1585 Ridge Ave #404 · Evanston, IL 60201

$190,000

2 bd · 1.0 ba · 964 sqft · Condo · 254 Days on market

Built 1949 $958/mo HOA · 36% of rent ↓ 5% since listing

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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).

• 1% rule +9.0/10.0
• Cash flow +8.4/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 2BR Co-op with Garage Parking in Prime Downtown Evanston Location. Beautifully updated and move-in ready, this bright and spacious 2-bedroom co-op in the heart of downtown Evanston offers both style and convenience. Enjoy high ceilings, pristine parquet flooring, and generous living/dining space with built-in cabinet and large picture window. Enjoy the afternoon light and sunsets from this west facing unit. The updated kitchen features newer appliances (2023), abundant wood cabinetry. Both bedrooms are well-proportioned, with easy access to the full bath featuring a tub/shower combo and pedestal sink. Additional highlights include garage parking, newer windows throughout, and two w

Key facts

• Large picture window
• Garage parking
• Built-in cabinet

Tags

• GARAGE PARKING
• UPDATED KITCHEN
• BUILT-IN CABINET
• LARGE PICTURE WINDOW
• NEWER WINDOWS
• SUNNY FIRST-FLOOR LAUNDRY ROOM

Property features AI

Finance

• Other: Building contains 80 units; Living area sourced from plans; Directions: Southeast corner of Ridge Ave. and Davis St.
• Financial info: Special service area: No
• HOA & community: Monthly association fee (includes heat, water, electricity, gas and taxes); Association amenities include coin laundry, elevator(s), storage, security door locks, service elevator(s), and patio; Pets not allowed

Exterior

• Parking: Attached garage (1 garage space, 1 total parking space)
• Security: Security door locks; Service elevator(s) and elevator access
• Utilities: Public water; Public sewer
• Home design: Attached single-unit in a high-rise condo building (7+ stories); Co-op ownership; Entry level at level 4; Non-smoking building; Commuter-friendly location (commuter bus and train access)
• Construction: Brick construction; Building constructed approximately 71–80 years ago; Built before 1978
• Exterior features: Common lot dimensions

Interior

• Kitchen: Galley-style kitchen; Range; Microwave; Dishwasher; Refrigerator; Ceramic tile flooring in kitchen
• Bedrooms: Master bedroom on main level (15 x 12); Second bedroom on main level (15 x 11); Additional labeled bedrooms (counts listed as 2 total)
• Flooring: Parquet flooring in living room, dining room and bedrooms; Ceramic tile in kitchen; Parquet in foyer
• Bathrooms: One full bathroom
• Heating & cooling: Radiator heating; Window air conditioning unit(s)
• Interior features: Five total rooms; Combined dining and living room; Common area laundry; Carbon monoxide detectors; Ceiling fan(s)
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $-169 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (12.9% below list).
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $166k (12.9% below list) — sets the bar for cash-flow.
• Cap rate 5.2% vs local median 3.0% in Evanston — 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 85/100 on livability (#26 in IL, #464 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Evanston Twp Hsd 202 (urban): math 47% / reading 52% proficiency, ranked #54 of 620 in IL (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dewey Elem School (math 52% / reading 47%, grade D, #182 of 2,056 statewide, top 10%, 345 students, 0% FRL); Nichols Middle School (math 35% / reading 36%, grade F, #188 of 665 statewide, top 28%, 650 students, 0% FRL); Evanston Twp High School (math 47% / reading 52%, grade D, #44 of 693 statewide, top 7%, 3,691 students, 0% FRL).
• Market conditions: Rents rising fast (+4.9%/yr); 107 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 35% of the median local income ($91k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 254 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent; built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $165,576 (12.9% 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 254 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 5.23%
• Cash-on-cash: -3.81%
• DSCR: 0.83
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.93% rent growth · sell at horizon

5-year hold

• IRR: -18.5%
• Equity multiple: 0.33×
• Total profit: $-35,643
• Equity at exit: $28,330

10-year hold

• IRR: -4.9%
• Equity multiple: 0.63×
• Total profit: $-19,842
• Equity at exit: $16,428

Cash invested: $53,200 (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 60201

• Rents YoY: 4.9%
• Active inventory: 107
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,661 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$958
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $-169

Break-even live

Break-even rent $2,875

Max offer price $165,576

Occupancy floor —

Sensitivity live

Price	-10% $-37	-5% $-103	+0% $-169	+5% $-234	+10% $-300
Rent	-10% $-379	-5% $-274	+0% $-169	+5% $-64	+10% $41
Rate	-1.0pp $-73	-0.5pp $-120	base $-169	+0.5pp $-218	+1.0pp $-268

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1570 Oak Ave Evanston, IL	2.0	1.0–2.0	712	$1,990	$2.79	9d	6	0.05mi
1615 Ridge Ave Evanston, IL	2.0–4.0	1.0–2.0	1318	$1,795	$1.36	9d	5	0.06mi
1627 Ridge Ave Evanston, IL	1.0	1.0	700	$1,315	$1.88	9d	1	0.09mi
1121 Church St Evanston, IL	2.0	1.5	1100	$1,815	$1.65	5d	3	0.13mi
1720 Oak Ave #406 Evanston, IL	1.0	1.0	805	$2,250	$2.80	24d	1	0.16mi
1717 Ridge Ave Evanston, IL	3.0	1.0–2.0	876	$3,781	$4.31	0d	19	0.17mi
1509 Oak Ave Unit 2N Evanston, IL	2.0	1.0	850	$1,750	$2.06	24d	1	0.17mi
1454 Oak Ave Unit G Evanston, IL	1.0	1.0	700	$1,625	$2.32	26d	1	0.18mi
1590 Elmwood Ave Evanston, IL	2.0	2.0	1097	$4,105	$3.74	19d	1	0.18mi
1590 Elmwood Ave Unit 1205 Evanston, IL	1.0	1.0	667	$3,195	$4.79	26d	1	0.18mi
1590 Elmwood Ave Evanston, IL	1.0	1.0	751	$2,960	$3.94	26d	1	0.18mi
1727 Oak Ave Evanston, IL	1.0–2.0	1.0–2.0	865	$5,045	$5.83	0d	7	0.18mi
1111 Lake St Evanston, IL	2.0	1.0	1000	$2,295	$2.29	21d	1	0.19mi
1720 Maple Ave Evanston, IL	1.0–2.0	1.0–2.0	1186	$3,100	$2.61	26d	2	0.22mi
1720 Maple Ave Evanston, IL	1.0–2.0	1.0–2.0	1011	$3,100	$3.06	1d	2	0.22mi
1327 Church St Unit CH Evanston, IL	2.0	1.0	957	$2,250	$2.35	1d	1	0.22mi
807 Davis St Evanston, IL	2.0	1.0–2.0	1161	$4,000	$3.45	1d	2	0.29mi
807 Church St #404 Evanston, IL	1.0	1.0	830	$2,250	$2.71	19d	1	0.30mi
1834 Ridge Ave #121 Evanston, IL	1.0	1.0	900	$2,057	$2.29	1d	1	0.31mi
1706 Sherman Ave Evanston, IL	3.0	1.0–2.5	1188	$4,667	$3.93	0d	9	0.34mi
1406 Elmwood Ave Evanston, IL	1.0–2.0	1.0	846	$2,075	$2.45	5d	1	0.34mi
810 Clark St Evanston, IL	1.0–2.0	1.0	800	$2,560	$3.20	26d	1	0.34mi
617 Grove St Evanston, IL	1.0	1.0	542	$1,775	$3.27	5d	1	0.36mi
1311 Oak Ave Apt 3W Evanston, IL	2.0	1.0	900	$2,295	$2.55	26d	1	0.37mi
1031 Dempster St Unit 3E Evanston, IL	1.0	1.0	700	$1,795	$2.56	26d	1	0.40mi
716 Clark St Unit 1S Evanston, IL	3.0	2.0	920	$3,895	$4.23	26d	1	0.40mi
716 Clark St Unit 3N Evanston, IL	3.0	1.0	900	$3,550	$3.94	26d	1	0.40mi
1630 Chicago Ave Evanston, IL	2.0	1.0–2.0	826	$4,099	$4.96	1d	36	0.42mi
1838 Ashland Ave Unit 1F Evanston, IL	2.0	1.0	900	$2,100	$2.33	26d	1	0.44mi
1400 Chicago Ave Evanston, IL	1.0	1.0	550	$1,650	$3.00	5d	6	0.46mi
1516 Hinman Ave Evanston, IL	1.0–2.0	2.0	1095	$2,400	$2.19	26d	2	0.49mi
1715 Chicago Ave Evanston, IL	3.0	1.0–2.5	1267	$5,088	$4.01	0d	34	0.50mi
1235 Elmwood Ave Evanston, IL	1.0	1.0	950	$1,895	$1.99	23d	1	0.50mi
802 Dempster St Unit 1A Evanston, IL	1.0	1.0	525	$1,550	$2.95	5d	1	0.51mi
1311 Chicago Ave Evanston, IL	1.0	1.0	474	$1,575	$3.32	24d	1	0.55mi
1002 Crain St Unit 1 Evanston, IL	3.0	2.0	1100	$3,795	$3.45	26d	1	0.55mi
1142 Maple Ave Unit 2 Evanston, IL	1.0	1.0	700	$2,645	$3.78	1d	1	0.55mi
916 Crain St Unit 3 Evanston, IL	2.0	1.0	900	$3,095	$3.44	17d	1	0.55mi
916 Crain St Unit 1 Evanston, IL	2.0	1.0	900	$2,995	$3.33	1d	1	0.56mi
1147 Maple Ave Unit 1 Evanston, IL	2.0	1.0	900	$3,095	$3.44	17d	1	0.56mi

HOA detail condo

• Monthly dues: $958 · $11,496/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $190,000 Active 254 DOM
2. 2026-06-18
   days on market $190,000 Active 251 DOM
3. 2026-06-17
   days on market $190,000 Active 250 DOM
4. 2026-06-16
   days on market $190,000 Active 249 DOM
5. 2026-06-15
   days on market $190,000 Active 248 DOM
6. 2026-06-13
   days on market $190,000 Active 246 DOM
7. 2026-06-09
   days on market $190,000 Active 242 DOM
8. 2026-06-08
   days on market $190,000 Active 241 DOM
9. 2026-06-07
   days on market $190,000 Active 240 DOM
10. 2026-06-04
    days on market $190,000 Active 237 DOM
11. 2026-06-03
    days on market $190,000 Active 236 DOM
12. 2026-06-02
    days on market $190,000 Active 235 DOM
13. 2026-06-01
    days on market $190,000 Active 234 DOM
14. 2026-05-31
    days on market $190,000 Active 233 DOM
15. 2026-03-30
    price $190,000
16. 2025-10-10
    listed $200,000 Active
17. 2025-10-10
    historical

ⓘ 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 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,933
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$2,555
• − Management: −$2,555
• − HOA: −$11,496
• − Depreciation: −$5,527
• Taxable loss: −$4,642
• Est. tax savings @ 24.0%: +$1,114
• After-tax cash flow: $-911/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: Evanston Twp Hsd 202
• NCES district ID: 1714490
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $72,672
• Composite: 44.52/100
• National rank: #2794
• State rank: #54 of 620 in IL

Livability — Evanston

• Score: 85/100
• State rank: #26
• US rank: #464

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Evanston, IL
• County: Cook County · 4,486,803 people
• City population: 76,085
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 43,744
• Household income: $90,545
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 2996.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 62% Black 12% Two or more races 11% Hispanic / Latino 11% Asian 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 5% Scotch-Irish 3% Italian 2%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 5% Chinese 4% Other Indo-European 3%

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: ▼ -298.75%
• Current HPI: 176.2844
• Rent YoY: ▲ 4.93%
• 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

-5.0% since first listed

3 events — show timeline

• 2026-03-30 Price Changed $190,000 MRED as Distributed by MLS Grid
• 2025-10-10 Listing Removed — MRED as Distributed by MLS Grid
• 2025-10-10 Listed $200,000 MRED as Distributed by MLS Grid