1216 S New Wilke Rd #307 · Arlington Heights, IL 60005

$179,900

2 bd · 2.0 ba · 1,155 sqft · Condo public records · 10 Days on market

Built 1971 $477/mo HOA · 22% of rent

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Why this score? — see what drove the D 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 +13.2/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Livability +4.1/5.0
• DSCR +4.0/10.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +1.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 2-bedroom, 2-bathroom condo located in the highly desirable Mallard Cove community! This unit offers a fantastic opportunity for buyers looking to add their personal touch. In need of updates and some tender loving care. This property is perfect for flippers, investors, or owner-occupants with a vision to build equity. Enjoy a functional layout with generous living space and great potential throughout. With the right improvements, this condo can truly shine. Mallard Cove offers wonderful amenities including a swimming pool, exercise room, and tennis courts-providing both convenience and an active lifestyle. Oh, and the golf course within walking distance is very beautiful. Great lo

Key facts

• Exercise room
• Swimming pool
• Tennis courts

Tags

• MALLARD COVE COMMUNITY
• SWIMMING POOL
• EXERCISE ROOM
• TENNIS COURTS
• GOLF COURSE

Property features AI

Finance

• Other: Manager on-site; Some photos are virtually staged; Possession at closing or immediate
• HOA & community: Monthly association fee of $477; Association fee covers heat, water, gas, parking, insurance, clubhouse, exercise facilities, pool, exterior maintenance, lawn care, scavenger, and snow removal; Community amenities include bike room/trails, coin laundry, elevator(s), exercise room, storage, and pool; On-site manager available Monday through Friday; Pets allowed (cats OK)

Exterior

• Parking: 2 parking spaces; Parking provided (features listed as Other)
• Utilities: Public water; Public sewer
• Home design: Attached single condo; Entry level: 3; Located in a multi-unit building (39 units); Estimated living area; Built approximately 51–60 years ago; Located across from a golf course; near commuter and school bus routes
• Construction: Brick construction; Built before 1978
• Exterior features: Balcony; Landscaped grounds; Common lot area

Interior

• Kitchen: Double oven; Dishwasher; Refrigerator
• Bedrooms: Master bedroom on main level with full bath; Second bedroom on main level (12 x 13) with blinds and laminate flooring; Additional bedrooms present
• Flooring: Laminate flooring in living room, dining room, kitchen, master and bedroom; Laminate in living room (16 x 20), kitchen (9 x 8), dining room (9 x 8)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Steam heating; Baseboard heating; Window unit(s) for cooling
• Interior features: Walk-in closet(s); 5 total rooms; Balcony/Porch/Lanai
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-68 ($-820/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (6.7% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $168k (6.7% below list) — sets the bar for cash-flow.
• Cap rate 6.3% vs local median 2.9% in Arlington Heights — 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 82/100 on livability (#60 in IL, #1,055 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: health & safety D+, amenities F, cost of living F.
• Township Hsd 214 (suburban): math 42% / reading 45% proficiency, ranked #103 of 620 in IL (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Willow Bend Elem School (math 35% / reading 37%, grade F, #503 of 2,056 statewide, top 25%, 955 students, 0% FRL); Carl Sandburg Jr High School (math 24% / reading 25%, grade F, #332 of 665 statewide, top 55%, 470 students, 0% FRL); Rolling Meadows High School (math 35% / reading 39%, grade F, #107 of 693 statewide, top 17%, 2,044 students, 0% FRL).
• Market conditions: Rents falling (-5.0%/yr); 77 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 16y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 22% of rent.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,829 (6.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.22% ✓
• Cap rate: 6.28%
• Cash-on-cash: -0.04%
• DSCR: 1.00
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -23.9%
• Equity multiple: 0.21×
• Total profit: $-39,573
• Equity at exit: $26,824

10-year hold

• IRR: -40.3%
• Equity multiple: -0.26×
• Total profit: $-63,444
• Equity at exit: $15,554

Cash invested: $50,372 (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 60005

• Rents YoY: -5.0%
• Active inventory: 77
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,201 high
• Mortgage (P&I): −$943
• Tax from tax record: −$245 /mo · $2,939/yr
• Insurance: −$75
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$477
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $-68

Break-even live

Break-even rent $2,287

Max offer price $167,829

Occupancy floor 98%

Sensitivity live

Price	-10% $34	-5% $-17	+0% $-68	+5% $-119	+10% $-170
Rent	-10% $-242	-5% $-155	+0% $-68	+5% $19	+10% $106
Rate	-1.0pp $22	-0.5pp $-23	base $-68	+0.5pp $-115	+1.0pp $-162

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2402 Birch Ln Rolling Meadows, IL	3.0	1.0	1160	$1,649	$1.42	6d	1	0.31mi
2205 Fulle St Rolling Meadows, IL	3.0	2.0	1340	$2,400	$1.79	26d	1	0.40mi
4730 Calvert Dr Unit C2 Rolling Meadows, IL	2.0	1.0	1200	$2,195	$1.83	26d	1	0.42mi
5300 Carriageway Dr #107 Rolling Meadows, IL	2.0	1.0	1100	$2,175	$1.98	26d	1	0.50mi
2850 Southampton Dr Rolling Meadows, IL	1.0–3.0	1.0–2.0	1212	$2,208	$1.82	0d	33	0.52mi
829 S Dwyer Ave Unit D Arlington Heights, IL	2.0	1.0	1000	$1,800	$1.80	8d	1	0.70mi
2606 Grouse Ln Rolling Meadows, IL	3.0	1.0	1055	$2,600	$2.46	0d	1	0.76mi
1243 S Mitchell Ave Arlington Heights, IL	3.0	2.0	1486	$3,300	$2.22	11d	1	0.93mi
1243 S Mitchell Ave Unit HSE Arlington Heights, IL	3.0	2.0	1486	$3,300	$2.22	2d	1	0.93mi
814 S Evergreen Ave Arlington Heights, IL	3.0	1.5	1281	$3,950	$3.08	11d	1	1.29mi
3609 Bobwhite Ln Rolling Meadows, IL	3.0	1.0	1017	$2,850	$2.80	11d	1	1.31mi
4700 Arbor Dr Rolling Meadows, IL	1.0–3.0	1.0–2.0	1050	$1,938	$1.85	3d	20	1.36mi
3265 Kirchoff Rd #215 Rolling Meadows, IL	2.0	2.0	1000	$2,000	$2.00	19d	1	1.40mi

HOA detail condo

• Monthly dues: $477 · $5,724/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-05-01
   status Pending
2. 2026-04-21
   listed $179,900 Active
3. 2017-07-28
   historical
4. 2017-07-19
   price
5. 2017-07-10
   status Reactivated
6. 2017-06-12
   historical
7. 2017-06-07
   price
8. 2017-05-03
   listed New
9. 2010-07-19
   historical
10. 2010-03-03
    listed New

ⓘ 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: $2,939 · $245/mo
• Projected year-2 tax: $3,511 · $293/mo
• Expected delta: +$572/yr (+$48/mo · 19.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,406
• − Mortgage interest: −$10,077
• − Property taxes: −$2,939
• − Insurance: −$1,697
• − Repairs & maintenance: −$2,113
• − Management: −$2,113
• − HOA: −$5,724
• − Depreciation: −$5,233
• Taxable loss: −$3,489
• Est. tax savings @ 24.0%: +$837
• After-tax cash flow: $17/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: Township Hsd 214
• NCES district ID: 1704170
• Math proficiency: 42% ▼ -10.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $68,267
• Composite: 39.13/100
• National rank: #4035
• State rank: #103 of 620 in IL

Livability — Arlington Heights

• Score: 82/100
• State rank: #60
• US rank: #1055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Arlington Heights, IL
• County: Cook County · 4,486,803 people
• City population: 80,678
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,843
• Household income: $99,743
• Rent vs Own: 35.9% rent · 64.1% own
• Severe rent burden: 818.0

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 White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 15% Two or more races 11% Asian 8% Black 3%
• Hispanic origin (detail): Mexican 6% Puerto Rican 5% Cuban 1%
• Common ancestry: Romanian 13% French 3% Slovak 2%
• Foreign-born: 26% · Canada, South Korea, China
• Languages at home: 64% English-only · Russian/Polish/Slavic 13% Spanish 10% Other Indo-European 6%

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: ▼ -301.88%
• Current HPI: 209.777
• Rent YoY: ▼ -4.96%
• 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

10 events — show timeline

• 2026-05-01 Pending — MRED as Distributed by MLS Grid
• 2026-04-21 Listed $179,900 MRED as Distributed by MLS Grid
• 2017-07-28 Listing Removed — MRED as Distributed by MLS Grid
• 2017-07-19 Price Changed — MRED as Distributed by MLS Grid
• 2017-07-10 Relisted — MRED as Distributed by MLS Grid
• 2017-06-12 Listing Removed — MRED as Distributed by MLS Grid
• 2017-06-07 Price Changed — MRED as Distributed by MLS Grid
• 2017-05-03 Listed — MRED as Distributed by MLS Grid
• 2010-07-19 Listing Removed — MRED as Distributed by MLS Grid
• 2010-03-03 Listed — MRED as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2023): $2,939 · +5.4% YoY. Source: county tax records.