605 Skokie Ln S

Glencoe, IL 60022

$2,485,000F

5 bd · 5.5 ba · 4,728 sqft · Built 2001 · SingleFamily · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,274/mo
• Mortgage (P&I): −$13,032
• Tax + insurance: −$4,142
• HOA: −$0
• Vac / Maint / Mgmt: −$687
• Net cashflow: $-14,587/mo
• Annual: $-175,046/yr
• Cap rate: -0.75%
• Cash-on-cash: -25.16%
• DSCR: -0.12
• 1% rule: 0.13%
• Cash to close: $695,800

Investor read

• This is a 5-bed/5.5-bath single-family listed at $2.48M.
• At list price, monthly cash flow is $-15k ($-175k/yr) — negative.
• To cash-flow at today's rent, offer at most $374k (84.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $327k (86.8% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $327k (86.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $17k of loan paydown is wiped out by about $75k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#119 in IL, #2,064 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, commute A+; Watch: amenities D+, cost of living F.
• New Trier Twp Hsd 203 (suburban): math 76% / reading 80% proficiency, ranked #2 of 620 in IL (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 41 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Cap rate -0.8% vs local median 1.7% in Glencoe — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.