1600 Memorial Dr · Calumet City, IL 60409

$299,000

8 bd · 6.0 ba · — sqft · MultiFamily · 48 Days on market

Built 1974 6,642 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

FOUR UNIT CORNER BUILDING,HUGE APARTMENTS, AND A MASTER BATH IN OWNERS UNIT. BALCONIES PROVIDE EXTRA SUMMER ENJOYMENT. LANDURY ROOM, LARGE THREE CAR GARAGE AND A BEAUTIFUL NEIGHBOROOD TO TOP IT OFF!

Key facts

• On-site laundry room
• Long-term lease
• 6,642 sq ft lot

Tags

• LONG-TERM LEASE
• BALCONIES ON BOTH FLOORS
• BOILER HEATING SYSTEM
• ON-SITE LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $825/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $299k).
• Recommended offer: $290k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 8.2% in Calumet City — 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 (#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; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $4,705/mo this rent would consume 102% 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 $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $84k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 12y 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 $165k; list at $299k implies a 81% gain — meaningful room to come down on a strong offer.

Recommended offer $290,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.57% ✓
• Cap rate: 12.92%
• Cash-on-cash: 23.66%
• DSCR: 2.05
• GRM: 5.3

CMA / ARV

No comps found within radius.

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1616 Memorial Dr	0.03mi	7/4.0 (-1)	—	9mo	$335,000	—	65
83 Oglesby Ave	0.24mi	8/5.0	—	20mo	$378,000	—	56
381 Yates Ave	0.45mi	8/4.0	—	4mo	$244,000	—	55
322 Yates Ave	0.59mi	8/5.0	—	11mo	$130,000	—	47
1900 Pulaski Rd	0.45mi	7/4.5 (-1)	—	11mo	$295,000	—	46
355 Yates Ave	0.52mi	8/4.0	—	17mo	$353,000	—	41
340 Yates Ave	0.55mi	9/4.5 (+1)	—	14mo	$355,000	—	39
290 Yates Ave	0.67mi	8/4.0	—	16mo	$315,000	—	35
458 Madison Ave	0.63mi	8/4.0	—	21mo	$295,000	—	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 20.3%
• Equity multiple: 1.86×
• Total profit: $72,232
• Equity at exit: $44,582

10-year hold

• IRR: 30.6%
• Equity multiple: 4.18×
• Total profit: $266,371
• Equity at exit: $25,852

Cash invested: $83,720 (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: 10.6×

Monthly cashflow live

• Estimated rent: $4,705 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$988
• Net cashflow: $1,651

Break-even live

Break-even rent $2,616

Max offer price $299,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$4,706
Total (2 units)			$4,705

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-04-01
   status Pending
2. 2026-03-31
   status Active
3. 2026-03-31
   price $299,000
4. 2026-03-13
   historical Contingent - Continue to Show
5. 2026-03-10
   price $302,500
6. 2026-02-12
   listed $309,000 Active
7. 2016-11-04
   soldstatus $165,000 Closed Sale 199-char remark

   Show marketing remark (199 chars)

   FOUR UNIT CORNER BUILDING,HUGE APARTMENTS, AND A MASTER BATH IN OWNERS UNIT. BALCONIES PROVIDE EXTRA SUMMER ENJOYMENT. LANDURY ROOM, LARGE THREE CAR GARAGE AND A BEAUTIFUL NEIGHBOROOD TO TOP IT OFF!

8. 2016-06-07
   historical Contingent 199-char remark

   Show marketing remark (199 chars)

   FOUR UNIT CORNER BUILDING,HUGE APARTMENTS, AND A MASTER BATH IN OWNERS UNIT. BALCONIES PROVIDE EXTRA SUMMER ENJOYMENT. LANDURY ROOM, LARGE THREE CAR GARAGE AND A BEAUTIFUL NEIGHBOROOD TO TOP IT OFF!

9. 2016-03-11
   status Reactivated 199-char remark

   Show marketing remark (199 chars)

   FOUR UNIT CORNER BUILDING,HUGE APARTMENTS, AND A MASTER BATH IN OWNERS UNIT. BALCONIES PROVIDE EXTRA SUMMER ENJOYMENT. LANDURY ROOM, LARGE THREE CAR GARAGE AND A BEAUTIFUL NEIGHBOROOD TO TOP IT OFF!

10. 2016-03-07
    historical Contingent 199-char remark

    Show marketing remark (199 chars)

    FOUR UNIT CORNER BUILDING,HUGE APARTMENTS, AND A MASTER BATH IN OWNERS UNIT. BALCONIES PROVIDE EXTRA SUMMER ENJOYMENT. LANDURY ROOM, LARGE THREE CAR GARAGE AND A BEAUTIFUL NEIGHBOROOD TO TOP IT OFF!

11. 2016-02-24
    listed $189,000 New 199-char remark

    Show marketing remark (199 chars)

    FOUR UNIT CORNER BUILDING,HUGE APARTMENTS, AND A MASTER BATH IN OWNERS UNIT. BALCONIES PROVIDE EXTRA SUMMER ENJOYMENT. LANDURY ROOM, LARGE THREE CAR GARAGE AND A BEAUTIFUL NEIGHBOROOD TO TOP IT OFF!

12. 2014-08-26
    historical
13. 2014-05-20
    status Pending
14. 2014-05-19
    status Reactivated
15. 2014-04-16
    status Pending
16. 2014-04-10
    status Active
17. 2014-04-09
    historical
18. 2014-04-09
    status Active
19. 2014-04-09
    historical
20. 2014-03-29
    listed New

ⓘ 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 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: $56,460
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$4,517
• − Management: −$4,517
• − Depreciation: −$8,698
• Taxable income: $16,000
• Est. tax owed @ 24.0%: −$3,840
• After-tax cash flow: $15,968/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

+58.2% since first listed

20 events — show timeline

• 2026-04-01 Pending — MRED as Distributed by MLS Grid
• 2026-03-31 Relisted — MRED as Distributed by MLS Grid
• 2026-03-31 Price Changed $299,000 MRED as Distributed by MLS Grid
• 2026-03-13 Contingent — MRED as Distributed by MLS Grid
• 2026-03-10 Price Changed $302,500 MRED as Distributed by MLS Grid
• 2026-02-12 Listed $309,000 MRED as Distributed by MLS Grid
• 2016-11-04 Sold (MLS) $165,000 MRED as Distributed by MLS Grid
• 2016-06-07 Contingent — MRED as Distributed by MLS Grid
• 2016-03-11 Relisted — MRED as Distributed by MLS Grid
• 2016-03-07 Contingent — MRED as Distributed by MLS Grid
• 2016-02-24 Listed $189,000 MRED as Distributed by MLS Grid
• 2014-08-26 Listing Removed — MRED as Distributed by MLS Grid
• 2014-05-20 Pending — MRED as Distributed by MLS Grid
• 2014-05-19 Relisted — MRED as Distributed by MLS Grid
• 2014-04-16 Pending — MRED as Distributed by MLS Grid
• 2014-04-10 Relisted — MRED as Distributed by MLS Grid
• 2014-04-09 Listing Removed — MRED as Distributed by MLS Grid
• 2014-04-09 Relisted — MRED as Distributed by MLS Grid
• 2014-04-09 Listing Removed — MRED as Distributed by MLS Grid
• 2014-03-29 Listed — MRED as Distributed by MLS Grid