9128 W Terrace Dr Unit 6L

Niles, IL 60714

$172,000D

1 bd · 1.0 ba · 650 sqft · Built 1985 · Condo · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,815/mo
• Mortgage (P&I): −$902
• Tax + insurance: −$248
• HOA: −$299
• Vac / Maint / Mgmt: −$381
• Net cashflow: $-15/mo
• Annual: $-183/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• 1% rule: 1.05%
• Cash to close: $48,160

Investor read

• This is a 1-bed/1.0-bath condo listed at $172k.
• At list price, monthly cash flow is $-15 ($-183/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (1.6% below list).
• Meets the 1% rule at list price ($2k rent vs $172k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $169k (1.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#53 in IL, #1,001 nationally) — a professional / high-income tenant draw. Strengths: commute A+, amenities A, housing A; Watch: health & safety D+.
• Maine Township Hsd 207 (suburban): math 34% / reading 39% proficiency, ranked #143 of 620 in IL (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Apollo Elem School (math 22% / reading 22%, grade F, #940 of 2,056 statewide, top 49%, 497 students, 0% FRL); Gemini Middle School (math 24% / reading 35%, grade F, #256 of 665 statewide, top 41%, 1,075 students, 0% FRL); Maine East High School (math 26% / reading 31%, grade F, #213 of 693 statewide, top 31%, 1,808 students, 0% FRL).
• Market conditions: 31 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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).
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $135k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.2% vs local median 4.3% in Niles — 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

• 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?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.