644 Lenox Ave · Waukegan, IL 60085

$250,000

4 bd · 2.0 ba · 1,948 sqft · MultiFamily public records · 69 Days on market

Built 1920 6,098 sqft lot Est $269k · 7% 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 +26.8/30.0
• ARV discount +10.6/15.0
• DSCR +9.2/10.0
• 1% rule +7.8/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This versatile 4-bedroom, 2-bathroom two-unit property at 644 Lenox Ave offers the perfect blend of move-in readiness and investment potential. The first-floor unit is meticulously maintained, boasting a functional layout, spacious bedrooms, and abundant storage throughout. While the upstairs unit requires some TLC, it presents a prime opportunity to build equity or maximize rental income. Complete with a full basement for additional storage or future finishing, and a private driveway with parking for four cars, this home is a standout choice for savvy investors or owner-occupants looking to invest in a solid Waukegan location.

Key facts

• 6,098 sq ft lot
• 4 parking spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $682 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 4.6% in Waukegan — 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 75/100 on livability (#216 in IL, #4,074 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D, schools F.
• Waukegan CUSD 60 (suburban): math 7% / reading 10% proficiency, ranked #587 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.2%/yr); 86 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• At $3,200/mo this rent would consume 57% of the median local household income ($67k/yr) (locally 2742% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $70k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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. 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?
7. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 9.57%
• Cash-on-cash: 11.70%
• DSCR: 1.52
• GRM: 6.5

CMA / ARV

• ARV (median comp): $268,664
• List price: $250,000
• Delta: -6.95%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.24% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.05×
• Total profit: $3,849
• Equity at exit: $37,276

10-year hold

• IRR: 11.3%
• Equity multiple: 1.90×
• Total profit: $63,004
• Equity at exit: $21,615

Cash invested: $70,000 (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 60085

• Rents YoY: 3.2%
• Active inventory: 86
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $3,200 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$430 /mo · $5,164/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$672
• Net cashflow: $682

Break-even live

Break-even rent $2,336

Max offer price $250,000

Occupancy floor 74%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,200
Total (2 units)			$3,200

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
903 S McAlister Ave Waukegan, IL	4.0	2.0	2275	$2,560	$1.13	1d	1	0.36mi
1701 Victoria Ave North Chicago, IL	3.0	2.0	2345	$1,950	$0.83	43d	1	1.41mi
2404 Pearsall Pkwy Waukegan, IL	4.0	2.0	2000	$4,300	$2.15	1d	1	1.49mi

Listing history 44 events

1. 2026-06-18
   days on market $250,000 Active 69 DOM
2. 2026-06-17
   days on market $250,000 Active 68 DOM
3. 2026-06-16
   days on market $250,000 Active 67 DOM
4. 2026-06-15
   days on market $250,000 Active 66 DOM
5. 2026-06-13
   days on market $250,000 Active 64 DOM
6. 2026-06-09
   days on market $250,000 Active 60 DOM
7. 2026-06-08
   days on market $250,000 Active 59 DOM
8. 2026-06-07
   days on market $250,000 Active 58 DOM
9. 2026-06-04
   days on market $250,000 Active 55 DOM
10. 2026-06-03
    days on market $250,000 Active 54 DOM
11. 2026-06-02
    statusdays on market $250,000 Active 53 DOM
12. 2026-06-01
    days on market $250,000 Contingent - No Showings 52 DOM
13. 2026-05-31
    days on market $250,000 Contingent - No Showings 51 DOM
14. 2026-05-06
    historical Contingent - No Showings 635-char remark

    Show marketing remark (635 chars)

    This versatile 4-bedroom, 2-bathroom two-unit property at 644 Lenox Ave offers the perfect blend of move-in readiness and investment potential. The first-floor unit is meticulously maintained, boasting a functional layout, spacious bedrooms, and abundant storage throughout. While the upstairs unit requires some TLC, it presents a prime opportunity to build equity or maximize rental income. Complete with a full basement for additional storage or future finishing, and a private driveway with parking for four cars, this home is a standout choice for savvy investors or owner-occupants looking to invest in a solid Waukegan location.

15. 2026-04-09
    historical 635-char remark

    Show marketing remark (635 chars)

    This versatile 4-bedroom, 2-bathroom two-unit property at 644 Lenox Ave offers the perfect blend of move-in readiness and investment potential. The first-floor unit is meticulously maintained, boasting a functional layout, spacious bedrooms, and abundant storage throughout. While the upstairs unit requires some TLC, it presents a prime opportunity to build equity or maximize rental income. Complete with a full basement for additional storage or future finishing, and a private driveway with parking for four cars, this home is a standout choice for savvy investors or owner-occupants looking to invest in a solid Waukegan location.

16. 2023-04-11
    soldstatus $244,000
17. 2023-03-21
    soldstatus $244,000 Closed 296-char remark

    Show marketing remark (296 chars)

    Just like new! Newly Remodeled Two units with two large bedrooms in each unit. Freshly painted throughout. Updated kitchens and baths, New Luxury Vinyl Plank throughout with Eat-in kitchens! Shared Laundry and separate storage spaces in the basement. Perfect for the savvy investor! Tenant ready!

18. 2023-02-17
    status Pending 296-char remark

    Show marketing remark (296 chars)

    Just like new! Newly Remodeled Two units with two large bedrooms in each unit. Freshly painted throughout. Updated kitchens and baths, New Luxury Vinyl Plank throughout with Eat-in kitchens! Shared Laundry and separate storage spaces in the basement. Perfect for the savvy investor! Tenant ready!

19. 2023-02-09
    historical Contingent - Continue to Show 296-char remark

    Show marketing remark (296 chars)

    Just like new! Newly Remodeled Two units with two large bedrooms in each unit. Freshly painted throughout. Updated kitchens and baths, New Luxury Vinyl Plank throughout with Eat-in kitchens! Shared Laundry and separate storage spaces in the basement. Perfect for the savvy investor! Tenant ready!

20. 2023-01-31
    price $245,000 296-char remark

    Show marketing remark (296 chars)

    Just like new! Newly Remodeled Two units with two large bedrooms in each unit. Freshly painted throughout. Updated kitchens and baths, New Luxury Vinyl Plank throughout with Eat-in kitchens! Shared Laundry and separate storage spaces in the basement. Perfect for the savvy investor! Tenant ready!

21. 2022-12-11
    listed $255,000 Active 296-char remark

    Show marketing remark (296 chars)

    Just like new! Newly Remodeled Two units with two large bedrooms in each unit. Freshly painted throughout. Updated kitchens and baths, New Luxury Vinyl Plank throughout with Eat-in kitchens! Shared Laundry and separate storage spaces in the basement. Perfect for the savvy investor! Tenant ready!

22. 2010-05-12
    soldstatus $51,450 Closed Sale
23. 2010-04-21
    historical
24. 2010-04-13
    historical Contingent
25. 2010-02-09
    price $59,900 Price Change
26. 2010-01-06
    price $77,900 Price Change
27. 2009-12-04
    price $82,900 Price Change
28. 2009-09-30
    listed $99,900 New
29. 2009-06-24
    price
30. 2009-04-20
    listed
31. 2009-02-01
    historical
32. 2008-11-07
    price
33. 2008-08-06
    listed
34. 2007-06-25
    soldstatus $163,000
35. 2007-06-05
    soldstatus $163,000
36. 2007-04-30
    historical
37. 2007-04-09
    listed $164,900
38. 2002-09-05
    soldstatus $130,000
39. 2000-03-01
    soldstatus $113,500
40. 1999-04-15
    soldstatus $28,000
41. 1994-12-13
    soldstatus $72,000
42. 1990-05-01
    soldstatus $62,000
43. 1984-04-01
    soldstatus $49,900
44. 1983-10-01
    soldstatus $13,000

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

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $5,164 · $430/mo
• Projected year-2 tax: $5,420 · $452/mo
• Expected delta: +$255/yr (+$21/mo · 4.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥97°F today · 14 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: $38,400
• − Mortgage interest: −$14,004
• − Property taxes: −$5,164
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,072
• − Management: −$3,072
• − Depreciation: −$7,273
• Taxable income: $4,565
• Est. tax owed @ 24.0%: −$1,096
• After-tax cash flow: $7,094/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: Waukegan CUSD 60
• NCES district ID: 1741250
• Math proficiency: 7% ▼ -8.00%
• Reading proficiency: 10% ▼ -8.00%
• Median HH income: $43,248
• Composite: 7.73/100
• National rank: #9939
• State rank: #587 of 620 in IL

Livability — Waukegan

• Score: 75/100
• State rank: #216
• US rank: #4074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukegan, IL
• County: Lake County · 591,991 people
• City population: 99,634
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 72,341
• Household income: $66,793
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 2742.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 62% Two or more races 24% Black 14% White 14% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 51% Puerto Rican 3%
• Common ancestry: Romanian 1% British 1% Portuguese 1%
• Foreign-born: 34% · Canada, Jamaica
• Languages at home: 39% English-only · Spanish 54% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -114.04%
• Current HPI: 203.6304
• Rent YoY: ▲ 3.24%
• 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

+1776.9% since first listed

31 events — show timeline

• 2026-05-06 Contingent — MRED as Distributed by MLS Grid
• 2026-04-09 Listing Removed — MRED as Distributed by MLS Grid
• 2023-04-11 Sold (Public Records) $244,000 Public Records
• 2023-03-21 Sold (MLS) $244,000 MRED as Distributed by MLS Grid
• 2023-02-17 Pending — MRED as Distributed by MLS Grid
• 2023-02-09 Contingent — MRED as Distributed by MLS Grid
• 2023-01-31 Price Changed $245,000 MRED as Distributed by MLS Grid
• 2022-12-11 Listed $255,000 MRED as Distributed by MLS Grid
• 2010-05-12 Sold (MLS) $51,450 MRED as Distributed by MLS Grid
• 2010-04-21 Listing Removed — MRED as Distributed by MLS Grid
• 2010-04-13 Contingent — MRED as Distributed by MLS Grid
• 2010-02-09 Price Changed $59,900 MRED as Distributed by MLS Grid
• 2010-01-06 Price Changed $77,900 MRED as Distributed by MLS Grid
• 2009-12-04 Price Changed $82,900 MRED as Distributed by MLS Grid
• 2009-09-30 Listed $99,900 MRED as Distributed by MLS Grid
• 2009-06-24 Price Changed — MRED as Distributed by MLS Grid
• 2009-04-20 Listed — MRED as Distributed by MLS Grid
• 2009-02-01 Listing Removed — MRED as Distributed by MLS Grid
• 2008-11-07 Price Changed — MRED as Distributed by MLS Grid
• 2008-08-06 Listed — MRED as Distributed by MLS Grid
• 2007-06-25 Sold (Public Records) $163,000 Public Records
• 2007-06-05 Sold (MLS) $163,000 MRED as Distributed by MLS Grid
• 2007-04-30 Listing Removed — MRED as Distributed by MLS Grid
• 2007-04-09 Listed $164,900 MRED as Distributed by MLS Grid
• 2002-09-05 Sold (Public Records) $130,000 Public Records
• 2000-03-01 Sold (Public Records) $113,500 Public Records
• 1999-04-15 Sold (Public Records) $28,000 Public Records
• 1994-12-13 Sold (Public Records) $72,000 Public Records
• 1990-05-01 Sold (Public Records) $62,000 Public Records
• 1984-04-01 Sold (Public Records) $49,900 Public Records
• 1983-10-01 Sold (Public Records) $13,000 Public Records

Property tax history

+1.5%/yr

Latest (2024): $5,164 · +2.1% YoY. Source: county tax records.