223 W Locust St · DeKalb, IL 60115

$265,000

8 bd · 3.0 ba · — sqft · Other public records · 343 Days on market

Built 1920 Est $283k · 6% under

---

Why this score? — see what drove the D- 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).

• ARV discount +10.3/15.0
• Cash flow +8.4/30.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

An updated rooming house, in a great location close to NIU and downtown within walking distance or close to public transportation. Newer mechanicals furnaces & central air--windows -- plumbing -- some electrical. 3 updated Kitchens and 5 updated baths. If your investor this is ready for you. The potential for great rental income. Owner has other properties in the area and would consider a package deal. Don't miss this opportunity.

Key facts

• Updated baths
• Great location
• Updated kitchens

Tags

• GREAT LOCATION
• NEWER MECHANICALS
• UPDATED KITCHENS
• UPDATED BATHS
• POTENTIAL FOR RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 8-bed/3.0-bath other listed at $265k.

Deal economics

• At list price, monthly cash flow is $-236 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (15.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (15.3% below list).
• Recommended offer: $223k (15.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 77/100 on livability (#154 in IL, #2,835 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D+, schools D, crime D-.
• Dekalb CUSD 428 (suburban): math 11% / reading 16% proficiency, ranked #541 of 620 in IL (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+7.3%/yr); 85 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 260 units permitted in DeKalb County in 2024 (73 in 5+ unit buildings).
• At $2,243/mo this rent would consume 57% of the median local household income ($47k/yr) (locally 3794% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 343 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $30k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $223,282 (15.7% below list)

Questions for the listing agent

1. 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?
2. It's been on market 343 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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 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: 0.85% ✗
• Cap rate: 5.22%
• Cash-on-cash: -3.82%
• DSCR: 0.83
• GRM: 9.8

CMA / ARV

• ARV (median comp): $282,853
• List price: $265,000
• Delta: -6.31%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.33% rent growth · sell at horizon

5-year hold

• IRR: -17.5%
• Equity multiple: 0.36×
• Total profit: $-47,641
• Equity at exit: $39,512

10-year hold

• IRR: -2.4%
• Equity multiple: 0.80×
• Total profit: $-14,504
• Equity at exit: $22,912

Cash invested: $74,200 (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 60115

• Home prices YoY: -31.9%
• Rents YoY: 7.3%
• Active inventory: 85
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,243 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$508 /mo · $6,099/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $-236

Break-even live

Break-even rent $2,542

Max offer price $223,282

Occupancy floor —

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
801 Lucinda Ave DeKalb, IL	2.0–8.0	1.0–2.5	—	$2,100	—	1d	36	0.67mi

Listing history 33 events

1. 2026-06-18
   days on market $265,000 Active 343 DOM
2. 2026-06-17
   days on market $265,000 Active 342 DOM
3. 2026-06-16
   days on market $265,000 Active 341 DOM
4. 2026-06-15
   days on market $265,000 Active 340 DOM
5. 2026-06-13
   days on market $265,000 Active 338 DOM
6. 2026-06-13
   days on market $265,000 Active 337 DOM
7. 2026-06-09
   days on market $265,000 Active 334 DOM
8. 2026-06-08
   days on market $265,000 Active 333 DOM
9. 2026-06-07
   days on market $265,000 Active 332 DOM
10. 2026-06-04
    days on market $265,000 Active 329 DOM
11. 2026-06-03
    days on market $265,000 Active 328 DOM
12. 2026-06-02
    days on market $265,000 Active 327 DOM
13. 2026-06-01
    days on market $265,000 Active 326 DOM
14. 2026-05-31
    days on market $265,000 Active 325 DOM
15. 2026-01-12
    status Active 442-char remark

    Show marketing remark (442 chars)

    An updated rooming house, in a great location close to NIU and downtown within walking distance or close to public transportation. Newer mechanicals furnaces & central air--windows -- plumbing -- some electrical. 3 updated Kitchens and 5 updated baths. If your investor this is ready for you. The potential for great rental income. Owner has other properties in the area and would consider a package deal. Don't miss this opportunity.

16. 2026-01-10
    historical 442-char remark

    Show marketing remark (442 chars)

    An updated rooming house, in a great location close to NIU and downtown within walking distance or close to public transportation. Newer mechanicals furnaces & central air--windows -- plumbing -- some electrical. 3 updated Kitchens and 5 updated baths. If your investor this is ready for you. The potential for great rental income. Owner has other properties in the area and would consider a package deal. Don't miss this opportunity.

17. 2026-01-06
    status Active 442-char remark

    Show marketing remark (442 chars)

    An updated rooming house, in a great location close to NIU and downtown within walking distance or close to public transportation. Newer mechanicals furnaces & central air--windows -- plumbing -- some electrical. 3 updated Kitchens and 5 updated baths. If your investor this is ready for you. The potential for great rental income. Owner has other properties in the area and would consider a package deal. Don't miss this opportunity.

18. 2025-12-30
    historical 442-char remark

    Show marketing remark (442 chars)

    An updated rooming house, in a great location close to NIU and downtown within walking distance or close to public transportation. Newer mechanicals furnaces & central air--windows -- plumbing -- some electrical. 3 updated Kitchens and 5 updated baths. If your investor this is ready for you. The potential for great rental income. Owner has other properties in the area and would consider a package deal. Don't miss this opportunity.

19. 2025-09-20
    price $265,000 442-char remark

    Show marketing remark (442 chars)

    An updated rooming house, in a great location close to NIU and downtown within walking distance or close to public transportation. Newer mechanicals furnaces & central air--windows -- plumbing -- some electrical. 3 updated Kitchens and 5 updated baths. If your investor this is ready for you. The potential for great rental income. Owner has other properties in the area and would consider a package deal. Don't miss this opportunity.

20. 2025-06-30
    listed $295,000 Active 442-char remark

    Show marketing remark (442 chars)

    An updated rooming house, in a great location close to NIU and downtown within walking distance or close to public transportation. Newer mechanicals furnaces & central air--windows -- plumbing -- some electrical. 3 updated Kitchens and 5 updated baths. If your investor this is ready for you. The potential for great rental income. Owner has other properties in the area and would consider a package deal. Don't miss this opportunity.

21. 2024-10-23
    historical
22. 2024-09-18
    price
23. 2024-07-28
    price
24. 2024-05-30
    status Active
25. 2024-03-08
    price
26. 2024-03-08
    historical Contingent - Continue to Show
27. 2023-12-29
    historical $850
28. 2023-12-13
    listed $850
29. 2023-10-04
    listed Active
30. 2015-05-11
    soldstatus $400,000
31. 2006-11-20
    soldstatus $232,000
32. 2006-11-20
    soldstatus $232,000
33. 2005-02-03
    soldstatus $138,000

ⓘ 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: $6,099 · $508/mo
• Projected year-2 tax: $6,099 · $508/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,919
• − Mortgage interest: −$14,844
• − Property taxes: −$6,099
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,154
• − Management: −$2,154
• − Depreciation: −$7,709
• Taxable loss: −$7,365
• Est. tax savings @ 24.0%: +$1,768
• After-tax cash flow: $-1,066/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: Dekalb CUSD 428
• NCES district ID: 1712000
• Math proficiency: 11% ▼ -9.00%
• Reading proficiency: 16% ▼ -6.00%
• Median HH income: $42,007
• Composite: 11.74/100
• National rank: #9685
• State rank: #541 of 620 in IL

Livability — DeKalb

• Score: 77/100
• State rank: #154
• US rank: #2835

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: DeKalb, IL
• County: DeKalb County · 64,760 people
• City population: 42,536
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 42,536
• Household income: $47,043
• Rent vs Own: 57.0% rent · 43.0% own
• Severe rent burden: 3794.0

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 104,983 people
• By 2030: 104,428 · -0.5%
• By 2040: 102,199 · -2.7%
• By 2050: 99,303 · -5.4%
• By 2075: 93,978 · -10.5%
• By 2100: 88,527 · -15.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Hispanic / Latino 18% Black 15% Two or more races 12% Asian 4%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 82% English-only · Spanish 10% Arabic 2% Other Indo-European 2%

Political lean MEDSL · DeKalb

• 2024 margin: Toss-up / Even · D 50.1% · R 48.1% · Other 1.7%
• 2008→2024 swing: -14.8pp toward R · 2008: 16.8pp · 2024: 2.0pp
• All cycles: 2024: D+2.0 2020: D+5.7 2016: D+3.0 2012: D+5.5 2008: D+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.56%
• Current HPI: 191.1189
• Rent YoY: ▲ 7.33%
• 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

+92.0% since first listed

19 events — show timeline

• 2026-01-12 Relisted — MRED as Distributed by MLS Grid
• 2026-01-10 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-06 Relisted — MRED as Distributed by MLS Grid
• 2025-12-30 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-20 Price Changed $265,000 MRED as Distributed by MLS Grid
• 2025-06-30 Listed $295,000 MRED as Distributed by MLS Grid
• 2024-10-23 Listing Removed — MRED as Distributed by MLS Grid
• 2024-09-18 Price Changed — MRED as Distributed by MLS Grid
• 2024-07-28 Price Changed — MRED as Distributed by MLS Grid
• 2024-05-30 Relisted — MRED as Distributed by MLS Grid
• 2024-03-08 Price Changed — MRED as Distributed by MLS Grid
• 2024-03-08 Contingent — MRED as Distributed by MLS Grid
• 2023-12-29 Rental Removed $850 APPFOLIO
• 2023-12-13 Listed for Rent $850 APPFOLIO
• 2023-10-04 Listed — MRED as Distributed by MLS Grid
• 2015-05-11 Sold (Public Records) $400,000 Public Records
• 2006-11-20 Sold (Public Records) $232,000 Public Records
• 2006-11-20 Sold (Public Records) $232,000 Public Records
• 2005-02-03 Sold (Public Records) $138,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $6,099 · +8.6% YoY. Source: county tax records.