184 W 147th St · Harvey, IL 60426

$1,100,000

None bd · 400.0 ba · 6,686 sqft · MultiFamily · 1 Days on market

Built 1964 0.34 ac lot

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 20 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

20-Unit with excellent access to main thoroughfares. Close proximity to shopping, restaurants and markets. The income potential is amazing! Owner must sell, so this is your opportunity to pick up a cash cow and reap the financial benefits. All electric utilities. Tenants pay electric. Motivated seller. Buyer responsible for termite inspection. Seller will not provide survey. Nds a little TLC. TAKING BACKUP OFFERS

Key facts

• Value add potential
• Stable cash flow
• 0.34 acre lot

Tags

• EASY ACCESS TO INTERSTATES
• LOW MAINTENANCE LANDSCAPING
• PARKING LOT TO BE REPAVED
• STRONG OCCUPANCY HISTORY
• STABLE CASH FLOW
• VALUE ADD POTENTIAL

Property features AI

Finance

• Other: Property located on the south side of 147th Street just southwest of local middle school
• Financial info: Total monthly income approximately $14,975; Gross annual income approximately $179,700; Gross rent multiplier about 6.12; Typical monthly rent per unit roughly $700–$775

Exterior

• Parking: Outdoor parking with approximately 19–30 spaces
• Utilities: Separate utilities/heat per unit
• Home design: Multi-family property (5+ units); 20 total residential units
• Construction: Multiple parcels included; Parcels: 29073060100000; additional parcels 29073060080000, 29073060090000, 29073060070000
• Exterior features: Lot dimensions approximately 109 x 136; Zoned for multi-family

Interior

• Kitchen: 20 ranges (stoves) in the building
• Bedrooms: Studios or one-room units (1 room per unit)
• Bathrooms: One full bathroom per unit
• Heating & cooling: Individual heat/ventilation systems for each unit
• Interior features: Built before 1978
• Laundry & utility: Separate heating/ventilation for each unit

What this means for you Summary

Snapshot

• This is a 20 × ?-bed/1.0-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $6k ($74k/yr) — positive. Per door: $310/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.10M).
• Cap rate 13.2% vs local median 9.3% in Harvey — 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 67/100 on livability (#539 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A-; Watch: health & safety D+, schools F, crime F.
• 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: 134 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• In year one you build about $118k of equity ($8k loan paydown + $110k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $308k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$189k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 15y 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 $200k; list at $1.10M implies a 450% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,100,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
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: 1.67% ✓
• Cap rate: 13.22%
• Cash-on-cash: 24.75%
• DSCR: 2.10
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.5%
• Equity multiple: 4.23×
• Total profit: $994,776
• Equity at exit: $990,967

10-year hold

• IRR: 36.7%
• Equity multiple: 9.51×
• Total profit: $2,620,316
• Equity at exit: $2,137,058

Cash invested: $308,000 (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 60426

• Home prices YoY: 6.9%
• Active inventory: 134
• Price-to-rent: 99.6×

Monthly cashflow live

• Estimated rent: $18,407 medium
• Mortgage (P&I): −$5,769
• Tax from tax record: −$1,961 /mo · $23,538/yr
• Insurance: −$458
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,865
• Net cashflow: $6,201

Break-even live

Break-even rent $10,557

Max offer price $1,100,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 20× units	0	1	$18,400
Total (20 units)			$18,407

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $1,100,000 Active 1 DOM

ⓘ 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: $23,538 · $1,961/mo
• Projected year-2 tax: $24,254 · $2,021/mo
• Expected delta: +$716/yr (+$60/mo · 3.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AH · 20% 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 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $220,884
• − Mortgage interest: −$61,617
• − Property taxes: −$23,538
• − Insurance: −$7,324
• − Repairs & maintenance: −$17,671
• − Management: −$17,671
• − Depreciation: −$32,000
• Taxable income: $61,063
• Est. tax owed @ 24.0%: −$14,655
• After-tax cash flow: $59,759/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 — Harvey

• Score: 67/100
• State rank: #539
• US rank: #11162

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harvey, IL
• City population: 23,066
• Population (ZIP): 23,066

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: Majority Black (59%)
• Race & ethnicity: Black 59% Hispanic / Latino 33% Two or more races 12% White 3% Asian 2%
• Hispanic origin (detail): Mexican 31%
• Foreign-born: 17% · Canada
• Languages at home: 67% English-only · Spanish 30% Other Indo-European 2% 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: ▲ 20.36%
• Current HPI: 313.7895
• Rent YoY: —
• Metro: —
• 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

+332.7% since first listed

18 events — show timeline

• 2026-06-16 Listed $1,100,000 MRED as Distributed by MLS Grid
• 2024-09-30 Listing Removed — MRED as Distributed by MLS Grid
• 2024-08-16 Listed — MRED as Distributed by MLS Grid
• 2012-06-29 Sold (Public Records) $200,000 Public Records
• 2012-06-15 Sold (MLS) $200,000 MRED as Distributed by MLS Grid
• 2012-04-26 Contingent — MRED as Distributed by MLS Grid
• 2012-04-20 Relisted — MRED as Distributed by MLS Grid
• 2012-04-20 Price Changed $259,900 MRED as Distributed by MLS Grid
• 2012-02-16 Contingent — MRED as Distributed by MLS Grid
• 2012-02-15 Relisted — MRED as Distributed by MLS Grid
• 2011-11-23 Pending — MRED as Distributed by MLS Grid
• 2011-10-26 Relisted — MRED as Distributed by MLS Grid
• 2011-10-26 Price Changed $299,900 MRED as Distributed by MLS Grid
• 2011-10-24 Contingent — MRED as Distributed by MLS Grid
• 2011-09-05 Price Changed $349,900 MRED as Distributed by MLS Grid
• 2011-07-28 Price Changed $399,900 MRED as Distributed by MLS Grid
• 2011-07-02 Listed $425,000 MRED as Distributed by MLS Grid
• 1996-07-11 Sold (Public Records) $254,193 Public Records

Property tax history

+6.3%/yr

Latest (2023): $23,538 · +12.2% YoY. Source: county tax records.