409

• Home prices YoY: -27.6%
• Rents YoY: 6.2%
• Active inventory: 196
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $2,193 high
• Mortgage (P&I): −$309
• Tax est. 1.5%: −$74 /mo · $885/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $1,325

Break-even live

Break-even rent $516

Max offer price $59,000

Occupancy floor 35%

Sensitivity live

Price	-10% $1,365	-5% $1,345	+0% $1,325	+5% $1,304	+10% $1,284
Rent	-10% $1,151	-5% $1,238	+0% $1,325	+5% $1,411	+10% $1,498
Rate	-1.0pp $1,354	-0.5pp $1,340	base $1,325	+0.5pp $1,309	+1.0pp $1,294

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 157th St Unit 3 Calumet City, IL	3.0	1.0	800	$1,350	$1.69	26d	1	0.51mi
6 Webb St Calumet City, IL	3.0	1.0	—	$2,700	—	0d	1	0.63mi
34 Elizabeth St Calumet City, IL	3.0	1.0	1246	$2,400	$1.93	0d	1	0.66mi
3 Waltham St Hammond, IN	3.0	1.0	1200	$1,095	$0.91	26d	1	0.72mi
23 Mason St Unit 1 Hammond, IN	3.0	1.0	—	$1,950	—	23d	1	0.73mi
1310 Imperial Ave Calumet City, IL	4.0	1.5	—	$2,175	—	0d	1	0.98mi
1335 Mackinaw Ave Calumet City, IL	3.0	1.0	—	$2,500	—	21d	1	0.98mi
671 Saginaw Ave Calumet City, IL	3.0	2.0	1250	$2,276	$1.82	11d	1	1.10mi
617 Kane St Hammond, IN	4.0	2.0	2146	$2,300	$1.07	0d	1	1.35mi

Listing history 5 events

1. 2026-05-31
   days on market $59,000 Active 124 DOM
2. 2026-04-02
   status Active
3. 2026-03-31
   historical
4. 2026-03-05
   price $59,000
5. 2026-01-25
   listed $65,000 Active

ⓘ 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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,313
• − Mortgage interest: −$3,305
• − Property taxes: −$885
• − Insurance: −$295
• − Repairs & maintenance: −$2,105
• − Management: −$2,105
• − Depreciation: −$1,716
• Taxable income: $15,901
• Est. tax owed @ 24.0%: −$3,816
• After-tax cash flow: $12,078/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: Thornton Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 of 620 in IL

Livability — Calumet City

• Score: 71/100
• State rank: #330
• US rank: #6552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calumet City, IL
• County: Cook County · 4,486,803 people
• City population: 35,100
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 35,100
• Household income: $55,369
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 2415.0

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: Predominantly Black (74%)
• Race & ethnicity: Black 74% Hispanic / Latino 15% White 7% Two or more races 4%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 83% English-only · Spanish 14%

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: ▼ -75.01%
• Current HPI: 197.2137
• Rent YoY: ▲ 6.17%
• 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

-9.2% since first listed

4 events — show timeline

• 2026-04-02 Relisted — MRED as Distributed by MLS Grid
• 2026-03-31 Listing Removed — MRED as Distributed by MLS Grid
• 2026-03-05 Price Changed $59,000 MRED as Distributed by MLS Grid
• 2026-01-25 Listed $65,000 MRED as Distributed by MLS Grid