240 N Park Dr

Glenwood, IL 60425

$214,900F

2 bd · 1.0 ba · 1,088 sqft · Built 1965 · SingleFamily · Active · 171 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,116/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$831
• HOA: −$0
• Vac / Maint / Mgmt: −$444
• Net cashflow: $-286/mo
• Annual: $-3,434/yr
• Cap rate: 4.69%
• Cash-on-cash: -5.71%
• DSCR: 0.75
• 1% rule: 0.98%
• Cash to close: $60,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $215k.
• At list price, monthly cash flow is $-286 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (17.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (1.5% below list).
• It's been on market 171 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (17.2% 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 $6k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#545 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety D+, amenities F, commute F.
• Homewood Flossmoor Chsd 233 (suburban): math 21% / reading 27% proficiency, ranked #272 of 620 in IL (top 44%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Longwood Elem School (math 2% / reading 8%, grade F, #1,741 of 2,056 statewide, top 93%, 330 students, 0% FRL); Brookwood Jr High School (math 5% / reading 20%, grade F, #545 of 665 statewide, top 83%, 241 students, 0% FRL); Homewood-Flossmoor High School (math 21% / reading 27%, grade F, #304 of 693 statewide, top 44%, 2,798 students, 0% FRL).
• Watch-outs: property tax is 4.1% of price.
• Market conditions: 53 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 9 sale attempts since 11y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 4.7% vs local median 8.0% in Glenwood — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 171 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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?
• 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?