198 24th St · Chicago Heights, IL 60411

$155,500

4 bd · 2.0 ba · 1,495 sqft · MultiFamily public records · 471 Days on market

Built 1913 3,000 sqft lot

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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 +24.4/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• 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

you can buy and rent or invest move in ready current up to date. new roof in 2011 updated electrical 3 bedroom downstairs and 1.5 up stairs month to month long term tenants 24 to 48 hr notice is required

Key facts

• Updated electrical
• New roof
• 3,000 sq ft lot

Tags

• NEW ROOF
• UPDATED ELECTRICAL

Property features AI

Finance

• Other: Commuter access: bus and train service, interstate access, school bus service
• Financial info: Building contains 2 units; Unit 1 rent: $1,000 per month (tenant pays all); Unit 2 rent: $700 per month (tenant pays all)
• HOA & community: No special service area

Exterior

• Utilities: Public water; Public sewer
• Home design: Two- to four-unit property; Fee simple ownership; More than 100 years old; Built before 1978
• Construction: Aluminum siding and frame construction
• Exterior features: Park nearby; Sidewalks; Street lights; Lot dimensions approximately 25 x 120; Lot smaller than 0.25 acre

Interior

• Kitchen: Unit 1 includes stove and refrigerator; Unit 2 includes stove and refrigerator
• Bedrooms: 4 bedrooms total; Unit 1: 3 bedrooms (first floor); Unit 2: 1 bedroom (first floor)
• Bathrooms: 2 full bathrooms total; Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Natural gas forced air heating
• Interior features: 10 total rooms; Unfinished partial basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $156k.

Deal economics

• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $156k).
• Recommended offer: $137k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 6.4% in Chicago Heights — 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 (#339 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime F.
• Bloom Twp Hsd 206 (suburban): math 8% / reading 9% proficiency, ranked #591 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.5%/yr); 222 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 36% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $44k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 471 days — a 12% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y 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 $77k; list at $156k implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 471 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1913 — 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 F 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: 1.20% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.69%
• DSCR: 1.39
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.48% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,720
• Equity at exit: $23,186

10-year hold

• IRR: 14.0%
• Equity multiple: 2.32×
• Total profit: $57,432
• Equity at exit: $13,445

Cash invested: $43,540 (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 60411

• Home prices YoY: -33.9%
• Rents YoY: 6.5%
• Active inventory: 222
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,862 high
• Mortgage (P&I): −$815
• Tax from tax record: −$275 /mo · $3,306/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $315

Break-even live

Break-even rent $1,463

Max offer price $155,500

Occupancy floor 78%

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: $38,875
• Closing costs: $4,665
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
169 E 23rd St Unit 1F Chicago Heights, IL	3.0	1.0	1200	$1,550	$1.29	12d	1	0.13mi
63 Hickory St Unit 2 Chicago Heights, IL	3.0	1.0	900	$1,700	$1.89	24d	1	0.87mi
1665 Buena Vista Ave Unit 3 Chicago Heights, IL	4.0	1.0	1700	$1,800	$1.06	18d	1	1.02mi
1631 Buena Vista Ave Unit 2 Chicago Heights, IL	4.0	1.0	1200	$1,900	$1.58	24d	1	1.06mi
41 W 14th Pl Unit 1 Chicago Heights, IL	3.0	1.0	1250	$1,750	$1.40	11d	1	1.12mi
83 W 15th St #1 Chicago Heights, IL	3.0	1.0	1050	$1,500	$1.43	3d	1	1.13mi
1203 Emerald Ave Unit 1 Chicago Heights, IL	3.0	1.0	1200	$1,550	$1.29	1d	1	1.17mi
236 Chestnut Ave Unit S South Chicago Heights, IL	3.0	1.0	1032	$2,000	$1.94	24d	1	1.23mi

Listing history 20 events

1. 2026-06-18
   days on market $155,500 Active 471 DOM
2. 2026-06-17
   days on market $155,500 Active 470 DOM
3. 2026-06-16
   days on market $155,500 Active 469 DOM
4. 2026-06-15
   days on market $155,500 Active 468 DOM
5. 2026-06-13
   days on market $155,500 Active 466 DOM
6. 2026-06-13
   days on market $155,500 Active 465 DOM
7. 2026-06-09
   days on market $155,500 Active 462 DOM
8. 2026-06-08
   days on market $155,500 Active 461 DOM
9. 2026-06-07
   days on market $155,500 Active 460 DOM
10. 2026-06-04
    days on market $155,500 Active 457 DOM
11. 2026-06-03
    days on market $155,500 Active 456 DOM
12. 2026-06-02
    days on market $155,500 Active 455 DOM
13. 2026-06-01
    days on market $155,500 Active 454 DOM
14. 2026-05-31
    days on market $155,500 Active 453 DOM
15. 2025-08-28
    price $155,500
16. 2025-03-03
    listed $159,900 Active
17. 2007-05-27
    historical
18. 2006-11-27
    listed
19. 2003-06-27
    soldstatus $77,000
20. 1991-05-29
    soldstatus $36,000

ⓘ 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: $3,306 · $275/mo
• Projected year-2 tax: $3,418 · $285/mo
• Expected delta: +$112/yr (+$9/mo · 3.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,347
• − Mortgage interest: −$8,710
• − Property taxes: −$3,306
• − Insurance: −$778
• − Repairs & maintenance: −$1,788
• − Management: −$1,788
• − Depreciation: −$4,524
• Taxable income: $1,454
• Est. tax owed @ 24.0%: −$349
• After-tax cash flow: $3,436/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: Bloom Twp Hsd 206
• NCES district ID: 1706420
• Math proficiency: 8% ▼ -3.00%
• Reading proficiency: 9% ▼ -8.00%
• Median HH income: $39,795
• Composite: 7.4/100
• National rank: #9952
• State rank: #591 of 620 in IL

Livability — Chicago Heights

• Score: 71/100
• State rank: #339
• US rank: #6836

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chicago Heights, IL
• County: Cook County · 4,486,803 people
• City population: 52,175
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 52,175
• Household income: $62,073
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 1714.0

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 0.66)
• Race & ethnicity: Black 49% Hispanic / Latino 26% White 19% Two or more races 11%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 4% Portuguese 1% Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -108.75%
• Current HPI: 212.4058
• Rent YoY: ▲ 6.48%
• 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

+331.9% since first listed

6 events — show timeline

• 2025-08-28 Price Changed $155,500 MRED as Distributed by MLS Grid
• 2025-03-03 Listed $159,900 MRED as Distributed by MLS Grid
• 2007-05-27 Listing Removed — MRED as Distributed by MLS Grid
• 2006-11-27 Listed — MRED as Distributed by MLS Grid
• 2003-06-27 Sold (Public Records) $77,000 Public Records
• 1991-05-29 Sold (Public Records) $36,000 Public Records

Property tax history

+2.5%/yr

Latest (2023): $3,306 · -13.9% YoY. Source: county tax records.