1561 N Gary Ave · Wheaton, IL 60187

$299,900

3 bd · 1.0 ba · 1,386 sqft · Other public records · 15 Days on market

Built 1930 0.35 ac lot $216/sqft · 20% below area Est $376k · 20% 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 +23.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.7/10.0
• Livability +4.3/5.0
• Schools +4.1/10.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

TWO SEPARATE LOTS INCLUDED WITH THIS PROPERTY. 0508400044 & 0508400017. CUTE 1380 SQ FT HOME WITH FULL BASEMENT AND THREE BEDROOMS. WOOD FLOORS UNDER NEW CARPETING. BRIGHT AND COZY SUNPORCH. WOOD BURNING FIREPLACE. GEORGOUS YARD WITH BEAUTIFUL BRICK PATIO. EXPERIENCE OLD WORLD CHARM WITH A WARM FRENCH COUNTRY STYLE FEEL. LUSH LANDSCAPING FOR A WONDERFUL HOME.

Key facts

• Two separate lots
• Hvac installed
• New roof

Tags

• TWO SEPARATE LOTS
• WALKING DISTANCE TO COSLEY ZOO
• HVAC INSTALLED
• SUB PANEL REPLACED
• NEW ROOF

Property features AI

Finance

• Other: Property dimensions recorded as 17,585 (lot) — approximate lot size .25–.49 acre
• Financial info: Special service area: No; Tax exemptions: Homeowner and Senior
• HOA & community: No master association fee required

Exterior

• Parking: Parking for 6 vehicles; Asphalt off-street parking (owned)
• Utilities: Lake Michigan water; Septic tank sewer; Electric with circuit breakers and 100 amp service
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership
• Construction: Built 91–100 years ago (pre-1978); Frame construction with shake siding; Asphalt roof; Block foundation
• Exterior features: Street lights; Paved streets

Interior

• Kitchen: Kitchen on main level — hardwood flooring
• Bedrooms: 3 bedrooms total; Master bedroom (second level); Bedroom 2 (second level) — hardwood flooring; Bedroom 3 (second level) — hardwood flooring
• Flooring: Hardwood flooring in living room, kitchen, dining room, master and secondary bedrooms; Other flooring in basement/laundry
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Six total rooms; Unfinished full basement; Sun room (main level); Living room with fireplace
• Laundry & utility: Laundry in unit (basement)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $300k.

Deal economics

• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.7% in Wheaton — 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 86/100 on livability (#17 in IL, #374 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D+, health & safety D+, cost of living F.
• CUSD 200 (suburban): math 43% / reading 44% proficiency, ranked #78 of 620 in IL (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carl Sandburg Elem School (math 47% / reading 37%, grade F, #336 of 2,056 statewide, top 18%, 400 students, 0% FRL); Franklin Middle School (math 38% / reading 49%, grade D, #101 of 665 statewide, top 16%, 575 students, 0% FRL); Wheaton North High School (math 50% / reading 52%, grade D+, #41 of 693 statewide, top 6%, 1,871 students, 0% FRL) — zoned schools average 0% FRL vs 23% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.6%/yr); 41 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• This rent runs 35% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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 $140k; list at $300k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $295,401 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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 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?
4. 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.
5. 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.
6. 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: 1.17% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.78%
• DSCR: 1.35
• GRM: 7.1

CMA / ARV

• ARV (median comp): $376,150
• List price: $299,900
• Delta: -13.60%
• Verdict: UNDERPRICED
• Comps: 17 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.56% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-8,215
• Equity at exit: $44,716

10-year hold

• IRR: 8.9%
• Equity multiple: 1.73×
• Total profit: $61,702
• Equity at exit: $25,930

Cash invested: $83,972 (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 60187

• Rents YoY: 4.6%
• Active inventory: 41
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,502 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$524 /mo · $6,293/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $544

Break-even live

Break-even rent $2,813

Max offer price $299,900

Occupancy floor 79%

Sensitivity live

Price	-10% $714	-5% $629	+0% $544	+5% $459	+10% $374
Rent	-10% $268	-5% $406	+0% $544	+5% $682	+10% $821
Rate	-1.0pp $695	-0.5pp $620	base $544	+0.5pp $466	+1.0pp $387

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
302 W Liberty Dr Wheaton, IL	2.0	2.0	1194	$2,885	$2.42	0d	3	1.25mi
121 N Cross St Wheaton, IL	2.0	1.0–2.0	831	$2,837	$3.41	0d	18	1.32mi
250 S Naperville Rd Wheaton, IL	3.0	1.0–2.0	1061	$5,058	$4.77	24d	16	1.45mi
250 S Naperville Rd Wheaton, IL	3.0	1.0–2.0	1061	$5,058	$4.77	0d	10	1.45mi
2067 Childs Ct Wheaton, IL	3.0	2.5	1412	$3,750	$2.66	24d	1	1.48mi

Listing history 20 events

1. 2026-06-18
   days on market $299,900 Active 15 DOM
2. 2026-06-17
   days on market $299,900 Active 14 DOM
3. 2026-06-16
   days on market $299,900 Active 13 DOM
4. 2026-06-15
   days on market $299,900 Active 12 DOM
5. 2026-06-13
   days on market $299,900 Active 10 DOM
6. 2026-06-13
   days on market $299,900 Active 9 DOM
7. 2026-06-09
   days on market $299,900 Active 6 DOM
8. 2026-06-08
   days on market $299,900 Active 5 DOM
9. 2026-06-07
   days on market $299,900 Active 4 DOM
10. 2026-06-03
    pricedays on marketlisting id $299,900 Active 1 DOM
11. 2026-06-02
    days on market $325,000 Active 68 DOM
12. 2026-06-01
    days on market $325,000 Active 67 DOM
13. 2026-05-31
    days on market $325,000 Active 66 DOM
14. 2012-04-02
    soldstatus $140,000
15. 2012-03-12
    soldstatus $140,000 Closed Sale 366-char remark

    Show marketing remark (366 chars)

    TWO SEPARATE LOTS INCLUDED WITH THIS PROPERTY. 0508400044 & 0508400017. CUTE 1380 SQ FT HOME WITH FULL BASEMENT AND THREE BEDROOMS. WOOD FLOORS UNDER NEW CARPETING. BRIGHT AND COZY SUNPORCH. WOOD BURNING FIREPLACE. GEORGOUS YARD WITH BEAUTIFUL BRICK PATIO. EXPERIENCE OLD WORLD CHARM WITH A WARM FRENCH COUNTRY STYLE FEEL. LUSH LANDSCAPING FOR A WONDERFUL HOME.

16. 2012-02-02
    historical Contingent 366-char remark

    Show marketing remark (366 chars)

    TWO SEPARATE LOTS INCLUDED WITH THIS PROPERTY. 0508400044 & 0508400017. CUTE 1380 SQ FT HOME WITH FULL BASEMENT AND THREE BEDROOMS. WOOD FLOORS UNDER NEW CARPETING. BRIGHT AND COZY SUNPORCH. WOOD BURNING FIREPLACE. GEORGOUS YARD WITH BEAUTIFUL BRICK PATIO. EXPERIENCE OLD WORLD CHARM WITH A WARM FRENCH COUNTRY STYLE FEEL. LUSH LANDSCAPING FOR A WONDERFUL HOME.

17. 2011-09-20
    price $159,900 Price Change 366-char remark

    Show marketing remark (366 chars)

    TWO SEPARATE LOTS INCLUDED WITH THIS PROPERTY. 0508400044 & 0508400017. CUTE 1380 SQ FT HOME WITH FULL BASEMENT AND THREE BEDROOMS. WOOD FLOORS UNDER NEW CARPETING. BRIGHT AND COZY SUNPORCH. WOOD BURNING FIREPLACE. GEORGOUS YARD WITH BEAUTIFUL BRICK PATIO. EXPERIENCE OLD WORLD CHARM WITH A WARM FRENCH COUNTRY STYLE FEEL. LUSH LANDSCAPING FOR A WONDERFUL HOME.

18. 2011-08-26
    listed $179,900 New 366-char remark

    Show marketing remark (366 chars)

    TWO SEPARATE LOTS INCLUDED WITH THIS PROPERTY. 0508400044 & 0508400017. CUTE 1380 SQ FT HOME WITH FULL BASEMENT AND THREE BEDROOMS. WOOD FLOORS UNDER NEW CARPETING. BRIGHT AND COZY SUNPORCH. WOOD BURNING FIREPLACE. GEORGOUS YARD WITH BEAUTIFUL BRICK PATIO. EXPERIENCE OLD WORLD CHARM WITH A WARM FRENCH COUNTRY STYLE FEEL. LUSH LANDSCAPING FOR A WONDERFUL HOME.

19. 2011-01-09
    historical
20. 2010-06-25
    listed New

ⓘ 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: $6,293 · $524/mo
• Projected year-2 tax: $6,550 · $546/mo
• Expected delta: +$257/yr (+$21/mo · 4.1%)

ⓘ 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 ≥104°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,018
• − Mortgage interest: −$16,799
• − Property taxes: −$6,293
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,361
• − Management: −$3,361
• − Depreciation: −$8,724
• Taxable income: $1,979
• Est. tax owed @ 24.0%: −$475
• After-tax cash flow: $6,054/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: CUSD 200
• NCES district ID: 1742180
• Math proficiency: 43% ▼ -6.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $85,077
• Composite: 40.75/100
• National rank: #3653
• State rank: #78 of 620 in IL

Livability — Wheaton

• Score: 86/100
• State rank: #17
• US rank: #374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheaton, IL
• County: DuPage County · 904,569 people
• City population: 59,857
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,815
• Household income: $119,769
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 595.0

Population outlook (DuPage County) Hauer SSP2

• Today (2025): 960,187 people
• By 2030: 965,850 · +0.6%
• By 2040: 965,812 · +0.6%
• By 2050: 954,890 · -0.6%
• By 2075: 910,185 · -5.2%
• By 2100: 816,255 · -15.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 8% Two or more races 8% Asian 7% Black 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 7% Italian 3% Portuguese 3%
• Foreign-born: 9% · Canada, Philippines, China
• Languages at home: 87% English-only · Spanish 5% Other Indo-European 2% Other Asian/Pacific 2%

Political lean MEDSL · DuPage

• 2024 margin: D (+13.3) · D 55.9% · R 42.5% · Other 1.6%
• 2008→2024 swing: +2.5pp toward D · 2008: 10.8pp · 2024: 13.3pp
• All cycles: 2024: D+13.3 2020: D+18.1 2016: D+14.1 2012: D+1.0 2008: D+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -325.18%
• Current HPI: 199.0585
• Rent YoY: ▲ 4.56%
• 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

+44.5% since first listed

10 events — show timeline

• 2026-06-20 Price Changed $260,000 MRED as Distributed by MLS Grid
• 2026-06-03 Listing Removed — MRED as Distributed by MLS Grid
• 2026-06-03 Listed $299,900 MRED as Distributed by MLS Grid
• 2012-04-02 Sold (Public Records) $140,000 Public Records
• 2012-03-12 Sold (MLS) $140,000 MRED as Distributed by MLS Grid
• 2012-02-02 Contingent — MRED as Distributed by MLS Grid
• 2011-09-20 Price Changed $159,900 MRED as Distributed by MLS Grid
• 2011-08-26 Listed $179,900 MRED as Distributed by MLS Grid
• 2011-01-09 Listing Removed — MRED as Distributed by MLS Grid
• 2010-06-25 Listed — MRED as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2024): $6,293 · +3.6% YoY. Source: county tax records.