872 Cambridge Pl Unit 126D

Wheeling, IL 60090

$229,000C-

3 bd · 1.0 ba · 1,300 sqft · Built 1978 · Condo · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,680/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$382
• HOA: −$315
• Vac / Maint / Mgmt: −$563
• Net cashflow: $219/mo
• Annual: $2,632/yr
• Cap rate: 7.44%
• Cash-on-cash: 4.11%
• DSCR: 1.18
• 1% rule: 1.17%
• Cash to close: $64,120

Investor read

• This is a 3-bed/1.0-bath condo listed at $229k. Condition is rated good.
• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• It's been on market 60 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $222k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#335 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, health & safety F.
• Township Hsd 214 (suburban): math 42% / reading 45% proficiency, ranked #103 of 620 in IL (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Buffalo Grove High School (math 46% / reading 44%, grade D-, #59 of 693 statewide, top 9%, 1,959 students, 0% FRL).
• Market conditions: Rents rising (+1.8%/yr); 63 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Cap rate 7.4% vs local median 3.8% in Wheeling — 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.
• This rent runs 38% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — Aesthetic update needed.
• Minor: kitchen countertops — Update countertops for a fresh look.