20224 S Frankfort Square Rd Unit D · Frankfort Square, IL 60423

$165,000

2 bd · 1.0 ba · 863 sqft · Condo · 22 Days on market

Built 1985 Good condition $165/mo HOA · 9% of rent

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Why this score? — see what drove the C- 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 +20.2/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• DSCR +6.4/10.0
• Schools +4.3/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautifully updated 2-bedroom, 1-bath condominium offering comfort, convenience, and affordability in the heart of Frankfort Square. Freshly painted throughout and featuring brand-new carpet, this move-in-ready home provides a bright and inviting atmosphere from the moment you step inside. The spacious living area offers plenty of room to relax and enjoy your morning coffee or unwinding after a long day. The eat-in kitchen features ample cabinet space and a functional layout designed for everyday living. Both bedrooms are generously sized, providing flexibility for family, guests, or a home office. Enjoy the convenience of same floor laundry and assigned parking. Locate

Key facts

• Eat-in kitchen
• Across from park
• Assigned parking

Tags

• UPDATED CONDOMINIUM
• EAT-IN KITCHEN
• SAME FLOOR LAUNDRY
• ASSIGNED PARKING
• ACROSS FROM PARK
• WALKING AND BIKING TRAILS

Property features AI

Finance

• Other: Building contains 16 units; Living area reported as 863 total finished square feet
• HOA & community: Monthly association fee of $165; Association fee covers parking, insurance, lawn care, trash (scavenger) and snow removal; Association laundry amenity; Manager off-site; Pets allowed (cats and dogs), large pet weight allowed

Exterior

• Parking: Two assigned parking spaces; Asphalt parking lot
• Utilities: Public water; Public sewer
• Home design: Attached single condo; Condo ownership; One-level living (main level rooms listed)
• Construction: Brick construction; Built approximately 41–50 years ago
• Exterior features: Common lot / common area

Interior

• Kitchen: Range; Dishwasher; Refrigerator; Disposal; Eating area / table space
• Bedrooms: Two bedrooms (both on main level); Master bedroom on main level
• Flooring: Carpet in bedrooms; Wood laminate in living room and kitchen
• Bathrooms: One full bathroom
• Heating & cooling: Electric heating; Wall unit(s) for cooling
• Interior features: Four total rooms; School bus service and interstate access nearby
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 5.0% in Frankfort Square — 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 (#354 in IL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety F.
• Lincoln Way Chsd 210 (suburban): math 44% / reading 49% proficiency, ranked #60 of 620 in IL (top 10%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincoln-Way East High School (math 46% / reading 53%, grade D, #44 of 693 statewide, top 7%, 2,749 students, 0% FRL).
• Market conditions: 129 active listings in the ZIP; high-income renter base; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).
• This rent is only 17% of the median local income ($137k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Recommended offer $162,525 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.16% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.40%
• DSCR: 1.24
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.8%
• Equity multiple: 0.71×
• Total profit: $-13,368
• Equity at exit: $24,602

10-year hold

• IRR: 1.8%
• Equity multiple: 1.13×
• Total profit: $5,936
• Equity at exit: $14,266

Cash invested: $46,200 (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 60423

• Active inventory: 129
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,915 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$165
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $208

Break-even live

Break-even rent $1,652

Max offer price $165,000

Occupancy floor 84%

Sensitivity live

Price	-10% $322	-5% $265	+0% $208	+5% $151	+10% $94
Rent	-10% $57	-5% $132	+0% $208	+5% $284	+10% $359
Rate	-1.0pp $291	-0.5pp $250	base $208	+0.5pp $165	+1.0pp $122

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $165 · $1,980/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $165,000 Active 22 DOM
2. 2026-06-18
   price $165,000 Active 19 DOM
3. 2026-06-18
   days on market $180,000 Active 19 DOM
4. 2026-06-17
   days on market $180,000 Active 18 DOM
5. 2026-06-16
   days on market $180,000 Active 17 DOM
6. 2026-06-15
   days on market $180,000 Active 16 DOM
7. 2026-06-13
   days on market $180,000 Active 14 DOM
8. 2026-06-13
   days on market $180,000 Active 13 DOM
9. 2026-06-09
   days on market $180,000 Active 10 DOM
10. 2026-06-08
    days on market $180,000 Active 9 DOM
11. 2026-06-07
    days on market $180,000 Active 8 DOM
12. 2026-06-04
    days on market $180,000 Active 5 DOM
13. 2026-06-03
    days on market $180,000 Active 4 DOM
14. 2026-06-02
    days on market $180,000 Active 3 DOM
15. 2026-06-01
    days on market $180,000 Active 2 DOM
16. 2026-05-31
    remarks 699-char remark
17. 2026-05-31
    listed $180,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,984
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,839
• − Management: −$1,839
• − HOA: −$1,980
• − Depreciation: −$4,800
• Taxable loss: −$16
• Est. tax savings @ 24.0%: +$4
• After-tax cash flow: $2,498/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This move-in-ready 2-bedroom, 1-bath condominium offers a bright and inviting atmosphere with fresh paint and updated appliances. It is in good condition with minor maintenance needed for the air conditioning units.

Value-add opportunities

• Both Painting the exterior and landscaping — Enhances curb appeal and resale value.
• Both Upgrading the kitchen cabinets — Improves functionality and aesthetics.
• Both Upgrading the bathroom fixtures — Enhances functionality and resale value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and landscaping — Enhances curb appeal and resale value. ↑
• Both Upgrading the kitchen cabinets — Improves functionality and aesthetics. ↑
• Both Upgrading the bathroom fixtures — Enhances functionality and resale value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lincoln Way Chsd 210
• NCES district ID: 1723070
• Math proficiency: 44% ▼ -13.00%
• Reading proficiency: 49% ▼ -9.00%
• Median HH income: $86,879
• Composite: 43.4/100
• National rank: #3019
• State rank: #60 of 620 in IL

Livability — Frankfort Square

• Score: 71/100
• State rank: #354
• US rank: #7266

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort Square, IL
• County: Will County · 412,448 people
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 32,836
• Household income: $136,730
• Rent vs Own: 6.0% rent · 94.0% own
• Severe rent burden: 127.0

Population outlook (Will County) Hauer SSP2

• Today (2025): 705,368 people
• By 2030: 708,154 · +0.4%
• By 2040: 702,692 · -0.4%
• By 2050: 680,249 · -3.6%
• By 2075: 611,990 · -13.2%
• By 2100: 516,215 · -26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 9% Black 8% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 15% Iranian 2% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Will

• 2024 margin: Toss-up / Even · D 50.1% · R 48.5% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 13.2pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+8.3 2016: D+5.7 2012: D+3.7 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -127.97%
• Current HPI: 209.0192
• Rent YoY: —
• 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

1 event — show timeline

• 2026-05-30 Listed $180,000 MRED as Distributed by MLS Grid