4 bd · 2.0 ba ·
— sqft ·
Built 1923
· MultiFamily
· Active
· 124 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$2,193/mo
Mortgage (P&I)
−$309
Tax + insurance
−$98
HOA
−$0
Vac / Maint / Mgmt
−$460
Net cashflow
$1,325/mo
Annual
$15,894/yr
Cap rate
33.23%
Cash-on-cash
96.21%
DSCR
5.28
1% rule
3.72%
Cash to close
$16,520
Investor read
This is a 4-bed/2.0-bath multifamily listed at $59k.
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).
It's been on market 124 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
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.
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).
Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
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).
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.
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.
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.
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.
Questions for listing agent
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?
Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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?
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.
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· Data 3 weeks agocashflowre.app · 2026-05-29