14631 S Lamon Ave

Midlothian, IL 60445

$750,000C+

12 bd · 6.0 ba · 5,912 sqft · Built 1972 · MultiFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,019/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$1,777
• HOA: −$0
• Vac / Maint / Mgmt: −$2,104
• Net cashflow: $2,205/mo
• Annual: $26,459/yr
• Cap rate: 9.82%
• Cash-on-cash: 12.60%
• DSCR: 1.56
• 1% rule: 1.34%
• Cash to close: $210,000

Investor read

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $750k.
• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $367/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $750k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#133 in IL, #2,433 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D+, schools F, amenities D-.
• Bremen Chsd 228 (suburban): math 15% / reading 17% proficiency, ranked #468 of 620 in IL (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 45 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Current owner paid $555k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.8% vs local median 4.7% in Midlothian — 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

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.