8150 Brookside Dr #204

Palos Park, IL 60464

$299,500D

2 bd · 2.0 ba · 1,300 sqft · Built 1984 · Condo · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,985/mo
• Mortgage (P&I): −$1,571
• Tax + insurance: −$499
• HOA: −$321
• Vac / Maint / Mgmt: −$627
• Net cashflow: $-33/mo
• Annual: $-396/yr
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• 1% rule: 1.00%
• Cash to close: $83,860

Investor read

• This is a 2-bed/2.0-bath condo listed at $300k. Condition is rated good.
• At list price, monthly cash flow is $-33 ($-396/yr) — negative.
• To cash-flow at today's rent, offer at most $295k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $298k (0.3% below list).
• It's been on market 81 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $282k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#79 in IL, #1,280 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: health & safety D+, amenities F, cost of living F.
• Cons Hsd 230 (suburban): math 35% / reading 39% proficiency, ranked #146 of 620 in IL (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Palos East Elementary School (math 46% / reading 51%, grade D, #213 of 2,056 statewide, top 10%, 689 students, 0% FRL); Palos South Middle School (math 44% / reading 60%, grade C+, #41 of 665 statewide, top 6%, 701 students, 0% FRL); Amos Alonzo Stagg High School (math 30% / reading 35%, grade F, #152 of 693 statewide, top 22%, 2,538 students, 0% FRL).
• Market conditions: 31 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Cap rate 6.2% vs local median 1.3% in Palos Park — 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?
• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?