500 Park Ave #338 · Calumet City, IL 60409

$39,900

1 bd · 1.0 ba · 800 sqft · Condo · 17 Days on market

Built 1976 $355/mo HOA · 26% of rent

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautiful recently updated one bedroom condo is nestled in the beautiful Park of River Oaks, close to the expressway, and golf course. The beauty features vainly flooring throughout the living room, dining room, kitchen and bathroom, brand-new carpet in the bedroom, updated kitchen with stainless steel appliances, updated bathroom, and laundry hook-up in the unit. This unit comes with a one car garage and storage unit. There is nothing to do but move in. You may also enjoy access to all the amenities such as the swimming pool, tennis court, basketball court, playground, clubhouse, gym, and elevators buildings. Your assessments includes access to the amenities, heat, air conditioning, water, and landscaping in the privacy a well kept secure facility. Call today for your private showing.

Key facts

• Large balcony
• Public golf coarse
• Gated entry

Tags

• GATED ENTRY
• SECURITY CHECKING ACCESS
• PUBLIC GOLF COARSE
• LARGE BALCONY
• NICE VIEWS

Property features AI

Finance

• HOA & community: Monthly association fee of $120; Master association fee $235 monthly; Association covers water, insurance, security, doorman, clubhouse, lawn care, trash removal, and snow removal; On-site manager; Pets allowed (cats and dogs) with size/number limits; max pet weight 20 lbs; Community amenities include door person, park, pool, tennis courts, clubhouse, and picnic area

Exterior

• Parking: Attached garage (1 garage space, 1 total parking space); Garage owned
• Utilities: Public water; Public sewer
• Home design: Attached single condo; Entry level is third floor; Built approximately 41–50 years ago; Brick construction
• Construction: Brick construction; Property built before 1978
• Exterior features: Common lot/shared grounds

Interior

• Kitchen: Kitchen on third level (12 x 9)
• Bedrooms: One bedroom (master on third level, 15 x 12); Additional bedroom spaces listed (Bedroom 2, Bedroom 3, Bedroom 4)
• Flooring: Wood laminate in dining room and kitchen; Carpet in master bedroom
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Four total rooms; Living room on third level (17 x 12)
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $40k.

Deal economics

• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.3% vs local median 8.2% in Calumet City — 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 71/100 on livability (#330 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D-, amenities F.
• Thornton Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Thornton Township High School (math 7% / reading 7%, grade F, #605 of 693 statewide, top 87%, 1,628 students, 0% FRL).
• Market conditions: Rents rising fast (+6.2%/yr); 198 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.

Recommended offer $39,301 (1.5% below list)

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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?
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 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: 3.38% ✓
• Cap rate: 19.34%
• Cash-on-cash: 46.60%
• DSCR: 3.07
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.17% rent growth · sell at horizon

5-year hold

• IRR: 49.4%
• Equity multiple: 3.31×
• Total profit: $25,838
• Equity at exit: $5,949

10-year hold

• IRR: 56.9%
• Equity multiple: 8.02×
• Total profit: $78,470
• Equity at exit: $3,450

Cash invested: $11,172 (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 60409

• Home prices YoY: -27.6%
• Rents YoY: 6.2%
• Active inventory: 198
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,348 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$355
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $434

Break-even live

Break-even rent $798

Max offer price $39,900

Occupancy floor 63%

Sensitivity live

Price	-10% $461	-5% $448	+0% $434	+5% $420	+10% $406
Rent	-10% $327	-5% $381	+0% $434	+5% $487	+10% $540
Rate	-1.0pp $454	-0.5pp $444	base $434	+0.5pp $423	+1.0pp $413

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1450 E 154th Pl Dolton, IL	1.0	1.0	800	$1,250	$1.56	25d	1	1.31mi

HOA detail condo

• Monthly dues: $355 · $4,260/yr
• Likely covers: waterlandscapingpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $39,900 Active 17 DOM
2. 2026-06-17
   days on market $39,900 Active 16 DOM
3. 2026-06-16
   days on market $39,900 Active 15 DOM
4. 2026-06-15
   days on market $39,900 Active 14 DOM
5. 2026-06-13
   days on market $39,900 Active 12 DOM
6. 2026-06-13
   days on market $39,900 Active 11 DOM
7. 2026-06-09
   days on market $39,900 Active 8 DOM
8. 2026-06-08
   days on market $39,900 Active 7 DOM
9. 2026-06-07
   remarks 640-char remark
10. 2026-06-07
    days on market $39,900 Active 6 DOM
11. 2026-06-04
    days on market $39,900 Active 3 DOM
12. 2026-06-03
    days on market $39,900 Active 2 DOM
13. 2026-06-02
    remarks 569-char remark
14. 2026-06-02
    listed $39,900 Active 1 DOM

ⓘ 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 4/10 Moderate FEMA zone X (shaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,171
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,294
• − Management: −$1,294
• − HOA: −$4,260
• − Depreciation: −$1,161
• Taxable income: $5,130
• Est. tax owed @ 24.0%: −$1,231
• After-tax cash flow: $3,975/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: Thornton Twp Hsd 205
• NCES district ID: 1738970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 8% ▼ -2.00%
• Median HH income: $43,392
• Composite: 6.92/100
• National rank: #9976
• State rank: #594 of 620 in IL

Livability — Calumet City

• Score: 71/100
• State rank: #330
• US rank: #6552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calumet City, IL
• County: Cook County · 4,486,803 people
• City population: 35,100
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 35,100
• Household income: $55,369
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 2415.0

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: Predominantly Black (74%)
• Race & ethnicity: Black 74% Hispanic / Latino 15% White 7% Two or more races 4%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 83% English-only · Spanish 14%

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: ▼ -75.01%
• Current HPI: 197.2137
• Rent YoY: ▲ 6.17%
• 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

+59.6% since first listed

13 events — show timeline

• 2026-06-01 Listed $39,900 MRED as Distributed by MLS Grid
• 2025-11-01 Listing Removed — MRED as Distributed by MLS Grid
• 2024-11-02 Listed — MRED as Distributed by MLS Grid
• 2022-09-22 Sold (Public Records) $77,000 Public Records
• 2022-08-26 Sold (MLS) $77,000 MRED as Distributed by MLS Grid
• 2022-06-02 Contingent — MRED as Distributed by MLS Grid
• 2022-05-24 Listed $75,000 MRED as Distributed by MLS Grid
• 2022-01-03 Sold (Public Records) $25,500 Public Records
• 2022-01-03 Sold (MLS) $25,500 MRED as Distributed by MLS Grid
• 2021-09-10 Pending — MRED as Distributed by MLS Grid
• 2021-07-24 Listed $44,800 MRED as Distributed by MLS Grid
• 2005-11-15 Sold (Public Records) $72,000 Public Records
• 1978-07-17 Sold (Public Records) $25,000 Public Records

Property tax history

+7.9%/yr

Latest (2023): $3,683 · +19.9% YoY. Source: county tax records.