261 Melrose Ave · Elmhurst, IL 60126

$375,000

3 bd · 1.0 ba · 1,239 sqft · SingleFamily public records · 48 Days on market

Built 1950 6,250 sqft lot $303/sqft · at area comps Est $428k · 12% under

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Why this score? — see what drove the D+ 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 +13.4/30.0
• ARV discount +13.1/15.0
• Livability +4.4/5.0
• Schools +4.2/10.0
• DSCR +4.0/10.0
• 1% rule +3.7/10.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Build your dream home or renovate this solid starter on a quiet, low-traffic cul-de-sac surrounded by friendly neighbors. Located in the highly sought-after Field Elementary (new state-of-the-art school) and Sandburg Middle School districts. Endless potential to expand or create a custom home, or rehab the existing brick home into a charming 3-bedroom residence. Prime location-just 1 mile to downtown Elmhurst and the train, and only 1 block to Field Elementary. Incredible opportunity at an attractive price in a strong, established neighborhood. Love Elmhurst * Love Local

Key facts

• Updated bath
• Large patio
• Deck

Tags

• SOLID BRICK CAPE COD
• BRIGHT LIVING DINING AREA
• UPDATED BATH
• DECK
• LARGE PATIO
• ONE BLOCK TO FIELD ELEMENTARY

Property features AI

Finance

• Other: Parcel number 0336402014
• HOA & community: No master association fee required

Exterior

• Parking: Detached garage on asphalt; About 2.5 garage/total parking spaces
• Security: CO detectors
• Utilities: Water from Lake Michigan; Public sewer and storm sewer; Electric with circuit breakers
• Home design: Detached single-family home; 1.5-story layout; Fee simple ownership; Built approximately 71–80 years ago; Vinyl siding and brick exterior
• Construction: Vinyl siding and brick construction; Built before 1978
• Exterior features: Lot approximately 50 x 125; Lot less than 0.25 acre; Curbs, sidewalks, street lights, paved streets; Commuter bus and train access; close to interstate

Interior

• Kitchen: Eating area with breakfast bar and space for table; Range; Microwave; Dishwasher; Refrigerator; Vinyl flooring in kitchen
• Bedrooms: Master bedroom on second level (hardwood floors); Two main-level bedrooms, approx. 13 x 13 and 13 x 10 (hardwood floors)
• Flooring: Hardwood throughout main living areas; Vinyl in kitchen
• Bathrooms: One full bathroom on first floor
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: First-floor bedroom; First-floor full bathroom; Combined dining and living room; Unfinished full basement; Six total rooms; CO detectors; Ceiling fan(s)
• Laundry & utility: Interior laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $9 ($104/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $326k (13.2% below list).
• Recommended offer: $326k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.4% in Elmhurst — 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 87/100 on livability (#11 in IL, #268 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Elmhurst SD 205 (suburban): math 44% / reading 44% proficiency, ranked #72 of 620 in IL (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Field Elem School (math 50% / reading 55%, grade C-, #143 of 2,056 statewide, top 7%, 399 students, 0% FRL); Sandburg Middle School (math 45% / reading 48%, grade D+, #78 of 665 statewide, top 12%, 618 students, 0% FRL); York Comm High School (math 54% / reading 53%, grade C-, #32 of 693 statewide, top 5%, 2,707 students, 0% FRL).
• Market conditions: Rents rising fast (+4.0%/yr); 126 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $254k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $325,608 (13.2% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.87% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.10%
• DSCR: 1.00
• GRM: 9.6

CMA / ARV

• ARV (median comp): $428,249
• List price: $375,000
• Delta: -12.43%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
227 E North Ave	0.30mi	3/2.0	1,216 (-2%)	18mo	$305,000	$251	64
293 N Willow Rd	0.32mi	3/2.5	1,336 (+8%)	8mo	$710,000	$531	60
150 N Caroline Ave	0.56mi	3/1.5	1,227 (-1%)	14mo	$480,000	$391	58
529 N Indiana St	0.57mi	3/1.5	1,263 (+2%)	13mo	$380,000	$301	57
132 E Gladys Ave	0.72mi	3/2.5	1,218 (-2%)	2mo	$510,000	$419	56
573 N Emroy Ave	0.50mi	3/1.0	1,129 (-9%)	18mo	$333,000	$295	47
589 N Willow Rd	0.64mi	3/1.0	1,120 (-10%)	20mo	$340,000	$304	37
222 E Crestview Ave	0.71mi	3/1.0	1,100 (-11%)	18mo	$269,000	$245	33
212 E Gladys Ave	0.60mi	2/2.0 (-1)	1,113 (-10%)	22mo	$400,000	$359	28

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 · 4.0% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.46×
• Total profit: $-56,873
• Equity at exit: $55,914

10-year hold

• IRR: -4.8%
• Equity multiple: 0.67×
• Total profit: $-34,826
• Equity at exit: $32,423

Cash invested: $105,000 (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 60126

• Rents YoY: 4.0%
• Active inventory: 126
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $3,256 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$441 /mo · $5,290/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $9

Break-even live

Break-even rent $3,245

Max offer price $375,000

Occupancy floor 95%

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
426 Berteau Ave Elmhurst, IL	3.0	2.0	1400	$3,900	$2.79	14d	1	0.05mi
150 E Schiller St Elmhurst, IL	1.0–2.0	1.0–2.0	1350	$2,595	$1.92	43d	1	0.72mi
100 Haven Rd Elmhurst, IL	2.0	1.0–2.0	927	$4,738	$5.11	1d	15	0.73mi
711 N Kenilworth Ave Elmhurst, IL	3.0	1.0	988	$3,100	$3.14	1d	1	0.97mi
315 Kimbell Ave Unit 315-01 Kimbell Elmhurst, IL	2.0	2.0	1005	$1,995	$1.99	43d	1	1.20mi
315 Kimbell Ave Unit 01 Elmhurst, IL	2.0	2.0	1030	$1,995	$1.94	24d	1	1.20mi
425 W North Ave Elmhurst, IL	3.0	1.0	1150	$2,800	$2.43	3d	1	1.41mi
5810 Saint Charles Rd Unit JER & Assocaties 5830-GF Berkeley, IL	2.0	1.0	914	$1,640	$1.79	7d	1	1.45mi

Listing history 20 events

1. 2026-06-18
   days on market $375,000 Active 48 DOM
2. 2026-06-17
   days on market $375,000 Active 47 DOM
3. 2026-06-16
   days on market $375,000 Active 46 DOM
4. 2026-06-15
   days on market $375,000 Active 45 DOM
5. 2026-06-13
   days on market $375,000 Active 43 DOM
6. 2026-06-13
   days on market $375,000 Active 42 DOM
7. 2026-06-09
   days on market $375,000 Active 39 DOM
8. 2026-06-08
   days on market $375,000 Active 38 DOM
9. 2026-06-07
   days on market $375,000 Active 37 DOM
10. 2026-06-04
    days on market $375,000 Active 34 DOM
11. 2026-06-03
    days on market $375,000 Active 33 DOM
12. 2026-06-02
    days on market $375,000 Active 32 DOM
13. 2026-06-01
    days on market $375,000 Active 31 DOM
14. 2026-05-31
    days on market $375,000 Active 30 DOM
15. 2026-04-30
    listed $375,000 Active 605-char remark

    Show marketing remark (605 chars)

    Build your dream home or renovate this solid starter on a quiet, low-traffic cul-de-sac surrounded by friendly neighbors. Located in the highly sought-after Field Elementary (new state-of-the-art school) and Sandburg Middle School districts. Endless potential to expand or create a custom home, or rehab the existing brick home into a charming 3-bedroom residence. Prime location-just 1 mile to downtown Elmhurst and the train, and only 1 block to Field Elementary. Incredible opportunity at an attractive price in a strong, established neighborhood. Love Elmhurst * Love Local

16. 2026-04-29
    listed $375,000 Active 621-char remark
17. 2006-05-22
    soldstatus $254,500
18. 1986-01-02
    soldstatus $74,000
19. 1985-12-01
    soldstatus $74,000
20. 1983-09-01
    soldstatus $65,000

ⓘ 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: $5,290 · $441/mo
• Projected year-2 tax: $6,901 · $575/mo
• Expected delta: +$1,611/yr (+$134/mo · 30.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,073
• − Mortgage interest: −$21,006
• − Property taxes: −$5,290
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,126
• − Management: −$3,126
• − Depreciation: −$10,909
• Taxable loss: −$6,259
• Est. tax savings @ 24.0%: +$1,502
• After-tax cash flow: $1,606/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: Elmhurst SD 205
• NCES district ID: 1713970
• Math proficiency: 44% ▼ -9.00%
• Reading proficiency: 44% ▼ -9.00%
• Median HH income: $94,932
• Composite: 42.12/100
• National rank: #3314
• State rank: #72 of 620 in IL

Livability — Elmhurst

• Score: 87/100
• State rank: #11
• US rank: #268

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elmhurst, IL
• County: DuPage County · 904,569 people
• City population: 47,516
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 47,516
• Household income: $147,566
• Rent vs Own: 19.3% rent · 80.7% own
• Severe rent burden: 602.0

Population outlook (DuPage County) Hauer SSP2

• Today (2025): 960,187 people
• By 2030: 965,850 · +0.6%
• By 2040: 965,812 · +0.6%
• By 2050: 954,890 · -0.6%
• By 2075: 910,185 · -5.2%
• By 2100: 816,255 · -15.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 10% Two or more races 9% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 10% Italian 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 83% English-only · Spanish 6% Other Indo-European 4% Russian/Polish/Slavic 3%

Political lean MEDSL · DuPage

• 2024 margin: D (+13.3) · D 55.9% · R 42.5% · Other 1.6%
• 2008→2024 swing: +2.5pp toward D · 2008: 10.8pp · 2024: 13.3pp
• All cycles: 2024: D+13.3 2020: D+18.1 2016: D+14.1 2012: D+1.0 2008: D+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -545.93%
• Current HPI: 212.3309
• Rent YoY: ▲ 4.00%
• 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

+476.9% since first listed

6 events — show timeline

• 2026-04-30 Listed $375,000 MRED as Distributed by MLS Grid
• 2026-04-29 Listed $375,000 MRED as Distributed by MLS Grid
• 2006-05-22 Sold (Public Records) $254,500 Public Records
• 1986-01-02 Sold (Public Records) $74,000 Public Records
• 1985-12-01 Sold (Public Records) $74,000 Public Records
• 1983-09-01 Sold (Public Records) $65,000 Public Records

Property tax history

+1.8%/yr

Latest (2017): $5,290 · +3.9% YoY. Source: county tax records.