1301 S Finley Rd #417

Lombard, IL 60148

$150,000C-

2 bd · 1.5 ba · 1,177 sqft · Built 1973 · Condo · Active · 142 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,072/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$261
• HOA: −$492
• Vac / Maint / Mgmt: −$435
• Net cashflow: $97/mo
• Annual: $1,158/yr
• Cap rate: 7.07%
• Cash-on-cash: 2.76%
• DSCR: 1.12
• 1% rule: 1.38%
• Cash to close: $42,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $150k.
• At list price, monthly cash flow is $97 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 142 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% 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 $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#314 in IL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: cost of living C-, health & safety D+, amenities F.
• Glenbard Twp Hsd 87 (suburban): math 38% / reading 40% proficiency, ranked #126 of 620 in IL (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents flat; 136 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• Current owner paid $107k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.1% vs local median 3.8% in Lombard — 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

• It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1973 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.