1237 E Greystone Dr

Round Lake Beach, IL 60073

$399,900F

3 bd · 2.5 ba · 2,313 sqft · Built 2000 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,894/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$516
• HOA: −$27
• Vac / Maint / Mgmt: −$608
• Net cashflow: $-354/mo
• Annual: $-4,247/yr
• Cap rate: 5.23%
• Cash-on-cash: -3.79%
• DSCR: 0.83
• 1% rule: 0.72%
• Cash to close: $111,972

Investor read

• This is a 3-bed/2.5-bath single-family listed at $400k.
• At list price, monthly cash flow is $-354 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $337k (15.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (27.6% below list).
• It's been on market 23 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $289k (27.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#125 in IL, #2,172 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Grayslake Chsd 127 (suburban): math 40% / reading 44% proficiency, ranked #95 of 620 in IL (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grayslake North High School (math 37% / reading 42%, grade F, #88 of 693 statewide, top 14%, 1,257 students, 0% FRL).
• Market conditions: Rents rising (+2.9%/yr); 97 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 6 sale attempts since 8y ago; this cycle's ask is 70% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $235k; list at $400k implies a 70% gain — meaningful room to come down on a strong offer.
• This rent runs 35% of the median local income ($99k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.