382 Kelburn Rd #221

Deerfield, IL 60015

$295,000C-

1 bd · 1.0 ba · 842 sqft · Built 1996 · Condo · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,254/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$492
• HOA: −$342
• Vac / Maint / Mgmt: −$683
• Net cashflow: $190/mo
• Annual: $2,284/yr
• Cap rate: 7.07%
• Cash-on-cash: 2.77%
• DSCR: 1.12
• 1% rule: 1.10%
• Cash to close: $82,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $295k.
• At list price, monthly cash flow is $190 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $295k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#35 in IL, #705 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities C-, health & safety C-, cost of living F.
• Twp Hsd 113 (suburban): math 60% / reading 63% proficiency, ranked #19 of 620 in IL (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Park Elem School (math 62% / reading 62%, grade B, #53 of 2,056 statewide, top 3%, 441 students, 0% FRL); Charles J Caruso Middle School (math 62% / reading 68%, grade A-, #13 of 665 statewide, top 2%, 445 students, 0% FRL); Deerfield High School (math 67% / reading 69%, grade B, #9 of 693 statewide, top 1%, 1,483 students, 0% FRL).
• Market conditions: 122 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 7.1% vs local median 3.4% in Deerfield — 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.

Questions for listing agent

• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.