229 N 6th Ave · Kankakee, IL 60901

$40,000

2 bd · 1.0 ba · 802 sqft · SingleFamily · 16 Days on market

Built 1928 1,950 sqft lot $50/sqft · 49% below area Est $78k · 49% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special with great potential! This 2-bedroom, 1-bath home features a full basement offering opportunities for additional living space or expansion. An additional lot is included, creating a generously sized property with plenty of possibilities. Perfect for rehabbers or investors looking to add value.

Key facts

• Full basement
• Additional lot
• 1,950 sq ft lot

Tags

• FULL BASEMENT
• ADDITIONAL LOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.4% vs local median 5.8% in Kankakee — 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 62/100 on livability (#832 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Kankakee SD 111 (urban): math 6% / reading 13% proficiency, ranked #584 of 620 in IL (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.4%/yr); 115 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y 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.
• Current owner paid $13k; list at $40k implies a 208% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,400 (1.5% below list)

Questions for the listing agent

1. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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.

Investment metrics

• 1% rule: 3.00% ✓
• Cap rate: 26.40%
• Cash-on-cash: 71.80%
• DSCR: 4.19
• GRM: 2.8

CMA / ARV

• ARV (median comp): $78,036
• List price: $40,000
• Delta: -48.74%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
229 N 6th Ave	0.00mi	2/1.0	802 (0%)	0mo	$40,000	$50	100
356 W Cypress St	0.23mi	2/1.0	832 (+4%)	1mo	$46,000	$55	82
556 N 10th Ave	0.30mi	2/1.0	810 (+1%)	6mo	$119,000	$147	79
595 W Bridge St	0.03mi	2/1.0	700 (-13%)	1mo	$126,100	$180	76
245 N 6th Ave	0.01mi	2/2.0	720 (-10%)	7mo	$100,000	$139	73
520 N 10th Ave	0.29mi	2/1.0	768 (-4%)	9mo	$90,000	$117	72
945 Stone St	0.21mi	2/1.0	900 (+12%)	7mo	$57,500	$64	64
225 N West Ave	0.36mi	3/1.0 (+1)	850 (+6%)	8mo	$29,900	$35	62
618 N 9th Ave	0.31mi	2/1.5	720 (-10%)	8mo	$120,000	$167	60
458 N Washington Ave	0.36mi	2/1.0	700 (-13%)	3mo	$50,000	$71	59
846 N 5th Ave	0.48mi	2/2.0	850 (+6%)	7mo	$50,000	$59	58
208 E Birch St	0.59mi	3/1.0 (+1)	900 (+12%)	8mo	$45,000	$50	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.38% rent growth · sell at horizon

5-year hold

• IRR: 73.0%
• Equity multiple: 4.38×
• Total profit: $37,906
• Equity at exit: $5,964

10-year hold

• IRR: 77.3%
• Equity multiple: 9.50×
• Total profit: $95,161
• Equity at exit: $3,458

Cash invested: $11,200 (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 60901

• Home prices YoY: -32.5%
• Rents YoY: 4.4%
• Active inventory: 115
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,198 medium
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $670

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 39%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
243 S 5th Ave Unit 247 Kankakee, IL	2.0	1.0	1000	$1,150	$1.15	43d	1	0.25mi
319 S 5th Ave Unit 4 Kankakee, IL	1.0	1.0	750	$1,115	$1.49	43d	1	0.32mi
1017 N Schuyler Ave Unit 3 Kankakee, IL	2.0	1.0	800	$1,375	$1.72	43d	1	0.82mi
1100 W Jeffery St Kankakee, IL	1.0–3.0	1.0–2.0	900	$1,224	$1.36	16d	1	1.46mi

Listing history 33 events

1. 2026-05-09
   status Pending 311-char remark

   Show marketing remark (311 chars)

   Investor special with great potential! This 2-bedroom, 1-bath home features a full basement offering opportunities for additional living space or expansion. An additional lot is included, creating a generously sized property with plenty of possibilities. Perfect for rehabbers or investors looking to add value.

2. 2026-04-22
   listed $40,000 Active 311-char remark

   Show marketing remark (311 chars)

   Investor special with great potential! This 2-bedroom, 1-bath home features a full basement offering opportunities for additional living space or expansion. An additional lot is included, creating a generously sized property with plenty of possibilities. Perfect for rehabbers or investors looking to add value.

3. 2026-04-22
   historical

   Show marketing remark (311 chars)

   Investor special with great potential! This 2-bedroom, 1-bath home features a full basement offering opportunities for additional living space or expansion. An additional lot is included, creating a generously sized property with plenty of possibilities. Perfect for rehabbers or investors looking to add value.

4. 2026-04-14
   price
5. 2026-04-06
   price
6. 2026-03-27
   listed Active
7. 2015-08-14
   soldstatus $13,000
8. 2015-08-11
   soldstatus $13,000 Closed Sale
9. 2015-07-30
   status Pending
10. 2015-07-24
    price $15,900
11. 2015-05-05
    price $17,900
12. 2015-02-26
    price $19,900
13. 2014-12-30
    listed $24,900 New
14. 2014-12-08
    soldstatus $227,000
15. 2014-12-02
    soldstatus $15,861 Closed Sale
16. 2014-07-17
    status Pending
17. 2014-06-25
    historical
18. 2014-04-23
    historical Contingent
19. 2014-03-28
    historical
20. 2014-03-27
    listed $29,900 New
21. 2014-03-14
    historical
22. 2013-11-05
    status Active
23. 2013-11-04
    historical
24. 2013-10-24
    listed New
25. 2013-09-03
    soldstatus $551,050
26. 2008-10-28
    soldstatus $30,833
27. 2008-10-17
    soldstatus $30,120
28. 2008-10-17
    soldstatus $30,120
29. 2008-07-19
    historical
30. 2008-07-18
    listed $31,270
31. 2008-07-18
    listed $31,270
32. 2005-10-28
    soldstatus $80,000
33. 2004-11-01
    soldstatus $30,000

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,379
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,150
• − Management: −$1,150
• − Depreciation: −$1,164
• Taxable income: $7,874
• Est. tax owed @ 24.0%: −$1,890
• After-tax cash flow: $6,152/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: Kankakee SD 111
• NCES district ID: 1720760
• Math proficiency: 6% ▼ -7.00%
• Reading proficiency: 13% ▼ -6.00%
• Median HH income: $37,968
• Composite: 8.03/100
• National rank: #9921
• State rank: #584 of 620 in IL

Livability — Kankakee

• Score: 62/100
• State rank: #832
• US rank: #16432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kankakee, IL
• County: Kankakee County · 61,801 people
• City population: 33,128
• Metro: Kankakee, IL
• Population (ZIP): 33,128
• Household income: $58,309
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1317.0

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 19% Two or more races 7%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.12%
• Current HPI: 190.8755
• Rent YoY: ▲ 4.38%
• Metro: Kankakee, IL
• 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

+33.3% since first listed

33 events — show timeline

• 2026-05-09 Pending — MRED as Distributed by MLS Grid
• 2026-04-22 Listing Removed — MRED as Distributed by MLS Grid
• 2026-04-22 Listed $40,000 MRED as Distributed by MLS Grid
• 2026-04-14 Price Changed — MRED as Distributed by MLS Grid
• 2026-04-06 Price Changed — MRED as Distributed by MLS Grid
• 2026-03-27 Listed — MRED as Distributed by MLS Grid
• 2015-08-14 Sold (Public Records) $13,000 Public Records
• 2015-08-11 Sold (MLS) $13,000 MRED as Distributed by MLS Grid
• 2015-07-30 Pending — MRED as Distributed by MLS Grid
• 2015-07-24 Price Changed $15,900 MRED as Distributed by MLS Grid
• 2015-05-05 Price Changed $17,900 MRED as Distributed by MLS Grid
• 2015-02-26 Price Changed $19,900 MRED as Distributed by MLS Grid
• 2014-12-30 Listed $24,900 MRED as Distributed by MLS Grid
• 2014-12-08 Sold (Public Records) $227,000 Public Records
• 2014-12-02 Sold (MLS) $15,861 MRED as Distributed by MLS Grid
• 2014-07-17 Pending — MRED as Distributed by MLS Grid
• 2014-06-25 Listing Removed — MRED as Distributed by MLS Grid
• 2014-04-23 Contingent — MRED as Distributed by MLS Grid
• 2014-03-28 Listing Removed — MRED as Distributed by MLS Grid
• 2014-03-27 Listed $29,900 MRED as Distributed by MLS Grid
• 2014-03-14 Listing Removed — MRED as Distributed by MLS Grid
• 2013-11-05 Relisted — MRED as Distributed by MLS Grid
• 2013-11-04 Listing Removed — MRED as Distributed by MLS Grid
• 2013-10-24 Listed — MRED as Distributed by MLS Grid
• 2013-09-03 Sold (Public Records) $551,050 Public Records
• 2008-10-28 Sold (Public Records) $30,833 Public Records
• 2008-10-17 Sold (MLS) $30,120 MRED as Distributed by MLS Grid
• 2008-10-17 Sold (MLS) $30,120 MRED as Distributed by MLS Grid
• 2008-07-19 Listing Removed — MRED as Distributed by MLS Grid
• 2008-07-18 Listed $31,270 MRED as Distributed by MLS Grid
• 2008-07-18 Listed $31,270 MRED as Distributed by MLS Grid
• 2005-10-28 Sold (Public Records) $80,000 Public Records
• 2004-11-01 Sold (Public Records) $30,000 Public Records

Property tax history

+0.2%/yr

Latest (2024): $2,736 · +7.2% YoY. Source: county tax records.