3360 184th St Unit 1E · Homewood, IL 60430

$113,000

2 bd · 2.0 ba · 900 sqft · Condo · 12 Days on market

Built 1984 Good condition $304/mo HOA · 14% of rent ↓ 20% since listing

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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
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Rentable (yes you can rent!) 2 bedroom 2 bath condo. New flooring and paint, nice fireplace. 1st floor, no steps !!! Detached 1 car garage. Homewood-Flossmoor school district. Taxes around $1800 a year. In unit washer and dryer !!! Regular closing no short sale or foreclosure

Key facts

• New flooring
• Nice fireplace
• Detached garage

Tags

• NEW FLOORING
• NICE FIREPLACE
• DETACHED GARAGE
• IN UNIT WASHER AND DRYER

Property features AI

Finance

• Other: Property not currently leased; Possession at closing; Some photos are virtually staged
• Financial info: Special service area: No
• HOA & community: Monthly association fee of $304; Association fee covers water, parking, insurance, lawn care, trash (scavenger), and snow removal; Manager off-site; Pets allowed (cats and dogs), maximum pet weight 20 lbs

Exterior

• Parking: Detached, owned garage (1 garage space, 1 total parking space)
• Utilities: Public water; Public sewer
• Home design: Attached single / condo; Entry level: 1; Part of a 6-unit building; Rehab planned/completed in 2026; Building constructed approximately 41–50 years ago
• Construction: Brick construction
• Exterior features: Condo setting; Commuter train access nearby; Condo parcel (zero lot line: no)

Interior

• Kitchen: Kitchen on main level (8 x 14) with terracotta flooring
• Bedrooms: Master bedroom on main level (12 x 12) with full bath; Second bedroom on main level (12 x 14)
• Flooring: Hardwood flooring in living room, dining room, master bedroom, and second bedroom; Terracotta flooring in kitchen
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heating; Window and wall air conditioning units
• Interior features: Five total rooms; Basement cellar; Wood-burning fireplace in the living room
• Laundry & utility: In-unit laundry (laundry room on main level, 3 x 3)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $113k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $620 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $113k).
• Cap rate 12.9% vs local median 6.1% in Homewood — 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 81/100 on livability (#81 in IL, #1,314 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, cost of living A+; Watch: amenities F.
• Homewood Flossmoor Chsd 233 (suburban): math 21% / reading 27% proficiency, ranked #272 of 620 in IL (top 44%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Flossmoor Hills Elem School (math 22% / reading 27%, grade F, #850 of 2,056 statewide, top 45%, 340 students, 0% FRL); Parker Junior High School (math 16% / reading 21%, grade F, #438 of 665 statewide, top 67%, 858 students, 0% FRL); Homewood-Flossmoor High School (math 21% / reading 27%, grade F, #304 of 693 statewide, top 44%, 2,798 students, 0% FRL).
• Market conditions: 102 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $781 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $36k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $113,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.91% ✓
• Cap rate: 12.88%
• Cash-on-cash: 23.53%
• DSCR: 2.05
• GRM: 4.4

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: 16.8%
• Equity multiple: 1.68×
• Total profit: $21,428
• Equity at exit: $16,849

10-year hold

• IRR: 25.4%
• Equity multiple: 3.23×
• Total profit: $70,437
• Equity at exit: $9,770

Cash invested: $31,640 (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 60430

• Home prices YoY: -32.1%
• Active inventory: 102
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,159 medium
• Mortgage (P&I): −$593
• Tax est. 1.5%: −$141 /mo · $1,695/yr
• Insurance: −$47
• HOA: −$304
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $620

Break-even live

Break-even rent $1,373

Max offer price $113,000

Occupancy floor 66%

Sensitivity live

Price	-10% $699	-5% $660	+0% $620	+5% $581	+10% $542
Rent	-10% $450	-5% $535	+0% $620	+5% $706	+10% $791
Rate	-1.0pp $677	-0.5pp $649	base $620	+0.5pp $591	+1.0pp $561

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: $28,250
• Closing costs: $3,390
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3501 177th St Country Club Hills, IL	2.0	2.0	839	$2,850	$3.40	0d	1	0.84mi
17984 Amherst Ct Country Club Hills, IL	2.0	1.0	1000	$1,900	$1.90	0d	1	1.01mi
2420 183rd St Homewood, IL	2.0	1.0	1100	$1,750	$1.59	12d	1	1.17mi
2640 Flossmoor Rd Unit 2S Flossmoor, IL	2.0	1.5	800	$1,800	$2.25	16d	1	1.28mi

HOA detail condo

• Monthly dues: $304 · $3,648/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-21
   days on market $113,000 Active 12 DOM
2. 2026-06-18
   days on market $113,000 Active 9 DOM
3. 2026-06-17
   days on market $113,000 Active 8 DOM
4. 2026-06-16
   days on market $113,000 Active 7 DOM
5. 2026-06-15
   days on market $113,000 Active 6 DOM
6. 2026-06-13
   days on market $113,000 Active 4 DOM
7. 2026-06-10
   days on marketlisting id $113,000 Active 1 DOM
8. 2026-06-09
   days on market $113,000 Active 101 DOM
9. 2026-06-08
   pricedays on market $113,000 Active 100 DOM
10. 2026-06-07
    days on market $116,000 Active 99 DOM
11. 2026-06-04
    days on market $116,000 Active 96 DOM
12. 2026-06-03
    days on market $116,000 Active 95 DOM
13. 2026-06-02
    pricedays on market $116,000 Active 94 DOM
14. 2026-06-01
    days on market $118,000 Active 93 DOM
15. 2026-05-31
    days on market $118,000 Active 92 DOM
16. 2026-05-18
    status Active
17. 2026-05-08
    status Pending
18. 2026-04-29
    price $119,000
19. 2026-04-22
    price $121,000
20. 2026-04-15
    price $123,000
21. 2026-04-09
    price $126,000
22. 2026-04-03
    price $129,000
23. 2026-03-25
    price $135,000
24. 2026-03-18
    price $139,000
25. 2026-03-11
    price $145,000
26. 2026-03-03
    price $147,000
27. 2026-02-18
    listed $149,000 Active

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 20% 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
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,905
• − Mortgage interest: −$6,330
• − Property taxes: −$1,695
• − Insurance: −$565
• − Repairs & maintenance: −$2,072
• − Management: −$2,072
• − HOA: −$3,648
• − Depreciation: −$3,287
• Taxable income: $6,235
• Est. tax owed @ 24.0%: −$1,496
• After-tax cash flow: $5,949/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This 2-bedroom, 2-bathroom condo is in good condition with recent updates, including new flooring and paint. It's move-in ready and offers a good return on investment.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping and curb appeal improvements — Improves curb appeal and enhances property value.
• Both New flooring in common areas — Enhances aesthetics and functionality in high-traffic areas.
• Both New paint in common areas — Enhances aesthetics and functionality in high-traffic areas.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping and curb appeal improvements — Improves curb appeal and enhances property value. ↑
• Both New flooring in common areas — Enhances aesthetics and functionality in high-traffic areas. ↑
• Both New paint in common areas — Enhances aesthetics and functionality in high-traffic areas. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Homewood Flossmoor Chsd 233
• NCES district ID: 1719560
• Math proficiency: 21% ▼ -15.00%
• Reading proficiency: 27% ▼ -13.00%
• Median HH income: $83,564
• Composite: 24.42/100
• National rank: #7681
• State rank: #272 of 620 in IL

Livability — Homewood

• Score: 81/100
• State rank: #81
• US rank: #1314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homewood, IL
• City population: 19,993
• Population (ZIP): 19,993

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 0.62)
• Race & ethnicity: Black 44% White 42% Hispanic / Latino 9% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 5% Iranian 2% Italian 2%
• Foreign-born: 6% · Canada, Dominican Republic
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% German/W. Germanic 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: ▼ -105.00%
• Current HPI: 222.2923
• Rent YoY: —
• Metro: —
• 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

-20.1% since first listed

12 events — show timeline

• 2026-05-18 Relisted — MRED as Distributed by MLS Grid
• 2026-05-08 Pending — MRED as Distributed by MLS Grid
• 2026-04-29 Price Changed $119,000 MRED as Distributed by MLS Grid
• 2026-04-22 Price Changed $121,000 MRED as Distributed by MLS Grid
• 2026-04-15 Price Changed $123,000 MRED as Distributed by MLS Grid
• 2026-04-09 Price Changed $126,000 MRED as Distributed by MLS Grid
• 2026-04-03 Price Changed $129,000 MRED as Distributed by MLS Grid
• 2026-03-25 Price Changed $135,000 MRED as Distributed by MLS Grid
• 2026-03-18 Price Changed $139,000 MRED as Distributed by MLS Grid
• 2026-03-11 Price Changed $145,000 MRED as Distributed by MLS Grid
• 2026-03-03 Price Changed $147,000 MRED as Distributed by MLS Grid
• 2026-02-18 Listed $149,000 MRED as Distributed by MLS Grid