1529 Greenleaf St

Evanston, IL 60202

$895,000F

4 bd · 4.0 ba · 5,656 sqft · Built 1927 · Condo · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,893/mo
• Mortgage (P&I): −$4,693
• Tax + insurance: −$1,503
• HOA: −$0
• Vac / Maint / Mgmt: −$818
• Net cashflow: $-3,120/mo
• Annual: $-37,443/yr
• Cap rate: 2.11%
• Cash-on-cash: -14.94%
• DSCR: 0.34
• 1% rule: 0.44%
• Cash to close: $250,600

Investor read

• This is a 4-bed/4.0-bath condo listed at $895k.
• At list price, monthly cash flow is $-3k ($-37k/yr) — negative.
• To cash-flow at today's rent, offer at most $344k (61.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $389k (56.5% below list).
• It's been on market 42 days — a 3% lower offer ($868k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $344k (61.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#26 in IL, #464 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Evanston Twp Hsd 202 (urban): math 47% / reading 52% proficiency, ranked #54 of 620 in IL (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.3%/yr); 72 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Current owner paid $300k; list at $895k implies a 198% gain — meaningful room to come down on a strong offer.
• Cap rate 2.1% vs local median 2.9% in Evanston — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $3,893/mo this rent would consume 47% of the median local household income ($99k/yr) (locally 784% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 42 days. Have you received any prior offers? Is the seller open to a 62% concession, seller financing, or rate buy-down credit?
• Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.