8 E Railroad St · Sandwich, IL 60548

$925,000

None bd · None ba · 24,000 sqft · Condo · 145 Days on market

Built 1898

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Proudly offered for sale is this 10-unit mixed-use building located in the heart of downtown Sandwich, IL-widely recognized as the home of the Sandwich Fairgrounds and a premier Midwest antique destination. The property features nine second-floor apartments and a substantial first-floor antique retail space. Encompassing approximately 24,000 SF, it stands as the largest building in downtown Sandwich and a cornerstone of the community's history and identity. Numerous updates have been completed, including a new roof (2019), unit and common area renovations (2019-2025), and a heat retrofit (2025), among others. Tenants pay electric and gas including heat, landlord pays water, sewer, garbage, common area electric. Easy to tour. Broker owned. Financials available upon request.

Key facts

• Heat retrofit
• New roof
• 0.71 acre lot

Tags

• SECOND-FLOOR APARTMENTS
• NEW ROOF
• HEAT RETROFIT

What this means for you Summary

Snapshot

• This is a condo listed at $925k.

Deal economics

• At list price, monthly cash flow is $-6k ($-77k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Recommended offer: $814k (12.0% below list) — sets the bar for market timing.
• Cap rate -2.0% vs local median 3.2% in Sandwich — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 80/100 on livability (#101 in IL, #1,612 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: schools C-, amenities F, commute F.
• Sandwich CUSD 430 (suburban): math 25% / reading 32% proficiency, ranked #246 of 620 in IL (top 40%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 70 active listings in the ZIP; 260 units permitted in DeKalb County in 2024 (73 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 145 days — a 12% lower offer ($814k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $75k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $814,000 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.00% ✗
• Cap rate: -2.00%
• Cash-on-cash: -29.62%
• DSCR: -0.32
• GRM: 0.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -87.0%
• Equity multiple: -1.15×
• Total profit: $-557,029
• Equity at exit: $137,921

10-year hold

• IRR: —
• Equity multiple: -2.90×
• Total profit: $-1,009,309
• Equity at exit: $79,977

Cash invested: $259,000 (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 60548

• Home prices YoY: -31.8%
• Active inventory: 70

Monthly cashflow live

• Estimated rent: $0 none
• Mortgage (P&I): −$4,851
• Tax est. 1.5%: −$1,156 /mo · $13,875/yr
• Insurance: −$385
• HOA: −$0
• Vacancy / Maint / Mgmt: −$0
• Net cashflow: $-6,392

Break-even live

Break-even rent $8,092

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-5,753	-5% $-6,073	+0% $-6,392	+5% $-6,712	+10% $-7,032
Rent	-10% $-6,392	-5% $-6,392	+0% $-6,392	+5% $-6,392	+10% $-6,392
Rate	-1.0pp $-5,927	-0.5pp $-6,157	base $-6,392	+0.5pp $-6,632	+1.0pp $-6,876

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: $231,250
• Closing costs: $27,750
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewertrashgaselectriclandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $925,000 Active 145 DOM
2. 2026-06-18
   days on market $925,000 Active 142 DOM
3. 2026-06-17
   days on market $925,000 Active 141 DOM
4. 2026-06-16
   days on market $925,000 Active 140 DOM
5. 2026-06-15
   days on market $925,000 Active 139 DOM
6. 2026-06-13
   days on market $925,000 Active 137 DOM
7. 2026-06-13
   days on market $925,000 Active 136 DOM
8. 2026-06-09
   days on market $925,000 Active 133 DOM
9. 2026-06-08
   days on market $925,000 Active 132 DOM
10. 2026-06-07
    days on market $925,000 Active 131 DOM
11. 2026-06-04
    days on market $925,000 Active 128 DOM
12. 2026-06-03
    days on market $925,000 Active 127 DOM
13. 2026-06-02
    days on market $925,000 Active 126 DOM
14. 2026-06-01
    days on market $925,000 Active 125 DOM
15. 2026-05-31
    days on market $925,000 Active 124 DOM
16. 2026-04-30
    price $925,000 783-char remark

    Show marketing remark (783 chars)

    Proudly offered for sale is this 10-unit mixed-use building located in the heart of downtown Sandwich, IL-widely recognized as the home of the Sandwich Fairgrounds and a premier Midwest antique destination. The property features nine second-floor apartments and a substantial first-floor antique retail space. Encompassing approximately 24,000 SF, it stands as the largest building in downtown Sandwich and a cornerstone of the community's history and identity. Numerous updates have been completed, including a new roof (2019), unit and common area renovations (2019-2025), and a heat retrofit (2025), among others. Tenants pay electric and gas including heat, landlord pays water, sewer, garbage, common area electric. Easy to tour. Broker owned. Financials available upon request.

17. 2026-03-31
    price $950,000 783-char remark

    Show marketing remark (783 chars)

    Proudly offered for sale is this 10-unit mixed-use building located in the heart of downtown Sandwich, IL-widely recognized as the home of the Sandwich Fairgrounds and a premier Midwest antique destination. The property features nine second-floor apartments and a substantial first-floor antique retail space. Encompassing approximately 24,000 SF, it stands as the largest building in downtown Sandwich and a cornerstone of the community's history and identity. Numerous updates have been completed, including a new roof (2019), unit and common area renovations (2019-2025), and a heat retrofit (2025), among others. Tenants pay electric and gas including heat, landlord pays water, sewer, garbage, common area electric. Easy to tour. Broker owned. Financials available upon request.

18. 2026-03-04
    price $975,000 783-char remark

    Show marketing remark (783 chars)

    Proudly offered for sale is this 10-unit mixed-use building located in the heart of downtown Sandwich, IL-widely recognized as the home of the Sandwich Fairgrounds and a premier Midwest antique destination. The property features nine second-floor apartments and a substantial first-floor antique retail space. Encompassing approximately 24,000 SF, it stands as the largest building in downtown Sandwich and a cornerstone of the community's history and identity. Numerous updates have been completed, including a new roof (2019), unit and common area renovations (2019-2025), and a heat retrofit (2025), among others. Tenants pay electric and gas including heat, landlord pays water, sewer, garbage, common area electric. Easy to tour. Broker owned. Financials available upon request.

19. 2026-01-27
    listed $1,000,000 Active 783-char remark

    Show marketing remark (783 chars)

    Proudly offered for sale is this 10-unit mixed-use building located in the heart of downtown Sandwich, IL-widely recognized as the home of the Sandwich Fairgrounds and a premier Midwest antique destination. The property features nine second-floor apartments and a substantial first-floor antique retail space. Encompassing approximately 24,000 SF, it stands as the largest building in downtown Sandwich and a cornerstone of the community's history and identity. Numerous updates have been completed, including a new roof (2019), unit and common area renovations (2019-2025), and a heat retrofit (2025), among others. Tenants pay electric and gas including heat, landlord pays water, sewer, garbage, common area electric. Easy to tour. Broker owned. Financials available upon request.

20. 2023-11-20
    historical $950
21. 2023-11-10
    price $950
22. 2023-10-18
    listed $1,050
23. 2008-02-12
    historical
24. 2007-09-11
    listed

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $0
• − Mortgage interest: −$51,814
• − Property taxes: −$13,875
• − Insurance: −$4,625
• − Repairs & maintenance: −$0
• − Management: −$0
• − Depreciation: −$26,909
• Taxable loss: −$97,223
• Est. tax savings @ 24.0%: +$23,334
• After-tax cash flow: $-53,376/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: Sandwich CUSD 430
• NCES district ID: 1735370
• Math proficiency: 25% ▼ -9.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $65,601
• Composite: 26.43/100
• National rank: #7221
• State rank: #246 of 620 in IL

Livability — Sandwich

• Score: 80/100
• State rank: #101
• US rank: #1612

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sandwich, IL
• City population: 11,233
• Population (ZIP): 11,233

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 104,983 people
• By 2030: 104,428 · -0.5%
• By 2040: 102,199 · -2.7%
• By 2050: 99,303 · -5.4%
• By 2075: 93,978 · -10.5%
• By 2100: 88,527 · -15.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 10% Two or more races 5%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 6% Portuguese 5% Scandinavian 3%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 1%

Political lean MEDSL · DeKalb

• 2024 margin: Toss-up / Even · D 50.1% · R 48.1% · Other 1.7%
• 2008→2024 swing: -14.8pp toward R · 2008: 16.8pp · 2024: 2.0pp
• All cycles: 2024: D+2.0 2020: D+5.7 2016: D+3.0 2012: D+5.5 2008: D+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.66%
• Current HPI: 222.2815
• Rent YoY: —
• Metro: —
• 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

+87995.2% since first listed

9 events — show timeline

• 2026-04-30 Price Changed $925,000 MRED as Distributed by MLS Grid
• 2026-03-31 Price Changed $950,000 MRED as Distributed by MLS Grid
• 2026-03-04 Price Changed $975,000 MRED as Distributed by MLS Grid
• 2026-01-27 Listed $1,000,000 MRED as Distributed by MLS Grid
• 2023-11-20 Rental Removed $950 LEASESTAR
• 2023-11-10 Price Changed $950 LEASESTAR
• 2023-10-18 Listed for Rent $1,050 LEASESTAR
• 2008-02-12 Listing Removed — MRED as Distributed by MLS Grid
• 2007-09-11 Listed — MRED as Distributed by MLS Grid