500 Park Ave #433 · Calumet City, IL 60409

$109,900

2 bd · 2.0 ba · 1,150 sqft · Condo · 172 Days on market

Built 1978 $293/mo HOA · 13% 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

Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

Key facts

• New floors
• 4th floor condo
• Recent renovation

Tags

• 4TH FLOOR CONDO
• RECENT RENOVATION
• NEW FLOORS
• KITCHEN AND APPLIANCES
• MONITORED FRONT ENTRY
• ELEVATOR BUILDING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $460 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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 $2,278/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 $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 172 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 3y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $41k; list at $110k implies a 168% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 172 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 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 2.07% ✓
• Cap rate: 11.32%
• Cash-on-cash: 17.95%
• DSCR: 1.80
• GRM: 4.0

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: 14.9%
• Equity multiple: 1.63×
• Total profit: $19,395
• Equity at exit: $16,386

10-year hold

• IRR: 26.8%
• Equity multiple: 3.89×
• Total profit: $89,056
• Equity at exit: $9,502

Cash invested: $30,772 (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: 4.0×

Monthly cashflow live

• Estimated rent: $2,278 high
• Mortgage (P&I): −$576
• Tax from tax record: −$424 /mo · $5,090/yr
• Insurance: −$46
• HOA: −$293
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $460

Break-even live

Break-even rent $1,695

Max offer price $109,900

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: $27,475
• Closing costs: $3,297
• 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: $293 · $3,516/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-10
   status $109,900 Active 172 DOM
2. 2026-04-23
   status Pending
3. 2026-03-11
   status Active
4. 2026-02-24
   historical Contingent - Continue to Show
5. 2026-02-23
   status Active
6. 2026-02-20
   historical Contingent - Continue to Show
7. 2025-12-22
   price $109,900
8. 2025-11-02
   listed $119,990 Active
9. 2025-08-15
   soldstatus $41,000 Closed 239-char remark

   Show marketing remark (239 chars)

   Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

10. 2025-04-21
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

11. 2025-04-11
    status Auction 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

12. 2025-01-15
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

13. 2025-01-06
    price $42,900 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

14. 2025-01-06
    status Active 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

15. 2025-01-06
    price $429,000 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

16. 2024-05-17
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

17. 2024-05-03
    status Active 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

18. 2024-04-06
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

19. 2024-03-28
    status Active 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

20. 2024-03-28
    price $46,800 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

21. 2024-03-22
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

22. 2024-03-14
    status Auction 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

23. 2024-01-09
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

24. 2023-12-29
    price $49,600 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

25. 2023-12-14
    price $53,800 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

26. 2023-12-14
    status Active 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

27. 2023-12-08
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

28. 2023-11-16
    price $55,800 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

29. 2023-11-02
    status Active 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

30. 2023-04-28
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

31. 2023-04-19
    price $59,300 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

32. 2023-03-30
    price $64,700 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

33. 2023-03-09
    listed $71,100 Auction 239-char remark

    Show marketing remark (239 chars)

    Great opportunity on this 4th floor condo unit with balcony. It offers approximately 1,150 square feet of living space with 2 bedrooms and 2 bathrooms. Good floor plan. May require some enhancements and upgrades but worth taking a look at.

34. 2005-02-25
    soldstatus $105,000
35. 2000-07-07
    soldstatus $70,000
36. 1990-12-24
    soldstatus $36,500
37. 1978-08-07
    soldstatus $40,500

ⓘ 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: $5,090 · $424/mo
• Projected year-2 tax: $5,090 · $424/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 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: $27,335
• − Mortgage interest: −$6,156
• − Property taxes: −$5,090
• − Insurance: −$550
• − Repairs & maintenance: −$2,187
• − Management: −$2,187
• − HOA: −$3,516
• − Depreciation: −$3,197
• Taxable income: $4,453
• Est. tax owed @ 24.0%: −$1,069
• After-tax cash flow: $4,455/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

+171.4% since first listed

36 events — show timeline

• 2026-04-23 Pending — MRED as Distributed by MLS Grid
• 2026-03-11 Relisted — MRED as Distributed by MLS Grid
• 2026-02-24 Contingent — MRED as Distributed by MLS Grid
• 2026-02-23 Relisted — MRED as Distributed by MLS Grid
• 2026-02-20 Contingent — MRED as Distributed by MLS Grid
• 2025-12-22 Price Changed $109,900 MRED as Distributed by MLS Grid
• 2025-11-02 Listed $119,990 MRED as Distributed by MLS Grid
• 2025-08-15 Sold (MLS) $41,000 MRED as Distributed by MLS Grid
• 2025-04-21 Pending — MRED as Distributed by MLS Grid
• 2025-04-11 Relisted — MRED as Distributed by MLS Grid
• 2025-01-15 Pending — MRED as Distributed by MLS Grid
• 2025-01-06 Price Changed $42,900 MRED as Distributed by MLS Grid
• 2025-01-06 Relisted — MRED as Distributed by MLS Grid
• 2025-01-06 Price Changed $429,000 MRED as Distributed by MLS Grid
• 2024-05-17 Pending — MRED as Distributed by MLS Grid
• 2024-05-03 Relisted — MRED as Distributed by MLS Grid
• 2024-04-06 Pending — MRED as Distributed by MLS Grid
• 2024-03-28 Relisted — MRED as Distributed by MLS Grid
• 2024-03-28 Price Changed $46,800 MRED as Distributed by MLS Grid
• 2024-03-22 Pending — MRED as Distributed by MLS Grid
• 2024-03-14 Relisted — MRED as Distributed by MLS Grid
• 2024-01-09 Pending — MRED as Distributed by MLS Grid
• 2023-12-29 Price Changed $49,600 MRED as Distributed by MLS Grid
• 2023-12-14 Price Changed $53,800 MRED as Distributed by MLS Grid
• 2023-12-14 Relisted — MRED as Distributed by MLS Grid
• 2023-12-08 Pending — MRED as Distributed by MLS Grid
• 2023-11-16 Price Changed $55,800 MRED as Distributed by MLS Grid
• 2023-11-02 Relisted — MRED as Distributed by MLS Grid
• 2023-04-28 Pending — MRED as Distributed by MLS Grid
• 2023-04-19 Price Changed $59,300 MRED as Distributed by MLS Grid
• 2023-03-30 Price Changed $64,700 MRED as Distributed by MLS Grid
• 2023-03-09 Listed $71,100 MRED as Distributed by MLS Grid
• 2005-02-25 Sold (Public Records) $105,000 Public Records
• 2000-07-07 Sold (Public Records) $70,000 Public Records
• 1990-12-24 Sold (Public Records) $36,500 Public Records
• 1978-08-07 Sold (Public Records) $40,500 Public Records

Property tax history

+8.6%/yr

Latest (2023): $5,090 · +19.9% YoY. Source: county tax records.