312 Luella Ave · Calumet City, IL 60409

$279,900

5 bd · 2.5 ba · 2,528 sqft · MultiFamily public records · 9 Days on market

Built 1971 4,428 sqft lot

---

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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

FANTASTIC OPPORTUNITY TO OWN A ALL BRICK 2 UNIT BUILDING THAT HAS BEEN WELL MAINTAINED-NEW ROOF ON BUILDING AND GARAGE INSTALLED IN 2012-NEWER BOILER SYSTEM IN 2012-1ST UNIT HAS GLEAMING HARDWOOD FLOORS THROUGHOUT THE MAIN LEVEL-NICE SIZE EAT IN KITCHEN-3 SPACIOUS BEDROOMS AND 1.1 BATHS-LOWER LEVEL UNIT HAS LARGE LIVING ROOM WITH EAT IN KITCHEN-NICE SIZE BACKYARD GREAT FOR ENTERTAINING-2.5 CAR DETACHED GARAGE-THIS IS A GREAT BUILDING FOR THE PRICE! SOLD AS IS * Please view village inspection report in additional information section, all village requirements are the responsibility of the buyer. *

Key facts

• Garage built
• New plumbing system
• Roof installed

Tags

• ALL-BRICK BUILDING
• MULTI-GENERATIONAL LIVING
• SEPARATE LIVING SPACES
• NEW PLUMBING SYSTEM
• ROOF INSTALLED
• GARAGE BUILT

Property features AI

Finance

• Other: Holds earnest money; Possession at closing
• Financial info: Two units in the building
• HOA & community: No special service area

Exterior

• Parking: Detached garage with garage door opener; Owned garage; Driveway and off-street parking; Permit required for some parking; Approximately 2.5 garage spaces and 8.5 total parking spaces
• Utilities: Public water; Public sewer
• Home design: Two-to-four unit multi-unit building; Fee simple ownership; Built 51–60 years ago; Interstate access
• Construction: Brick construction; Asphalt roof; Built before 1978
• Exterior features: Sidewalks and street lights; Paved street; Lot approximately 36 x 123 (less than 0.25 acre); Zoned multi-unit

Interior

• Kitchen: Stove; Refrigerator; Microwave
• Bedrooms: Five total bedrooms; One bedroom in a first-floor unit; Three bedrooms in a second-floor unit
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Steam heating; Baseboard heating; Window air conditioner(s)
• Interior features: Finished full basement; Ceiling fan(s); Window screens; Eight total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $761 ($9k/yr) — positive. Per door: $381/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $280k).

Location & tenants

• Location reads 71/100 on livability (#330 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime D-.
• Thornton Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.2%/yr); 198 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $3,906/mo this rent would consume 85% of the median local household income ($55k/yr) (locally 2415% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $78k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $130k; list at $280k implies a 115% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price.

Recommended offer $279,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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?
8. 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.
9. 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.
10. 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: 1.40% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.65%
• DSCR: 1.52
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.17% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.21×
• Total profit: $16,267
• Equity at exit: $41,734

10-year hold

• IRR: 17.7%
• Equity multiple: 2.71×
• Total profit: $134,090
• Equity at exit: $24,201

Cash invested: $78,372 (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 60409

• Home prices YoY: -27.6%
• Rents YoY: 6.2%
• Active inventory: 198
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $3,906 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$740 /mo · $8,883/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$820
• Net cashflow: $761

Break-even live

Break-even rent $2,943

Max offer price $279,900

Occupancy floor 76%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$3,906
Total (2 units)			$3,906

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14505 Minerva Ave Dolton, IL	4.0	2.0	2100	$2,500	$1.19	24d	1	1.18mi

Listing history 7 events

1. 2026-06-18
   days on market $279,900 Active 9 DOM
2. 2026-06-17
   days on market $279,900 Active 8 DOM
3. 2026-06-16
   days on market $279,900 Active 7 DOM
4. 2026-06-15
   days on market $279,900 Active 6 DOM
5. 2026-06-13
   days on market $279,900 Active 4 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $279,900 Active 3 DOM

ⓘ 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: $8,883 · $740/mo
• Projected year-2 tax: $8,883 · $740/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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,872
• − Mortgage interest: −$15,679
• − Property taxes: −$8,883
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,750
• − Management: −$3,750
• − Depreciation: −$8,143
• Taxable income: $5,269
• Est. tax owed @ 24.0%: −$1,264
• After-tax cash flow: $7,868/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: Thornton Twp Hsd 205
• NCES district ID: 1738970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 8% ▼ -2.00%
• Median HH income: $43,392
• Composite: 6.92/100
• National rank: #9976
• State rank: #594 of 620 in IL

Livability — Calumet City

• Score: 71/100
• State rank: #330
• US rank: #6552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calumet City, IL
• County: Cook County · 4,486,803 people
• City population: 35,100
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 35,100
• Household income: $55,369
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 2415.0

Population outlook (Cook County) Hauer SSP2

• Today (2025): 5,347,519 people
• By 2030: 5,357,703 · +0.2%
• By 2040: 5,324,924 · -0.4%
• By 2050: 5,230,762 · -2.2%
• By 2075: 4,785,735 · -10.5%
• By 2100: 4,188,836 · -21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (74%)
• Race & ethnicity: Black 74% Hispanic / Latino 15% White 7% Two or more races 4%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 83% English-only · Spanish 14%

Political lean MEDSL · Cook

• 2024 margin: Solid D (+42.0) · D 70.4% · R 28.4% · Other 1.2%
• 2008→2024 swing: -11.4pp toward R · 2008: 53.4pp · 2024: 42.0pp
• All cycles: 2024: D+42.0 2020: D+50.3 2016: D+53.0 2012: D+49.4 2008: D+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.01%
• Current HPI: 197.2137
• Rent YoY: ▲ 6.17%
• 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

+123.9% since first listed

15 events — show timeline

• 2026-06-10 Listed $279,900 MRED as Distributed by MLS Grid
• 2026-06-05 Listing Removed — MRED as Distributed by MLS Grid
• 2026-04-09 Listing Removed — MRED as Distributed by MLS Grid
• 2020-12-24 Sold (Public Records) $130,000 Public Records
• 2020-10-23 Sold (MLS) $130,000 MRED as Distributed by MLS Grid
• 2020-10-19 Pending — MRED as Distributed by MLS Grid
• 2020-09-04 Pending — MRED as Distributed by MLS Grid
• 2020-09-01 Listed $125,000 MRED as Distributed by MLS Grid
• 2020-08-27 Pending — MRED as Distributed by MLS Grid
• 2020-08-21 Relisted — MRED as Distributed by MLS Grid
• 2020-08-21 Listing Removed — MRED as Distributed by MLS Grid
• 2020-07-21 Pending — MRED as Distributed by MLS Grid
• 2020-07-13 Relisted — MRED as Distributed by MLS Grid
• 2020-07-06 Pending — MRED as Distributed by MLS Grid
• 2020-07-01 Listed — MRED as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2023): $8,883 · -1.6% YoY. Source: county tax records.