35769 Cedar Is · Fox Lake, IL 60020

$165,000

2 bd · 0.5 ba · 576 sqft · SingleFamily · 223 Days on market

Built 1940 Est $187k · 12% under

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Why this score? — see what drove the C+ 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 +22.9/30.0
• ARV discount +12.8/15.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming Island Retreat on Pistakee Lake-Your perfect Summer getaway! Escape to your own private paradise to this classic waterfront Summer cottage located on the serene Queens Island on Pistakee Lake, part of the renowned Chain O'Lakes. Accessible only by boat, this unique property offers peace, privacy, and breathtaking panoramic views from sunrise to sunset. Step inside to feel the charm of "Lake Life". The cozy interior open concept living and dining areas and inviting bedrooms that capture the lake breezes. Step out onto the front yard or screened in patio area for that perfect morning coffee, evening cocktails, or lazy afternoons watching boats and skiers go by. With direc

Key facts

• Open concept living
• Screened in patio
• Built 1940

Tags

• WATERFRONT SUMMER COTTAGE
• ACCESSIBLE ONLY BY BOAT
• BREATHTAKING PANORAMIC VIEWS
• OPEN CONCEPT LIVING
• SCREENED IN PATIO
• DIRECT ACCESS TO THE LAKE

Property features AI

Finance

• Other: Parcel number 05162070170000; Possession at closing; Earnest money is held
• HOA & community: No master association fee required; Community features include lake access and water rights

Exterior

• Utilities: Well water; Septic sewer
• Home design: Detached single-family home; One-story layout; Fee simple ownership
• Construction: Cedar construction; Built before 1978 (81–90 years)
• Exterior features: Waterfront property on Pistakee Lake; Located on the north side of Queens Island; Lot in a flood zone

Interior

• Kitchen: Kitchen on main level (10 x 9)
• Bedrooms: Master bedroom on main level (9 x 11); Bedroom 2 on main level (9 x 10); Two additional bedrooms
• Bathrooms: One half-bath
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Enclosed porch (20 x 20); Living room (15 x 20); Family room (10 x 9); Dining room (8 x 9); Total of 6 rooms
• Laundry & utility: Main-level laundry room (6 x 6)

What this means for you Summary

Snapshot

• This is a 2-bed/0.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $291 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 6.0% in Fox Lake — 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 74/100 on livability (#247 in IL, #4,462 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: amenities D+, health & safety F.
• Grant Chsd 124 (suburban): math 23% / reading 27% proficiency, ranked #296 of 620 in IL (top 48%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grant Community High School (math 23% / reading 27%, grade F, #247 of 693 statewide, top 36%, 1,837 students, 0% FRL).
• Market conditions: 77 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 223 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 223 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.10% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.56%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $187,200
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
402 Lakeland Ave	0.72mi	2/1.0	600 (+4%)	21mo	$195,000	$325	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-8,177
• Equity at exit: $24,602

10-year hold

• IRR: 5.0%
• Equity multiple: 1.36×
• Total profit: $16,856
• Equity at exit: $14,266

Cash invested: $46,200 (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 60020

• Home prices YoY: -30.7%
• Active inventory: 77
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,812 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $291

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 79%

Sensitivity live

Price	-10% $405	-5% $348	+0% $291	+5% $234	+10% $177
Rent	-10% $148	-5% $219	+0% $291	+5% $363	+10% $434
Rate	-1.0pp $374	-0.5pp $333	base $291	+0.5pp $248	+1.0pp $205

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22 W Grand Ave Fox Lake, IL	2.0	1.0	730	$1,700	$2.33	44d	1	0.70mi
22 W Grand Ave Fox Lake, IL	2.0	1.0	656	$1,700	$2.59	0d	1	0.70mi
139 Cora Ave Unit 1374790P Fox Lake, IL	1.0	1.0	699	$2,400	$3.43	6d	1	0.79mi
163 Eagle Point Rd Unit 1 Fox Lake, IL	2.0	1.0	685	$1,395	$2.04	0d	1	1.00mi

Listing history 15 events

1. 2026-06-21
   pricedays on market $165,000 Active 223 DOM
2. 2026-06-18
   days on market $175,000 Active 220 DOM
3. 2026-06-17
   days on market $175,000 Active 219 DOM
4. 2026-06-16
   days on market $175,000 Active 218 DOM
5. 2026-06-15
   days on market $175,000 Active 217 DOM
6. 2026-06-13
   days on market $175,000 Active 215 DOM
7. 2026-06-09
   days on market $175,000 Active 211 DOM
8. 2026-06-08
   days on market $175,000 Active 210 DOM
9. 2026-06-07
   days on market $175,000 Active 209 DOM
10. 2026-06-04
    days on market $175,000 Active 206 DOM
11. 2026-06-03
    days on market $175,000 Active 205 DOM
12. 2026-06-02
    days on market $175,000 Active 204 DOM
13. 2026-06-01
    days on market $175,000 Active 203 DOM
14. 2026-05-31
    days on market $175,000 Active 202 DOM
15. 2025-11-10
    listed $175,000 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 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,741
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,739
• − Management: −$1,739
• − Depreciation: −$4,800
• Taxable income: $920
• Est. tax owed @ 24.0%: −$221
• After-tax cash flow: $3,271/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: Grant Chsd 124
• NCES district ID: 1717340
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 27% ▼ -7.00%
• Median HH income: $59,450
• Composite: 22.95/100
• National rank: #7989
• State rank: #296 of 620 in IL

Livability — Fox Lake

• Score: 74/100
• State rank: #247
• US rank: #4462

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fox Lake, IL
• City population: 10,846
• Population (ZIP): 10,846

Population outlook (Lake County) Hauer SSP2

• Today (2025): 700,217 people
• By 2030: 693,290 · -1.0%
• By 2040: 673,588 · -3.8%
• By 2050: 643,556 · -8.1%
• By 2075: 562,792 · -19.6%
• By 2100: 457,715 · -34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 12% Two or more races 10% Black 3%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Romanian 15% Portuguese 2% Italian 2%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 6% Russian/Polish/Slavic 3% Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: Strong D (+20.8) · D 59.7% · R 38.9% · Other 1.4%
• 2008→2024 swing: +1.1pp toward D · 2008: 19.6pp · 2024: 20.8pp
• All cycles: 2024: D+20.8 2020: D+24.1 2016: D+20.3 2012: D+8.1 2008: D+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.19%
• Current HPI: 219.6301
• 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

1 event — show timeline

• 2025-11-10 Listed $175,000 MRED as Distributed by MLS Grid