6801 Applegate Dr

Joliet, IL 60586

$454,990F

4 bd · 2.5 ba · 2,356 sqft · Built 2026 · SingleFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,263/mo
• Mortgage (P&I): −$2,386
• Tax + insurance: −$758
• HOA: −$31
• Vac / Maint / Mgmt: −$685
• Net cashflow: $-597/mo
• Annual: $-7,167/yr
• Cap rate: 4.72%
• Cash-on-cash: -5.63%
• DSCR: 0.75
• 1% rule: 0.72%
• Cash to close: $127,397

Investor read

• This is a 4-bed/2.5-bath single-family listed at $455k. Condition is rated good.
• At list price, monthly cash flow is $-597 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $369k (19.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $326k (28.3% below list).
• It's been on market 39 days — a 3% lower offer ($441k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $326k (28.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#153 in IL, #2,772 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A; Watch: amenities C-, health & safety C-.
• Plainfield SD 202 (suburban): math 25% / reading 32% proficiency, ranked #213 of 620 in IL (top 34%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Charles Reed Elementary Sch (math 16% / reading 23%, grade F, #1,054 of 2,056 statewide, top 54%, 593 students, 0% FRL); Aux Sable Middle Sch (math 18% / reading 32%, grade F, #327 of 665 statewide, top 50%, 855 students, 0% FRL); Plainfield South High School (math 21% / reading 25%, grade F, #312 of 693 statewide, top 46%, 2,411 students, 0% FRL) — zoned schools average 0% FRL vs 17% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 195 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 52d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts 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.

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?
• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.