1889 Michigan City Rd Unit 3E · Calumet City, IL 60409

$75,000

2 bd · 1.0 ba · 900 sqft · Condo · 85 Days on market

Built 1979 $386/mo HOA · 24% of rent

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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 +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Lovely 2br/1bth 3rd floor Condo, relax on the balcony and enjoy the scenic views. This unit is move-in or rent-ready; just add your personal touches. It includes off-street parking, laundry-in-building, and is near public transportation.

Key facts

• Balcony
• Laundry-in-building
• Scenic views

Tags

• BALCONY
• SCENIC VIEWS
• OFF-STREET PARKING
• LAUNDRY-IN-BUILDING
• NEAR PUBLIC TRANSPORTATION

Property features AI

Finance

• Other: Six units in the building
• Financial info: Special service area: No
• HOA & community: Monthly association fee of $386 (includes water); Pets allowed (dogs OK) with a max pet weight of 25 lbs

Exterior

• Parking: One parking space total; Unassigned off-street parking (owned)
• Utilities: Water from Lake Michigan; Public sewer
• Home design: Attached single-unit in a low-rise (1–3 stories) building; Entry level: 3; Fee simple ownership with homeowners association
• Construction: Brick exterior; Estimated living area; Building age: 41–50 years; Not rebuilt or rehabilitated
• Exterior features: Lot dimensions listed (33075)

Interior

• Kitchen: Main-level kitchen (approx. 11 x 6)
• Bedrooms: Main-level master bedroom (approx. 15 x 11); Main-level bedroom (approx. 11 x 10); Additional bedrooms present
• Flooring: Carpet in the living room
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Five total rooms; School bus service available
• Laundry & utility: Lower-level laundry room (approx. 9 x 9)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $377 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 8.2% 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-, schools F, crime D-.
• Thornton Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.2%/yr); 198 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 35% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 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 $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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 $19k; list at $75k implies a 295% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $70,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.16% ✓
• Cap rate: 12.33%
• Cash-on-cash: 21.56%
• DSCR: 1.96
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.17% rent growth · sell at horizon

5-year hold

• IRR: 19.4%
• Equity multiple: 1.83×
• Total profit: $17,480
• Equity at exit: $11,183

10-year hold

• IRR: 30.6%
• Equity multiple: 4.36×
• Total profit: $70,621
• Equity at exit: $6,485

Cash invested: $21,000 (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 60409

• Home prices YoY: -27.6%
• Rents YoY: 6.2%
• Active inventory: 198
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,623 high
• Mortgage (P&I): −$393
• Tax from tax record: −$94 /mo · $1,131/yr
• Insurance: −$31
• HOA: −$386
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $377

Break-even live

Break-even rent $1,145

Max offer price $75,000

Occupancy floor 72%

Sensitivity live

Price	-10% $420	-5% $399	+0% $377	+5% $356	+10% $335
Rent	-10% $249	-5% $313	+0% $377	+5% $441	+10% $506
Rate	-1.0pp $415	-0.5pp $396	base $377	+0.5pp $358	+1.0pp $338

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
495 Madison Ave Unit 1D Calumet City, IL	1.0	1.0	595	$1,175	$1.97	14d	1	0.37mi
1450 E 154th Pl Dolton, IL	1.0	1.0	800	$1,250	$1.56	25d	1	0.56mi
405 Clyde Ave Calumet City, IL	3.0	1.0	973	$2,300	$2.36	1d	1	0.56mi
460 Hoxie Ave Unit R Calumet City, IL	2.0	1.0	800	$1,650	$2.06	8d	1	0.73mi
460 Hoxie Ave Unit R Calumet City, IL	2.0	1.0	800	$1,650	$2.06	14d	1	0.73mi
14738 Blackstone Ave Dolton, IL	3.0	1.0	1017	$2,400	$2.36	10d	1	0.82mi
1860 State St Calumet City, IL	3.0	1.0	1100	$1,800	$1.64	18d	1	0.91mi
14610 Blackstone Ave Dolton, IL	3.0	1.0	1017	$2,400	$2.36	6d	1	0.99mi
250 Yates Ave Unit 1616 Dolton 1E Calumet City, IL	2.0	1.0	875	$1,465	$1.67	8d	1	1.00mi
1601 Downs Dr Unit 3S Calumet City, IL	2.0	1.0	750	$1,400	$1.87	25d	1	1.08mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1000	$1,800	$1.80	20d	1	1.10mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1000	$1,800	$1.80	22d	1	1.10mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1100	$1,800	$1.64	12d	1	1.10mi
14507 Torrence Ave Unit 3C Burnham, IL	1.0	1.0	675	$1,150	$1.70	10d	1	1.20mi
14507 Torrence Ave Unit 1C Burnham, IL	1.0	1.0	675	$1,095	$1.62	10d	1	1.20mi
14500 Torrence Ave Unit 1B Burnham, IL	1.0	1.0	675	$1,195	$1.77	25d	1	1.21mi
14501 Torrence Ave Unit 3A Burnham, IL	2.0	1.0	800	$1,250	$1.56	10d	1	1.21mi
14501 S Torrence Ave Chicago, IL	1.0–2.0	1.0	737	$1,250	$1.69	13d	2	1.21mi
14501 Torrence Ave Unit 1B Chicago, IL	1.0	1.0	675	$1,095	$1.62	10d	1	1.22mi
14446 Torrence Ave Unit 2C Burnham, IL	1.0	1.0	700	$1,195	$1.71	25d	1	1.22mi
2790 E State St Apt 2E Burnham, IL	3.0	2.0	1100	$1,695	$1.54	25d	1	1.48mi

HOA detail condo

• Monthly dues: $386 · $4,632/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-18
   days on market $75,000 Active 85 DOM
2. 2026-06-17
   days on market $75,000 Active 84 DOM
3. 2026-06-16
   days on market $75,000 Active 83 DOM
4. 2026-06-15
   days on market $75,000 Active 82 DOM
5. 2026-06-13
   days on market $75,000 Active 80 DOM
6. 2026-06-13
   days on market $75,000 Active 79 DOM
7. 2026-06-09
   days on market $75,000 Active 76 DOM
8. 2026-06-08
   days on market $75,000 Active 75 DOM
9. 2026-06-07
   days on market $75,000 Active 74 DOM
10. 2026-06-04
    days on market $75,000 Active 71 DOM
11. 2026-06-03
    days on market $75,000 Active 70 DOM
12. 2026-06-02
    days on market $75,000 Active 69 DOM
13. 2026-06-01
    days on market $75,000 Active 68 DOM
14. 2026-05-31
    days on market $75,000 Active 67 DOM
15. 2026-05-04
    price $75,000
16. 2026-03-25
    listed $78,000 Active
17. 2013-02-13
    soldstatus $19,000
18. 2012-12-18
    historical
19. 2012-09-17
    listed New
20. 2012-08-28
    historical
21. 2012-05-16
    price Price Change
22. 2012-04-15
    price Price Change
23. 2012-03-09
    status Active
24. 2012-03-09
    historical
25. 2012-02-27
    listed New
26. 2005-02-22
    soldstatus $68,000
27. 1995-05-08
    soldstatus $43,500
28. 1992-11-10
    soldstatus $38,000

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

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $1,131 · $94/mo
• Projected year-2 tax: $1,417 · $118/mo
• Expected delta: +$286/yr (+$24/mo · 25.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,476
• − Mortgage interest: −$4,201
• − Property taxes: −$1,131
• − Insurance: −$375
• − Repairs & maintenance: −$1,558
• − Management: −$1,558
• − HOA: −$4,632
• − Depreciation: −$2,182
• Taxable income: $3,838
• Est. tax owed @ 24.0%: −$921
• After-tax cash flow: $3,606/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 Twp Hsd 205
• NCES district ID: 1738970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 8% ▼ -2.00%
• Median HH income: $43,392
• Composite: 6.92/100
• National rank: #9976
• State rank: #594 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

+97.4% since first listed

14 events — show timeline

• 2026-05-04 Price Changed $75,000 MRED as Distributed by MLS Grid
• 2026-03-25 Listed $78,000 MRED as Distributed by MLS Grid
• 2013-02-13 Sold (Public Records) $19,000 Public Records
• 2012-12-18 Listing Removed — MRED as Distributed by MLS Grid
• 2012-09-17 Listed — MRED as Distributed by MLS Grid
• 2012-08-28 Listing Removed — MRED as Distributed by MLS Grid
• 2012-05-16 Price Changed — MRED as Distributed by MLS Grid
• 2012-04-15 Price Changed — MRED as Distributed by MLS Grid
• 2012-03-09 Relisted — MRED as Distributed by MLS Grid
• 2012-03-09 Listing Removed — MRED as Distributed by MLS Grid
• 2012-02-27 Listed — MRED as Distributed by MLS Grid
• 2005-02-22 Sold (Public Records) $68,000 Public Records
• 1995-05-08 Sold (Public Records) $43,500 Public Records
• 1992-11-10 Sold (Public Records) $38,000 Public Records

Property tax history

-1.3%/yr

Latest (2023): $1,131 · +4164.7% YoY. Source: county tax records.