1663 School St · Chicago Heights, IL 60411

$83,000

4 bd · 2.0 ba · 1,830 sqft · MultiFamily public records · 94 Days on market

Built 1889 4,125 sqft lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

2 units, each unit has 3 bedrooms. Property being sold in its AS IS condition. No disclosures/termite. Buyer responsible for all and any repairs and escrows. All offers should include POF(cash)PreQual(fin). The property is gutted and ready to be finished. A blank canvas

Key facts

• Full basement
• New roof
• 4,125 sq ft lot

Tags

• FULL BASEMENT
• NEW ROOF

Property features AI

Finance

• Other: Possession at closing
• Financial info: No special service area

Exterior

• Parking: Detached garage, garage owned; Two garage spaces (two total parking spaces)
• Utilities: Public water; Public sewer
• Home design: Two- to four-unit property (duplex); Two units in building; First unit on floor 1, second unit on floor 2; Property is over 100 years old; Fee simple ownership; Not rebuilt or rehabbed
• Construction: Aluminum siding; Built before 1978
• Exterior features: Lot dimensions approximately 33 x 125; Lot smaller than 0.25 acre

Interior

• Kitchen: No appliances listed for either unit
• Bedrooms: Six bedrooms total; Unit 1 (first floor): 3 bedrooms; Unit 2 (second floor): 3 bedrooms
• Bathrooms: Two full bathrooms total; Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Natural gas heating
• Interior features: 10 total rooms; Unfinished full basement
• Laundry & utility: Tenant-responsible utilities vary by unit (tenant pays: Other)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $83k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $83k).
• Recommended offer: $76k (9.0% below list) — sets the bar for market timing.
• Cap rate 35.8% vs local median 6.4% in Chicago Heights — 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 71/100 on livability (#339 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime F.
• Bloom Twp Hsd 206 (suburban): math 8% / reading 9% proficiency, ranked #591 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.5%/yr); 222 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $3,610/mo this rent would consume 70% of the median local household income ($62k/yr) (locally 1714% 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 $574 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $23k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $42k; list at $83k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.9% of price; built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,530 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. Crime grade is F 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?
10. 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?
11. 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.
12. 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.
13. 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: 4.35% ✓
• Cap rate: 35.81%
• Cash-on-cash: 105.43%
• DSCR: 5.69
• GRM: 1.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.48% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.59×
• Total profit: $129,879
• Equity at exit: $12,376

10-year hold

• IRR: —
• Equity multiple: 15.59×
• Total profit: $339,030
• Equity at exit: $7,176

Cash invested: $23,240 (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 60411

• Home prices YoY: -33.9%
• Rents YoY: 6.5%
• Active inventory: 222
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $3,610 high
• Mortgage (P&I): −$435
• Tax from tax record: −$340 /mo · $4,082/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$758
• Net cashflow: $2,042

Break-even live

Break-even rent $1,025

Max offer price $83,000

Occupancy floor 38%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,610
Total (2 units)			$3,610

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: $20,750
• Closing costs: $2,490
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1665 Buena Vista Ave Unit 3 Chicago Heights, IL	4.0	1.0	1700	$1,800	$1.06	18d	1	0.27mi
41 W 14th Pl Unit 1 Chicago Heights, IL	3.0	1.0	1250	$1,750	$1.40	11d	1	0.38mi

Listing history 21 events

1. 2026-05-31
   days on market $83,000 Active 94 DOM
2. 2026-04-27
   price $83,000
3. 2026-02-26
   listed $85,000 Active
4. 2023-04-13
   soldstatus $42,000
5. 2023-04-12
   soldstatus $42,000 Closed 270-char remark

   Show marketing remark (270 chars)

   2 units, each unit has 3 bedrooms. Property being sold in its AS IS condition. No disclosures/termite. Buyer responsible for all and any repairs and escrows. All offers should include POF(cash)PreQual(fin). The property is gutted and ready to be finished. A blank canvas

6. 2023-02-15
   status Pending 270-char remark

   Show marketing remark (270 chars)

   2 units, each unit has 3 bedrooms. Property being sold in its AS IS condition. No disclosures/termite. Buyer responsible for all and any repairs and escrows. All offers should include POF(cash)PreQual(fin). The property is gutted and ready to be finished. A blank canvas

7. 2022-12-21
   price $55,000 270-char remark

   Show marketing remark (270 chars)

   2 units, each unit has 3 bedrooms. Property being sold in its AS IS condition. No disclosures/termite. Buyer responsible for all and any repairs and escrows. All offers should include POF(cash)PreQual(fin). The property is gutted and ready to be finished. A blank canvas

8. 2022-11-15
   listed $60,000 Active 270-char remark

   Show marketing remark (270 chars)

   2 units, each unit has 3 bedrooms. Property being sold in its AS IS condition. No disclosures/termite. Buyer responsible for all and any repairs and escrows. All offers should include POF(cash)PreQual(fin). The property is gutted and ready to be finished. A blank canvas

9. 2014-05-22
   soldstatus $5,000 Closed Sale 319-char remark

   Show marketing remark (319 chars)

   2 units, each unit has 3 bedrooms. Property being sold in its AS IS condition.No disclosures/survey/termite. Buyer responsible for all and any city inspections, repairs and escrows. All offers should include POF(cash)PreQual(fin) which is required at seller final accept. Fannie Mae First Look applies (owner occupant).

10. 2014-03-14
    status Pending 319-char remark

    Show marketing remark (319 chars)

    2 units, each unit has 3 bedrooms. Property being sold in its AS IS condition.No disclosures/survey/termite. Buyer responsible for all and any city inspections, repairs and escrows. All offers should include POF(cash)PreQual(fin) which is required at seller final accept. Fannie Mae First Look applies (owner occupant).

11. 2014-02-19
    price $13,500 Price Change 319-char remark

    Show marketing remark (319 chars)

    2 units, each unit has 3 bedrooms. Property being sold in its AS IS condition.No disclosures/survey/termite. Buyer responsible for all and any city inspections, repairs and escrows. All offers should include POF(cash)PreQual(fin) which is required at seller final accept. Fannie Mae First Look applies (owner occupant).

12. 2014-01-09
    listed $14,200 New 319-char remark

    Show marketing remark (319 chars)

    2 units, each unit has 3 bedrooms. Property being sold in its AS IS condition.No disclosures/survey/termite. Buyer responsible for all and any city inspections, repairs and escrows. All offers should include POF(cash)PreQual(fin) which is required at seller final accept. Fannie Mae First Look applies (owner occupant).

13. 2014-01-07
    historical
14. 2014-01-02
    price Price Change
15. 2013-11-27
    price Price Change
16. 2013-11-20
    price Price Change
17. 2013-10-09
    price Price Change
18. 2013-08-22
    price Price Change
19. 2013-07-10
    listed New
20. 2002-10-09
    soldstatus $82,500
21. 1987-04-29
    soldstatus $14,000

ⓘ 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: $4,082 · $340/mo
• Projected year-2 tax: $4,082 · $340/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 ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,320
• − Mortgage interest: −$4,649
• − Property taxes: −$4,082
• − Insurance: −$415
• − Repairs & maintenance: −$3,466
• − Management: −$3,466
• − Depreciation: −$2,415
• Taxable income: $24,828
• Est. tax owed @ 24.0%: −$5,959
• After-tax cash flow: $18,544/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: Bloom Twp Hsd 206
• NCES district ID: 1706420
• Math proficiency: 8% ▼ -3.00%
• Reading proficiency: 9% ▼ -8.00%
• Median HH income: $39,795
• Composite: 7.4/100
• National rank: #9952
• State rank: #591 of 620 in IL

Livability — Chicago Heights

• Score: 71/100
• State rank: #339
• US rank: #6836

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chicago Heights, IL
• County: Cook County · 4,486,803 people
• City population: 52,175
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 52,175
• Household income: $62,073
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 1714.0

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 0.66)
• Race & ethnicity: Black 49% Hispanic / Latino 26% White 19% Two or more races 11%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 4% Portuguese 1% Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -108.75%
• Current HPI: 212.4058
• Rent YoY: ▲ 6.48%
• 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

+492.9% since first listed

20 events — show timeline

• 2026-04-27 Price Changed $83,000 MRED as Distributed by MLS Grid
• 2026-02-26 Listed $85,000 MRED as Distributed by MLS Grid
• 2023-04-13 Sold (Public Records) $42,000 Public Records
• 2023-04-12 Sold (MLS) $42,000 MRED as Distributed by MLS Grid
• 2023-02-15 Pending — MRED as Distributed by MLS Grid
• 2022-12-21 Price Changed $55,000 MRED as Distributed by MLS Grid
• 2022-11-15 Listed $60,000 MRED as Distributed by MLS Grid
• 2014-05-22 Sold (MLS) $5,000 MRED as Distributed by MLS Grid
• 2014-03-14 Pending — MRED as Distributed by MLS Grid
• 2014-02-19 Price Changed $13,500 MRED as Distributed by MLS Grid
• 2014-01-09 Listed $14,200 MRED as Distributed by MLS Grid
• 2014-01-07 Listing Removed — MRED as Distributed by MLS Grid
• 2014-01-02 Price Changed — MRED as Distributed by MLS Grid
• 2013-11-27 Price Changed — MRED as Distributed by MLS Grid
• 2013-11-20 Price Changed — MRED as Distributed by MLS Grid
• 2013-10-09 Price Changed — MRED as Distributed by MLS Grid
• 2013-08-22 Price Changed — MRED as Distributed by MLS Grid
• 2013-07-10 Listed — MRED as Distributed by MLS Grid
• 2002-10-09 Sold (Public Records) $82,500 Public Records
• 1987-04-29 Sold (Public Records) $14,000 Public Records

Property tax history

+5.9%/yr

Latest (2023): $4,082 · -7.6% YoY. Source: county tax records.