3813 Morgan St · Steger, IL 60475

$169,873

2 bd · 1.0 ba · 1,135 sqft · Other public records · 52 Days on market

Built 1942

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Why this score? — see what drove the D 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 +16.3/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• DSCR +5.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Say goodbye to renting and hello to homeownership with this beautifully remodeled, move-in ready ranch just waiting for you to call it home. A charming new brick paver walkway (continuing along the side and leading to the backyard deck) guides you to the inviting front porch and into the home. Step inside to discover a modern open floor plan featuring new luxury vinyl plank flooring, crisp white trim and doors, and recessed lighting throughout. The comfortable living room opens seamlessly to the dining area and flows effortlessly into the brand-new kitchen. The bathroom has been tastefully updated with stylish finishes. The spacious primary bedroom showcases a raised ceiling, accompanied by

Key facts

• Open floor plan
• Brand new kitchen
• Brick paver walkway

Tags

• BRICK PAVER WALKWAY
• FRONT PORCH
• OPEN FLOOR PLAN
• LUXURY VINYL PLANK FLOORING
• RECESSED LIGHTING
• BRAND NEW KITCHEN

Property features AI

Finance

• HOA & community: No master association fee required; Community has curbs, sidewalks, street lights, and paved streets

Exterior

• Parking: Off-street parking for four vehicles
• Utilities: Water from Lake Michigan and public supply; Public sewer
• Home design: Detached single-family ranch (1 story); Ranch model; Fee simple ownership; Rehab completed in 2025; Built approximately 81–90 years ago; School bus service available
• Construction: Vinyl siding; Asphalt roof; Concrete perimeter foundation; Property was built before 1978
• Exterior features: Deck; Landscaped yard; Fenced lot

Interior

• Kitchen: Galley kitchen with pantry closet (19 x 9)
• Bedrooms: Master bedroom on main level (15 x 14); Second bedroom on main level (11 x 10); Additional bedrooms noted (two listed)
• Flooring: Luxury vinyl flooring throughout main living areas and bedrooms
• Bathrooms: One full bathroom with separate shower
• Heating & cooling: Natural gas forced-air heating
• Interior features: First-floor bedroom and first-floor full bath; Separate dining room; Unfinished attic; CO detectors, ceiling fan(s), sump pump, gas water heater; Six total rooms
• Laundry & utility: Main-level laundry with gas dryer hookup and in-unit laundry (8 x 5)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $170k.

Deal economics

• At list price, monthly cash flow is $95 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 5.1% in Steger — 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 67/100 on livability (#498 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, health & safety D+, amenities F.
• Bloom Twp Hsd 206 (suburban): math 8% / reading 9% proficiency, ranked #591 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Steger Intermediate Center (math 2% / reading 8%, grade F, #1,741 of 2,056 statewide, top 93%, 446 students, 0% FRL); Columbia Central School (math 7% / reading 17%, grade F, #562 of 665 statewide, top 86%, 616 students, 0% FRL); Bloom Trail High School (math 12% / reading 12%, grade F, #511 of 693 statewide, top 75%, 1,227 students, 0% FRL).
• Market conditions: 43 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $54k; list at $170k implies a 215% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,776 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 1.03% ✓
• Cap rate: 6.96%
• Cash-on-cash: 2.39%
• DSCR: 1.11
• GRM: 8.1

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: -12.5%
• Equity multiple: 0.55×
• Total profit: $-21,410
• Equity at exit: $25,329

10-year hold

• IRR: -3.3%
• Equity multiple: 0.78×
• Total profit: $-10,502
• Equity at exit: $14,688

Cash invested: $47,564 (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 60475

• Active inventory: 43
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,748 high
• Mortgage (P&I): −$891
• Tax from tax record: −$325 /mo · $3,896/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $95

Break-even live

Break-even rent $1,628

Max offer price $169,873

Occupancy floor 90%

Sensitivity live

Price	-10% $191	-5% $143	+0% $95	+5% $46	+10% $-2
Rent	-10% $-44	-5% $25	+0% $95	+5% $164	+10% $233
Rate	-1.0pp $180	-0.5pp $138	base $95	+0.5pp $51	+1.0pp $6

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: $42,468
• Closing costs: $5,096
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3763 Emerald Ave Steger, IL	3.0	1.0	1125	$1,950	$1.73	26d	1	0.31mi
22 E 35th St Steger, IL	2.0	1.0	740	$1,250	$1.69	26d	1	0.65mi
316 W 34th St Steger, IL	3.0	1.0–1.5	720	$1,493	$2.07	0d	5	0.71mi
3135 Chicago Rd Unit 2nd Steger, IL	2.0	1.0	1300	$1,650	$1.27	26d	1	0.96mi
1337 Lincoln Ave Unit 1A Crete, IL	2.0	1.0	850	$1,750	$2.06	26d	1	1.15mi
236 Chestnut Ave Unit S South Chicago Heights, IL	3.0	1.0	1032	$2,000	$1.94	26d	1	1.38mi

Listing history 15 events

1. 2026-05-07
   status Pending
2. 2026-05-02
   historical Contingent - Continue to Show
3. 2026-04-22
   status Active
4. 2026-03-20
   historical Contingent - Continue to Show
5. 2026-03-16
   listed $169,873 Active
6. 2026-03-16
   historical
7. 2026-03-13
   price
8. 2026-02-12
   listed Active
9. 2026-02-04
   historical
10. 2026-01-07
    price
11. 2025-12-06
    listed Active
12. 2024-10-03
    soldstatus $54,000
13. 1994-08-12
    soldstatus $64,000
14. 1988-12-27
    soldstatus $102,000
15. 1988-12-19
    soldstatus $51,000

ⓘ 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: $3,896 · $325/mo
• Projected year-2 tax: $3,896 · $325/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,975
• − Mortgage interest: −$9,516
• − Property taxes: −$3,896
• − Insurance: −$849
• − Repairs & maintenance: −$1,678
• − Management: −$1,678
• − Depreciation: −$4,942
• Taxable loss: −$1,584
• Est. tax savings @ 24.0%: +$380
• After-tax cash flow: $1,515/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: Bloom Twp Hsd 206
• NCES district ID: 1706420
• Math proficiency: 8% ▼ -3.00%
• Reading proficiency: 9% ▼ -8.00%
• Median HH income: $39,795
• Composite: 7.4/100
• National rank: #9952
• State rank: #591 of 620 in IL

Livability — Steger

• Score: 67/100
• State rank: #498
• US rank: #10279

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steger, IL
• City population: 10,103
• Population (ZIP): 10,103

Population outlook (Will County) Hauer SSP2

• Today (2025): 705,368 people
• By 2030: 708,154 · +0.4%
• By 2040: 702,692 · -0.4%
• By 2050: 680,249 · -3.6%
• By 2075: 611,990 · -13.2%
• By 2100: 516,215 · -26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 52% Hispanic / Latino 23% Black 18% Two or more races 11% Asian 1%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Romanian 5% Lithuanian 1% Italian 1%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 85% English-only · Spanish 13% Other Indo-European 1%

Political lean MEDSL · Will

• 2024 margin: Toss-up / Even · D 50.1% · R 48.5% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 13.2pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+8.3 2016: D+5.7 2012: D+3.7 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.95%
• Current HPI: 134.0677
• 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

+233.1% since first listed

15 events — show timeline

• 2026-05-07 Pending — MRED as Distributed by MLS Grid
• 2026-05-02 Contingent — MRED as Distributed by MLS Grid
• 2026-04-22 Relisted — MRED as Distributed by MLS Grid
• 2026-03-20 Contingent — MRED as Distributed by MLS Grid
• 2026-03-16 Listing Removed — MRED as Distributed by MLS Grid
• 2026-03-16 Listed $169,873 MRED as Distributed by MLS Grid
• 2026-03-13 Price Changed — MRED as Distributed by MLS Grid
• 2026-02-12 Listed — MRED as Distributed by MLS Grid
• 2026-02-04 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-07 Price Changed — MRED as Distributed by MLS Grid
• 2025-12-06 Listed — MRED as Distributed by MLS Grid
• 2024-10-03 Sold (Public Records) $54,000 Public Records
• 1994-08-12 Sold (Public Records) $64,000 Public Records
• 1988-12-27 Sold (Public Records) $102,000 Public Records
• 1988-12-19 Sold (Public Records) $51,000 Public Records

Property tax history

+1.8%/yr

Latest (2024): $3,896 · +5.6% YoY. Source: county tax records.