551 Carlysle Dr #2

Clarendon Hills, IL 60514

$195,900C-

2 bd · 2.5 ba · 1,100 sqft · Built 1963 · Condo · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,384/mo
• Mortgage (P&I): −$1,027
• Tax + insurance: −$216
• HOA: −$466
• Vac / Maint / Mgmt: −$501
• Net cashflow: $174/mo
• Annual: $2,088/yr
• Cap rate: 7.36%
• Cash-on-cash: 3.81%
• DSCR: 1.17
• 1% rule: 1.22%
• Cash to close: $54,852

Investor read

• This is a 2-bed/2.5-bath condo listed at $196k.
• At list price, monthly cash flow is $174 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $196k).
• It's been on market 51 days — a 3% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#48 in IL, #978 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: health & safety C-, amenities F, cost of living F.
• Hinsdale Twp Hsd 86 (suburban): math 62% / reading 64% proficiency, ranked #17 of 620 in IL (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 27 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• 3 sale attempts since 19y ago; this cycle's ask is 131% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $53k; list at $196k implies a 267% gain — meaningful room to come down on a strong offer.
• Cap rate 7.4% vs local median 0.7% in Clarendon Hills — 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.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1963 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.