550 Michigan City Rd Unit 1C · Calumet City, IL 60409

$47,500

1 bd · 1.0 ba · 800 sqft · Condo public records · 8 Days on market

Built 1978 $393/mo HOA · 31% of rent

---

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 +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

There are no remarks available.

Key facts

• Open concept
• First floor
• $393 HOA

Tags

• OPEN CONCEPT
• FIRST FLOOR

Property features AI

Finance

• Other: Building contains 15 units; Living area reported as estimated
• HOA & community: Monthly association fee of $393; Association covers insurance, exterior maintenance, lawn care, trash (scavenger) and snow removal; Pets not allowed

Exterior

• Parking: 1 parking space (total)
• Utilities: Water from Lake Michigan; Public sewer
• Home design: Attached single condo; Entry on level 1
• Construction: Brick construction; Estimated age: 41–50 years; Not rebuilt or rehabilitated
• Exterior features: Lot maintained as common area

Interior

• Kitchen: Kitchen (main level, approx. 12 x 12)
• Bedrooms: Master bedroom (main level, approx. 16 x 20); Three additional bedrooms (two listed as Bedroom 2 and Bedroom 3; one listed as Bedroom 4)
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating
• Interior features: Estimated total of 4 rooms; Dining room (main level, approx. 8 x 12); Family room; Living room (main level, approx. 18 x 20)
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $48k.

Deal economics

• At list price, monthly cash flow is $186 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Cap rate 11.0% 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-, schools F, crime D-.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.2%/yr); 198 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $328 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 $13k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 15y 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 $26k; list at $48k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; HOA is 31% of rent.

Recommended offer $47,500

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.70% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.75%
• DSCR: 1.75
• GRM: 3.1

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: 15.1%
• Equity multiple: 1.65×
• Total profit: $8,682
• Equity at exit: $7,082

10-year hold

• IRR: 27.9%
• Equity multiple: 4.21×
• Total profit: $42,630
• Equity at exit: $4,107

Cash invested: $13,300 (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: 3.1×

Monthly cashflow live

• Estimated rent: $1,285 high
• Mortgage (P&I): −$249
• Tax from tax record: −$167 /mo · $2,007/yr
• Insurance: −$20
• HOA: −$393
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $186

Break-even live

Break-even rent $1,050

Max offer price $47,500

Occupancy floor 81%

Sensitivity live

Price	-10% $213	-5% $199	+0% $186	+5% $172	+10% $159
Rent	-10% $84	-5% $135	+0% $186	+5% $236	+10% $287
Rate	-1.0pp $210	-0.5pp $198	base $186	+0.5pp $173	+1.0pp $161

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: $11,875
• Closing costs: $1,425
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
331 157th St Calumet City, IL	1.0	1.0	900	$1,100	$1.22	25d	1	0.47mi
1338 Wentworth Ave Unit 1338 Calumet City, IL	2.0	1.0	800	$1,430	$1.79	25d	1	0.69mi
5 Ruth St Unit 2W Hammond, IN	2.0	1.0	900	$1,250	$1.39	13d	1	0.70mi
3 Ruth St Hammond, IN	2.0	1.0	900	$1,250	$1.39	25d	1	0.70mi
5950 Hohman Ave Unit 416 Hammond, IN	1.0	1.0	550	$1,095	$1.99	7d	1	0.81mi
5940 Hyslop Pl #226 Hammond, IN	1.0	1.0	800	$950	$1.19	2d	1	0.90mi
5945 Hyslop Pl Unit 204 Hammond, IN	1.0	1.0	700	$1,195	$1.71	25d	1	0.91mi
230 Wildwood Rd Unit 103 Hammond, IN	1.0	1.0	750	$1,295	$1.73	25d	1	0.94mi
323 Memorial Dr Unit 2 Calumet City, IL	2.0	1.0	1000	$1,600	$1.60	25d	1	1.06mi
323 Memorial Dr #1 Calumet City, IL	1.0	1.0	1000	$1,250	$1.25	25d	1	1.06mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	17d	1	1.08mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	25d	1	1.08mi
486 Buffalo Ave Unit 1D Calumet City, IL	1.0	1.0	800	$975	$1.22	25d	1	1.30mi
486 Buffalo Ave Unit 1C Calumet City, IL	1.0	1.0	800	$1,500	$1.88	25d	1	1.30mi
5231 Hohman Ave Hammond, IN	1.0	1.0	582	$1,937	$3.33	2d	15	1.31mi
634 Sibley Blvd Calumet City, IL	1.0–2.0	1.0	710	$1,190	$1.68	5d	2	1.32mi

HOA detail condo

• Monthly dues: $393 · $4,716/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-05-04
   status Pending
2. 2026-04-25
   listed $47,500 Active
3. 2021-06-07
   soldstatus $26,000
4. 2021-02-26
   soldstatus $26,005 Closed Sale 31-char remark

   Show marketing remark (31 chars)

   There are no remarks available.

5. 2021-02-10
   status Contingent 31-char remark

   Show marketing remark (31 chars)

   There are no remarks available.

6. 2021-02-06
   status Reactivated 31-char remark

   Show marketing remark (31 chars)

   There are no remarks available.

7. 2021-01-03
   status Contingent 31-char remark

   Show marketing remark (31 chars)

   There are no remarks available.

8. 2020-12-22
   listed $25,000 New 31-char remark

   Show marketing remark (31 chars)

   There are no remarks available.

9. 2013-09-13
   soldstatus $15,190 Closed Sale 200-char remark

   Show marketing remark (200 chars)

   Brick 1 bedroom condo with living room, dining room, kitchen and 1 bath on 1st floor. No disclosures, no termite, no survey. Any realty transfer taxes due will be the sole responsibility of purchaser.

10. 2013-07-24
    status Pending 200-char remark

    Show marketing remark (200 chars)

    Brick 1 bedroom condo with living room, dining room, kitchen and 1 bath on 1st floor. No disclosures, no termite, no survey. Any realty transfer taxes due will be the sole responsibility of purchaser.

11. 2013-07-19
    historical Contingent 200-char remark

    Show marketing remark (200 chars)

    Brick 1 bedroom condo with living room, dining room, kitchen and 1 bath on 1st floor. No disclosures, no termite, no survey. Any realty transfer taxes due will be the sole responsibility of purchaser.

12. 2013-07-01
    price $15,500 Price Change 200-char remark

    Show marketing remark (200 chars)

    Brick 1 bedroom condo with living room, dining room, kitchen and 1 bath on 1st floor. No disclosures, no termite, no survey. Any realty transfer taxes due will be the sole responsibility of purchaser.

13. 2013-05-30
    listed $16,900 New 200-char remark

    Show marketing remark (200 chars)

    Brick 1 bedroom condo with living room, dining room, kitchen and 1 bath on 1st floor. No disclosures, no termite, no survey. Any realty transfer taxes due will be the sole responsibility of purchaser.

14. 2013-01-20
    historical
15. 2012-12-19
    price Price Change
16. 2012-10-18
    price Price Change
17. 2012-08-07
    price Reactivated
18. 2012-08-07
    status Reactivated
19. 2012-07-24
    historical
20. 2012-07-02
    price Price Change
21. 2012-06-05
    price Price Change
22. 2012-05-01
    price Price Change
23. 2012-02-14
    status Reactivated
24. 2012-01-10
    historical
25. 2011-12-22
    price Price Change
26. 2011-11-07
    listed New
27. 2007-04-11
    soldstatus $68,000
28. 2004-10-22
    soldstatus $43,000
29. 2001-08-01
    soldstatus $42,000
30. 1983-08-19
    soldstatus $10,500

ⓘ 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: $2,007 · $167/mo
• Projected year-2 tax: $2,007 · $167/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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,415
• − Mortgage interest: −$2,661
• − Property taxes: −$2,007
• − Insurance: −$238
• − Repairs & maintenance: −$1,233
• − Management: −$1,233
• − HOA: −$4,716
• − Depreciation: −$1,382
• Taxable income: $1,945
• Est. tax owed @ 24.0%: −$467
• After-tax cash flow: $1,761/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 Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 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

+352.4% since first listed

30 events — show timeline

• 2026-05-04 Pending — MRED as Distributed by MLS Grid
• 2026-04-25 Listed $47,500 MRED as Distributed by MLS Grid
• 2021-06-07 Sold (Public Records) $26,000 Public Records
• 2021-02-26 Sold (MLS) $26,005 MRED as Distributed by MLS Grid
• 2021-02-10 Pending — MRED as Distributed by MLS Grid
• 2021-02-06 Relisted — MRED as Distributed by MLS Grid
• 2021-01-03 Pending — MRED as Distributed by MLS Grid
• 2020-12-22 Listed $25,000 MRED as Distributed by MLS Grid
• 2013-09-13 Sold (MLS) $15,190 MRED as Distributed by MLS Grid
• 2013-07-24 Pending — MRED as Distributed by MLS Grid
• 2013-07-19 Contingent — MRED as Distributed by MLS Grid
• 2013-07-01 Price Changed $15,500 MRED as Distributed by MLS Grid
• 2013-05-30 Listed $16,900 MRED as Distributed by MLS Grid
• 2013-01-20 Listing Removed — MRED as Distributed by MLS Grid
• 2012-12-19 Price Changed — MRED as Distributed by MLS Grid
• 2012-10-18 Price Changed — MRED as Distributed by MLS Grid
• 2012-08-07 Relisted — MRED as Distributed by MLS Grid
• 2012-08-07 Price Changed — MRED as Distributed by MLS Grid
• 2012-07-24 Listing Removed — MRED as Distributed by MLS Grid
• 2012-07-02 Price Changed — MRED as Distributed by MLS Grid
• 2012-06-05 Price Changed — MRED as Distributed by MLS Grid
• 2012-05-01 Price Changed — MRED as Distributed by MLS Grid
• 2012-02-14 Relisted — MRED as Distributed by MLS Grid
• 2012-01-10 Listing Removed — MRED as Distributed by MLS Grid
• 2011-12-22 Price Changed — MRED as Distributed by MLS Grid
• 2011-11-07 Listed — MRED as Distributed by MLS Grid
• 2007-04-11 Sold (Public Records) $68,000 Public Records
• 2004-10-22 Sold (Public Records) $43,000 Public Records
• 2001-08-01 Sold (Public Records) $42,000 Public Records
• 1983-08-19 Sold (Public Records) $10,500 Public Records

Property tax history

+1.6%/yr

Latest (2023): $2,007 · -41.4% YoY. Source: county tax records.