1867 Michigan City Rd Unit 3W · Calumet City, IL 60409

$104,900

2 bd · 1.0 ba · 1,074 sqft · Condo public records · 79 Days on market

Built 1974 $250/mo HOA · 13% of rent

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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 +29.1/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained unit in a brick exterior condominium building located in Calumet City. This 2-bedroom, 1-bath unit offers approximately 1,000+ square feet of living space with a functional layout that includes a living room, dining area, and kitchen. The unit features central heating and air conditioning, providing year-round comfort. Additional features include one assigned parking space (carport). Conveniently located near local roadways, shopping, and public transportation options.

Key facts

• $250 HOA
• Parking
• Built 1974

Property features AI

Finance

• Other: Building contains 6 units; Living area listed as estimated; Property is currently being leased (tenant occupied)
• HOA & community: Monthly association fee of $250; HOA covers water, parking, insurance, exterior maintenance, lawn care, trash collection, and snow removal; Coin laundry available in the building; Pets allowed (cats and dogs) with a 20 lb maximum

Exterior

• Parking: Assigned off-street parking (1 space)
• Utilities: Public water; Public sewer; Electric service with circuit breakers
• Home design: Attached single condo in a low-rise building (1–3 stories); Unit entry on level 3; Condo ownership
• Construction: Brick construction; Building age approximately 51–60 years; Not rebuilt or rehabbed since original construction; Built before 1978
• Exterior features: Balcony; Commuter bus and interstate access nearby

Interior

• Kitchen: Kitchen on the main level (10 x 8)
• Bedrooms: 2 bedrooms (both on the main level); Master bedroom on the main level (14 x 10); Second bedroom on the main level (11 x 11)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating with forced air and individual controls; Central air conditioning
• Interior features: Five total rooms; Balcony
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $361 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 8.2% in Calumet City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 71/100 on livability (#330 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime D-.
• Thornton Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.2%/yr); 198 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 41% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $29k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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 $65k; list at $105k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price.

Recommended offer $98,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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 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?
10. 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.
11. 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.
12. 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: 1.82% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.75%
• DSCR: 1.66
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.17% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.43×
• Total profit: $12,568
• Equity at exit: $15,641

10-year hold

• IRR: 22.7%
• Equity multiple: 3.36×
• Total profit: $69,266
• Equity at exit: $9,070

Cash invested: $29,372 (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 60409

• Home prices YoY: -27.6%
• Rents YoY: 6.2%
• Active inventory: 198
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,911 high
• Mortgage (P&I): −$550
• Tax from tax record: −$305 /mo · $3,661/yr
• Insurance: −$44
• HOA: −$250
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $361

Break-even live

Break-even rent $1,454

Max offer price $104,900

Occupancy floor 76%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
660 Clyde Ave Calumet City, IL	3.0	1.5	1400	$1,750	$1.25	3d	1	0.04mi
659 Paxton Ave Calumet City, IL	3.0	2.0	1255	$2,461	$1.96	10d	1	0.14mi
405 Clyde Ave Calumet City, IL	3.0	1.0	973	$2,300	$2.36	1d	1	0.56mi
409 Madison Ave Unit 2 Calumet City, IL	3.0	1.5	1200	$1,795	$1.50	3d	1	0.58mi
1450 E 154th Pl Dolton, IL	1.0	1.0	800	$1,250	$1.56	24d	1	0.61mi
460 Hoxie Ave Unit R Calumet City, IL	2.0	1.0	800	$1,650	$2.06	7d	1	0.69mi
460 Hoxie Ave Unit R Calumet City, IL	2.0	1.0	800	$1,650	$2.06	13d	1	0.69mi
671 Saginaw Ave Calumet City, IL	3.0	2.0	1250	$2,276	$1.82	10d	1	0.70mi
14738 Blackstone Ave Dolton, IL	3.0	1.0	1017	$2,400	$2.36	10d	1	0.85mi
1860 State St Calumet City, IL	3.0	1.0	1100	$1,800	$1.64	17d	1	0.91mi
14716 Dorchester Ave Dolton, IL	3.0	2.0	1250	$2,800	$2.24	19d	1	0.97mi
250 Yates Ave Unit 1616 Dolton 1E Calumet City, IL	2.0	1.0	875	$1,465	$1.67	7d	1	0.98mi
14610 Blackstone Ave Dolton, IL	3.0	1.0	1017	$2,400	$2.36	6d	1	1.01mi
1601 Downs Dr Unit 3S Calumet City, IL	2.0	1.0	750	$1,400	$1.87	24d	1	1.06mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1000	$1,800	$1.80	19d	1	1.08mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1000	$1,800	$1.80	21d	1	1.08mi
101 Oglesby Ave Calumet City, IL	2.0	1.0	1100	$1,800	$1.64	11d	1	1.08mi
14518 S Hoxie Ave Chicago, IL	3.0	1.5	1128	$2,450	$2.17	1d	1	1.11mi
14501 Torrence Ave Unit 3A Burnham, IL	2.0	1.0	800	$1,250	$1.56	10d	1	1.19mi
14501 S Torrence Ave Chicago, IL	1.0–2.0	1.0	737	$1,250	$1.69	12d	2	1.19mi
16001 Avalon Ave South Holland, IL	3.0	2.0	1136	$3,330	$2.93	6d	1	1.19mi
14446 Torrence Ave Unit 2C Burnham, IL	1.0	1.0	700	$1,195	$1.71	24d	1	1.19mi
2605 E Martha Pl Chicago, IL	2.0	2.0	1353	$1,860	$1.37	21d	1	1.27mi
2790 E State St Apt 2E Burnham, IL	3.0	2.0	1100	$1,695	$1.54	24d	1	1.44mi
486 Buffalo Ave Unit 1C Calumet City, IL	1.0	1.0	800	$1,500	$1.88	24d	1	1.47mi
486 Buffalo Ave Unit 1D Calumet City, IL	1.0	1.0	800	$975	$1.22	24d	1	1.48mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $104,900 Active 79 DOM
2. 2026-06-17
   days on market $104,900 Active 78 DOM
3. 2026-06-16
   days on market $104,900 Active 77 DOM
4. 2026-06-15
   days on market $104,900 Active 76 DOM
5. 2026-06-13
   days on market $104,900 Active 74 DOM
6. 2026-06-13
   days on market $104,900 Active 73 DOM
7. 2026-06-09
   days on market $104,900 Active 70 DOM
8. 2026-06-08
   days on market $104,900 Active 69 DOM
9. 2026-06-07
   days on market $104,900 Active 68 DOM
10. 2026-06-04
    days on market $104,900 Active 65 DOM
11. 2026-06-03
    days on market $104,900 Active 64 DOM
12. 2026-06-02
    days on market $104,900 Active 63 DOM
13. 2026-06-01
    days on market $104,900 Active 62 DOM
14. 2026-05-31
    days on market $104,900 Active 61 DOM
15. 2026-03-30
    listed $104,900 Active
16. 2009-12-02
    historical
17. 2009-03-24
    status
18. 2009-03-08
    historical
19. 2009-02-25
    listed
20. 2008-01-16
    historical
21. 2007-04-16
    listed
22. 2001-12-03
    soldstatus $65,000
23. 1990-06-19
    soldstatus $38,500
24. 1985-05-01
    soldstatus $42,000
25. 1979-11-29
    soldstatus $39,000

ⓘ 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: $3,661 · $305/mo
• Projected year-2 tax: $3,661 · $305/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,934
• − Mortgage interest: −$5,876
• − Property taxes: −$3,661
• − Insurance: −$524
• − Repairs & maintenance: −$1,835
• − Management: −$1,835
• − HOA: −$3,000
• − Depreciation: −$3,052
• Taxable income: $3,152
• Est. tax owed @ 24.0%: −$756
• After-tax cash flow: $3,575/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 Twp Hsd 205
• NCES district ID: 1738970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 8% ▼ -2.00%
• Median HH income: $43,392
• Composite: 6.92/100
• National rank: #9976
• State rank: #594 of 620 in IL

Livability — Calumet City

• Score: 71/100
• State rank: #330
• US rank: #6552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calumet City, IL
• County: Cook County · 4,486,803 people
• City population: 35,100
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 35,100
• Household income: $55,369
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 2415.0

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: Predominantly Black (74%)
• Race & ethnicity: Black 74% Hispanic / Latino 15% White 7% Two or more races 4%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 83% English-only · Spanish 14%

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: ▼ -75.01%
• Current HPI: 197.2137
• Rent YoY: ▲ 6.17%
• 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

+169.0% since first listed

11 events — show timeline

• 2026-03-30 Listed $104,900 MRED as Distributed by MLS Grid
• 2009-12-02 Listing Removed — MRED as Distributed by MLS Grid
• 2009-03-24 Relisted — MRED as Distributed by MLS Grid
• 2009-03-08 Listing Removed — MRED as Distributed by MLS Grid
• 2009-02-25 Listed — MRED as Distributed by MLS Grid
• 2008-01-16 Listing Removed — MRED as Distributed by MLS Grid
• 2007-04-16 Listed — MRED as Distributed by MLS Grid
• 2001-12-03 Sold (Public Records) $65,000 Public Records
• 1990-06-19 Sold (Public Records) $38,500 Public Records
• 1985-05-01 Sold (Public Records) $42,000 Public Records
• 1979-11-29 Sold (Public Records) $39,000 Public Records

Property tax history

+2.6%/yr

Latest (2023): $3,661 · +18.7% YoY. Source: county tax records.