551 Carlysle Dr #10

Clarendon Hills, IL 60514

$204,900D+

2 bd · 2.5 ba · 1,100 sqft · Built 1966 · Condo · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,384/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$220
• HOA: −$495
• Vac / Maint / Mgmt: −$501
• Net cashflow: $94/mo
• Annual: $1,129/yr
• Cap rate: 6.84%
• Cash-on-cash: 1.97%
• DSCR: 1.09
• 1% rule: 1.16%
• Cash to close: $57,372

Investor read

• This is a 2-bed/2.5-bath condo listed at $205k.
• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• It's been on market 20 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#48 in IL, #978 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: health & safety C-, amenities F, cost of living F.
• Hinsdale Twp Hsd 86 (suburban): math 62% / reading 64% proficiency, ranked #17 of 620 in IL (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Holmes Elem School (503 students, 0% FRL); Westview Hills Middle School (math 47% / reading 50%, grade C-, #63 of 665 statewide, top 9%, 444 students, 0% FRL); Hinsdale Central High School (math 71% / reading 72%, grade B+, #8 of 693 statewide, top 1%, 2,472 students, 0% FRL).
• Watch-outs: HOA is 21% of rent.
• Market conditions: 27 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• Current owner paid $159k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.8% vs local median 0.7% in Clarendon Hills — 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.

Questions for listing agent

• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.