3645 177th Pl

Lansing, IL 60438

$235,900F

2 bd · 1.0 ba · 795 sqft · Built 1947 · SingleFamily · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,515/mo
• Mortgage (P&I): −$1,237
• Tax + insurance: −$542
• HOA: −$0
• Vac / Maint / Mgmt: −$318
• Net cashflow: $-582/mo
• Annual: $-6,988/yr
• Cap rate: 3.33%
• Cash-on-cash: -10.58%
• DSCR: 0.53
• 1% rule: 0.64%
• Cash to close: $66,052

Investor read

• This is a 2-bed/1.0-bath single-family listed at $236k.
• At list price, monthly cash flow is $-582 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (43.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (35.8% below list).
• It's been on market 33 days — a 3% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (43.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, health & safety D+, amenities F.
• 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.
• Zoned schools: Coolidge Elementary School (math 5% / reading 27%, grade F, #1,231 of 2,056 statewide, top 60%, 666 students, 0% FRL); Memorial Jr High School (math 9% / reading 20%, grade F, #517 of 665 statewide, top 79%, 860 students, 0% FRL); Thornton Fractnl So High School (math 11% / reading 14%, grade F, #504 of 693 statewide, top 73%, 1,927 students, 0% FRL).
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 136 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 7 sale attempts since 8y 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 $130k; list at $236k implies a 81% gain — meaningful room to come down on a strong offer.
• Cap rate 3.3% vs local median 5.9% in Lansing — 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 33 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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 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?
• 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?
• 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.