Cedarwood Plan

Minooka, IL 60447

$369,999D+

4 bd · 4.0 ba · 1,410 sqft · Built — · MultiFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,612/mo
• Mortgage (P&I): −$1,940
• Tax + insurance: −$617
• HOA: −$180
• Vac / Maint / Mgmt: −$759
• Net cashflow: $116/mo
• Annual: $1,398/yr
• Cap rate: 6.67%
• Cash-on-cash: 1.35%
• DSCR: 1.06
• 1% rule: 0.98%
• Cash to close: $103,600

Investor read

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $370k. Condition is rated good.
• At list price, monthly cash flow is $116 ($1k/yr) — positive. Per door: $58/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $361k (2.4% below list).
• It's been on market 94 days — a 9% lower offer ($337k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $337k (9.0% below list) — sets the bar for market timing.
• 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.
• Location reads 73/100 on livability (#286 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Minooka Chsd 111 (suburban): math 28% / reading 36% proficiency, ranked #187 of 620 in IL (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Aux Sable (math 30% / reading 21%, grade F, #829 of 2,056 statewide, top 41%, 627 students, 0% FRL); Minooka Jr High School (math 23% / reading 34%, grade F, #277 of 665 statewide, top 42%, 1,058 students, 0% FRL); Minooka Community High School (math 28% / reading 36%, grade F, #157 of 693 statewide, top 25%, 2,930 students, 0% FRL).
• Market conditions: 71 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 84 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).
• Grundy County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 6.7% vs local median 3.4% in Minooka — 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 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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?