928 W Hillcrest Dr · DeKalb, IL 60115

$950,000

None bd · None ba · — sqft · MultiFamily · 84 Days on market

Built 1969 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
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

30 room / 60 bed former sorority house with a 1 bedroom apartment. Well maintained, brick 3 story building. Wet sprinklers, wired smoke detectors, upgraded washrooms, (3) 67 gal water heaters, full kitchen, dining hall and formal living room w fireplace. Paved and fenced off street parking for 32 cars.

Key facts

• 0.34 acre lot
• Built 1969
• Listed 83 days

Property features AI

Finance

• Financial info: Gross annual income reported at $170,000; Total monthly income reported at $17,000; Gross rent multiplier of 5.6
• HOA & community: Association covers parking and security

Exterior

• Parking: Outdoor parking with 31–50 spaces
• Security: Security included in association services
• Utilities: Central building heat (utility/ventilation)
• Home design: Multi-family property (5+ units)
• Construction: Brick construction; Block foundation; Built before 1978
• Exterior features: Curbs and gutters; Exterior lighting; Sidewalks

Interior

• Kitchen: 1 dishwasher (building total)
• Bedrooms: Total of 31 residential units
• Heating & cooling: Central building heating/ventilation
• Interior features: Central building heat
• Laundry & utility: 2 washers (building total); 2 dryers (building total); Washer/dryer leased

What this means for you Summary

Snapshot

• This is a multifamily listed at $950k.

Deal economics

• At list price, monthly cash flow is $17k ($205k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($30k rent vs $950k).
• Recommended offer: $893k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.8% vs local median 4.4% in DeKalb — 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 77/100 on livability (#154 in IL, #2,835 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D+, schools D, crime D-.
• Dekalb CUSD 428 (suburban): math 11% / reading 16% proficiency, ranked #541 of 620 in IL (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+7.3%/yr); 85 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 51% of comp listings sitting > 30 days — soft ceiling on asking rent; 260 units permitted in DeKalb County in 2024 (73 in 5+ unit buildings).
• At $29,908/mo this rent would consume 763% of the median local household income ($47k/yr) (locally 3794% 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 $7k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $266k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($893k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $485k; list at $950k implies a 96% gain — meaningful room to come down on a strong offer.

Recommended offer $893,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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 D-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 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?
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: 3.15% ✓
• Cap rate: 27.85%
• Cash-on-cash: 76.97%
• DSCR: 4.42
• GRM: 2.6

CMA / ARV

• ARV (median comp): $586,327
• List price: $950,000
• Delta: 62.03%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
901 Kimberly Dr	0.12mi	6/3.0	—	8mo	$325,000	—	75
1030 Ridge Dr	0.22mi	—/36.0	5,928	17mo	$560,000	$94	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.33% rent growth · sell at horizon

5-year hold

• IRR: 81.8%
• Equity multiple: 5.02×
• Total profit: $1,069,181
• Equity at exit: $141,648

10-year hold

• IRR: 86.3%
• Equity multiple: 12.06×
• Total profit: $2,942,355
• Equity at exit: $82,139

Cash invested: $266,000 (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 60115

• Home prices YoY: -31.9%
• Rents YoY: 7.3%
• Active inventory: 85
• Price-to-rent: 79.4×

Monthly cashflow live

• Estimated rent: $29,908 high
• Mortgage (P&I): −$4,982
• Tax est. 1.5%: −$1,188 /mo · $14,250/yr
• Insurance: −$396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,281
• Net cashflow: $17,062

Break-even live

Break-even rent $8,310

Max offer price $950,000

Occupancy floor 38%

Sensitivity live

Price	-10% $17,719	-5% $17,390	+0% $17,062	+5% $16,734	+10% $16,406
Rent	-10% $14,699	-5% $15,881	+0% $17,062	+5% $18,243	+10% $19,425
Rate	-1.0pp $17,541	-0.5pp $17,304	base $17,062	+0.5pp $16,816	+1.0pp $16,565

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

Units	Beds	Baths	Est. rent
▸ 30× units	1	1	$29,910
Total (30 units)			$29,908

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
908 Greenbrier Rd Unit 908 DeKalb, IL	1.0	1.5	140	$650	$4.64	44d	1	0.09mi
815 Charles St DeKalb, IL	1.0	2.0	—	$500	—	25d	1	0.19mi
1268 Rushmoore Dr Unit 2 DeKalb, IL	1.0	1.0	—	$800	—	44d	1	0.21mi
807 Ridge Dr DeKalb, IL	3.0	2.0	1200	$1,429	$1.19	44d	1	0.26mi
807 Ridge Dr DeKalb, IL	1.0	1.0	825	$909	$1.10	13d	1	0.26mi
998 Regent Dr DeKalb, IL	3.0	2.5	—	$1,365	—	44d	1	0.39mi
1212 Varsity Blvd DeKalb, IL	1.0	1.0	550	$970	$1.76	45d	1	0.40mi
916 Regent Dr DeKalb, IL	2.0	2.0	—	$1,275	—	44d	1	0.40mi
880 Regent Dr DeKalb, IL	2.0	2.0	900	$1,195	$1.33	25d	1	0.41mi
880 Regent Dr DeKalb, IL	2.0	2.0	900	$1,195	$1.33	2d	1	0.41mi
1107 Regent Dr DeKalb, IL	3.0	3.0	—	$1,295	—	2d	1	0.43mi
1300 Eco Park Dr DeKalb, IL	2.0–3.0	2.0	912	$1,185	$1.30	2d	22	0.53mi
890 Fotis Dr DeKalb, IL	2.0	2.0	—	$1,090	—	44d	1	0.57mi
951 Fotis Dr DeKalb, IL	3.0	2.5	—	$1,365	—	16d	1	0.58mi
801 Lucinda Ave DeKalb, IL	2.0–8.0	1.0–2.5	—	$1,050	—	2d	36	0.63mi
1400 Twombly Rd DeKalb, IL	3.0	1.0	825	$1,267	$1.54	2d	1	0.63mi
893 Fotis Dr DeKalb, IL	2.0	2.0	—	$1,035	—	44d	1	0.64mi
701 Fotis Dr DeKalb, IL	2.0	2.0	—	$1,170	—	44d	1	0.64mi
1307 W Lincoln Hwy DeKalb, IL	2.0	1.5	850	$1,320	$1.55	2d	18	1.01mi
1100 W Lincoln Hwy DeKalb, IL	3.0	1.0–2.0	—	$1,075	—	24d	5	1.02mi
302 Ash Ct Unit A DeKalb, IL	2.0	1.0	900	$1,100	$1.22	25d	1	1.12mi
227 W Locust St Unit 1 DeKalb, IL	1.0	1.0	700	$950	$1.36	25d	1	1.12mi
240 W Locust St DeKalb, IL	3.0	1.5	—	$1,875	—	25d	1	1.12mi
319 Barberry Ct Unit C DeKalb, IL	2.0	1.0	900	$1,150	$1.28	11d	1	1.16mi
118 Augusta Ave Apt 10 DeKalb, IL	1.0	1.0	750	$925	$1.23	44d	1	1.16mi
211 Anne St Unit 1 DeKalb, IL	1.0	1.0	—	$670	—	44d	1	1.17mi
309 Pearl St DeKalb, IL	1.0	2.0	—	$600	—	25d	1	1.24mi
1499 Stonefield Dr DeKalb, IL	3.0	2.0	1260	$2,000	$1.59	25d	1	1.28mi
124 E Lincoln Hwy Unit 1 Bedroom DeKalb, IL	1.0	1.0	—	$1,500	—	44d	1	1.31mi
110 N 2nd St Ph Suite DeKalb, IL	2.0	2.0	—	$1,900	—	44d	1	1.35mi
110 N 2nd St Unit 1 Bedroom DeKalb, IL	1.0	1.0	—	$1,400	—	44d	1	1.35mi
110 N 2nd St Unit 2 Bedroom DeKalb, IL	2.0	2.0	—	$1,550	—	44d	1	1.35mi
408 Oak St Unit Two Bedroom PLUS DeKalb, IL	2.0	2.0	—	$2,000	—	44d	1	1.47mi
408 Oak St Unit One Bedroom DeKalb, IL	1.0	1.0	—	$1,450	—	44d	1	1.47mi
408 Oak St Unit Two Bedroom DeKalb, IL	2.0	2.0	—	$1,900	—	44d	1	1.47mi

Listing history 25 events

1. 2026-06-18
   days on market $950,000 Active 84 DOM
2. 2026-06-17
   days on market $950,000 Active 83 DOM
3. 2026-06-16
   days on market $950,000 Active 82 DOM
4. 2026-06-15
   days on market $950,000 Active 81 DOM
5. 2026-06-13
   days on market $950,000 Active 79 DOM
6. 2026-06-13
   days on market $950,000 Active 78 DOM
7. 2026-06-09
   days on market $950,000 Active 75 DOM
8. 2026-06-08
   days on market $950,000 Active 74 DOM
9. 2026-06-07
   days on market $950,000 Active 73 DOM
10. 2026-06-04
    days on market $950,000 Active 70 DOM
11. 2026-06-03
    days on market $950,000 Active 69 DOM
12. 2026-06-02
    days on market $950,000 Active 68 DOM
13. 2026-06-01
    days on market $950,000 Active 67 DOM
14. 2026-05-31
    days on market $950,000 Active 66 DOM
15. 2026-03-26
    listed $950,000 Active
16. 2025-09-16
    historical
17. 2025-07-29
    historical
18. 2025-07-27
    historical
19. 2025-02-24
    historical
20. 2024-07-29
    listed Active
21. 2020-09-29
    soldstatus $485,000 Closed Sale 303-char remark

    Show marketing remark (303 chars)

    30 room / 60 bed former sorority house with a 1 bedroom apartment. Well maintained, brick 3 story building. Wet sprinklers, wired smoke detectors, upgraded washrooms, (3) 67 gal water heaters, full kitchen, dining hall and formal living room w fireplace. Paved and fenced off street parking for 32 cars.

22. 2020-09-10
    status Contingent 303-char remark

    Show marketing remark (303 chars)

    30 room / 60 bed former sorority house with a 1 bedroom apartment. Well maintained, brick 3 story building. Wet sprinklers, wired smoke detectors, upgraded washrooms, (3) 67 gal water heaters, full kitchen, dining hall and formal living room w fireplace. Paved and fenced off street parking for 32 cars.

23. 2020-04-23
    price $595,000 303-char remark

    Show marketing remark (303 chars)

    30 room / 60 bed former sorority house with a 1 bedroom apartment. Well maintained, brick 3 story building. Wet sprinklers, wired smoke detectors, upgraded washrooms, (3) 67 gal water heaters, full kitchen, dining hall and formal living room w fireplace. Paved and fenced off street parking for 32 cars.

24. 2019-09-18
    price $620,000 303-char remark

    Show marketing remark (303 chars)

    30 room / 60 bed former sorority house with a 1 bedroom apartment. Well maintained, brick 3 story building. Wet sprinklers, wired smoke detectors, upgraded washrooms, (3) 67 gal water heaters, full kitchen, dining hall and formal living room w fireplace. Paved and fenced off street parking for 32 cars.

25. 2019-05-13
    listed $650,000 New 303-char remark

    Show marketing remark (303 chars)

    30 room / 60 bed former sorority house with a 1 bedroom apartment. Well maintained, brick 3 story building. Wet sprinklers, wired smoke detectors, upgraded washrooms, (3) 67 gal water heaters, full kitchen, dining hall and formal living room w fireplace. Paved and fenced off street parking for 32 cars.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $358,896
• − Mortgage interest: −$53,215
• − Property taxes: −$14,250
• − Insurance: −$4,750
• − Repairs & maintenance: −$28,712
• − Management: −$28,712
• − Depreciation: −$27,636
• Taxable income: $201,622
• Est. tax owed @ 24.0%: −$48,389
• After-tax cash flow: $156,356/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: Dekalb CUSD 428
• NCES district ID: 1712000
• Math proficiency: 11% ▼ -9.00%
• Reading proficiency: 16% ▼ -6.00%
• Median HH income: $42,007
• Composite: 11.74/100
• National rank: #9685
• State rank: #541 of 620 in IL

Livability — DeKalb

• Score: 77/100
• State rank: #154
• US rank: #2835

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: DeKalb, IL
• County: DeKalb County · 64,760 people
• City population: 42,536
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 42,536
• Household income: $47,043
• Rent vs Own: 57.0% rent · 43.0% own
• Severe rent burden: 3794.0

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 104,983 people
• By 2030: 104,428 · -0.5%
• By 2040: 102,199 · -2.7%
• By 2050: 99,303 · -5.4%
• By 2075: 93,978 · -10.5%
• By 2100: 88,527 · -15.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Hispanic / Latino 18% Black 15% Two or more races 12% Asian 4%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 82% English-only · Spanish 10% Arabic 2% Other Indo-European 2%

Political lean MEDSL · DeKalb

• 2024 margin: Toss-up / Even · D 50.1% · R 48.1% · Other 1.7%
• 2008→2024 swing: -14.8pp toward R · 2008: 16.8pp · 2024: 2.0pp
• All cycles: 2024: D+2.0 2020: D+5.7 2016: D+3.0 2012: D+5.5 2008: D+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.56%
• Current HPI: 191.1189
• Rent YoY: ▲ 7.33%
• 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

+46.2% since first listed

11 events — show timeline

• 2026-03-26 Listed $950,000 MRED as Distributed by MLS Grid
• 2025-09-16 Listing Removed — MRED as Distributed by MLS Grid
• 2025-07-29 Listing Removed — MRED as Distributed by MLS Grid
• 2025-07-27 Listing Removed — MRED as Distributed by MLS Grid
• 2025-02-24 Listing Removed — MRED as Distributed by MLS Grid
• 2024-07-29 Listed — MRED as Distributed by MLS Grid
• 2020-09-29 Sold (MLS) $485,000 MRED as Distributed by MLS Grid
• 2020-09-10 Pending — MRED as Distributed by MLS Grid
• 2020-04-23 Price Changed $595,000 MRED as Distributed by MLS Grid
• 2019-09-18 Price Changed $620,000 MRED as Distributed by MLS Grid
• 2019-05-13 Listed $650,000 MRED as Distributed by MLS Grid