907 Curtiss St #101

Downers Grove, IL 60515

$325,000F

2 bd · 2.0 ba · 1,128 sqft · Built 1974 · Condo · Pending · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,726/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$491
• HOA: −$453
• Vac / Maint / Mgmt: −$572
• Net cashflow: $-495/mo
• Annual: $-5,935/yr
• Cap rate: 4.47%
• Cash-on-cash: -6.52%
• DSCR: 0.71
• 1% rule: 0.84%
• Cash to close: $91,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $325k.
• At list price, monthly cash flow is $-495 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $318k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (16.1% below list).
• It's been on market 22 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $273k (16.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#24 in IL, #452 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Chsd 99 (suburban): math 46% / reading 46% proficiency, ranked #66 of 620 in IL (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Whittier Elem School (307 students, 0% FRL); Herrick Middle School (math 24% / reading 24%, grade F, #332 of 665 statewide, top 55%, 666 students, 0% FRL); Comm H S Dist 99 - North H S (math 53% / reading 52%, grade C-, #34 of 693 statewide, top 5%, 2,138 students, 0% FRL).
• Market conditions: Rents rising fast (+7.6%/yr); 74 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• 2 sale attempts since 11y 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 $170k; list at $325k implies a 91% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.5% vs local median 3.0% in Downers Grove — 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.

Questions for listing agent

• 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?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?