500 Park Ave #122 · Calumet City, IL 60409

$122,000

2 bd · 2.0 ba · 1,200 sqft · Condo · 53 Days on market

Built 1976 $398/mo HOA · 17% 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
• Rent growth +4.0/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well kept 2 bedroom 2 bath First Floor Condo. Kitchen and Bathroom newly updated. Located in a gated community of The Park of River Oaks Condominiums. Community includes. PARKING, POOL, CLUB HOUSE, GOLF COURSE ONSITE. Conventional or Cash Only Financing Price to Sell.

Key facts

• Gated community
• First-floor condo
• Secure parking

Tags

• FIRST-FLOOR CONDO
• MODERN KITCHEN UPGRADES
• GATED COMMUNITY
• SECURE PARKING
• INVITING CLUBHOUSE
• GOLF COURSE

Property features AI

Finance

• Other: Homeowner and senior tax exemptions (per records)
• HOA & community: Monthly association fee of $398; Association covers water, gas, insurance, security, clubhouse, exercise facilities, pool, exterior maintenance, lawn care, and snow removal; Master association not required; Pets not allowed

Exterior

• Parking: Attached owned garage; Concrete driveway/parking; One garage space (total 2 parking spaces)
• Security: Security door locks; Community security included in association
• Utilities: Public water; Public sewer; Electric with circuit breaker panel
• Home design: Attached single-unit condo; Entry level: 1; Condo ownership; Rehab completed in 2019
• Construction: Brick construction; Built approximately 41-50 years ago; Built before 1978; Rehab year 2019
• Exterior features: Common grounds; Patio; Park on site

Interior

• Kitchen: Granite counters; Updated kitchen; Range; Gas oven; Microwave; Range hood; Dishwasher; Stainless steel appliances; Refrigerator; Portable dishwasher
• Bedrooms: Master bedroom on main level with full bath; Additional bedrooms (main level)
• Flooring: Carpet in living, dining and bedrooms; Ceramic tile in kitchen
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Window treatments throughout; Five total rooms
• Laundry & utility: Laundry room; Washer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $122k.

Deal economics

• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $122k).
• Recommended offer: $118k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 8.2% in Calumet City — 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 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 Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.2%/yr); 198 active listings in the ZIP; 6 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).
• At $2,276/mo this rent would consume 49% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $843 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $105k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $118,340 (3.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 1.87% ✓
• Cap rate: 11.77%
• Cash-on-cash: 19.56%
• DSCR: 1.87
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.17% rent growth · sell at horizon

5-year hold

• IRR: 16.2%
• Equity multiple: 1.69×
• Total profit: $23,467
• Equity at exit: $18,191

10-year hold

• IRR: 27.6%
• Equity multiple: 3.93×
• Total profit: $100,040
• Equity at exit: $10,548

Cash invested: $34,160 (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 60409

• Home prices YoY: -27.6%
• Rents YoY: 6.2%
• Active inventory: 198
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,276 high
• Mortgage (P&I): −$640
• Tax est. 1.5%: −$152 /mo · $1,830/yr
• Insurance: −$51
• HOA: −$398
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $557

Break-even live

Break-even rent $1,571

Max offer price $122,000

Occupancy floor 71%

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16001 Avalon Ave South Holland, IL	3.0	2.0	1136	$3,330	$2.93	6d	1	0.97mi
16246 Dobson Ave South Holland, IL	3.0	2.0	1250	$3,170	$2.54	1d	1	1.13mi
1450 E 154th Pl Dolton, IL	1.0	1.0	800	$1,250	$1.56	24d	1	1.31mi
659 Paxton Ave Calumet City, IL	3.0	2.0	1255	$2,461	$1.96	10d	1	1.34mi
660 Clyde Ave Calumet City, IL	3.0	1.5	1400	$1,750	$1.25	3d	1	1.34mi
671 Saginaw Ave Calumet City, IL	3.0	2.0	1250	$2,276	$1.82	10d	1	1.50mi

HOA detail condo

• Monthly dues: $398 · $4,776/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $122,000 Active 53 DOM
2. 2026-06-17
   days on market $122,000 Active 52 DOM
3. 2026-06-16
   days on market $122,000 Active 51 DOM
4. 2026-06-15
   days on market $122,000 Active 50 DOM
5. 2026-06-13
   days on market $122,000 Active 48 DOM
6. 2026-06-13
   days on market $122,000 Active 47 DOM
7. 2026-06-09
   days on market $122,000 Active 44 DOM
8. 2026-06-08
   days on market $122,000 Active 43 DOM
9. 2026-06-07
   days on market $122,000 Active 42 DOM
10. 2026-06-04
    days on market $122,000 Active 39 DOM
11. 2026-06-03
    days on market $122,000 Active 38 DOM
12. 2026-06-02
    days on market $122,000 Active 37 DOM
13. 2026-06-01
    days on market $122,000 Active 36 DOM
14. 2026-05-31
    statusdays on market $122,000 Active 35 DOM
15. 2026-05-08
    status Pending
16. 2026-04-13
    status Active
17. 2026-03-06
    status Pending
18. 2026-02-25
    listed $122,000 Active
19. 2023-05-19
    soldstatus $105,000 Closed 269-char remark

    Show marketing remark (269 chars)

    Well kept 2 bedroom 2 bath First Floor Condo. Kitchen and Bathroom newly updated. Located in a gated community of The Park of River Oaks Condominiums. Community includes. PARKING, POOL, CLUB HOUSE, GOLF COURSE ONSITE. Conventional or Cash Only Financing Price to Sell.

20. 2023-04-05
    historical Contingent - Continue to Show 269-char remark

    Show marketing remark (269 chars)

    Well kept 2 bedroom 2 bath First Floor Condo. Kitchen and Bathroom newly updated. Located in a gated community of The Park of River Oaks Condominiums. Community includes. PARKING, POOL, CLUB HOUSE, GOLF COURSE ONSITE. Conventional or Cash Only Financing Price to Sell.

21. 2023-03-08
    listed $105,000 Active 269-char remark

    Show marketing remark (269 chars)

    Well kept 2 bedroom 2 bath First Floor Condo. Kitchen and Bathroom newly updated. Located in a gated community of The Park of River Oaks Condominiums. Community includes. PARKING, POOL, CLUB HOUSE, GOLF COURSE ONSITE. Conventional or Cash Only Financing Price to Sell.

ⓘ 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 4/10 Moderate FEMA zone X (shaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 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: $27,311
• − Mortgage interest: −$6,834
• − Property taxes: −$1,830
• − Insurance: −$610
• − Repairs & maintenance: −$2,185
• − Management: −$2,185
• − HOA: −$4,776
• − Depreciation: −$3,549
• Taxable income: $5,342
• Est. tax owed @ 24.0%: −$1,282
• After-tax cash flow: $5,400/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 Twp Hsd 205
• NCES district ID: 1738970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 8% ▼ -2.00%
• Median HH income: $43,392
• Composite: 6.92/100
• National rank: #9976
• State rank: #594 of 620 in IL

Livability — Calumet City

• Score: 71/100
• State rank: #330
• US rank: #6552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calumet City, IL
• County: Cook County · 4,486,803 people
• City population: 35,100
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 35,100
• Household income: $55,369
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 2415.0

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: Predominantly Black (74%)
• Race & ethnicity: Black 74% Hispanic / Latino 15% White 7% Two or more races 4%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 83% English-only · Spanish 14%

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: ▼ -75.01%
• Current HPI: 197.2137
• Rent YoY: ▲ 6.17%
• 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

+16.2% since first listed

7 events — show timeline

• 2026-05-08 Pending — MRED as Distributed by MLS Grid
• 2026-04-13 Relisted — MRED as Distributed by MLS Grid
• 2026-03-06 Pending — MRED as Distributed by MLS Grid
• 2026-02-25 Listed $122,000 MRED as Distributed by MLS Grid
• 2023-05-19 Sold (MLS) $105,000 MRED as Distributed by MLS Grid
• 2023-04-05 Contingent — MRED as Distributed by MLS Grid
• 2023-03-08 Listed $105,000 MRED as Distributed by MLS Grid