15213 Turlington Ave

Harvey, IL 60426

$69,000A-

4 bd · 1.0 ba · 1,084 sqft · Built 1892 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,823/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$267
• HOA: −$0
• Vac / Maint / Mgmt: −$383
• Net cashflow: $811/mo
• Annual: $9,737/yr
• Cap rate: 23.05%
• Cash-on-cash: 59.84%
• DSCR: 3.66
• 1% rule: 2.64%
• Cash to close: $19,320

Investor read

• This is a 4-bed/1.0-bath single-family listed at $69k. Condition is rated poor.
• At list price, monthly cash flow is $811 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($477 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#539 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A-; Watch: health & safety D+, schools F, crime F.
• 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.
• Watch-outs: flood insurance adds $152/mo; built in 1892 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 134 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 23.0% vs local median 9.3% in Harvey — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Crime grade is F 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed subfloor — Structural damage
• Major: Missing cabinets — Functional impairment
• Major: Missing fixtures — Functional impairment
• Major: Missing windows — Structural integrity