840 Elder Rd Unit A305 · Homewood, IL 60430

$134,900

2 bd · 1.5 ba · 1,000 sqft · Condo · 56 Days on market

---

Why this score? — see what drove the D- 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 +8.8/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Pride of ownership is on display in this spacious Condo located on this private, quiet strip in Homewood. Boasting 2 bedrooms and 2 bathrooms, this unit was recently remodeled with new paint, floors, appliances, and upgrades to the bathrooms and kitchen. Creating a modern atmosphere, this unit has been completely remodeled, all it needs now is personal style. Recessed lighting throughout this unit, and the master bedroom has a walk-through closet and bath. The huge balcony is a good space to relax in the summertime, but there is also central air for those very hot days. Locations is near shopping, restaurants, transportation, and the expressway. Property has an intercom access, and an eleva

Key facts

• New floors
• Recently remodeled
• New paint

Tags

• RECENTLY REMODELED
• NEW PAINT
• NEW FLOORS
• NEW APPLIANCES
• UPGRADES TO BATHROOMS
• UPGRADES TO KITCHEN

Property features AI

Finance

• Other: Living area source reported by landlord/tenant/seller
• Financial info: Special service area: No
• HOA & community: Monthly association fee; Pets allowed (cats and dogs); maximum pet weight 15 lbs

Exterior

• Parking: One parking space
• Utilities: Public water; Public sewer
• Home design: Attached single condo; Entry on level 3; Fee simple ownership; Unit in a 40-unit building
• Construction: Brick construction; Rehab completed in 2025; Built approximately 61–70 years ago; Not built before 1978
• Exterior features: Public water; Public sewer; Lot dimensions listed as 1000

Interior

• Kitchen: Kitchen (main level) 8 x 8
• Bedrooms: Master bedroom (main level) with half bath; Bedroom (main level) 13 x 12; Two additional bedrooms
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Five total rooms; Dining room; Family room; Living room
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 81/100 on livability (#81 in IL, #1,314 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, cost of living A+; Watch: schools D+, amenities 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.
• Market conditions: 101 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $135k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; HOA is 22% of rent.

Recommended offer $130,853 (3.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 1.22% ✓
• Cap rate: 5.30%
• Cash-on-cash: -3.55%
• DSCR: 0.84
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -21.9%
• Equity multiple: 0.24×
• Total profit: $-28,662
• Equity at exit: $20,114

10-year hold

• IRR: -15.1%
• Equity multiple: 0.13×
• Total profit: $-32,828
• Equity at exit: $11,664

Cash invested: $37,772 (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 60430

• Home prices YoY: -32.1%
• Active inventory: 101
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,648 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$292 /mo · $3,504/yr
• Insurance: −$56
• HOA est. from 2 same-building comps: −$358
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $-112

Break-even live

Break-even rent $1,789

Max offer price $115,143

Occupancy floor —

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1933 Hickory Rd Unit 1937-C Homewood, IL	1.0	1.0	850	$1,550	$1.82	18d	1	1.32mi
1933 Hickory Rd Homewood, IL	1.0	1.0	850	$1,550	$1.82	20d	1	1.32mi
44 N Glenwood Ave Glenwood, IL	1.0	1.0	700	$1,900	$2.71	1d	1	1.40mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $134,900 Active 56 DOM
2. 2026-06-17
   days on market $134,900 Active 55 DOM
3. 2026-06-16
   days on market $134,900 Active 54 DOM
4. 2026-06-15
   days on market $134,900 Active 53 DOM
5. 2026-06-13
   days on market $134,900 Active 51 DOM
6. 2026-06-09
   days on market $134,900 Active 47 DOM
7. 2026-06-08
   days on market $134,900 Active 46 DOM
8. 2026-06-07
   days on market $134,900 Active 45 DOM
9. 2026-06-04
   days on market $134,900 Active 42 DOM
10. 2026-06-03
    days on market $134,900 Active 41 DOM
11. 2026-06-02
    pricedays on market $134,900 Active 40 DOM
12. 2026-06-01
    days on market $139,900 Active 39 DOM
13. 2026-05-31
    days on market $139,900 Active 38 DOM
14. 2025-08-13
    historical
15. 2025-07-14
    listed Active
16. 2025-07-14
    historical
17. 2025-05-29
    listed Active
18. 2018-08-20
    soldstatus $65,000
19. 2006-12-21
    soldstatus $93,000
20. 2002-02-14
    soldstatus $65,000
21. 1995-06-06
    soldstatus $59,000

ⓘ 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: $3,504 · $292/mo
• Projected year-2 tax: $3,504 · $292/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥101°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: $19,775
• − Mortgage interest: −$7,556
• − Property taxes: −$3,504
• − Insurance: −$674
• − Repairs & maintenance: −$1,582
• − Management: −$1,582
• − HOA: −$4,296
• − Depreciation: −$3,924
• Taxable loss: −$3,345
• Est. tax savings @ 24.0%: +$803
• After-tax cash flow: $-539/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: Homewood Flossmoor Chsd 233
• NCES district ID: 1719560
• Math proficiency: 21% ▼ -15.00%
• Reading proficiency: 27% ▼ -13.00%
• Median HH income: $83,564
• Composite: 24.42/100
• National rank: #7681
• State rank: #272 of 620 in IL

Livability — Homewood

• Score: 81/100
• State rank: #81
• US rank: #1314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homewood, IL
• City population: 19,993
• Population (ZIP): 19,993

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 44% White 42% Hispanic / Latino 9% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 5% Iranian 2% Italian 2%
• Foreign-born: 6% · Canada, Dominican Republic
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% German/W. Germanic 1%

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: ▼ -105.00%
• Current HPI: 222.2923
• Rent YoY: —
• Metro: —
• 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

+10.2% since first listed

8 events — show timeline

• 2025-08-13 Listing Removed — MRED as Distributed by MLS Grid
• 2025-07-14 Listing Removed — MRED as Distributed by MLS Grid
• 2025-07-14 Listed — MRED as Distributed by MLS Grid
• 2025-05-29 Listed — MRED as Distributed by MLS Grid
• 2018-08-20 Sold (Public Records) $65,000 Public Records
• 2006-12-21 Sold (Public Records) $93,000 Public Records
• 2002-02-14 Sold (Public Records) $65,000 Public Records
• 1995-06-06 Sold (Public Records) $59,000 Public Records

Property tax history

+7.0%/yr

Latest (2023): $3,504 · +46.2% YoY. Source: county tax records.