2303 Aster Dr #2303

Crest Hill, IL 60403

$179,900D+

2 bd · 1.5 ba · 1,000 sqft · Built 1975 · Condo · Contingent - No Showings · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,059/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$204
• Vac / Maint / Mgmt: −$432
• Net cashflow: $180/mo
• Annual: $2,156/yr
• Cap rate: 7.49%
• Cash-on-cash: 4.28%
• DSCR: 1.19
• 1% rule: 1.14%
• Cash to close: $50,372

Investor read

• This is a 2-bed/1.5-bath condo listed at $180k.
• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Location reads 63/100 on livability (#792 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety F.
• Plainfield SD 202 (suburban): math 25% / reading 32% proficiency, ranked #213 of 620 in IL (top 34%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Crystal Lawns Elem School (math 8% / reading 22%, grade F, #1,259 of 2,056 statewide, top 62%, 324 students, 0% FRL); Timber Ridge Middle School (math 20% / reading 27%, grade F, #371 of 665 statewide, top 56%, 878 students, 0% FRL); Plainfield High School (math 25% / reading 29%, grade F, #218 of 693 statewide, top 35%, 1,986 students, 0% FRL) — zoned schools average 0% FRL vs 17% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 37 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 5y 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 $137k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.5% vs local median 5.2% in Crest Hill — 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.

Questions for listing agent

• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.