820 Elder Rd Unit c315 · Homewood, IL 60430

$85,990

1 bd · 1.0 ba · 700 sqft · Condo · 3 Days on market

Built 1976 $330/mo HOA · 17% of rent ↓ 8% 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
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

1 Bedroom 1 Bath condo in ELEVATOR building. This is your chance to own cheaper than renting. Clubhouse with INDOOR POOL included in assessments. Sold as-is by the South Suburban Land Bank. Buyer responsible for all village inspection and occupancy requirements. Offers must include scope of work for rehab and a $ estimate for repairs. Ask your agent for details.

Key facts

• Newer tile
• Third floor condo
• New sink

Tags

• THIRD FLOOR CONDO
• UPDATED BATHROOM
• NEW TUB
• NEW SINK
• NEWER TILE
• FULLY UPDATED KITCHEN

Property features AI

Finance

• Other: Not currently leased; Directions: 183rd Street to Morgan Ave North, east on Elder to Home
• HOA & community: Monthly association fee of $330; Association fee covers water, parking, insurance, clubhouse, pool, exterior maintenance, lawn care, scavenger, and snow removal; Association amenities include storage, indoor pool, clubhouse, laundry, and school bus service; Manager off-site; Pets allowed (cats and dogs)

Exterior

• Parking: One parking space; Parking described as 'Other' (building-managed parking)
• Utilities: Water from Lake Michigan; Public sewer; Electric service
• Home design: Attached single-unit condo; Condo ownership; Entry level is the 3rd floor; Rehab completed in 2021; Building approximately 41–50 years old; Commuter bus and interstate access nearby
• Construction: Brick construction; Built before 1978
• Exterior features: Balcony; Common lot area

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: One bedroom (master bedroom on main level); Additional bedroom spaces listed (Bedroom 2, Bedroom 3, Bedroom 4)
• Flooring: Vinyl flooring in kitchen; Vinyl flooring in living room
• Bathrooms: One full bathroom
• Heating & cooling: Electric heat; Central air conditioning
• Interior features: Four total rooms; Balcony access (exterior feature noted in building)
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $86k.

Deal economics

• At list price, monthly cash flow is $567 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $86k).
• Cap rate 14.2% 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: schools D+, 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.
• Market conditions: 102 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $594 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 $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 8y ago; this cycle's ask is 115% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $36k; list at $86k implies a 139% gain — meaningful room to come down on a strong offer.

Recommended offer $85,990

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.21% ✓
• Cap rate: 14.21%
• Cash-on-cash: 28.27%
• DSCR: 2.26
• GRM: 3.8

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: 22.7%
• Equity multiple: 1.93×
• Total profit: $22,434
• Equity at exit: $12,821

10-year hold

• IRR: 30.8%
• Equity multiple: 3.78×
• Total profit: $67,024
• Equity at exit: $7,435

Cash invested: $24,077 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,900 medium
• Mortgage (P&I): −$451
• Tax from tax record: −$117 /mo · $1,403/yr
• Insurance: −$36
• HOA: −$330
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $567

Break-even live

Break-even rent $1,182

Max offer price $85,990

Occupancy floor 65%

Sensitivity live

Price	-10% $616	-5% $592	+0% $567	+5% $543	+10% $519
Rent	-10% $417	-5% $492	+0% $567	+5% $642	+10% $717
Rate	-1.0pp $611	-0.5pp $589	base $567	+0.5pp $545	+1.0pp $522

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: $21,498
• Closing costs: $2,580
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
44 N Glenwood Ave Glenwood, IL	1.0	1.0	700	$1,900	$2.71	2d	1	1.32mi

HOA detail condo

• Monthly dues: $330 · $3,960/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-21
   pricedays on marketlisting id $85,990 Active 3 DOM
2. 2026-06-18
   days on market $89,990 Active 91 DOM
3. 2026-06-17
   days on market $89,990 Active 90 DOM
4. 2026-06-16
   days on market $89,990 Active 89 DOM
5. 2026-06-15
   days on market $89,990 Active 88 DOM
6. 2026-06-13
   days on market $89,990 Active 86 DOM
7. 2026-06-09
   days on market $89,990 Active 82 DOM
8. 2026-06-08
   days on market $89,990 Active 81 DOM
9. 2026-06-07
   days on market $89,990 Active 80 DOM
10. 2026-06-04
    days on market $89,990 Active 77 DOM
11. 2026-06-03
    days on market $89,990 Active 76 DOM
12. 2026-06-02
    days on market $89,990 Active 75 DOM
13. 2026-06-01
    days on market $89,990 Active 74 DOM
14. 2026-05-31
    days on market $89,990 Active 73 DOM
15. 2026-05-22
    status Active
16. 2026-05-12
    historical Contingent - No Showings
17. 2026-02-26
    historical
18. 2026-02-04
    price
19. 2026-01-03
    price
20. 2025-11-28
    price
21. 2025-11-14
    price
22. 2025-11-07
    price
23. 2025-11-01
    price
24. 2025-10-24
    price
25. 2025-10-17
    price
26. 2025-10-08
    price
27. 2025-09-25
    listed Active
28. 2021-04-21
    soldstatus $36,000 Closed Sale 364-char remark

    Show marketing remark (364 chars)

    1 Bedroom 1 Bath condo in ELEVATOR building. This is your chance to own cheaper than renting. Clubhouse with INDOOR POOL included in assessments. Sold as-is by the South Suburban Land Bank. Buyer responsible for all village inspection and occupancy requirements. Offers must include scope of work for rehab and a $ estimate for repairs. Ask your agent for details.

29. 2021-03-10
    status Contingent 364-char remark

    Show marketing remark (364 chars)

    1 Bedroom 1 Bath condo in ELEVATOR building. This is your chance to own cheaper than renting. Clubhouse with INDOOR POOL included in assessments. Sold as-is by the South Suburban Land Bank. Buyer responsible for all village inspection and occupancy requirements. Offers must include scope of work for rehab and a $ estimate for repairs. Ask your agent for details.

30. 2021-01-07
    status Reactivated 364-char remark

    Show marketing remark (364 chars)

    1 Bedroom 1 Bath condo in ELEVATOR building. This is your chance to own cheaper than renting. Clubhouse with INDOOR POOL included in assessments. Sold as-is by the South Suburban Land Bank. Buyer responsible for all village inspection and occupancy requirements. Offers must include scope of work for rehab and a $ estimate for repairs. Ask your agent for details.

31. 2020-10-29
    status Contingent 364-char remark

    Show marketing remark (364 chars)

    1 Bedroom 1 Bath condo in ELEVATOR building. This is your chance to own cheaper than renting. Clubhouse with INDOOR POOL included in assessments. Sold as-is by the South Suburban Land Bank. Buyer responsible for all village inspection and occupancy requirements. Offers must include scope of work for rehab and a $ estimate for repairs. Ask your agent for details.

32. 2020-05-19
    listed $40,000 Price Change 364-char remark

    Show marketing remark (364 chars)

    1 Bedroom 1 Bath condo in ELEVATOR building. This is your chance to own cheaper than renting. Clubhouse with INDOOR POOL included in assessments. Sold as-is by the South Suburban Land Bank. Buyer responsible for all village inspection and occupancy requirements. Offers must include scope of work for rehab and a $ estimate for repairs. Ask your agent for details.

33. 2018-09-13
    historical
34. 2018-05-10
    price
35. 2018-03-13
    listed New
36. 2005-04-11
    soldstatus $50,000
37. 1998-09-28
    soldstatus $54,000
38. 1992-11-16
    soldstatus $39,000

ⓘ 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: $1,403 · $117/mo
• Projected year-2 tax: $1,678 · $140/mo
• Expected delta: +$274/yr (+$23/mo · 19.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,800
• − Mortgage interest: −$4,817
• − Property taxes: −$1,403
• − Insurance: −$430
• − Repairs & maintenance: −$1,824
• − Management: −$1,824
• − HOA: −$3,960
• − Depreciation: −$2,502
• Taxable income: $6,041
• Est. tax owed @ 24.0%: −$1,450
• After-tax cash flow: $5,358/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: 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

-7.7% since first listed

24 events — show timeline

• 2026-05-22 Relisted — MRED as Distributed by MLS Grid
• 2026-05-12 Contingent — MRED as Distributed by MLS Grid
• 2026-02-26 Listing Removed — MRED as Distributed by MLS Grid
• 2026-02-04 Price Changed — MRED as Distributed by MLS Grid
• 2026-01-03 Price Changed — MRED as Distributed by MLS Grid
• 2025-11-28 Price Changed — MRED as Distributed by MLS Grid
• 2025-11-14 Price Changed — MRED as Distributed by MLS Grid
• 2025-11-07 Price Changed — MRED as Distributed by MLS Grid
• 2025-11-01 Price Changed — MRED as Distributed by MLS Grid
• 2025-10-24 Price Changed — MRED as Distributed by MLS Grid
• 2025-10-17 Price Changed — MRED as Distributed by MLS Grid
• 2025-10-08 Price Changed — MRED as Distributed by MLS Grid
• 2025-09-25 Listed — MRED as Distributed by MLS Grid
• 2021-04-21 Sold (MLS) $36,000 MRED as Distributed by MLS Grid
• 2021-03-10 Pending — MRED as Distributed by MLS Grid
• 2021-01-07 Relisted — MRED as Distributed by MLS Grid
• 2020-10-29 Pending — MRED as Distributed by MLS Grid
• 2020-05-19 Listed $40,000 MRED as Distributed by MLS Grid
• 2018-09-13 Listing Removed — MRED as Distributed by MLS Grid
• 2018-05-10 Price Changed — MRED as Distributed by MLS Grid
• 2018-03-13 Listed — MRED as Distributed by MLS Grid
• 2005-04-11 Sold (Public Records) $50,000 Public Records
• 1998-09-28 Sold (Public Records) $54,000 Public Records
• 1992-11-16 Sold (Public Records) $39,000 Public Records

Property tax history

-1.3%/yr

Latest (2023): $1,403 · -27.4% YoY. Source: county tax records.