12739 S Kenneth Ave Unit L

Alsip, IL 60803

$145,000C-

3 bd · 1.5 ba · 1,200 sqft · Built 1979 · Condo · Contingent - Continue to Show · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,876/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$250
• Vac / Maint / Mgmt: −$394
• Net cashflow: $230/mo
• Annual: $2,757/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.79%
• DSCR: 1.30
• 1% rule: 1.29%
• Cash to close: $40,600

Investor read

• This is a 3-bed/1.5-bath condo listed at $145k. Condition is rated fair.
• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#166 in IL, #3,042 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety C-, crime D+, amenities D+.
• Chsd 218 (suburban): math 14% / reading 20% proficiency, ranked #454 of 620 in IL (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: George Washington Elementary Sch (238 students, 0% FRL); Nathan Hale Middle School (335 students, 0% FRL); A B Shepard High Sch (Campus) (math 16% / reading 25%, grade F, #350 of 693 statewide, top 51%, 1,973 students, 0% FRL).
• Market conditions: 47 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Cap rate 8.2% vs local median 3.5% in Alsip — 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.
• This rent runs 34% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1979 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: paint — paint appears worn and needs a fresh coat
• Major: flooring — wooden floors need updating
• Minor: kitchen cabinets — wooden cabinets are in good condition