16530 Winchester Ave · Markham, IL 60428

$199,000

4 bd · 2.0 ba · 2,058 sqft · MultiFamily public records · 11 Days on market

Built 1926 4,800 sqft lot

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Solid brick 2-flat offering a rare opportunity for both investors and owner-occupants. This well-maintained building features spacious units with large room sizes, hardwood floors, abundant natural light, separate entrances, and classic wood trim that showcases the property's timeless character. The first-floor unit offers 2 bedrooms and 1 bathroom, while the second-floor unit features 3 bedrooms and 1 bathroom. Both units provide generously sized living rooms, eat-in kitchens, and functional layouts ideal for comfortable living. A full basement offers additional storage and utility space. Outside, you'll find an extended driveway leading to a detached 2-car garage with additional upper-lev

Key facts

• Solid brick
• Classic wood trim
• Separate entrances

Tags

• SOLID BRICK
• SPACIOUS UNITS
• HARDWOOD FLOORS
• ABUNDANT NATURAL LIGHT
• SEPARATE ENTRANCES
• CLASSIC WOOD TRIM

Property features AI

Finance

• Other: Some photos virtually staged; Possession at closing
• Financial info: Two-unit building; Some rehab work completed (2015)

Exterior

• Parking: Detached garage (garage owned); 2 garage spaces; 6 parking spaces total
• Utilities: Water source: Lake Michigan; Public sewer
• Home design: Two- to four-unit property; Fee simple ownership; Property rehabilitated in 2015
• Construction: Brick construction; Asphalt roof; Built ~41–50 years ago; Property was built before 1978
• Exterior features: 40 x 120 lot dimensions; Lot smaller than 0.25 acre

Interior

• Kitchen: No appliances listed for units
• Bedrooms: 5 bedrooms total; Building contains a 3-bedroom unit and a 2-bedroom unit
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Natural gas forced air heating
• Interior features: 13 total rooms; Unfinished full basement
• Laundry & utility: Tenant pays electricity for units

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $199k).
• Cap rate 16.7% vs local median 10.1% in Markham — 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 76/100 on livability (#186 in IL, #3,539 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D, amenities D, employment 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: 65 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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 $60k; list at $199k implies a 232% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.6% of price; built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,000

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.31% ✓
• Cap rate: 16.74%
• Cash-on-cash: 37.31%
• DSCR: 2.66
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 53.1%
• Equity multiple: 4.93×
• Total profit: $219,109
• Equity at exit: $179,275

10-year hold

• IRR: 46.7%
• Equity multiple: 11.04×
• Total profit: $559,235
• Equity at exit: $386,613

Cash invested: $55,720 (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 60428

• Home prices YoY: 8.5%
• Active inventory: 65
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $4,587 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$765 /mo · $9,177/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$963
• Net cashflow: $1,732

Break-even live

Break-even rent $2,394

Max offer price $199,000

Occupancy floor 57%

Sensitivity live

Price	-10% $2,386	-5% $1,789	+0% $1,732	+5% $1,676	+10% $1,620
Rent	-10% $1,370	-5% $1,551	+0% $1,732	+5% $1,914	+10% $2,095
Rate	-1.0pp $1,833	-0.5pp $1,783	base $1,732	+0.5pp $1,681	+1.0pp $1,628

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,271
1× unit	3	1	$2,316
Total (2 units)			$4,587

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16901 Orchard Ridge Ave Hazel Crest, IL	4.0	2.0	1406	$2,700	$1.92	0d	1	0.64mi
2223 Hawthorne Rd Homewood, IL	3.0	2.0	1552	$2,300	$1.48	25d	1	1.46mi

Listing history 8 events

1. 2026-06-21
   days on market $199,000 Active 11 DOM
2. 2026-06-18
   days on market $199,000 Active 8 DOM
3. 2026-06-17
   days on market $199,000 Active 7 DOM
4. 2026-06-16
   days on market $199,000 Active 6 DOM
5. 2026-06-15
   days on market $199,000 Active 5 DOM
6. 2026-06-13
   days on market $199,000 Active 3 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $199,000 Active 2 DOM

ⓘ 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: $9,177 · $765/mo
• Projected year-2 tax: $9,177 · $765/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,044
• − Mortgage interest: −$11,147
• − Property taxes: −$9,177
• − Insurance: −$995
• − Repairs & maintenance: −$4,404
• − Management: −$4,404
• − Depreciation: −$5,789
• Taxable income: $19,129
• Est. tax owed @ 24.0%: −$4,591
• After-tax cash flow: $16,199/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 — Markham

• Score: 76/100
• State rank: #186
• US rank: #3539

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Markham, IL
• City population: 10,980
• Population (ZIP): 10,980

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 (69%)
• Race & ethnicity: Black 69% Hispanic / Latino 17% White 11% Two or more races 4%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Romanian 1% Lithuanian 1% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 86% 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: ▲ 23.63%
• Current HPI: 302.333
• 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

+221.0% since first listed

6 events — show timeline

• 2026-06-10 Listed $199,000 MRED as Distributed by MLS Grid
• 2020-01-15 Listing Removed — MRED as Distributed by MLS Grid
• 2019-10-15 Listed — MRED as Distributed by MLS Grid
• 2017-04-18 Sold (Public Records) $60,000 Public Records
• 2004-06-09 Sold (Public Records) $65,000 Public Records
• 1988-09-26 Sold (Public Records) $62,000 Public Records

Property tax history

+9.6%/yr

Latest (2023): $9,177 · +12.6% YoY. Source: county tax records.