124 Boardwalk St Unit GE

Elk Grove Village, IL 60007

$197,800D

2 bd · 1.0 ba · 1,100 sqft · Built 1978 · Condo · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,060/mo
• Mortgage (P&I): −$1,037
• Tax + insurance: −$252
• HOA: −$378
• Vac / Maint / Mgmt: −$433
• Net cashflow: $-39/mo
• Annual: $-472/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.85%
• DSCR: 0.96
• 1% rule: 1.04%
• Cash to close: $55,384

Investor read

• This is a 2-bed/1.0-bath condo listed at $198k.
• At list price, monthly cash flow is $-39 ($-472/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (3.5% below list).
• Meets the 1% rule at list price ($2k rent vs $198k).
• It's been on market 35 days — a 3% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $191k (3.5% below list) — sets the bar for cash-flow.
• 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 77/100 on livability (#160 in IL, #2,985 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, health & safety F.
• Township Hsd 214 (suburban): math 42% / reading 45% proficiency, ranked #103 of 620 in IL (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Salt Creek Elem School (math 12% / reading 12%, grade F, #1,403 of 2,056 statewide, top 71%, 404 students, 0% FRL); Grove Jr High School (math 10% / reading 19%, grade F, #517 of 665 statewide, top 79%, 791 students, 0% FRL); Elk Grove High School (math 30% / reading 34%, grade F, #157 of 693 statewide, top 25%, 2,000 students, 0% FRL).
• Zoned-school proficiency averages 20% at this address vs 44% district-wide (-24 pts) — the specific schools serving this property underperform the Township Hsd 214 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 46 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).
• Current owner paid $63k; list at $198k implies a 214% gain — meaningful room to come down on a strong offer.
• Cap rate 6.1% vs local median 3.6% in Elk Grove Village — 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 35 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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.