5402 W 23rd St · Cicero, IL 60804

$599,900

8 bd · 4.0 ba · 3,168 sqft · MultiFamily public records · 1 Days on market

Built 1910 3,484 sqft lot

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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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Livability +4.1/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

There are no remarks available.

Key facts

• Nearby businesses
• Coin laundry
• Rehabbed in 2018

Tags

• REHABBED IN 2018
• INDIVIDUAL GAS METER
• COIN LAUNDRY
• WALKING DISTANCE TO CERMAK RD
• NEARBY BUSINESSES

Property features AI

Finance

• Other: Commuter bus and train access nearby
• Financial info: Building contains 4 units
• HOA & community: No special service area

Exterior

• Parking: 2 total parking spaces; Detached garage (garage owned)
• Utilities: Water from Lake Michigan / public water; Public sewer
• Home design: Two- to four-unit property; Fee simple ownership; Rehabilitated in 2018; Over 100 years old; Zoned multi
• Construction: Vinyl siding; Asphalt roof; Concrete perimeter foundation; Built before 1978
• Exterior features: Lot approximately 30 x 125; Lot less than 0.25 acre; No notable lot features listed

Interior

• Kitchen: Stove; Refrigerator; Microwave
• Bedrooms: 10 total bedrooms; Building includes 3-bedroom units
• Bathrooms: 4 full bathrooms; 2 half bathrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning in units
• Interior features: 18 total rooms; Water heater (gas); Street lights, curbs and sidewalks in the neighborhood
• Laundry & utility: Tenants pay electric, gas and heat

What this means for you Summary

Snapshot

• This is a 4 × 3.0-bed/1.5-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $367/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $600k).
• Cap rate 9.2% vs local median 4.6% in Cicero — 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 (#77 in IL, #1,276 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• J S Morton Hsd 201 (suburban): math 9% / reading 14% proficiency, ranked #557 of 620 in IL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: J Sterling Morton East High Sch (math 7% / reading 11%, grade F, #580 of 693 statewide, top 84%, 3,445 students, 0% FRL).
• Market conditions: Rents rising (+2.4%/yr); 103 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $7,190/mo this rent would consume 122% of the median local household income ($71k/yr) (locally 2178% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 13y 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: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $599,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.20% ✓
• Cap rate: 9.23%
• Cash-on-cash: 10.48%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.43% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-7,748
• Equity at exit: $89,447

10-year hold

• IRR: 7.9%
• Equity multiple: 1.58×
• Total profit: $97,511
• Equity at exit: $51,868

Cash invested: $167,972 (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 60804

• Rents YoY: 2.4%
• Active inventory: 103
• Price-to-rent: 27.8×

Monthly cashflow live

• Estimated rent: $7,190 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$818 /mo · $9,811/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,510
• Net cashflow: $1,467

Break-even live

Break-even rent $5,333

Max offer price $599,900

Occupancy floor 75%

Sensitivity live

Price	-10% $1,806	-5% $1,636	+0% $1,467	+5% $1,297	+10% $1,127
Rent	-10% $899	-5% $1,183	+0% $1,467	+5% $1,751	+10% $2,035
Rate	-1.0pp $1,769	-0.5pp $1,619	base $1,467	+0.5pp $1,311	+1.0pp $1,153

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

Units	Beds	Baths	Est. rent
▸ 4× units	3.0	1.5	$7,192
Total (4 units)			$7,190

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-17
   remarks 632-char remark
2. 2026-06-17
   listed $599,900 Active 1 DOM

ⓘ 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: $9,811 · $818/mo
• Projected year-2 tax: $11,714 · $976/mo
• Expected delta: +$1,904/yr (+$159/mo · 19.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,280
• − Mortgage interest: −$33,604
• − Property taxes: −$9,811
• − Insurance: −$3,000
• − Repairs & maintenance: −$6,902
• − Management: −$6,902
• − Depreciation: −$17,452
• Taxable income: $8,610
• Est. tax owed @ 24.0%: −$2,066
• After-tax cash flow: $15,533/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: J S Morton Hsd 201
• NCES district ID: 1726880
• Math proficiency: 9% ▲ 1.00%
• Reading proficiency: 14% ▼ -1.00%
• Median HH income: $48,698
• Composite: 10.73/100
• National rank: #9768
• State rank: #557 of 620 in IL

Livability — Cicero

• Score: 82/100
• State rank: #77
• US rank: #1276

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cicero, IL
• County: Cook County · 4,486,803 people
• City population: 82,797
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 82,797
• Household income: $70,842
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 2178.0

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 Hispanic (89%)
• Race & ethnicity: Hispanic / Latino 89% Two or more races 17% White 7% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 80% Puerto Rican 3%
• Common ancestry: Romanian 2%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 18% English-only · Spanish 80%

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: ▼ -165.38%
• Current HPI: 262.83
• Rent YoY: ▲ 2.43%
• 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

+465.9% since first listed

22 events — show timeline

• 2026-06-17 Listed $599,900 MRED as Distributed by MLS Grid
• 2023-05-02 Sold (Public Records) $535,000 Public Records
• 2023-04-27 Sold (MLS) $535,000 MRED as Distributed by MLS Grid
• 2023-03-27 Contingent — MRED as Distributed by MLS Grid
• 2023-03-16 Listed $549,900 MRED as Distributed by MLS Grid
• 2019-09-27 Listing Removed — MRED as Distributed by MLS Grid
• 2019-08-05 Relisted — MRED as Distributed by MLS Grid
• 2019-07-08 Contingent — MRED as Distributed by MLS Grid
• 2019-05-30 Price Changed — MRED as Distributed by MLS Grid
• 2019-04-29 Price Changed — MRED as Distributed by MLS Grid
• 2019-04-24 Listed — MRED as Distributed by MLS Grid
• 2014-02-14 Sold (MLS) $69,900 MRED as Distributed by MLS Grid
• 2013-12-20 Pending — MRED as Distributed by MLS Grid
• 2013-12-16 Relisted — MRED as Distributed by MLS Grid
• 2013-12-09 Pending — MRED as Distributed by MLS Grid
• 2013-11-26 Relisted — MRED as Distributed by MLS Grid
• 2013-11-25 Pending — MRED as Distributed by MLS Grid
• 2013-11-18 Relisted — MRED as Distributed by MLS Grid
• 2013-10-25 Pending — MRED as Distributed by MLS Grid
• 2013-09-26 Listed $69,900 MRED as Distributed by MLS Grid
• 1997-09-15 Sold (Public Records) $145,000 Public Records
• 1991-08-16 Sold (Public Records) $106,000 Public Records

Property tax history

+3.1%/yr

Latest (2023): $9,811 · +19.4% YoY. Source: county tax records.