500 Park Ave #521 · Calumet City, IL 60409

$117,000

3 bd · 2.0 ba · 1,200 sqft · Condo · 120 Days on market

Built 1976 $504/mo HOA · 20% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the epitome of modern living at The Park of River Oaks Condominium. This exceptional 3-bedroom unit boasts 2 beautifully remodeled neutral bathrooms, offering a fresh and inviting atmosphere. Inside, you'll find contemporary updates that redefine comfort and style, including brand new laminated wood flooring and a spacious open kitchen concept with pristine white cabinetry, complemented by modern stainless-steel appliances and sleek LED light fixtures. With the convenience of 1 garage parking space and a covered balcony, this home provides the perfect blend of luxury and practicality. But that's not all; The Park of River Oaks Condominium offers a host of incredible amenities to enhance your lifestyle. Enjoy the peace of mind that comes with a gated entrance and 24/7 security. Embrace the sense of community at the on-site community center, take a refreshing dip in the pool, let the kids have a blast at the playground, or host gatherings in the charming gazebo. And for those who love the outdoors, the lush golf course is right at your doorstep. This is not just a place to live; it's a place to thrive. Don't miss out on this opportunity - call now to schedule your showing and make The Park of River Oaks Condominium your new home. (CASH ONLY)

Key facts

• Covered balcony
• Open-concept kitchen
• Gated entrance

Tags

• REMODELED BATHROOMS
• NEW LAMINATED WOOD FLOORING
• OPEN-CONCEPT KITCHEN
• STAINLESS-STEEL APPLIANCES
• COVERED BALCONY
• GATED ENTRANCE

Property features AI

Finance

• Other: Property is not currently leased
• Financial info: Homeowner tax exemption applies
• HOA & community: Monthly association fee of $504; Association fee covers water, gas, parking, insurance, security, clubhouse, pool, exterior maintenance, lawn care, scavenger and snow removal; Pets not allowed

Exterior

• Parking: Attached garage (1 space); One parking space total
• Security: Building security included in association amenities
• Utilities: Water source: Lake Michigan; Public sewer
• Home design: Attached single condo; Entry level: 2; Part of a 96-unit building
• Construction: Brick construction; Built approximately 41–50 years ago; Built before 1978
• Exterior features: Condo in a non-smoking building; Interstate access nearby

Interior

• Kitchen: Updated kitchen with island, eating area/table space and pantry; Stainless steel appliances; High-end refrigerator; Range; Dishwasher
• Bedrooms: Master bedroom on main level with full bath; Two additional bedrooms on main level (approximately 12 x 12)
• Flooring: Wood laminate flooring in living room, dining room and parts of kitchen; Carpet in master bedroom and one bedroom
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Seven total rooms; L-shaped dining room; Intercom
• Laundry & utility: In-unit laundry; Washer and dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $117k.

Deal economics

• At list price, monthly cash flow is $671 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $117k).
• Recommended offer: $106k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 8.2% in Calumet City — 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 71/100 on livability (#330 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime D-.
• Thornton Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.2%/yr); 198 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $2,537/mo this rent would consume 55% of the median local household income ($55k/yr) (locally 2415% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $809 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $106,470 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.17% ✓
• Cap rate: 13.18%
• Cash-on-cash: 24.60%
• DSCR: 2.09
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.17% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 1.99×
• Total profit: $32,519
• Equity at exit: $17,445

10-year hold

• IRR: 33.5%
• Equity multiple: 4.71×
• Total profit: $121,423
• Equity at exit: $10,116

Cash invested: $32,760 (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 60409

• Home prices YoY: -27.6%
• Rents YoY: 6.2%
• Active inventory: 198
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $2,537 high
• Mortgage (P&I): −$614
• Tax from tax record: −$167 /mo · $2,000/yr
• Insurance: −$49
• HOA: −$504
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $671

Break-even live

Break-even rent $1,687

Max offer price $117,000

Occupancy floor 69%

Sensitivity live

Price	-10% $738	-5% $705	+0% $671	+5% $638	+10% $605
Rent	-10% $471	-5% $571	+0% $671	+5% $772	+10% $872
Rate	-1.0pp $730	-0.5pp $701	base $671	+0.5pp $641	+1.0pp $610

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16001 Avalon Ave South Holland, IL	3.0	2.0	1136	$3,330	$2.93	7d	1	0.97mi
16246 Dobson Ave South Holland, IL	3.0	2.0	1250	$3,170	$2.54	2d	1	1.13mi
659 Paxton Ave Calumet City, IL	3.0	2.0	1255	$2,461	$1.96	11d	1	1.34mi
660 Clyde Ave Calumet City, IL	3.0	1.5	1400	$1,750	$1.25	4d	1	1.34mi
671 Saginaw Ave Calumet City, IL	3.0	2.0	1250	$2,276	$1.82	11d	1	1.50mi

HOA detail condo

• Monthly dues: $504 · $6,048/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $117,000 Active 120 DOM
2. 2026-06-17
   days on market $117,000 Active 119 DOM
3. 2026-06-16
   days on market $117,000 Active 118 DOM
4. 2026-06-15
   days on market $117,000 Active 117 DOM
5. 2026-06-13
   days on market $117,000 Active 115 DOM
6. 2026-06-13
   days on market $117,000 Active 114 DOM
7. 2026-06-09
   days on market $117,000 Active 111 DOM
8. 2026-06-08
   days on market $117,000 Active 110 DOM
9. 2026-06-07
   days on market $117,000 Active 109 DOM
10. 2026-06-04
    days on market $117,000 Active 106 DOM
11. 2026-06-03
    days on market $117,000 Active 105 DOM
12. 2026-06-02
    days on market $117,000 Active 104 DOM
13. 2026-06-01
    days on market $117,000 Active 103 DOM
14. 2026-05-31
    days on market $117,000 Active 102 DOM
15. 2026-03-18
    price $117,000
16. 2026-02-18
    price $124,999
17. 2026-02-18
    listed $124,900 Active
18. 2024-04-18
    soldstatus $100,000
19. 2024-04-16
    soldstatus $100,000 Closed 1268-char remark

    Show marketing remark (1268 chars)

    Discover the epitome of modern living at The Park of River Oaks Condominium. This exceptional 3-bedroom unit boasts 2 beautifully remodeled neutral bathrooms, offering a fresh and inviting atmosphere. Inside, you'll find contemporary updates that redefine comfort and style, including brand new laminated wood flooring and a spacious open kitchen concept with pristine white cabinetry, complemented by modern stainless-steel appliances and sleek LED light fixtures. With the convenience of 1 garage parking space and a covered balcony, this home provides the perfect blend of luxury and practicality. But that's not all; The Park of River Oaks Condominium offers a host of incredible amenities to enhance your lifestyle. Enjoy the peace of mind that comes with a gated entrance and 24/7 security. Embrace the sense of community at the on-site community center, take a refreshing dip in the pool, let the kids have a blast at the playground, or host gatherings in the charming gazebo. And for those who love the outdoors, the lush golf course is right at your doorstep. This is not just a place to live; it's a place to thrive. Don't miss out on this opportunity - call now to schedule your showing and make The Park of River Oaks Condominium your new home. (CASH ONLY)

20. 2024-04-15
    status Pending 1268-char remark

    Show marketing remark (1268 chars)

    Discover the epitome of modern living at The Park of River Oaks Condominium. This exceptional 3-bedroom unit boasts 2 beautifully remodeled neutral bathrooms, offering a fresh and inviting atmosphere. Inside, you'll find contemporary updates that redefine comfort and style, including brand new laminated wood flooring and a spacious open kitchen concept with pristine white cabinetry, complemented by modern stainless-steel appliances and sleek LED light fixtures. With the convenience of 1 garage parking space and a covered balcony, this home provides the perfect blend of luxury and practicality. But that's not all; The Park of River Oaks Condominium offers a host of incredible amenities to enhance your lifestyle. Enjoy the peace of mind that comes with a gated entrance and 24/7 security. Embrace the sense of community at the on-site community center, take a refreshing dip in the pool, let the kids have a blast at the playground, or host gatherings in the charming gazebo. And for those who love the outdoors, the lush golf course is right at your doorstep. This is not just a place to live; it's a place to thrive. Don't miss out on this opportunity - call now to schedule your showing and make The Park of River Oaks Condominium your new home. (CASH ONLY)

21. 2024-02-20
    historical Contingent - Continue to Show 1268-char remark

    Show marketing remark (1268 chars)

    Discover the epitome of modern living at The Park of River Oaks Condominium. This exceptional 3-bedroom unit boasts 2 beautifully remodeled neutral bathrooms, offering a fresh and inviting atmosphere. Inside, you'll find contemporary updates that redefine comfort and style, including brand new laminated wood flooring and a spacious open kitchen concept with pristine white cabinetry, complemented by modern stainless-steel appliances and sleek LED light fixtures. With the convenience of 1 garage parking space and a covered balcony, this home provides the perfect blend of luxury and practicality. But that's not all; The Park of River Oaks Condominium offers a host of incredible amenities to enhance your lifestyle. Enjoy the peace of mind that comes with a gated entrance and 24/7 security. Embrace the sense of community at the on-site community center, take a refreshing dip in the pool, let the kids have a blast at the playground, or host gatherings in the charming gazebo. And for those who love the outdoors, the lush golf course is right at your doorstep. This is not just a place to live; it's a place to thrive. Don't miss out on this opportunity - call now to schedule your showing and make The Park of River Oaks Condominium your new home. (CASH ONLY)

22. 2023-12-15
    listed $110,000 Active 1268-char remark

    Show marketing remark (1268 chars)

    Discover the epitome of modern living at The Park of River Oaks Condominium. This exceptional 3-bedroom unit boasts 2 beautifully remodeled neutral bathrooms, offering a fresh and inviting atmosphere. Inside, you'll find contemporary updates that redefine comfort and style, including brand new laminated wood flooring and a spacious open kitchen concept with pristine white cabinetry, complemented by modern stainless-steel appliances and sleek LED light fixtures. With the convenience of 1 garage parking space and a covered balcony, this home provides the perfect blend of luxury and practicality. But that's not all; The Park of River Oaks Condominium offers a host of incredible amenities to enhance your lifestyle. Enjoy the peace of mind that comes with a gated entrance and 24/7 security. Embrace the sense of community at the on-site community center, take a refreshing dip in the pool, let the kids have a blast at the playground, or host gatherings in the charming gazebo. And for those who love the outdoors, the lush golf course is right at your doorstep. This is not just a place to live; it's a place to thrive. Don't miss out on this opportunity - call now to schedule your showing and make The Park of River Oaks Condominium your new home. (CASH ONLY)

23. 1999-09-08
    soldstatus $83,000
24. 1984-03-21
    soldstatus $45,000
25. 1978-10-06
    soldstatus $50,500

ⓘ 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: $2,000 · $167/mo
• Projected year-2 tax: $2,328 · $194/mo
• Expected delta: +$328/yr (+$27/mo · 16.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,448
• − Mortgage interest: −$6,554
• − Property taxes: −$2,000
• − Insurance: −$585
• − Repairs & maintenance: −$2,436
• − Management: −$2,436
• − HOA: −$6,048
• − Depreciation: −$3,404
• Taxable income: $6,986
• Est. tax owed @ 24.0%: −$1,677
• After-tax cash flow: $6,381/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: Thornton Twp Hsd 205
• NCES district ID: 1738970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 8% ▼ -2.00%
• Median HH income: $43,392
• Composite: 6.92/100
• National rank: #9976
• State rank: #594 of 620 in IL

Livability — Calumet City

• Score: 71/100
• State rank: #330
• US rank: #6552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calumet City, IL
• County: Cook County · 4,486,803 people
• City population: 35,100
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 35,100
• Household income: $55,369
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 2415.0

Population outlook (Cook County) Hauer SSP2

• Today (2025): 5,347,519 people
• By 2030: 5,357,703 · +0.2%
• By 2040: 5,324,924 · -0.4%
• By 2050: 5,230,762 · -2.2%
• By 2075: 4,785,735 · -10.5%
• By 2100: 4,188,836 · -21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (74%)
• Race & ethnicity: Black 74% Hispanic / Latino 15% White 7% Two or more races 4%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 83% English-only · Spanish 14%

Political lean MEDSL · Cook

• 2024 margin: Solid D (+42.0) · D 70.4% · R 28.4% · Other 1.2%
• 2008→2024 swing: -11.4pp toward R · 2008: 53.4pp · 2024: 42.0pp
• All cycles: 2024: D+42.0 2020: D+50.3 2016: D+53.0 2012: D+49.4 2008: D+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.01%
• Current HPI: 197.2137
• Rent YoY: ▲ 6.17%
• 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

+131.7% since first listed

11 events — show timeline

• 2026-03-18 Price Changed $117,000 MRED as Distributed by MLS Grid
• 2026-02-18 Price Changed $124,999 MRED as Distributed by MLS Grid
• 2026-02-18 Listed $124,900 MRED as Distributed by MLS Grid
• 2024-04-18 Sold (Public Records) $100,000 Public Records
• 2024-04-16 Sold (MLS) $100,000 MRED as Distributed by MLS Grid
• 2024-04-15 Pending — MRED as Distributed by MLS Grid
• 2024-02-20 Contingent — MRED as Distributed by MLS Grid
• 2023-12-15 Listed $110,000 MRED as Distributed by MLS Grid
• 1999-09-08 Sold (Public Records) $83,000 Public Records
• 1984-03-21 Sold (Public Records) $45,000 Public Records
• 1978-10-06 Sold (Public Records) $50,500 Public Records

Property tax history

-1.6%/yr

Latest (2023): $2,000 · +21691.2% YoY. Source: county tax records.