9721 S Cicero Ave Unit 3C

Oak Lawn, IL 60453

$159,900D

2 bd · 1.0 ba · 880 sqft · Built 1966 · Condo · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,769/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$266
• HOA: −$325
• Vac / Maint / Mgmt: −$371
• Net cashflow: $-33/mo
• Annual: $-394/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.88%
• DSCR: 0.96
• 1% rule: 1.11%
• Cash to close: $44,772

Investor read

• This is a 2-bed/1.0-bath condo listed at $160k. Condition is rated good.
• At list price, monthly cash flow is $-33 ($-394/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (3.0% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• It's been on market 39 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• 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.
• Location reads 80/100 on livability (#102 in IL, #1,614 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, employment A-.
• Oak Lawn Chsd 229 (suburban): math 22% / reading 21% proficiency, ranked #384 of 620 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: J M Hannum Elem School (math 17% / reading 27%, grade F, #940 of 2,056 statewide, top 49%, 416 students, 0% FRL); Oak Lawn-Hometown Middle Sch (math 20% / reading 21%, grade F, #410 of 665 statewide, top 62%, 1,121 students, 0% FRL); Oak Lawn Comm High School (math 22% / reading 21%, grade F, #345 of 693 statewide, top 50%, 1,834 students, 0% FRL).
• Market conditions: Rents rising fast (+8.2%/yr); 189 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 2 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.
• Cap rate 6.0% vs local median 4.4% in Oak Lawn — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.