1885 Michigan City Rd Unit 3W · Calumet City, IL 60409

$78,000

2 bd · 1.0 ba · 950 sqft · Condo · 250 Days on market

Built 1984 $354/mo HOA · 22% of rent

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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 +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR FRIENDLY! The Seller is Motivated! Make an Offer! This beautiful and spacious 3rd floor 2 bedroom / 1 bathroom condo unit is in a quiet building with a balcony. Being sold AS-IS and has no elevator. It just needs a little minor interior love from you! 1 parking space is in the rear and this unit is easily accessible to the interstate as well as all local retail in Calumet City & nearby areas. Interior hallway updates (2026), Brand new roof (2017) and air conditioning (2023). The seller will be making NO repairs and is looking for a quick close. It is being sold 'AS-IS' only. TEXT the listing agent today to schedule a viewing. 48 hour notice needed on the days and times given

Key facts

• Air conditioning
• Parking in the rear
• Brand new roof

Tags

• PARKING IN THE REAR
• EASY ACCESS TO THE INTERSTATE
• LOCAL RETAIL
• QUIET BUILDING
• BRAND NEW ROOF
• AIR CONDITIONING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $78k.

Deal economics

• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $69k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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 Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — 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; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 36% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 250 days — a 12% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $68,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 250 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.10% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.04%
• DSCR: 1.98
• GRM: 4.0

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: 19.8%
• Equity multiple: 1.85×
• Total profit: $18,548
• Equity at exit: $11,630

10-year hold

• IRR: 30.8%
• Equity multiple: 4.37×
• Total profit: $73,653
• Equity at exit: $6,744

Cash invested: $21,840 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,638 high
• Mortgage (P&I): −$409
• Tax est. 1.5%: −$98 /mo · $1,170/yr
• Insurance: −$32
• HOA: −$354
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $401

Break-even live

Break-even rent $1,130

Max offer price $78,000

Occupancy floor 71%

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
495 Madison Ave Unit 1D Calumet City, IL	1.0	1.0	595	$1,175	$1.97	13d	1	0.37mi
1450 E 154th Pl Dolton, IL	1.0	1.0	800	$1,250	$1.56	24d	1	0.56mi
405 Clyde Ave Calumet City, IL	3.0	1.0	973	$2,300	$2.36	1d	1	0.56mi
460 Hoxie Ave Unit R Calumet City, IL	2.0	1.0	800	$1,650	$2.06	7d	1	0.73mi
460 Hoxie Ave Unit R Calumet City, IL	2.0	1.0	800	$1,650	$2.06	13d	1	0.73mi
14738 Blackstone Ave Dolton, IL	3.0	1.0	1017	$2,400	$2.36	10d	1	0.82mi
1860 State St Calumet City, IL	3.0	1.0	1100	$1,800	$1.64	17d	1	0.91mi
14610 Blackstone Ave Dolton, IL	3.0	1.0	1017	$2,400	$2.36	6d	1	0.99mi
250 Yates Ave Unit 1616 Dolton 1E Calumet City, IL	2.0	1.0	875	$1,465	$1.67	7d	1	1.00mi
1601 Downs Dr Unit 3S Calumet City, IL	2.0	1.0	750	$1,400	$1.87	24d	1	1.08mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1000	$1,800	$1.80	19d	1	1.10mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1000	$1,800	$1.80	22d	1	1.10mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1100	$1,800	$1.64	12d	1	1.10mi
14507 Torrence Ave Unit 3C Burnham, IL	1.0	1.0	675	$1,150	$1.70	10d	1	1.20mi
14507 Torrence Ave Unit 1C Burnham, IL	1.0	1.0	675	$1,095	$1.62	10d	1	1.20mi
14500 Torrence Ave Unit 1B Burnham, IL	1.0	1.0	675	$1,195	$1.77	24d	1	1.21mi
14501 Torrence Ave Unit 3A Burnham, IL	2.0	1.0	800	$1,250	$1.56	10d	1	1.21mi
14501 S Torrence Ave Chicago, IL	1.0–2.0	1.0	737	$1,250	$1.69	12d	2	1.21mi
14501 Torrence Ave Unit 1B Chicago, IL	1.0	1.0	675	$1,095	$1.62	10d	1	1.22mi
14446 Torrence Ave Unit 2C Burnham, IL	1.0	1.0	700	$1,195	$1.71	24d	1	1.22mi
2790 E State St Apt 2E Burnham, IL	3.0	2.0	1100	$1,695	$1.54	24d	1	1.48mi

HOA detail condo

• Monthly dues: $354 · $4,248/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-04-16
   status Pending
2. 2026-01-30
   price $78,000
3. 2026-01-30
   status Temporarily No Showings
4. 2025-11-30
   historical
5. 2025-10-23
   price $75,500
6. 2025-06-09
   listed $77,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $19,660
• − Mortgage interest: −$4,369
• − Property taxes: −$1,170
• − Insurance: −$390
• − Repairs & maintenance: −$1,573
• − Management: −$1,573
• − HOA: −$4,248
• − Depreciation: −$2,269
• Taxable income: $4,068
• Est. tax owed @ 24.0%: −$976
• After-tax cash flow: $3,838/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 Twp Hsd 205
• NCES district ID: 1738970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 8% ▼ -2.00%
• Median HH income: $43,392
• Composite: 6.92/100
• National rank: #9976
• State rank: #594 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

+0.6% since first listed

6 events — show timeline

• 2026-04-16 Pending — MRED as Distributed by MLS Grid
• 2026-01-30 Price Changed $78,000 MRED as Distributed by MLS Grid
• 2026-01-30 Relisted — MRED as Distributed by MLS Grid
• 2025-11-30 Listing Removed — MRED as Distributed by MLS Grid
• 2025-10-23 Price Changed $75,500 MRED as Distributed by MLS Grid
• 2025-06-09 Listed $77,500 MRED as Distributed by MLS Grid