1504 Pitner Ave · Evanston, IL 60201

$515,000

6 bd · 2.0 ba · 2,536 sqft · MultiFamily public records · 48 Days on market

Built 1925

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Why this score? — see what drove the C- 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 +18.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.1/10.0
• Schools +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• 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 MLS

This Classic Brick Two-Flat sits on an extra-wide and extra deep lot on a beautiful tree-lined street in a great Evanston location. Conveniently situated near shopping, restaurants & other amenities and only a short distance to downtown Evanston, the Old Orchard Mall and expressway, this building provides easy access to everything. Each apartment has very spacious room sizes and great layouts with 2 bedrooms, 1 bath and a den/office adjacent to the 2nd bedroom. Recent improvements include a complete remodel of the back porches including new siding, gutters, and windows, a newer boiler, updates to the heating system plumbing, bathroom remodels, newer appliances, flooring, painting and new blinds. Perfect property for the investor or live-in owner alike. Very nice long-term tenants. Rents are below market value but will be adjusting higher with next lease renewal. All this with a fantastic back yard and parking pad for up to 4 cars.

Key facts

• 4 parking spots
• Built 1925
• Listed 48 days

Property features AI

Finance

• Other: Property holds earnest money; possession at closing is negotiable
• Financial info: Two-unit building; Water and sewer expense listed as $960; Insurance expense listed as $1,300; No special service area

Exterior

• Parking: 4 parking spaces total; Off-alley owned parking
• Utilities: Water source: Lake Michigan; Public sewer; Cable available
• Home design: Two-to-four unit property; Fee simple ownership; Building is over 100 years old; Not a conversion; not rebuilt or recently rehabbed
• Construction: Brick construction
• Exterior features: Lot dimensions approximately 33 ft by 170 ft; Less than 0.25 acre lot; Multi-family zoning; Off-alley parking (owned)

Interior

• Kitchen: Each unit includes a stove and refrigerator
• Bedrooms: 4 bedrooms total; Each unit contains 2 bedrooms (one on the 1st floor and one on the 2nd floor)
• Bathrooms: 2 full bathrooms total; Soaking tub
• Heating & cooling: Natural gas heating
• Interior features: 12 total rooms; Unfinished full basement; Curbs, sidewalks, street lights and paved streets in the neighborhood
• Laundry & utility: Tenant(s) pay electric and gas for each unit

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $515k.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $515k).
• Recommended offer: $500k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.9% in Evanston — 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 85/100 on livability (#26 in IL, #464 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Evanston Twp Hsd 202 (urban): math 47% / reading 52% proficiency, ranked #54 of 620 in IL (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Evanston Twp High School (math 47% / reading 52%, grade D, #44 of 693 statewide, top 7%, 3,691 students, 0% FRL).
• Market conditions: Rents rising fast (+4.9%/yr); 102 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $5,207/mo this rent would consume 69% of the median local household income ($91k/yr) (locally 2996% 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 $4k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($500k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask is 21% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $445k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $499,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.01% ✓
• Cap rate: 7.49%
• Cash-on-cash: 4.26%
• DSCR: 1.19
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.93% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.72×
• Total profit: $-40,412
• Equity at exit: $76,788

10-year hold

• IRR: 4.5%
• Equity multiple: 1.36×
• Total profit: $51,242
• Equity at exit: $44,528

Cash invested: $144,200 (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 60201

• Rents YoY: 4.9%
• Active inventory: 102
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $5,207 high
• Mortgage (P&I): −$2,701
• Tax from tax record: −$686 /mo · $8,231/yr
• Insurance: −$215
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,093
• Net cashflow: $512

Break-even live

Break-even rent $4,558

Max offer price $515,000

Occupancy floor 85%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,206
Total (2 units)			$5,207

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1633 McDaniel Ave Unit 2 Evanston, IL	5.0	2.0	1750	$3,900	$2.23	21d	1	0.21mi
9237 Lincolnwood Dr Evanston, IL	5.0	2.0	2564	$5,995	$2.34	10d	1	0.56mi
1008 Garnett Pl Unit 1A Evanston, IL	5.0	2.0	2000	$4,500	$2.25	5d	1	1.20mi
1008 Garnett Pl Unit 1A Evanston, IL	5.0	2.0	2000	$4,500	$2.25	4d	1	1.20mi

Listing history 29 events

1. 2026-06-18
   days on market $515,000 Active 48 DOM
2. 2026-06-18
   status $515,000 Active 47 DOM
3. 2026-06-17
   days on market $515,000 Temporarily No Showings 47 DOM
4. 2026-06-16
   days on market $515,000 Temporarily No Showings 46 DOM
5. 2026-06-15
   days on market $515,000 Temporarily No Showings 45 DOM
6. 2026-06-13
   days on market $515,000 Temporarily No Showings 43 DOM
7. 2026-06-09
   days on market $515,000 Temporarily No Showings 39 DOM
8. 2026-06-08
   days on market $515,000 Temporarily No Showings 38 DOM
9. 2026-06-07
   days on market $515,000 Temporarily No Showings 37 DOM
10. 2026-06-04
    days on market $515,000 Temporarily No Showings 34 DOM
11. 2026-06-03
    days on market $515,000 Temporarily No Showings 33 DOM
12. 2026-06-02
    statusdays on market $515,000 Temporarily No Showings 32 DOM
13. 2026-06-01
    days on market $515,000 Contingent - No Showings 31 DOM
14. 2026-05-31
    days on market $515,000 Contingent - No Showings 30 DOM
15. 2026-05-11
    historical Contingent - No Showings
16. 2025-01-22
    soldstatus $445,000
17. 2025-01-16
    soldstatus $445,000 Closed 952-char remark

    Show marketing remark (952 chars)

    This Classic Brick Two-Flat sits on an extra-wide and extra deep lot on a beautiful tree-lined street in a great Evanston location. Conveniently situated near shopping, restaurants & other amenities and only a short distance to downtown Evanston, the Old Orchard Mall and expressway, this building provides easy access to everything. Each apartment has very spacious room sizes and great layouts with 2 bedrooms, 1 bath and a den/office adjacent to the 2nd bedroom. Recent improvements include a complete remodel of the back porches including new siding, gutters, and windows, a newer boiler, updates to the heating system plumbing, bathroom remodels, newer appliances, flooring, painting and new blinds. Perfect property for the investor or live-in owner alike. Very nice long-term tenants. Rents are below market value but will be adjusting higher with next lease renewal. All this with a fantastic back yard and parking pad for up to 4 cars.

18. 2024-12-19
    historical Contingent - No Showings 952-char remark

    Show marketing remark (952 chars)

    This Classic Brick Two-Flat sits on an extra-wide and extra deep lot on a beautiful tree-lined street in a great Evanston location. Conveniently situated near shopping, restaurants & other amenities and only a short distance to downtown Evanston, the Old Orchard Mall and expressway, this building provides easy access to everything. Each apartment has very spacious room sizes and great layouts with 2 bedrooms, 1 bath and a den/office adjacent to the 2nd bedroom. Recent improvements include a complete remodel of the back porches including new siding, gutters, and windows, a newer boiler, updates to the heating system plumbing, bathroom remodels, newer appliances, flooring, painting and new blinds. Perfect property for the investor or live-in owner alike. Very nice long-term tenants. Rents are below market value but will be adjusting higher with next lease renewal. All this with a fantastic back yard and parking pad for up to 4 cars.

19. 2024-12-09
    listed $425,000 Active 952-char remark

    Show marketing remark (952 chars)

    This Classic Brick Two-Flat sits on an extra-wide and extra deep lot on a beautiful tree-lined street in a great Evanston location. Conveniently situated near shopping, restaurants & other amenities and only a short distance to downtown Evanston, the Old Orchard Mall and expressway, this building provides easy access to everything. Each apartment has very spacious room sizes and great layouts with 2 bedrooms, 1 bath and a den/office adjacent to the 2nd bedroom. Recent improvements include a complete remodel of the back porches including new siding, gutters, and windows, a newer boiler, updates to the heating system plumbing, bathroom remodels, newer appliances, flooring, painting and new blinds. Perfect property for the investor or live-in owner alike. Very nice long-term tenants. Rents are below market value but will be adjusting higher with next lease renewal. All this with a fantastic back yard and parking pad for up to 4 cars.

20. 2019-11-27
    soldstatus $270,000
21. 2019-11-22
    soldstatus $270,000 Closed Sale 494-char remark

    Show marketing remark (494 chars)

    New on market, red brick 2-flat building, with a nice size lot. Each unit has a spacious living room with a separate dining room. The addition allows for more space. The third room is tandem to the second bedroom. The building has two large kitchens and enclosed back staircase. New furnace. Plenty of room to build a garage. Located across the street from Evanston Township High School. Great for an investor or live in owner. Close to shopping and transportation. Sold 'AS IS'. Show and sell!

22. 2019-10-07
    historical Contingent 494-char remark

    Show marketing remark (494 chars)

    New on market, red brick 2-flat building, with a nice size lot. Each unit has a spacious living room with a separate dining room. The addition allows for more space. The third room is tandem to the second bedroom. The building has two large kitchens and enclosed back staircase. New furnace. Plenty of room to build a garage. Located across the street from Evanston Township High School. Great for an investor or live in owner. Close to shopping and transportation. Sold 'AS IS'. Show and sell!

23. 2019-09-18
    status Reactivated 494-char remark

    Show marketing remark (494 chars)

    New on market, red brick 2-flat building, with a nice size lot. Each unit has a spacious living room with a separate dining room. The addition allows for more space. The third room is tandem to the second bedroom. The building has two large kitchens and enclosed back staircase. New furnace. Plenty of room to build a garage. Located across the street from Evanston Township High School. Great for an investor or live in owner. Close to shopping and transportation. Sold 'AS IS'. Show and sell!

24. 2019-09-18
    status Contingent 494-char remark

    Show marketing remark (494 chars)

    New on market, red brick 2-flat building, with a nice size lot. Each unit has a spacious living room with a separate dining room. The addition allows for more space. The third room is tandem to the second bedroom. The building has two large kitchens and enclosed back staircase. New furnace. Plenty of room to build a garage. Located across the street from Evanston Township High School. Great for an investor or live in owner. Close to shopping and transportation. Sold 'AS IS'. Show and sell!

25. 2019-09-08
    historical Contingent 494-char remark

    Show marketing remark (494 chars)

    New on market, red brick 2-flat building, with a nice size lot. Each unit has a spacious living room with a separate dining room. The addition allows for more space. The third room is tandem to the second bedroom. The building has two large kitchens and enclosed back staircase. New furnace. Plenty of room to build a garage. Located across the street from Evanston Township High School. Great for an investor or live in owner. Close to shopping and transportation. Sold 'AS IS'. Show and sell!

26. 2019-09-07
    historical 494-char remark

    Show marketing remark (494 chars)

    New on market, red brick 2-flat building, with a nice size lot. Each unit has a spacious living room with a separate dining room. The addition allows for more space. The third room is tandem to the second bedroom. The building has two large kitchens and enclosed back staircase. New furnace. Plenty of room to build a garage. Located across the street from Evanston Township High School. Great for an investor or live in owner. Close to shopping and transportation. Sold 'AS IS'. Show and sell!

27. 2019-08-07
    listed $300,000 New 494-char remark

    Show marketing remark (494 chars)

    New on market, red brick 2-flat building, with a nice size lot. Each unit has a spacious living room with a separate dining room. The addition allows for more space. The third room is tandem to the second bedroom. The building has two large kitchens and enclosed back staircase. New furnace. Plenty of room to build a garage. Located across the street from Evanston Township High School. Great for an investor or live in owner. Close to shopping and transportation. Sold 'AS IS'. Show and sell!

28. 1991-10-18
    soldstatus $142,000
29. 1980-03-17
    soldstatus $65,000

ⓘ 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: $8,231 · $686/mo
• Projected year-2 tax: $9,961 · $830/mo
• Expected delta: +$1,730/yr (+$144/mo · 21.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,484
• − Mortgage interest: −$28,848
• − Property taxes: −$8,231
• − Insurance: −$2,575
• − Repairs & maintenance: −$4,999
• − Management: −$4,999
• − Depreciation: −$14,982
• Taxable loss: −$2,149
• Est. tax savings @ 24.0%: +$516
• After-tax cash flow: $6,664/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: Evanston Twp Hsd 202
• NCES district ID: 1714490
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $72,672
• Composite: 44.52/100
• National rank: #2794
• State rank: #54 of 620 in IL

Livability — Evanston

• Score: 85/100
• State rank: #26
• US rank: #464

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Evanston, IL
• County: Cook County · 4,486,803 people
• City population: 76,085
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 43,744
• Household income: $90,545
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 2996.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 62% Black 12% Two or more races 11% Hispanic / Latino 11% Asian 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 5% Scotch-Irish 3% Italian 2%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 5% Chinese 4% Other Indo-European 3%

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: ▼ -298.75%
• Current HPI: 176.2844
• Rent YoY: ▲ 4.93%
• 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

+584.6% since first listed

15 events — show timeline

• 2026-05-11 Contingent — MRED as Distributed by MLS Grid
• 2025-01-22 Sold (Public Records) $445,000 Public Records
• 2025-01-16 Sold (MLS) $445,000 MRED as Distributed by MLS Grid
• 2024-12-19 Contingent — MRED as Distributed by MLS Grid
• 2024-12-09 Listed $425,000 MRED as Distributed by MLS Grid
• 2019-11-27 Sold (Public Records) $270,000 Public Records
• 2019-11-22 Sold (MLS) $270,000 MRED as Distributed by MLS Grid
• 2019-10-07 Contingent — MRED as Distributed by MLS Grid
• 2019-09-18 Relisted — MRED as Distributed by MLS Grid
• 2019-09-18 Relisted — MRED as Distributed by MLS Grid
• 2019-09-08 Contingent — MRED as Distributed by MLS Grid
• 2019-09-07 Listing Removed — MRED as Distributed by MLS Grid
• 2019-08-07 Listed $300,000 MRED as Distributed by MLS Grid
• 1991-10-18 Sold (Public Records) $142,000 Public Records
• 1980-03-17 Sold (Public Records) $65,000 Public Records

Property tax history

+1.6%/yr

Latest (2023): $8,231 · +4.2% YoY. Source: county tax records.