15040 Wood St · Harvey, IL 60426

$22,500

2 bd · 1.0 ba · 702 sqft · SingleFamily public records · 156 Days on market

Built 1936 2,939 sqft lot Est $41k · 45% under

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Why this score? — see what drove the C 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 +15.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Listing remarks

15040 Wood St, Harvey IL 60426 $22,500 (Seller Credits Back Taxes at Closing) 2 Bed | 1 Bath | 702 Sq Ft | Single-Family | Full Renovation This is a rare opportunity to own a home at an unbeatable entry point whether you're an investor building a rental portfolio or a buyer looking to renovate and make it your own. The seller is crediting back taxes at closing, so you walk in clean at $22,500 with no hidden tax exposure. For investors: ~$102,500 all-in after rehab, ARV $104,000, market rents at $1,400/month over 16% gross yield. For owner-occupants: full gut means you choose the finishes, layout updates, and upgrades. Build the home you want from the ground up at a fraction of typical

Key facts

• Value-add renovation
• 2,939 sq ft lot
• Built 1936

Tags

• PUBLIC TRANSPORTATION
• VALUE-ADD RENOVATION
• TRADITIONAL KITCHEN LAYOUT
• MAJOR TRANSPORTATION CORRIDORS
• CASH-FLOW OPPORTUNITIES

Property features AI

Exterior

• Home design: House; 702 sq ft living area
• Exterior features: Lot approximately 2,939 sq ft

🏷️ Possibly a rental listed for sale. The $22,500 price doesn't fit this home's estimated sale value (~$40,716) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $22k.

Deal economics

• At list price, monthly cash flow is $807 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Recommended offer: $20k (12.0% below list) — sets the bar for market timing.
• Cap rate 49.3% vs local median 9.3% in Harvey — 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 67/100 on livability (#539 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A-; Watch: health & safety D+, schools F, crime F.
• 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: 134 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($156 loan paydown + $2k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask is 50% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $19,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 5.41% ✓
• Cap rate: 49.32%
• Cash-on-cash: 153.68%
• DSCR: 7.84
• GRM: 1.5

CMA / ARV

• ARV (on-the-fly): $40,716
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14732 Loomis Ave	0.64mi	3/2.0 (+1)	712 (+1%)	17mo	$155,000	$218	45
15042 Robey Ave	0.25mi	3/1.0 (+1)	600 (-14%)	19mo	$35,000	$58	43
315 W 150th St	0.71mi	1/1.0 (-1)	760 (+8%)	16mo	$35,000	$46	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.10×
• Total profit: $63,660
• Equity at exit: $20,270

10-year hold

• IRR: —
• Equity multiple: 24.35×
• Total profit: $147,095
• Equity at exit: $43,713

Cash invested: $6,300 (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 60426

• Home prices YoY: 6.9%
• Active inventory: 134
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,218 medium
• Mortgage (P&I): −$118
• Tax est. 1.5%: −$28 /mo · $338/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $807

Break-even live

Break-even rent $197

Max offer price $22,500

Occupancy floor 29%

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $22,500 Active 156 DOM
2. 2026-06-17
   days on market $22,500 Active 155 DOM
3. 2026-06-16
   days on market $22,500 Active 154 DOM
4. 2026-06-15
   days on market $22,500 Active 153 DOM
5. 2026-06-13
   days on market $22,500 Active 151 DOM
6. 2026-06-13
   days on market $22,500 Active 150 DOM
7. 2026-06-09
   days on market $22,500 Active 147 DOM
8. 2026-06-08
   days on market $22,500 Active 146 DOM
9. 2026-06-07
   days on market $22,500 Active 145 DOM
10. 2026-06-04
    pricedays on market $22,500 Active 142 DOM
11. 2026-06-03
    days on market $15,000 Active 141 DOM
12. 2026-06-02
    days on market $15,000 Active 140 DOM
13. 2026-06-01
    days on market $15,000 Active 139 DOM
14. 2026-05-31
    days on market $15,000 Active 138 DOM
15. 2026-01-13
    listed $15,000 Active
16. 2024-05-08
    historical
17. 2024-04-30
    price
18. 2024-04-16
    price
19. 2024-03-26
    price
20. 2024-02-05
    listed Active
21. 1997-08-12
    soldstatus $35,000
22. 1996-12-18
    soldstatus $10,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,618
• − Mortgage interest: −$1,260
• − Property taxes: −$338
• − Insurance: −$112
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$655
• Taxable income: $9,914
• Est. tax owed @ 24.0%: −$2,379
• After-tax cash flow: $7,303/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 — Harvey

• Score: 67/100
• State rank: #539
• US rank: #11162

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harvey, IL
• City population: 23,066
• Population (ZIP): 23,066

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: Majority Black (59%)
• Race & ethnicity: Black 59% Hispanic / Latino 33% Two or more races 12% White 3% Asian 2%
• Hispanic origin (detail): Mexican 31%
• Foreign-born: 17% · Canada
• Languages at home: 67% English-only · Spanish 30% Other Indo-European 2% French/Haitian/Cajun 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: ▲ 20.36%
• Current HPI: 313.7895
• 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

+50.0% since first listed

8 events — show timeline

• 2026-01-13 Listed $15,000 ForSaleByOwner.com
• 2024-05-08 Listing Removed — MRED as Distributed by MLS Grid
• 2024-04-30 Price Changed — MRED as Distributed by MLS Grid
• 2024-04-16 Price Changed — MRED as Distributed by MLS Grid
• 2024-03-26 Price Changed — MRED as Distributed by MLS Grid
• 2024-02-05 Listed — MRED as Distributed by MLS Grid
• 1997-08-12 Sold (Public Records) $35,000 Public Records
• 1996-12-18 Sold (Public Records) $10,000 Public Records

Property tax history

+9.4%/yr

Latest (2023): $3,830 · +17.5% YoY. Source: county tax records.