3069 Bernice Rd · Lansing, IL 60438

$725,000

12 bd · 6.0 ba · 6,082 sqft · MultiFamily public records · 98 Days on market

Built 1978

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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 +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

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

Tremendous rehabbed 6 unit in an awesome apartment community! The current owners have fully renovated 15 of 18 units across this building and two others also available for sale individually or as a package (3045 and 3061 Bernice). Boasting $9109 of rental income and a complete tear off new roof this past year along with renovated units to modern standards, this is an unbeatable turnkey investment. Ownership has also installed electric heaters in the units to largely bypass the boilers (still installed but rarely kick on now) to much reduce the expenses. This complex also has a large parking lot with tons of spaces for tenants. This is an investor's dream given the 9%+ cash on cash at asking

Key facts

• Large parking lot
• Built 1978
• Listed 97 days

Tags

• FULLY RENOVATED UNITS
• COMPLETE TEAR OFF NEW ROOF
• INSTALLED ELECTRIC HEATERS
• LARGE PARKING LOT

Property features AI

Finance

• Other: Possession at closing
• Financial info: Total of 6 rental units; Total monthly rental income: $9,109; Individual unit monthly rents listed: $1,400; $1,400; $1,730; $1,715; $1,640; $1,224; Gross rent multiplier: 6.86; Selected annual expenses provided (water/sewer, electric, trash, insurance)

Exterior

• Utilities: Community water; Sewer connected; Electric service with circuit breakers, 0–100 amp service, 120V power
• Home design: Multi-family property (5+ units); Individually owned
• Construction: Built after 1978 (not built before 1978)
• Exterior features: City street frontage; Lot dimensions: 9,256 (unit not specified)

Interior

• Kitchen: Kitchens present in each unit (appliance details not provided)
• Bedrooms: Multiple units: two 2-bedroom units and four 3-bedroom units
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Central building heating (electric and gas); Wall sleeve cooling
• Interior features: Each unit includes full bathroom(s)
• Laundry & utility: No specific in-unit washer/dryer details provided

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.0-bath units multifamily listed at $725k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $311/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $725k).
• Recommended offer: $660k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 5.9% in Lansing — 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 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, health & safety D+, amenities F.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Reavis Elem School (math 8% / reading 12%, grade F, #1,517 of 2,056 statewide, top 78%, 377 students, 0% FRL); Memorial Jr High School (math 9% / reading 20%, grade F, #517 of 665 statewide, top 79%, 860 students, 0% FRL); Thornton Fractnl So High School (math 11% / reading 14%, grade F, #504 of 693 statewide, top 73%, 1,927 students, 0% FRL).
• Market conditions: 136 active listings in the ZIP; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $9,602/mo this rent would consume 152% of the median local household income ($76k/yr) (locally 830% 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 $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $203k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($660k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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 $395k; list at $725k implies a 84% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.

Recommended offer $659,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. 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: 1.32% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.05%
• DSCR: 1.49
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $2,119
• Equity at exit: $108,100

10-year hold

• IRR: 10.0%
• Equity multiple: 1.78×
• Total profit: $157,457
• Equity at exit: $62,685

Cash invested: $203,000 (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 60438

• Active inventory: 136
• Price-to-rent: 37.8×

Monthly cashflow live

• Estimated rent: $9,602 high
• Mortgage (P&I): −$3,802
• Tax from tax record: −$1,613 /mo · $19,353/yr
• Insurance: −$302
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,016
• Net cashflow: $1,869

Break-even live

Break-even rent $7,237

Max offer price $725,000

Occupancy floor 76%

Sensitivity live

Price	-10% $2,279	-5% $2,074	+0% $1,869	+5% $1,664	+10% $1,458
Rent	-10% $1,110	-5% $1,489	+0% $1,869	+5% $2,248	+10% $2,627
Rate	-1.0pp $2,234	-0.5pp $2,053	base $1,869	+0.5pp $1,681	+1.0pp $1,490

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1	$9,600
Total (6 units)			$9,602

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $725,000 Active 98 DOM
2. 2026-06-18
   days on market $725,000 Active 95 DOM
3. 2026-06-17
   days on market $725,000 Active 94 DOM
4. 2026-06-16
   days on market $725,000 Active 93 DOM
5. 2026-06-15
   days on market $725,000 Active 92 DOM
6. 2026-06-13
   days on market $725,000 Active 90 DOM
7. 2026-06-09
   days on market $725,000 Active 86 DOM
8. 2026-06-08
   days on market $725,000 Active 85 DOM
9. 2026-06-07
   days on market $725,000 Active 84 DOM
10. 2026-06-04
    days on market $725,000 Active 81 DOM
11. 2026-06-03
    days on market $725,000 Active 80 DOM
12. 2026-06-02
    days on market $725,000 Active 79 DOM
13. 2026-06-01
    days on market $725,000 Active 78 DOM
14. 2026-05-31
    days on market $725,000 Active 77 DOM
15. 2026-05-06
    price $725,000
16. 2026-03-15
    listed $750,000 Active
17. 2017-09-18
    status Contingent (Do Not Show)
18. 2017-08-29
    price
19. 2017-08-15
    price
20. 2017-07-26
    listed New
21. 2013-09-05
    historical
22. 2013-06-25
    historical Contingent
23. 2013-05-05
    price Price Change
24. 2013-04-13
    price Price Change
25. 2013-04-04
    listed New
26. 2008-07-07
    soldstatus $395,000
27. 2008-03-17
    soldstatus $396,000
28. 2007-07-18
    historical
29. 2006-07-18
    listed
30. 2004-02-19
    soldstatus $692,000

ⓘ 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: $19,353 · $1,613/mo
• Projected year-2 tax: $19,353 · $1,613/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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $115,224
• − Mortgage interest: −$40,611
• − Property taxes: −$19,353
• − Insurance: −$3,625
• − Repairs & maintenance: −$9,218
• − Management: −$9,218
• − Depreciation: −$21,091
• Taxable income: $12,108
• Est. tax owed @ 24.0%: −$2,906
• After-tax cash flow: $19,519/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 Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 of 620 in IL

Livability — Lansing

• Score: 73/100
• State rank: #296
• US rank: #5698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, IL
• County: Cook County · 4,486,803 people
• City population: 28,806
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,806
• Household income: $75,681
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 830.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Black 51% White 25% Hispanic / Latino 18% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 83% English-only · Spanish 12% Vietnamese 1% French/Haitian/Cajun 1%

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: ▼ -151.65%
• Current HPI: 210.3398
• Rent YoY: —
• 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

+4.8% since first listed

16 events — show timeline

• 2026-05-06 Price Changed $725,000 MRED as Distributed by MLS Grid
• 2026-03-15 Listed $750,000 MRED as Distributed by MLS Grid
• 2017-09-18 Pending — MRED as Distributed by MLS Grid
• 2017-08-29 Price Changed — MRED as Distributed by MLS Grid
• 2017-08-15 Price Changed — MRED as Distributed by MLS Grid
• 2017-07-26 Listed — MRED as Distributed by MLS Grid
• 2013-09-05 Listing Removed — MRED as Distributed by MLS Grid
• 2013-06-25 Contingent — MRED as Distributed by MLS Grid
• 2013-05-05 Price Changed — MRED as Distributed by MLS Grid
• 2013-04-13 Price Changed — MRED as Distributed by MLS Grid
• 2013-04-04 Listed — MRED as Distributed by MLS Grid
• 2008-07-07 Sold (Public Records) $395,000 Public Records
• 2008-03-17 Sold (Public Records) $396,000 Public Records
• 2007-07-18 Listing Removed — MRED as Distributed by MLS Grid
• 2006-07-18 Listed — MRED as Distributed by MLS Grid
• 2004-02-19 Sold (Public Records) $692,000 Public Records

Property tax history

+3.6%/yr

Latest (2023): $19,353 · -12.0% YoY. Source: county tax records.