337 N 6th Ave · Kankakee, IL 60901

$74,900

3 bd · 1.0 ba · 1,150 sqft · Other · 75 Days on market

3,125 sqft lot $65/sqft · 6% below area Est $80k · 6% under ↓ 6% 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
• ARV discount +10.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice home for any investors looking for a new projector or a homeowner looking to buy low and sell higher. Either way, this home has the potential to be a great investment. 3 bedrooms and 1 bathroom with a full unfinished basement with more possibilities. Nice sized lot that is mostly fenced in as well.

Key facts

• 3,125 sq ft lot
• 2 parking spots
• Listed 74 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $75k.

Deal economics

• At list price, monthly cash flow is $468 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 5.7% in Kankakee — 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 62/100 on livability (#832 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: crime F, amenities F, employment D-.
• Kankakee SD 111 (urban): math 6% / reading 13% proficiency, ranked #584 of 620 in IL (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: John Kennedy Middle Grade School (math 7% / reading 19%, grade F, #1,362 of 2,056 statewide, top 66%, 543 students, 0% FRL); Kankakee Junior High School (math 4% / reading 15%, grade F, #597 of 665 statewide, top 91%, 560 students, 0% FRL); Kankakee High School (math 6% / reading 10%, grade F, #587 of 693 statewide, top 85%, 1,513 students, 0% FRL) — zoned schools average 0% FRL vs 78% district-wide (78 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.4%/yr); 115 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price.

Recommended offer $70,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 1.88% ✓
• Cap rate: 13.78%
• Cash-on-cash: 26.75%
• DSCR: 2.19
• GRM: 4.4

CMA / ARV

• ARV (median comp): $79,723
• List price: $74,900
• Delta: -6.05%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.38% rent growth · sell at horizon

5-year hold

• IRR: 22.5%
• Equity multiple: 1.94×
• Total profit: $19,719
• Equity at exit: $11,168

10-year hold

• IRR: 31.5%
• Equity multiple: 4.06×
• Total profit: $64,269
• Equity at exit: $6,476

Cash invested: $20,972 (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 60901

• Home prices YoY: -32.5%
• Rents YoY: 4.4%
• Active inventory: 115
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,406 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$219 /mo · $2,634/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $468

Break-even live

Break-even rent $815

Max offer price $74,900

Occupancy floor 62%

Sensitivity live

Price	-10% $510	-5% $489	+0% $468	+5% $446	+10% $425
Rent	-10% $356	-5% $412	+0% $468	+5% $523	+10% $579
Rate	-1.0pp $505	-0.5pp $487	base $468	+0.5pp $448	+1.0pp $428

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
243 S 5th Ave Unit 247 Kankakee, IL	2.0	1.0	1000	$1,150	$1.15	45d	1	0.39mi
1017 N Schuyler Ave Unit 3 Kankakee, IL	2.0	1.0	800	$1,375	$1.72	45d	1	0.72mi

Listing history 20 events

1. 2026-06-22
   days on market $74,900 Active 75 DOM
2. 2026-06-19
   days on market $74,900 Active 72 DOM
3. 2026-06-18
   days on market $74,900 Active 71 DOM
4. 2026-06-17
   days on market $74,900 Active 70 DOM
5. 2026-06-16
   days on market $74,900 Active 69 DOM
6. 2026-06-15
   days on market $74,900 Active 68 DOM
7. 2026-06-14
   days on market $74,900 Active 66 DOM
8. 2026-06-13
   days on market $74,900 Active 65 DOM
9. 2026-06-10
   days on market $74,900 Active 63 DOM
10. 2026-06-09
    days on market $74,900 Active 62 DOM
11. 2026-06-08
    days on market $74,900 Active 61 DOM
12. 2026-06-07
    days on market $74,900 Active 60 DOM
13. 2026-06-03
    days on market $74,900 Active 56 DOM
14. 2026-06-02
    days on market $74,900 Active 55 DOM
15. 2026-06-01
    days on market $74,900 Active 54 DOM
16. 2026-05-31
    days on market $74,900 Active 53 DOM
17. 2026-05-30
    days on market $74,900 Active 52 DOM
18. 2026-05-16
    price $74,900 304-char remark

    Show marketing remark (304 chars)

    Nice home for any investors looking for a new projector or a homeowner looking to buy low and sell higher. Either way, this home has the potential to be a great investment. 3 bedrooms and 1 bathroom with a full unfinished basement with more possibilities. Nice sized lot that is mostly fenced in as well.

19. 2026-05-01
    price $79,400 304-char remark

    Show marketing remark (304 chars)

    Nice home for any investors looking for a new projector or a homeowner looking to buy low and sell higher. Either way, this home has the potential to be a great investment. 3 bedrooms and 1 bathroom with a full unfinished basement with more possibilities. Nice sized lot that is mostly fenced in as well.

20. 2026-04-08
    listed $79,900 Active 304-char remark

    Show marketing remark (304 chars)

    Nice home for any investors looking for a new projector or a homeowner looking to buy low and sell higher. Either way, this home has the potential to be a great investment. 3 bedrooms and 1 bathroom with a full unfinished basement with more possibilities. Nice sized lot that is mostly fenced in as well.

ⓘ 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: $2,634 · $219/mo
• Projected year-2 tax: $2,634 · $219/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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,876
• − Mortgage interest: −$4,196
• − Property taxes: −$2,634
• − Insurance: −$374
• − Repairs & maintenance: −$1,350
• − Management: −$1,350
• − Depreciation: −$2,179
• Taxable income: $4,793
• Est. tax owed @ 24.0%: −$1,150
• After-tax cash flow: $4,460/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: Kankakee SD 111
• NCES district ID: 1720760
• Math proficiency: 6% ▼ -7.00%
• Reading proficiency: 13% ▼ -6.00%
• Median HH income: $37,968
• Composite: 8.03/100
• National rank: #9921
• State rank: #584 of 620 in IL

Livability — Kankakee

• Score: 62/100
• State rank: #832
• US rank: #16432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kankakee, IL
• County: Kankakee County · 61,801 people
• City population: 33,128
• Metro: Kankakee, IL
• Population (ZIP): 33,128
• Household income: $58,309
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1317.0

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 19% Two or more races 7%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.12%
• Current HPI: 190.8755
• Rent YoY: ▲ 4.38%
• Metro: Kankakee, IL
• 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

-6.3% since first listed

3 events — show timeline

• 2026-05-16 Price Changed $74,900 MRED as Distributed by MLS Grid
• 2026-05-01 Price Changed $79,400 MRED as Distributed by MLS Grid
• 2026-04-08 Listed $79,900 MRED as Distributed by MLS Grid

Property tax history

+9.7%/yr

Latest (2024): $2,634 · +3.8% YoY. Source: county tax records.