230 Millford Ln

Bloomingdale, IL 60108

$479,000D+

4 bd · 3.0 ba · 2,338 sqft · Built 1976 · SingleFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,374/mo
• Mortgage (P&I): −$2,512
• Tax + insurance: −$978
• HOA: −$0
• Vac / Maint / Mgmt: −$919
• Net cashflow: $-34/mo
• Annual: $-410/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.31%
• DSCR: 0.99
• 1% rule: 0.91%
• Cash to close: $134,120

Investor read

• This is a 4-bed/3.0-bath single-family listed at $479k.
• At list price, monthly cash flow is $-34 ($-410/yr) — negative.
• To cash-flow at today's rent, offer at most $473k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $437k (8.7% below list).
• It's been on market 62 days — a 6% lower offer ($450k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $437k (8.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#141 in IL, #2,595 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F.
• Lake Park Chsd 108 (suburban): math 37% / reading 43% proficiency, ranked #128 of 620 in IL (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake Park High School (math 37% / reading 43%, grade F, #85 of 693 statewide, top 12%, 2,560 students, 0% FRL).
• Market conditions: 48 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• 3 sale attempts since 4y ago; this cycle's ask has dropped $40k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $405k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.2% vs local median 3.1% in Bloomingdale — 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.
• At $4,374/mo this rent would consume 51% of the median local household income ($103k/yr) (locally 480% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.
• 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.