644 Briar Rd

Wauconda, IL 60084

$215,000B-

3 bd · 1.0 ba · 1,284 sqft · Built 1964 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,678/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$558
• HOA: −$0
• Vac / Maint / Mgmt: −$562
• Net cashflow: $430/mo
• Annual: $5,163/yr
• Cap rate: 8.69%
• Cash-on-cash: 8.58%
• DSCR: 1.38
• 1% rule: 1.25%
• Cash to close: $60,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $215k.
• At list price, monthly cash flow is $430 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#625 in IL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety F.
• Wauconda CUSD 118 (suburban): math 22% / reading 29% proficiency, ranked #267 of 620 in IL (top 43%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Robert Crown School (math 28% / reading 28%, grade F, #736 of 2,056 statewide, top 36%, 859 students, 0% FRL); Matthews Middle School (math 16% / reading 26%, grade F, #405 of 665 statewide, top 61%, 510 students, 0% FRL); Wauconda High School (math 25% / reading 33%, grade F, #210 of 693 statewide, top 30%, 1,460 students, 0% FRL) — zoned schools average 0% FRL vs 25% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 54 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $89k; list at $215k implies a 142% gain — meaningful room to come down on a strong offer.
• Cap rate 8.7% vs local median 3.8% in Wauconda — 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.

Questions for listing agent

• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.