14433 Mallard Dr

Homer Glen, IL 60491

$605,000F

4 bd · 2.5 ba · 1,387 sqft · Built 1978 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,000/mo
• Mortgage (P&I): −$3,173
• Tax + insurance: −$946
• HOA: −$0
• Vac / Maint / Mgmt: −$630
• Net cashflow: $-1,749/mo
• Annual: $-20,984/yr
• Cap rate: 2.82%
• Cash-on-cash: -12.39%
• DSCR: 0.45
• 1% rule: 0.50%
• Cash to close: $169,400

Investor read

• This is a 4-bed/2.5-bath single-family listed at $605k.
• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $296k (51.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (50.4% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $296k (51.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#449 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, amenities F, commute F.
• Lockport Twp Hsd 205 (suburban): math 35% / reading 38% proficiency, ranked #153 of 620 in IL (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lockport Township High Sch East (math 35% / reading 38%, grade F, #117 of 693 statewide, top 17%, 3,872 students, 0% FRL).
• Market conditions: 82 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 3y ago; this cycle's ask is 15821% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $449k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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 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.