505 S Chicago Ave · Kankakee, IL 60901

$191,000

6 bd · 2.0 ba · — sqft · Other · 128 Days on market

Built 1900 4,250 sqft lot ↓ 48% since listing

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

• Cash flow +22.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +6.1/10.0
• Rent growth +3.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT INVESTMENT OPPORTUNITY IN KANKAKEE FOR 2 UNIT! FULLY RENTED. Fully renovated in 2025, this two-unit property offers two ample sized 3-bedroom, 1-bath units designed with open-concept living which supports both relaxation and everyday comfort. The main-level unit features a comfortable living and open dining room, which flows into the kitchen making the area the preferred family entertainment spot! The upper-level unit offers a relaxed yet open-plan layout as well. The unrestricted kitchen opens directly to a light-filled comfortable living area. Both units include well-appointed bathrooms with neutral, cohesive finishes. 2025 renovations include new drywall, fresh interior paint, updated electrical and plumbing, refined modern lighting, and continuous laminate and waterproof vinyl plank flooring throughout. Updated generous sized kitchens and baths with large windows throughout enhance the open, airy feel of each unit. Additional improvements include a partially replaced roof, select new windows, new rear foundation section, a full unfinished basement for storage or utility use, and a detached one-car garage. Call for an appointment today! MONTH TO MONTH LEASE.

Key facts

• 4,250 sq ft lot
• Garage
• Built 1900

🏷️ Possibly a rental listed for sale. The $191,000 price doesn't fit this home's estimated sale value (~$392,416) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath other listed at $191k.

Deal economics

• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $191k).
• Recommended offer: $168k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 5.8% in Kankakee — 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 62/100 on livability (#832 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Kankakee SD 111 (urban): math 6% / reading 13% proficiency, ranked #584 of 620 in IL (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.4%/yr); 115 active listings in the ZIP; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).
• This rent runs 44% of the median local income ($58k/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.
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $10k; list at $191k implies a 1810% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $168,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.51%
• DSCR: 1.33
• GRM: 7.5

CMA / ARV

• ARV (median comp): $392,416
• List price: $191,000
• Delta: -51.33%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.38% rent growth · sell at horizon

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-6,619
• Equity at exit: $28,479

10-year hold

• IRR: 8.0%
• Equity multiple: 1.64×
• Total profit: $34,429
• Equity at exit: $16,514

Cash invested: $53,480 (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 60901

• Home prices YoY: -32.5%
• Rents YoY: 4.4%
• Active inventory: 115
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,118 medium
• Mortgage (P&I): −$1,002
• Tax from tax record: −$257 /mo · $3,089/yr
• Insurance: −$80
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $335

Break-even live

Break-even rent $1,694

Max offer price $191,000

Occupancy floor 79%

Sensitivity live

Price	-10% $443	-5% $389	+0% $335	+5% $280	+10% $226
Rent	-10% $167	-5% $251	+0% $335	+5% $418	+10% $502
Rate	-1.0pp $431	-0.5pp $383	base $335	+0.5pp $285	+1.0pp $235

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: $47,750
• Closing costs: $5,730
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $191,000 Active 128 DOM
2. 2026-06-18
   days on market $191,000 Active 127 DOM
3. 2026-06-17
   days on market $191,000 Active 126 DOM
4. 2026-06-16
   days on market $191,000 Active 125 DOM
5. 2026-06-15
   days on market $191,000 Active 124 DOM
6. 2026-06-14
   days on market $191,000 Active 122 DOM
7. 2026-06-13
   days on market $191,000 Active 121 DOM
8. 2026-06-10
   days on market $191,000 Active 119 DOM
9. 2026-06-09
   days on market $191,000 Active 118 DOM
10. 2026-06-08
    days on market $191,000 Active 117 DOM
11. 2026-06-07
    days on market $191,000 Active 116 DOM
12. 2026-06-03
    days on market $191,000 Active 112 DOM
13. 2026-06-02
    days on market $191,000 Active 111 DOM
14. 2026-06-01
    days on market $191,000 Active 110 DOM
15. 2026-05-31
    days on market $191,000 Active 109 DOM
16. 2026-05-30
    days on market $191,000 Active 108 DOM
17. 2026-02-11
    listed $191,000 Active 1203-char remark

    Show marketing remark (1203 chars)

    GREAT INVESTMENT OPPORTUNITY IN KANKAKEE FOR 2 UNIT! FULLY RENTED. Fully renovated in 2025, this two-unit property offers two ample sized 3-bedroom, 1-bath units designed with open-concept living which supports both relaxation and everyday comfort. The main-level unit features a comfortable living and open dining room, which flows into the kitchen making the area the preferred family entertainment spot! The upper-level unit offers a relaxed yet open-plan layout as well. The unrestricted kitchen opens directly to a light-filled comfortable living area. Both units include well-appointed bathrooms with neutral, cohesive finishes. 2025 renovations include new drywall, fresh interior paint, updated electrical and plumbing, refined modern lighting, and continuous laminate and waterproof vinyl plank flooring throughout. Updated generous sized kitchens and baths with large windows throughout enhance the open, airy feel of each unit. Additional improvements include a partially replaced roof, select new windows, new rear foundation section, a full unfinished basement for storage or utility use, and a detached one-car garage. Call for an appointment today! MONTH TO MONTH LEASE.

18. 2023-03-15
    soldstatus $10,000
19. 2023-03-13
    soldstatus $15,000 Closed 306-char remark

    Show marketing remark (306 chars)

    KANKAKEE - 2 FLAT - FOR SALE! GREAT INVESTMENT OPPORTUNITY! The 2 and 3 bedroom/1 bath units with 2 car detached garage is close to downtown. PROPERTY NEEDS COMPLETE REHABBING! SOLD AS IS!!!! GREAT INVESTMENT OPPORTUNITY CLOSE TO DOWN TOWN! SELLER MOTIVATED TO SELL!! Financials available upon request!

20. 2023-01-10
    status Pending 306-char remark

    Show marketing remark (306 chars)

    KANKAKEE - 2 FLAT - FOR SALE! GREAT INVESTMENT OPPORTUNITY! The 2 and 3 bedroom/1 bath units with 2 car detached garage is close to downtown. PROPERTY NEEDS COMPLETE REHABBING! SOLD AS IS!!!! GREAT INVESTMENT OPPORTUNITY CLOSE TO DOWN TOWN! SELLER MOTIVATED TO SELL!! Financials available upon request!

21. 2022-12-31
    price $18,000 306-char remark

    Show marketing remark (306 chars)

    KANKAKEE - 2 FLAT - FOR SALE! GREAT INVESTMENT OPPORTUNITY! The 2 and 3 bedroom/1 bath units with 2 car detached garage is close to downtown. PROPERTY NEEDS COMPLETE REHABBING! SOLD AS IS!!!! GREAT INVESTMENT OPPORTUNITY CLOSE TO DOWN TOWN! SELLER MOTIVATED TO SELL!! Financials available upon request!

22. 2022-07-14
    price $28,000 306-char remark

    Show marketing remark (306 chars)

    KANKAKEE - 2 FLAT - FOR SALE! GREAT INVESTMENT OPPORTUNITY! The 2 and 3 bedroom/1 bath units with 2 car detached garage is close to downtown. PROPERTY NEEDS COMPLETE REHABBING! SOLD AS IS!!!! GREAT INVESTMENT OPPORTUNITY CLOSE TO DOWN TOWN! SELLER MOTIVATED TO SELL!! Financials available upon request!

23. 2022-05-04
    price $32,000 306-char remark

    Show marketing remark (306 chars)

    KANKAKEE - 2 FLAT - FOR SALE! GREAT INVESTMENT OPPORTUNITY! The 2 and 3 bedroom/1 bath units with 2 car detached garage is close to downtown. PROPERTY NEEDS COMPLETE REHABBING! SOLD AS IS!!!! GREAT INVESTMENT OPPORTUNITY CLOSE TO DOWN TOWN! SELLER MOTIVATED TO SELL!! Financials available upon request!

24. 2020-06-16
    listed $38,000 New 306-char remark

    Show marketing remark (306 chars)

    KANKAKEE - 2 FLAT - FOR SALE! GREAT INVESTMENT OPPORTUNITY! The 2 and 3 bedroom/1 bath units with 2 car detached garage is close to downtown. PROPERTY NEEDS COMPLETE REHABBING! SOLD AS IS!!!! GREAT INVESTMENT OPPORTUNITY CLOSE TO DOWN TOWN! SELLER MOTIVATED TO SELL!! Financials available upon request!

25. 2008-03-12
    soldstatus $370,666

ⓘ 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: $3,089 · $257/mo
• Projected year-2 tax: $3,712 · $309/mo
• Expected delta: +$623/yr (+$52/mo · 20.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,415
• − Mortgage interest: −$10,699
• − Property taxes: −$3,089
• − Insurance: −$955
• − Repairs & maintenance: −$2,033
• − Management: −$2,033
• − Depreciation: −$5,556
• Taxable income: $1,049
• Est. tax owed @ 24.0%: −$252
• After-tax cash flow: $3,763/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: Kankakee SD 111
• NCES district ID: 1720760
• Math proficiency: 6% ▼ -7.00%
• Reading proficiency: 13% ▼ -6.00%
• Median HH income: $37,968
• Composite: 8.03/100
• National rank: #9921
• State rank: #584 of 620 in IL

Livability — Kankakee

• Score: 62/100
• State rank: #832
• US rank: #16432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kankakee, IL
• County: Kankakee County · 61,801 people
• City population: 33,128
• Metro: Kankakee, IL
• Population (ZIP): 33,128
• Household income: $58,309
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1317.0

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 19% Two or more races 7%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.12%
• Current HPI: 190.8755
• Rent YoY: ▲ 4.38%
• Metro: Kankakee, IL
• 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

-48.5% since first listed

9 events — show timeline

• 2026-02-11 Listed $191,000 MRED as Distributed by MLS Grid
• 2023-03-15 Sold (Public Records) $10,000 Public Records
• 2023-03-13 Sold (MLS) $15,000 MRED as Distributed by MLS Grid
• 2023-01-10 Pending — MRED as Distributed by MLS Grid
• 2022-12-31 Price Changed $18,000 MRED as Distributed by MLS Grid
• 2022-07-14 Price Changed $28,000 MRED as Distributed by MLS Grid
• 2022-05-04 Price Changed $32,000 MRED as Distributed by MLS Grid
• 2020-06-16 Listed $38,000 MRED as Distributed by MLS Grid
• 2008-03-12 Sold (Public Records) $370,666 Public Records

Property tax history

+3.3%/yr

Latest (2024): $3,089 · +3.8% YoY. Source: county tax records.