110 W Butterfield Rd Unit 302S

Elmhurst, IL 60126

$285,000D-

3 bd · 2.0 ba · 1,302 sqft · Built 1970 · Condo · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,370/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$419
• HOA: −$981
• Vac / Maint / Mgmt: −$708
• Net cashflow: $-232/mo
• Annual: $-2,789/yr
• Cap rate: 5.31%
• Cash-on-cash: -3.50%
• DSCR: 0.84
• 1% rule: 1.18%
• Cash to close: $79,800

Investor read

• This is a 3-bed/2.0-bath condo listed at $285k.
• At list price, monthly cash flow is $-232 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (14.4% below list).
• Meets the 1% rule at list price ($3k rent vs $285k).
• It's been on market 18 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $244k (14.4% below list) — sets the bar for cash-flow.
• 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.
• Location reads 87/100 on livability (#11 in IL, #268 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Dupage Hsd 88 (suburban): math 29% / reading 35% proficiency, ranked #212 of 620 in IL (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stella May Swartz Elem School (math 37% / reading 37%, grade F, #457 of 2,056 statewide, top 24%, 150 students, 0% FRL); John E Albright Middle School (math 22% / reading 32%, grade F, #302 of 665 statewide, top 47%, 197 students, 0% FRL); Willowbrook High School (math 34% / reading 41%, grade F, #104 of 693 statewide, top 15%, 1,992 students, 0% FRL).
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents rising fast (+4.0%/yr); 129 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• Current owner paid $232k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.3% vs local median 2.4% in Elmhurst — 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.

Questions for listing agent

• 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?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.