893 Greenbay Ave

Calumet City, IL 60409

$245,000C+

4 bd · 2.0 ba · — sqft · Built 1926 · MultiFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,906/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$408
• HOA: −$0
• Vac / Maint / Mgmt: −$610
• Net cashflow: $603/mo
• Annual: $7,231/yr
• Cap rate: 9.24%
• Cash-on-cash: 10.54%
• DSCR: 1.47
• 1% rule: 1.19%
• Cash to close: $68,600

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $245k. Condition is rated good.
• At list price, monthly cash flow is $603 ($7k/yr) — positive. Per door: $301/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• It's been on market 53 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $238k (3.0% below list) — sets the bar for market timing.
• 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 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.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.2%/yr); 198 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 4 sale attempts since 4y ago; this cycle's ask is 104% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $125k; list at $245k implies a 96% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $69k cash investment doubles in ~8 years — after that, you're playing with house money.
• At $2,906/mo this rent would consume 63% of the median local household income ($55k/yr) (locally 2415% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1926 — 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 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?
• 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?
• 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.