2024 Union St · Blue Island, IL 60406

$114,950

4 bd · 2.0 ba · 1,638 sqft · MultiFamily public records · 84 Days on market

Built 1893 4,880 sqft lot $70/sqft · 52% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This spacious 2-story home with a charming front porch on a nice size lot. The main level features a sprawling living room and flexible bonus rooms perfect for a home office or additional bedrooms. 2nd floor has additional bedroom and living space. Property also features a full basement and a 2-car garage. Ready for a full rehab to unlock its maximum equity! Seller will not complete any repairs to the subject property, either lender or buyer requested. The property is sold in AS IS condition!

Key facts

• Charming front porch
• In-law arrangement
• Full basement

Tags

• IN-LAW ARRANGEMENT
• FULL BASEMENT
• CHARMING FRONT PORCH

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 6.5% in Blue Island — 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 77/100 on livability (#159 in IL, #2,964 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime F.
• Chsd 218 (suburban): math 14% / reading 20% proficiency, ranked #454 of 620 in IL (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 43 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $25k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,053 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 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 1893 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.93% ✓
• Cap rate: 13.68%
• Cash-on-cash: 26.38%
• DSCR: 2.17
• GRM: 4.3

CMA / ARV

• ARV (median comp): $241,025
• List price: $114,950
• Delta: -52.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 20.3%
• Equity multiple: 1.83×
• Total profit: $26,619
• Equity at exit: $17,139

10-year hold

• IRR: 28.6%
• Equity multiple: 3.55×
• Total profit: $81,963
• Equity at exit: $9,939

Cash invested: $32,186 (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 60406

• Home prices YoY: -26.8%
• Active inventory: 43
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,220 high
• Mortgage (P&I): −$603
• Tax from tax record: −$396 /mo · $4,749/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $707

Break-even live

Break-even rent $1,325

Max offer price $114,950

Occupancy floor 63%

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: $28,738
• Closing costs: $3,448
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13308 Old Western Ave Unit 2 Blue Island, IL	3.0	1.5	1350	$2,200	$1.63	11d	1	0.73mi
13308 Old Western Ave Unit 2 Blue Island, IL	3.0	1.5	1350	$2,200	$1.63	22d	1	0.73mi
2640 Vermont St Unit 1 Blue Island, IL	3.0	1.5	1500	$2,200	$1.47	1d	1	0.78mi
2336 122nd St Unit 2 Blue Island, IL	3.0	1.0	1340	$1,900	$1.42	20d	1	0.98mi
2261 136th St Blue Island, IL	4.0	2.0	2230	$2,500	$1.12	16d	1	1.03mi
12111 S Justine St Chicago, IL	3.0	1.5	1800	$2,400	$1.33	15d	1	1.19mi

Listing history 21 events

1. 2026-06-18
   days on market $114,950 Active 84 DOM
2. 2026-06-17
   days on market $114,950 Active 83 DOM
3. 2026-06-16
   days on market $114,950 Active 82 DOM
4. 2026-06-15
   days on market $114,950 Active 81 DOM
5. 2026-06-13
   days on market $114,950 Active 79 DOM
6. 2026-06-09
   days on market $114,950 Active 75 DOM
7. 2026-06-08
   days on market $114,950 Active 74 DOM
8. 2026-06-07
   days on market $114,950 Active 73 DOM
9. 2026-06-04
   days on market $114,950 Active 70 DOM
10. 2026-06-03
    days on market $114,950 Active 69 DOM
11. 2026-06-02
    days on market $114,950 Active 68 DOM
12. 2026-06-01
    days on market $114,950 Active 67 DOM
13. 2026-05-31
    days on market $114,950 Active 66 DOM
14. 2026-04-24
    price $124,950 497-char remark

    Show marketing remark (497 chars)

    This spacious 2-story home with a charming front porch on a nice size lot. The main level features a sprawling living room and flexible bonus rooms perfect for a home office or additional bedrooms. 2nd floor has additional bedroom and living space. Property also features a full basement and a 2-car garage. Ready for a full rehab to unlock its maximum equity! Seller will not complete any repairs to the subject property, either lender or buyer requested. The property is sold in AS IS condition!

15. 2026-03-25
    listed $139,950 Active 497-char remark

    Show marketing remark (497 chars)

    This spacious 2-story home with a charming front porch on a nice size lot. The main level features a sprawling living room and flexible bonus rooms perfect for a home office or additional bedrooms. 2nd floor has additional bedroom and living space. Property also features a full basement and a 2-car garage. Ready for a full rehab to unlock its maximum equity! Seller will not complete any repairs to the subject property, either lender or buyer requested. The property is sold in AS IS condition!

16. 2024-05-03
    historical
17. 2024-04-26
    listed Active
18. 2004-01-20
    soldstatus $145,000
19. 1996-05-03
    soldstatus $115,000
20. 1987-05-01
    soldstatus $49,000
21. 1980-11-26
    soldstatus $45,000

ⓘ 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: $4,749 · $396/mo
• Projected year-2 tax: $4,749 · $396/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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,641
• − Mortgage interest: −$6,439
• − Property taxes: −$4,749
• − Insurance: −$575
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − Depreciation: −$3,344
• Taxable income: $7,272
• Est. tax owed @ 24.0%: −$1,745
• After-tax cash flow: $6,744/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: Chsd 218
• NCES district ID: 1706540
• Math proficiency: 14% ▼ -4.00%
• Reading proficiency: 20% ▼ -1.00%
• Median HH income: $57,166
• Composite: 16.09/100
• National rank: #9235
• State rank: #454 of 620 in IL

Livability — Blue Island

• Score: 77/100
• State rank: #159
• US rank: #2964

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blue Island, IL
• City population: 24,887
• Population (ZIP): 24,887

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 0.65)
• Race & ethnicity: Hispanic / Latino 44% Black 34% White 19% Two or more races 8%
• Hispanic origin (detail): Mexican 39%
• Common ancestry: Romanian 2% English 1% Iranian 1%
• Foreign-born: 19% · Canada
• Languages at home: 65% English-only · Spanish 33% 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: ▼ -94.77%
• Current HPI: 259.492
• Rent YoY: —
• Metro: —
• 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

+177.7% since first listed

8 events — show timeline

• 2026-04-24 Price Changed $124,950 MRED as Distributed by MLS Grid
• 2026-03-25 Listed $139,950 MRED as Distributed by MLS Grid
• 2024-05-03 Listing Removed — MRED as Distributed by MLS Grid
• 2024-04-26 Listed — MRED as Distributed by MLS Grid
• 2004-01-20 Sold (Public Records) $145,000 Public Records
• 1996-05-03 Sold (Public Records) $115,000 Public Records
• 1987-05-01 Sold (Public Records) $49,000 Public Records
• 1980-11-26 Sold (Public Records) $45,000 Public Records

Property tax history

+0.6%/yr

Latest (2023): $4,749 · +2.6% YoY. Source: county tax records.