18235 Exchange Ave · Lansing, IL 60438

$384,800

4 bd · 4.0 ba · 1,820 sqft · MultiFamily public records · 15 Days on market

Built 1963 7,840 sqft 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
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Listing price $384,800 Great opportunity on this four unit building. It offers approximately 3,688 square feet of living space with 7 bedrooms and 4 bathrooms. Built in 1963 repairs and updates are needed but has potential. Property sold "AS-IS" without contingencies, repairs, warranties, guarantees or representation as to listing accuracy, property information, photo or other depiction included or described herein. Inspect prior bidding. Auction.

Key facts

• 7,840 sq ft lot
• Built 1963
• Listed 15 days

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $711/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $385k).
• Recommended offer: $379k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.2% vs local median 5.8% in Lansing — 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 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D+, health & safety D+.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 132 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $7,533/mo this rent would consume 119% of the median local household income ($76k/yr) (locally 830% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $108k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y 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 $260k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.

Recommended offer $379,028 (1.5% below list)

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 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.96% ✓
• Cap rate: 15.17%
• Cash-on-cash: 31.69%
• DSCR: 2.41
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 26.7%
• Equity multiple: 2.11×
• Total profit: $119,264
• Equity at exit: $57,375

10-year hold

• IRR: 34.3%
• Equity multiple: 4.14×
• Total profit: $338,791
• Equity at exit: $33,270

Cash invested: $107,744 (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 60438

• Active inventory: 132
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $7,533 medium
• Mortgage (P&I): −$2,018
• Tax from tax record: −$927 /mo · $11,128/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,582
• Net cashflow: $2,845

Break-even live

Break-even rent $3,931

Max offer price $384,800

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$7,532
Total (4 units)			$7,533

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: $96,200
• Closing costs: $11,544
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18343 Oakwood Ave Lansing, IL	4.0	2.0	1700	$2,700	$1.59	1d	1	0.26mi
18108 Oakwood Ave Lansing, IL	3.0	1.0	2100	$2,300	$1.10	2d	1	0.31mi
2824 186th St Lansing, IL	3.0	2.0	1400	$2,900	$2.07	10d	1	0.41mi
3341 S Schultz Dr Lansing, IL	4.0	2.0	1452	$2,250	$1.55	10d	1	0.89mi

Listing history 15 events

1. 2026-01-29
   status Pending
2. 2026-01-14
   listed $384,800 Auction
3. 2025-12-26
   historical
4. 2025-12-08
   listed Active
5. 2021-07-14
   status Active Under Contract (Do Not Show)
6. 2021-06-29
   status Contingent (Do Not Show)
7. 2021-06-29
   price
8. 2021-06-29
   historical
9. 2021-06-25
   status Reactivated
10. 2021-06-09
    status Contingent (Do Not Show)
11. 2021-06-02
    listed New
12. 2009-08-28
    historical
13. 2008-12-03
    price
14. 2008-08-27
    listed
15. 2003-10-29
    soldstatus $260,000

ⓘ 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: $11,128 · $927/mo
• Projected year-2 tax: $11,128 · $927/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $90,396
• − Mortgage interest: −$21,555
• − Property taxes: −$11,128
• − Insurance: −$1,924
• − Repairs & maintenance: −$7,232
• − Management: −$7,232
• − Depreciation: −$11,194
• Taxable income: $30,132
• Est. tax owed @ 24.0%: −$7,232
• After-tax cash flow: $26,914/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 Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 of 620 in IL

Livability — Lansing

• Score: 73/100
• State rank: #296
• US rank: #5698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, IL
• County: Cook County · 4,486,803 people
• City population: 28,806
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,806
• Household income: $75,681
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 830.0

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 0.65)
• Race & ethnicity: Black 51% White 25% Hispanic / Latino 18% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 83% English-only · Spanish 12% Vietnamese 1% 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: ▼ -151.65%
• Current HPI: 210.3398
• Rent YoY: —
• 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

+48.0% since first listed

15 events — show timeline

• 2026-01-29 Pending — MRED as Distributed by MLS Grid
• 2026-01-14 Listed $384,800 MRED as Distributed by MLS Grid
• 2025-12-26 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-08 Listed — MRED as Distributed by MLS Grid
• 2021-07-14 Pending — MRED as Distributed by MLS Grid
• 2021-06-29 Pending — MRED as Distributed by MLS Grid
• 2021-06-29 Listing Removed — MRED as Distributed by MLS Grid
• 2021-06-29 Price Changed — MRED as Distributed by MLS Grid
• 2021-06-25 Relisted — MRED as Distributed by MLS Grid
• 2021-06-09 Pending — MRED as Distributed by MLS Grid
• 2021-06-02 Listed — MRED as Distributed by MLS Grid
• 2009-08-28 Listing Removed — MRED as Distributed by MLS Grid
• 2008-12-03 Price Changed — MRED as Distributed by MLS Grid
• 2008-08-27 Listed — MRED as Distributed by MLS Grid
• 2003-10-29 Sold (Public Records) $260,000 Public Records

Property tax history

+4.3%/yr

Latest (2023): $11,128 · +3.6% YoY. Source: county tax records.