354 Calhoun Ave · Calumet City, IL 60409

$117,000

3 bd · 1.5 ba · 1,260 sqft · SingleFamily · 56 Days on market

Built 1968 5,120 sqft lot Est $228k · 49% under ↓ 5% since listing

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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
• 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

Charming 3 bedroom 1.5 bath brick bungalow offering 1,260 square feet of comfortable living space and endless potential! This solid home features a classic brick exterior, a functional layout, and a spacious full basement. This area is perfect for additional storage or future finishing. The two-car garage provides ample parking and convenience. With just a little TLC, this property is an excellent opportunity to build equity and make it your own. Do not miss the chance to transform this gem into something truly special! Make your offer today! This is a Fannie Mae HomePath property.

Key facts

• Brick bungalow
• Two-car garage
• 5,120 sq ft lot

Tags

• BRICK BUNGALOW
• CLASSIC BRICK EXTERIOR
• SPACIOUS FULL BASEMENT
• TWO-CAR GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $117k.

Deal economics

• At list price, monthly cash flow is $831 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $117k).
• Recommended offer: $113k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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 45% of the median local income ($55k/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 $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 ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Recommended offer $113,490 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.77% ✓
• Cap rate: 14.81%
• Cash-on-cash: 30.43%
• DSCR: 2.35
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $228,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
372 Bensley Ave	0.08mi	4/2.0 (+1)	1,250 (-1%)	2mo	$235,000	$188	87
288 Calhoun Ave	0.15mi	4/2.0 (+1)	1,260 (0%)	2mo	$215,000	$171	84
453 Hoxie Ave	0.24mi	3/1.5	1,304 (+4%)	0mo	$195,000	$150	83
412 Saginaw Ave	0.24mi	3/1.5	1,314 (+4%)	4mo	$171,000	$130	79
494 Oglesby Ave	0.38mi	4/2.5 (+1)	1,252 (-1%)	2mo	$245,000	$196	71
286 Calhoun Ave	0.16mi	3/2.0	1,424 (+13%)	3mo	$203,000	$143	66
665 Hoxie Ave	0.74mi	3/1.5	1,264 (+0%)	2mo	$188,000	$149	64
651 Bensley Ave	0.70mi	3/1.5	1,277 (+1%)	2mo	$235,000	$184	64
317 Madison Ave	0.66mi	3/1.0	1,152 (-9%)	3mo	$67,200	$58	51
1060 Lucas St	0.61mi	4/3.0 (+1)	1,337 (+6%)	1mo	$270,000	$202	50
591 Paxton Ave	0.67mi	4/2.0 (+1)	1,340 (+6%)	3mo	$261,000	$195	49
1225 Memorial Dr	0.66mi	4/3.0 (+1)	1,303 (+3%)	5mo	$235,700	$181	49

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 · 6.17% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 2.25×
• Total profit: $40,808
• Equity at exit: $17,445

10-year hold

• IRR: 37.9%
• Equity multiple: 5.08×
• Total profit: $133,695
• 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: 4.7×

Monthly cashflow live

• Estimated rent: $2,075 high
• Mortgage (P&I): −$614
• Tax est. 1.5%: −$146 /mo · $1,755/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $831

Break-even live

Break-even rent $1,023

Max offer price $117,000

Occupancy floor 55%

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 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 Yates Ave Unit 1616 Dolton 1E Calumet City, IL	2.0	1.0	875	$1,465	$1.67	7d	1	0.26mi
14518 S Hoxie Ave Chicago, IL	3.0	1.5	1128	$2,450	$2.17	1d	1	0.29mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1000	$1,800	$1.80	19d	1	0.38mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1100	$1,800	$1.64	12d	1	0.38mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1000	$1,800	$1.80	22d	1	0.38mi
2605 E Martha Pl Chicago, IL	2.0	2.0	1353	$1,860	$1.37	22d	1	0.47mi
405 Clyde Ave Calumet City, IL	3.0	1.0	973	$2,300	$2.36	1d	1	0.48mi
1860 State St Calumet City, IL	3.0	1.0	1100	$1,800	$1.64	17d	1	0.50mi
409 Madison Ave Unit 2 Calumet City, IL	3.0	1.5	1200	$1,795	$1.50	3d	1	0.66mi
2790 E State St Apt 2E Burnham, IL	3.0	2.0	1100	$1,695	$1.54	24d	1	0.68mi
671 Saginaw Ave Calumet City, IL	3.0	2.0	1250	$2,276	$1.82	10d	1	0.78mi
659 Paxton Ave Calumet City, IL	3.0	2.0	1255	$2,461	$1.96	10d	1	0.80mi
660 Clyde Ave Calumet City, IL	3.0	1.5	1400	$1,750	$1.25	3d	1	0.87mi
15400 Merrill Ave South Holland, IL	4.0	2.0	1508	$3,330	$2.21	22d	1	0.95mi
14738 Blackstone Ave Dolton, IL	3.0	1.0	1017	$2,400	$2.36	10d	1	0.99mi
14610 Blackstone Ave Dolton, IL	3.0	1.0	1017	$2,400	$2.36	6d	1	1.01mi
1429 Kasten Dr Dolton, IL	3.0	1.0	1600	$2,500	$1.56	1d	1	1.05mi
14716 Dorchester Ave Dolton, IL	3.0	2.0	1250	$2,800	$2.24	19d	1	1.12mi
14433 Woodlawn Ave Dolton, IL	4.0	2.0	1300	$2,000	$1.54	18d	1	1.39mi
15231 Hastings Dr Dolton, IL	4.0	1.5	1487	$2,146	$1.44	7d	1	1.44mi

Listing history 3 events

1. 2026-04-23
   status Pending
2. 2026-03-27
   price $117,000
3. 2026-02-26
   listed $123,000 Active

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,900
• − Mortgage interest: −$6,554
• − Property taxes: −$1,755
• − Insurance: −$585
• − Repairs & maintenance: −$1,992
• − Management: −$1,992
• − Depreciation: −$3,404
• Taxable income: $8,619
• Est. tax owed @ 24.0%: −$2,068
• After-tax cash flow: $7,900/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

-4.9% since first listed

3 events — show timeline

• 2026-04-23 Pending — MRED as Distributed by MLS Grid
• 2026-03-27 Price Changed $117,000 MRED as Distributed by MLS Grid
• 2026-02-26 Listed $123,000 MRED as Distributed by MLS Grid