28 156th St · Calumet City, IL 60409

$44,900

3 bd · 1.0 ba · 1,217 sqft · SingleFamily public records · 193 Days on market

Built 1899 6,202 sqft lot ↓ 30% since listing

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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 +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This 3 bedroom, 1 bathroom, charming Bungalow home, sits on a 50 ft-wide lot, with a 2.5 car garage and 2nd out-building off the private alley perfect for a workshop/work-out room/man-cave. Historic main level ready to be brought back to life! 2nd level offers a huge master bedroom with closets and additional storage throughout the attic bedroom. Unfinished basement for double to potential finished living space. This home is being sold as-is by the SOUTH SUBURBAN LAND BANK AND DEVELOPMENT AUTHORITY.

Key facts

• 6,202 sq ft lot
• 2 garage spots
• Built 1899

Property features AI

Finance

• Other: Property is not currently leased; Possession at closing
• HOA & community: No master association fee required

Exterior

• Parking: Detached garage; Garage owned; 2 garage spaces (2 total parking spaces)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; Two-story property; Fee simple ownership; Estimated living area
• Construction: Built over 100 years ago; Aluminum siding, vinyl siding and brick construction
• Exterior features: Lot less than 1/4 acre; Lot dimensions listed as 6200

Interior

• Kitchen: Kitchen on main level (vinyl flooring); Kitchen has a fireplace
• Bedrooms: 3 bedrooms total; Master bedroom located on the second floor (carpet); Two main-level bedrooms (10 x 11 hardwood; 8 x 10 vinyl)
• Flooring: Hardwood main flooring; Carpet in master bedroom; Vinyl in one bedroom and kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Forced air system
• Interior features: First-floor bedroom; First-floor full bathroom; Built-in features; Unfinished full basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $897 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.3% 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 Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — 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; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 36% 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 $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.68% ✓
• Cap rate: 30.27%
• Cash-on-cash: 85.65%
• DSCR: 4.81
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $165,512
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5259 State Line Ave	0.34mi	3/1.0	1,260 (+4%)	1mo	$77,000	$61	77
303 W 153rd Pl	0.42mi	3/1.0	1,188 (-2%)	1mo	$65,000	$55	75
301 Warren St	0.41mi	3/2.0	1,270 (+4%)	2mo	$211,000	$166	68
423 157th St	0.51mi	4/1.5 (+1)	1,212 (-0%)	1mo	$25,000	$21	67
228 154th Pl	0.30mi	3/2.0	1,120 (-8%)	3mo	$39,900	$36	66
212 Ruth St	0.42mi	3/2.0	1,305 (+7%)	1mo	$216,000	$166	63
7 Highland St	0.57mi	3/2.0	1,163 (-4%)	3mo	$172,500	$148	59
518 156th Pl	0.60mi	3/2.0	1,165 (-4%)	3mo	$167,000	$143	58
211 Waltham St	0.50mi	3/2.0	1,101 (-10%)	1mo	$150,000	$136	56
244 Condit St	0.34mi	3/2.0	1,397 (+15%)	1mo	$293,500	$210	55
503 Webb St	0.61mi	2/1.0 (-1)	1,093 (-10%)	1mo	$20,000	$18	49
525 Forsythe Ave	0.61mi	3/2.0	1,386 (+14%)	2mo	$185,000	$133	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 90.0%
• Equity multiple: 5.41×
• Total profit: $55,397
• Equity at exit: $6,695

10-year hold

• IRR: 93.7%
• Equity multiple: 12.61×
• Total profit: $145,992
• Equity at exit: $3,882

Cash invested: $12,572 (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: 2.3×

Monthly cashflow live

• Estimated rent: $1,653 high
• Mortgage (P&I): −$235
• Tax from tax record: −$154 /mo · $1,849/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $897

Break-even live

Break-even rent $517

Max offer price $44,900

Occupancy floor 41%

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 157th St Unit 3 Calumet City, IL	3.0	1.0	800	$1,350	$1.69	25d	1	0.14mi
3 Ruth St Hammond, IN	2.0	1.0	900	$1,250	$1.39	25d	1	0.36mi
5 Ruth St Unit 2W Hammond, IN	2.0	1.0	900	$1,250	$1.39	13d	1	0.36mi
3 Waltham St Hammond, IN	3.0	1.0	1200	$1,095	$0.91	25d	1	0.41mi
34 Elizabeth St Calumet City, IL	3.0	1.0	1246	$2,400	$1.93	1d	1	0.46mi
323 Memorial Dr Unit 2 Calumet City, IL	2.0	1.0	1000	$1,600	$1.60	25d	1	0.59mi
634 Sibley Blvd Calumet City, IL	1.0–2.0	1.0	710	$1,450	$2.04	5d	2	0.85mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	17d	1	0.98mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	25d	1	0.98mi
1338 Wentworth Ave Unit 1338 Calumet City, IL	2.0	1.0	800	$1,430	$1.79	25d	1	1.13mi
1312 Gordon Ave Calumet City, IL	2.0	1.0	1134	$1,600	$1.41	7d	1	1.15mi
4624 Towle Ave Hammond, IN	4.0	2.0	1500	$2,500	$1.67	1d	1	1.32mi
4624 Towle Ave Hammond, IN	4.0	2.0	1500	$2,500	$1.67	3d	1	1.32mi
1227 Logan St Hammond, IN	2.0	1.0	768	$1,350	$1.76	15d	1	1.46mi
1227 Logan St Hammond, IN	2.0	1.0	768	$1,350	$1.76	10d	1	1.46mi

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $1,849 · $154/mo
• Projected year-2 tax: $1,849 · $154/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 (unshaded) · 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 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: $19,831
• − Mortgage interest: −$2,515
• − Property taxes: −$1,849
• − Insurance: −$224
• − Repairs & maintenance: −$1,586
• − Management: −$1,586
• − Depreciation: −$1,306
• Taxable income: $10,763
• Est. tax owed @ 24.0%: −$2,583
• After-tax cash flow: $8,184/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 Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 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

-29.8% since first listed

7 events — show timeline

• 2026-05-28 Pending — MRED as Distributed by MLS Grid
• 2026-04-25 Contingent — MRED as Distributed by MLS Grid
• 2026-04-24 Listing Removed — MRED as Distributed by MLS Grid
• 2025-10-13 Listed $44,900 MRED as Distributed by MLS Grid
• 2003-11-05 Sold (Public Records) $105,000 Public Records
• 1996-04-30 Sold (Public Records) $64,000 Public Records
• 1993-06-09 Sold (Public Records) $64,000 Public Records

Property tax history

+1.9%/yr

Latest (2023): $1,849 · +19.3% YoY. Source: county tax records.