3101 Bernice Rd #4 · Lansing, IL 60438

$64,900

2 bd · 1.0 ba · 750 sqft · Condo public records · 8 Days on market

Built 1969 $277/mo HOA · 18% 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
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Great value for a 2 bedroom, 1 bath, 2nd floor condo in Bernice Terraces in Lansing! Loads of natural sunlight in this unit and kitchen has an eat-in area adjacent to it that is large enough for a kitchen table. Large balcony, laundry on-site, and heat and water included in the monthly assessment. . Close to schools, public transportation, highways, shopping, restaurants and more. Great opportunity for investors who want to rent the unit out or for owner/occupants and first time home buyers. No major repairs needed but sold As-Is. Motivated Seller. Make your appointment today!

Key facts

• Eat-in area
• Close to schools
• Large balcony

Tags

• NATURAL SUNLIGHT
• EAT-IN AREA
• LARGE BALCONY
• LAUNDRY ON-SITE
• HEAT AND WATER INCLUDED
• CLOSE TO SCHOOLS

Property features AI

Finance

• Other: Unit is one of 60 in the building; Living area source is estimated; Property is not currently leased; Possession at closing
• Financial info: Special Service Area: No
• HOA & community: Monthly association fee of $277; Association fee includes heat, water, insurance, exterior maintenance, lawn care, scavenger, and snow removal; Association amenities include coin laundry and storage; On-site management is off-site (manager available Monday through Friday); Pets allowed: cats and dogs with a 25 lb size limit

Exterior

• Parking: Assigned parking (1 space)
• Security: Building has security door locks
• Utilities: Water from Lake Michigan and public supply; Public sewer; Electric with circuit breakers
• Home design: Attached single condo; Entry level 2
• Construction: Brick construction; Asphalt roof; Concrete perimeter foundation; Built 51-60 years ago; Built before 1978
• Exterior features: Common grounds

Interior

• Kitchen: Range; Refrigerator; Eating area / table space; Vinyl flooring in kitchen
• Bedrooms: Two bedrooms; Master bedroom on main level (13 x 15) with wood laminate flooring; Second bedroom on main level (12 x 11) with wood laminate flooring
• Flooring: Laminate throughout main living areas; Vinyl in kitchen
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Four total rooms; No window treatments in kitchen
• Laundry & utility: Laundry on main level in a common area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $65k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Cap rate 12.0% vs local median 5.8% in Lansing — 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 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D+, health & safety 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.
• Market conditions: 132 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 18y 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 $21k; list at $65k implies a 209% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.6% of price.

Recommended offer $64,900

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-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: 2.34% ✓
• Cap rate: 12.04%
• Cash-on-cash: 20.51%
• DSCR: 1.91
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 13.1%
• Equity multiple: 1.53×
• Total profit: $9,560
• Equity at exit: $9,677

10-year hold

• IRR: 22.2%
• Equity multiple: 2.93×
• Total profit: $34,995
• Equity at exit: $5,611

Cash invested: $18,172 (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 60438

• Active inventory: 132
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,520 high
• Mortgage (P&I): −$340
• Tax from tax record: −$246 /mo · $2,954/yr
• Insurance: −$27
• HOA: −$277
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $311

Break-even live

Break-even rent $1,127

Max offer price $64,900

Occupancy floor 75%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3069 Bernice Rd Apt 2N Lansing, IL	3.0	1.0	950	$1,535	$1.62	21d	1	0.01mi
3069 Bernice Rd Apt 2S Lansing, IL	3.0	1.0	950	$1,535	$1.62	3d	1	0.02mi
3023 Bernice Rd Apt 2S Lansing, IL	3.0	1.0	1000	$1,600	$1.60	1d	1	0.08mi
3020 178th St Unit C1 Lansing, IL	2.0	1.0	900	$1,550	$1.72	1d	1	0.47mi
3020 178th St Apt C7 Lansing, IL	2.0	1.0	900	$1,550	$1.72	25d	1	0.47mi
17723 Exchange Ave Unit 17723-1N Lansing, IL	3.0	2.0	1100	$1,800	$1.64	1d	1	0.63mi
3649 173rd Ct Lansing, IL	2.0	2.0	972	$1,357	$1.40	25d	1	0.79mi
1539 Wentworth Ave Unit 3W Calumet City, IL	3.0	1.0	1100	$1,700	$1.55	12d	1	0.94mi
2441 Indiana Ave Unit 2N Lansing, IL	1.0	1.0	600	$975	$1.62	13d	1	1.18mi
2441 Indiana Ave Lansing, IL	1.0	1.0	600	$975	$1.62	4d	1	1.18mi
1338 Wentworth Ave Unit 1338 Calumet City, IL	2.0	1.0	800	$1,430	$1.79	25d	1	1.31mi
18335 Sherman St Unit 3 Lansing, IL	3.0	1.0	1000	$1,700	$1.70	1d	1	1.33mi
17640 Rosewood Dr Unit 2A Lansing, IL	2.0	1.0	950	$1,475	$1.55	18d	1	1.37mi
17754 Rosewood Dr Unit 1N Lansing, IL	2.0	1.0	850	$1,370	$1.61	25d	1	1.39mi
18361 Glen Oak Ave Unit 1E Lansing, IL	2.0	1.0	900	$1,400	$1.56	25d	1	1.42mi
18381 Torrence Ave Lansing, IL	2.0	1.0	900	$1,300	$1.44	25d	1	1.49mi

HOA detail condo

• Monthly dues: $277 · $3,324/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-05-08
   status Pending
2. 2026-05-06
   historical Contingent - No Showings
3. 2026-04-30
   listed $64,900 Active
4. 2015-09-16
   historical
5. 2015-09-14
   listed
6. 2015-01-19
   historical
7. 2014-11-06
   listed New
8. 2013-07-16
   historical
9. 2012-05-02
   listed New
10. 2012-05-01
    historical
11. 2012-04-30
    historical
12. 2012-02-25
    listed New
13. 2011-11-25
    listed New
14. 2011-02-01
    historical
15. 2009-09-15
    listed New
16. 2009-07-14
    soldstatus $21,000 Closed Sale
17. 2009-06-05
    historical
18. 2009-05-29
    listed $21,000
19. 2009-01-26
    historical
20. 2008-07-11
    listed
21. 2006-05-08
    soldstatus $75,000
22. 1998-08-24
    soldstatus $59,500

ⓘ 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: $2,954 · $246/mo
• Projected year-2 tax: $2,954 · $246/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,245
• − Mortgage interest: −$3,635
• − Property taxes: −$2,954
• − Insurance: −$324
• − Repairs & maintenance: −$1,460
• − Management: −$1,460
• − HOA: −$3,324
• − Depreciation: −$1,888
• Taxable income: $3,200
• Est. tax owed @ 24.0%: −$768
• After-tax cash flow: $2,959/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 Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 of 620 in IL

Livability — Lansing

• Score: 73/100
• State rank: #296
• US rank: #5698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, IL
• County: Cook County · 4,486,803 people
• City population: 28,806
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,806
• Household income: $75,681
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 830.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Black 51% White 25% Hispanic / Latino 18% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 83% English-only · Spanish 12% Vietnamese 1% French/Haitian/Cajun 1%

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: ▼ -151.65%
• Current HPI: 210.3398
• Rent YoY: —
• 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

+9.1% since first listed

22 events — show timeline

• 2026-05-08 Pending — MRED as Distributed by MLS Grid
• 2026-05-06 Contingent — MRED as Distributed by MLS Grid
• 2026-04-30 Listed $64,900 MRED as Distributed by MLS Grid
• 2015-09-16 Listing Removed — MRED as Distributed by MLS Grid
• 2015-09-14 Listed — MRED as Distributed by MLS Grid
• 2015-01-19 Listing Removed — MRED as Distributed by MLS Grid
• 2014-11-06 Listed — MRED as Distributed by MLS Grid
• 2013-07-16 Listing Removed — MRED as Distributed by MLS Grid
• 2012-05-02 Listed — MRED as Distributed by MLS Grid
• 2012-05-01 Listing Removed — MRED as Distributed by MLS Grid
• 2012-04-30 Listing Removed — MRED as Distributed by MLS Grid
• 2012-02-25 Listed — MRED as Distributed by MLS Grid
• 2011-11-25 Listed — MRED as Distributed by MLS Grid
• 2011-02-01 Listing Removed — MRED as Distributed by MLS Grid
• 2009-09-15 Listed — MRED as Distributed by MLS Grid
• 2009-07-14 Sold (MLS) $21,000 MRED as Distributed by MLS Grid
• 2009-06-05 Listing Removed — MRED as Distributed by MLS Grid
• 2009-05-29 Listed $21,000 MRED as Distributed by MLS Grid
• 2009-01-26 Listing Removed — MRED as Distributed by MLS Grid
• 2008-07-11 Listed — MRED as Distributed by MLS Grid
• 2006-05-08 Sold (Public Records) $75,000 Public Records
• 1998-08-24 Sold (Public Records) $59,500 Public Records

Property tax history

+5.4%/yr

Latest (2023): $2,954 · +39.5% YoY. Source: county tax records.