338 Waldmann Dr · Park Forest, IL 60466

$128,000

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 6 Days on market

Built 1956 10,680 sqft lot Est $170k · 25% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent opportunity to own a 3 BR Park Forest home with a Family Room addition. All new within the last 2 years: WINDOWS, ROOF, SIDING, & DOORS!!! Nice sized eat-in kitchen. NEW A/C - 1 YEAR old. Family room addition has separate heat. Fantastic yard - very private! Excellent location! All of the major improvements have been done!! Appliances included!! Work area in garage. Lots of storage.

Key facts

• Quiet street
• Easy access
• Huge backyard

Tags

• OUTDOOR SPACE
• DETACHED GARAGE
• HUGE BACKYARD
• QUIET STREET
• EASY ACCESS

Property features AI

Finance

• Financial info: Special service area: No
• HOA & community: No master association fee required

Exterior

• Parking: Detached garage (garage owned) — 1 garage space, 1 total parking space
• Utilities: Public water; Public sewer; Electric and gas service (natural gas heating)
• Home design: Detached single-family home; One-story layout; Fee simple ownership; Asphalt roof; Built approximately 61–70 years ago; Home contains aluminum siding and brick exterior
• Construction: Aluminum siding and brick construction; Asphalt roof; Built prior to 1978
• Exterior features: Lot less than 0.25 acre; Lot dimensions recorded as 10680

Interior

• Kitchen: Range; Refrigerator; Kitchen on main level (approx. 10 x 12)
• Bedrooms: Three bedrooms (all on the main level); Bedroom dimensions include two at 12 x 9 and the master at 12 x 12
• Flooring: Carpet in living room, family room and several bedrooms; Vinyl flooring in the kitchen; Other flooring in some bedrooms and laundry
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Six total rooms; Curtains/drapes on multiple windows
• Laundry & utility: Main-level laundry room (approx. 12 x 8)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $128k.

Deal economics

• At list price, monthly cash flow is $708 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• Cap rate 12.9% vs local median 9.5% in Park Forest — 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 78/100 on livability (#148 in IL, #2,726 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, amenities F.
• Rich Twp Hsd 227 (suburban): math 5% / reading 12% proficiency, ranked #577 of 620 in IL (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 102 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 39% of the median local income ($62k/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 $885 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $36k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $128k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,000

Questions for the listing agent

1. Built in 1956 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.57% ✓
• Cap rate: 12.93%
• Cash-on-cash: 23.69%
• DSCR: 2.05
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $170,352
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
356 Winnebago St	0.20mi	3/2.0	1,088 (-0%)	1mo	$150,000	$138	86
3435 218 Pl	0.19mi	3/1.5	1,154 (+6%)	2mo	$183,000	$159	78
306 Winnebago St	0.44mi	3/2.0	1,088 (-0%)	3mo	$105,000	$97	73
118 Well St	0.70mi	3/1.0	1,092 (0%)	2mo	$177,000	$162	66
506 Wildwood Dr	0.47mi	3/1.5	1,170 (+7%)	3mo	$160,000	$137	62
21945 Millard Ave	0.45mi	2/1.0 (-1)	980 (-10%)	3mo	$153,000	$156	54
409 Wilshire St	0.62mi	3/1.5	1,170 (+7%)	4mo	$160,000	$137	54
314 Windsor St	0.74mi	3/1.0	1,014 (-7%)	2mo	$141,000	$139	51
549 Homan Ave	0.59mi	3/1.5	1,200 (+10%)	6mo	$195,000	$163	49
356 Wilshire St	0.51mi	3/1.5	1,248 (+14%)	2mo	$50,000	$40	48
500 Lakewood Blvd	0.65mi	3/1.5	1,248 (+14%)	5mo	$235,000	$188	39
251 Westwood Dr	0.69mi	3/2.0	1,248 (+14%)	2mo	$217,000	$174	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 16.8%
• Equity multiple: 1.68×
• Total profit: $24,357
• Equity at exit: $19,085

10-year hold

• IRR: 25.4%
• Equity multiple: 3.21×
• Total profit: $79,366
• Equity at exit: $11,067

Cash invested: $35,840 (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 60466

• Home prices YoY: -21.1%
• Active inventory: 102
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,015 high
• Mortgage (P&I): −$671
• Tax est. 1.5%: −$160 /mo · $1,920/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $708

Break-even live

Break-even rent $1,120

Max offer price $128,000

Occupancy floor 60%

Sensitivity live

Price	-10% $796	-5% $752	+0% $708	+5% $663	+10% $619
Rent	-10% $548	-5% $628	+0% $708	+5% $787	+10% $867
Rate	-1.0pp $772	-0.5pp $740	base $708	+0.5pp $674	+1.0pp $641

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: $32,000
• Closing costs: $3,840
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 Watseka St Park Forest, IL	4.0	2.0	1161	$2,161	$1.86	16d	1	0.36mi
4014 Euclid Ln Richton Park, IL	2.0	1.0	1100	$2,100	$1.91	22d	1	0.68mi
4014 Euclid Ln Richton Park, IL	2.0	1.0	1100	$2,100	$1.91	8d	1	0.68mi
4014 Euclid Ln Richton Park, IL	3.0	1.0	1100	$2,100	$1.91	13d	1	0.68mi
3838 216th Pl Matteson, IL	2.0	2.0	1160	$1,996	$1.72	20d	1	0.70mi
3538 212th Pl Matteson, IL	3.0	1.0	1209	$2,000	$1.65	25d	1	0.73mi
3905 Tower Dr Richton Park, IL	1.0–2.0	1.0–2.0	905	$1,795	$1.98	0d	19	0.86mi
4020 216th St Unit 2E Matteson, IL	3.0	1.0	1000	$2,000	$2.00	0d	1	0.90mi
11 Fir St Park Forest, IL	1.0–3.0	1.0	1026	$2,069	$2.02	0d	1	1.22mi
631 Andover St Chicago Heights, IL	3.0	1.0	900	$1,450	$1.61	4d	1	1.31mi
22501 Butterfield Rd Unit 22400-311 Richton Park, IL	2.0	1.0	882	$1,360	$1.54	8d	1	1.37mi
22501 Butterfield Rd Unit 22411-514 Richton Park, IL	2.0	1.5	1021	$1,365	$1.34	8d	1	1.37mi
22501 Butterfield Rd Unit 22411-506 Richton Park, IL	2.0	1.0	882	$1,325	$1.50	8d	1	1.37mi
22501 Butterfield Rd Unit 22419-109 Richton Park, IL	2.0	1.0	798	$1,310	$1.64	8d	1	1.37mi
22501 Butterfield Rd Unit 22415-207 Richton Park, IL	2.0	1.5	944	$1,360	$1.44	8d	1	1.37mi
22015 E Churchill Dr Richton Park, IL	4.0	2.0	1200	$2,300	$1.92	25d	1	1.39mi
3324 Western Ave Park Forest, IL	1.0–3.0	1.0	1026	$1,995	$1.94	0d	11	1.43mi
372 Oswego St Park Forest, IL	4.0	1.0	1200	$2,600	$2.17	25d	1	1.50mi

Listing history 25 events

1. 2026-06-18
   days on market $128,000 Active 6 DOM
2. 2026-06-17
   days on market $128,000 Active 5 DOM
3. 2026-06-16
   days on market $128,000 Active 4 DOM
4. 2026-06-15
   days on market $128,000 Active 3 DOM
5. 2026-06-13
   days on marketlisting id $128,000 Active 1 DOM
6. 2026-06-09
   days on market $128,000 Active 229 DOM
7. 2026-06-08
   days on market $128,000 Active 228 DOM
8. 2026-06-07
   days on market $128,000 Active 227 DOM
9. 2026-06-04
   days on market $128,000 Active 224 DOM
10. 2026-06-03
    days on market $128,000 Active 223 DOM
11. 2026-06-02
    days on market $128,000 Active 222 DOM
12. 2026-06-01
    days on market $128,000 Active 221 DOM
13. 2026-05-31
    days on market $128,000 Active 220 DOM
14. 2026-05-13
    historical Contingent - Continue to Show
15. 2026-04-24
    price $128,000
16. 2026-03-27
    price $132,000
17. 2026-02-27
    price $136,000
18. 2026-01-31
    price $140,000
19. 2026-01-09
    price $146,000
20. 2025-12-05
    price $151,000
21. 2025-11-14
    price $157,000
22. 2025-10-23
    listed $164,000 Active
23. 2013-05-10
    soldstatus $43,500 Closed Sale 403-char remark

    Show marketing remark (403 chars)

    Excellent opportunity to own a 3 BR Park Forest home with a Family Room addition. All new within the last 2 years: WINDOWS, ROOF, SIDING, & DOORS!!! Nice sized eat-in kitchen. NEW A/C - 1 YEAR old. Family room addition has separate heat. Fantastic yard - very private! Excellent location! All of the major improvements have been done!! Appliances included!! Work area in garage. Lots of storage.

24. 2013-04-23
    historical Contingent 403-char remark

    Show marketing remark (403 chars)

    Excellent opportunity to own a 3 BR Park Forest home with a Family Room addition. All new within the last 2 years: WINDOWS, ROOF, SIDING, & DOORS!!! Nice sized eat-in kitchen. NEW A/C - 1 YEAR old. Family room addition has separate heat. Fantastic yard - very private! Excellent location! All of the major improvements have been done!! Appliances included!! Work area in garage. Lots of storage.

25. 2013-04-04
    listed $50,000 New 403-char remark

    Show marketing remark (403 chars)

    Excellent opportunity to own a 3 BR Park Forest home with a Family Room addition. All new within the last 2 years: WINDOWS, ROOF, SIDING, & DOORS!!! Nice sized eat-in kitchen. NEW A/C - 1 YEAR old. Family room addition has separate heat. Fantastic yard - very private! Excellent location! All of the major improvements have been done!! Appliances included!! Work area in garage. Lots of storage.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,185
• − Mortgage interest: −$7,170
• − Property taxes: −$1,920
• − Insurance: −$640
• − Repairs & maintenance: −$1,935
• − Management: −$1,935
• − Depreciation: −$3,724
• Taxable income: $6,862
• Est. tax owed @ 24.0%: −$1,647
• After-tax cash flow: $6,844/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: Rich Twp Hsd 227
• NCES district ID: 1733420
• Math proficiency: 5% ▼ -3.00%
• Reading proficiency: 12% ▬ 0.00%
• Median HH income: $56,056
• Composite: 8.93/100
• National rank: #9885
• State rank: #577 of 620 in IL

Livability — Park Forest

• Score: 78/100
• State rank: #148
• US rank: #2726

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Park Forest, IL
• County: Cook County · 4,486,803 people
• City population: 21,461
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 21,461
• Household income: $61,654
• Rent vs Own: 33.7% rent · 66.3% own
• Severe rent burden: 900.0

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 (69%)
• Race & ethnicity: Black 69% White 19% Hispanic / Latino 9% Two or more races 3% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 2% Iranian 1% Italian 1%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 7% French/Haitian/Cajun 1% Russian/Polish/Slavic 1%

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: ▼ -58.87%
• Current HPI: 219.9692
• Rent YoY: —
• 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

+156.0% since first listed

12 events — show timeline

• 2026-05-13 Contingent — MRED as Distributed by MLS Grid
• 2026-04-24 Price Changed $128,000 MRED as Distributed by MLS Grid
• 2026-03-27 Price Changed $132,000 MRED as Distributed by MLS Grid
• 2026-02-27 Price Changed $136,000 MRED as Distributed by MLS Grid
• 2026-01-31 Price Changed $140,000 MRED as Distributed by MLS Grid
• 2026-01-09 Price Changed $146,000 MRED as Distributed by MLS Grid
• 2025-12-05 Price Changed $151,000 MRED as Distributed by MLS Grid
• 2025-11-14 Price Changed $157,000 MRED as Distributed by MLS Grid
• 2025-10-23 Listed $164,000 MRED as Distributed by MLS Grid
• 2013-05-10 Sold (MLS) $43,500 MRED as Distributed by MLS Grid
• 2013-04-23 Contingent — MRED as Distributed by MLS Grid
• 2013-04-04 Listed $50,000 MRED as Distributed by MLS Grid

Property tax history

+15.3%/yr

Latest (2023): $8,784 · +10.1% YoY. Source: county tax records.