2400 Windsor Mall

Park Ridge, IL 60068

$225,000D

1 bd · 1.0 ba · — sqft · Built 1973 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,044/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$375
• HOA: −$0
• Vac / Maint / Mgmt: −$429
• Net cashflow: $60/mo
• Annual: $717/yr
• Cap rate: 6.61%
• Cash-on-cash: 1.14%
• DSCR: 1.05
• 1% rule: 0.91%
• Cash to close: $63,000

Investor read

• This is a 1-bed/1.0-bath multifamily listed at $225k. Condition is rated poor.
• At list price, monthly cash flow is $60 ($717/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (9.2% below list).
• It's been on market 20 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (9.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#10 in IL, #248 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Maine Township Hsd 207 (suburban): math 34% / reading 39% proficiency, ranked #143 of 620 in IL (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: George Washington Elem School (math 40% / reading 50%, grade D-, #262 of 2,056 statewide, top 13%, 583 students, 0% FRL); Lincoln Middle School (math 43% / reading 56%, grade C, #51 of 665 statewide, top 9%, 757 students, 0% FRL); Maine South High School (math 52% / reading 57%, grade C-, #28 of 693 statewide, top 4%, 2,495 students, 0% FRL).
• Zoned-school proficiency averages 50% at this address vs 36% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Maine Township Hsd 207 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 108 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Cap rate 6.6% vs local median 2.6% in Park Ridge — 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.
• This rent is only 17% of the median local income ($143k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1973 — 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 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen renovation — No photos, but given the poor condition, a full renovation is likely needed.
• Major: Bathroom renovation — No photos, but given the poor condition, a full renovation is likely needed.
• Major: Roof replacement — No photos, but given the poor condition, a full replacement is likely needed.
• Major: Exterior siding repair/replacement — No photos, but given the poor condition, a full repair or replacement is likely needed.
• Major: Flooring replacement — No photos, but given the poor condition, a full replacement is likely needed.
• Major: Interior wall and paint repair — No photos, but given the poor condition, a full repair or replacement is likely needed.