341 S Harrison Ave · Kankakee, IL 60901

$189,900

16 bd · 16.0 ba · — sqft · Other · 84 Days on market

Built 1910 7,250 sqft lot

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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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +6.2/10.0
• Rent growth +3.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 4 unit building in good condition with separate addresses and separate exterior entrances for lower level. Unit contains 4 -1 bedroom unit's with $2400.00 rent role. Building has a basement for utilities. On site and street parking available.

Key facts

• 7,250 sq ft lot
• 3 parking spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 16-bed/16.0-bath other listed at $190k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 5.8% in Kankakee — 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 62/100 on livability (#832 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Kankakee SD 111 (urban): math 6% / reading 13% proficiency, ranked #584 of 620 in IL (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.4%/yr); 115 active listings in the ZIP; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).
• This rent runs 44% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $14k; list at $190k implies a 1256% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,506 (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 1910 — 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: 1.12% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.08%
• DSCR: 1.31
• GRM: 7.5

CMA / ARV

• ARV (median comp): $392,667
• List price: $189,900
• Delta: -51.64%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.38% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.85×
• Total profit: $-7,760
• Equity at exit: $28,315

10-year hold

• IRR: 7.4%
• Equity multiple: 1.60×
• Total profit: $31,788
• Equity at exit: $16,419

Cash invested: $53,172 (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 60901

• Home prices YoY: -32.5%
• Rents YoY: 4.4%
• Active inventory: 115
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,118 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$285 /mo · $3,415/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $314

Break-even live

Break-even rent $1,721

Max offer price $189,900

Occupancy floor 80%

Sensitivity live

Price	-10% $421	-5% $367	+0% $314	+5% $260	+10% $206
Rent	-10% $146	-5% $230	+0% $314	+5% $397	+10% $481
Rate	-1.0pp $409	-0.5pp $362	base $314	+0.5pp $264	+1.0pp $214

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-19
   days on market $189,900 Active 84 DOM
2. 2026-06-18
   days on market $189,900 Active 83 DOM
3. 2026-06-17
   days on market $189,900 Active 82 DOM
4. 2026-06-16
   days on market $189,900 Active 81 DOM
5. 2026-06-15
   days on market $189,900 Active 80 DOM
6. 2026-06-14
   days on market $189,900 Active 78 DOM
7. 2026-06-13
   days on market $189,900 Active 77 DOM
8. 2026-06-10
   days on market $189,900 Active 75 DOM
9. 2026-06-09
   days on market $189,900 Active 74 DOM
10. 2026-06-08
    days on market $189,900 Active 73 DOM
11. 2026-06-07
    days on market $189,900 Active 72 DOM
12. 2026-06-03
    days on market $189,900 Active 68 DOM
13. 2026-06-02
    days on market $189,900 Active 67 DOM
14. 2026-06-01
    days on market $189,900 Active 66 DOM
15. 2026-05-31
    days on market $189,900 Active 65 DOM
16. 2026-05-30
    days on market $189,900 Active 64 DOM
17. 2026-03-27
    listed $189,900 Active 248-char remark

    Show marketing remark (248 chars)

    Nice 4 unit building in good condition with separate addresses and separate exterior entrances for lower level. Unit contains 4 -1 bedroom unit's with $2400.00 rent role. Building has a basement for utilities. On site and street parking available.

18. 2025-12-31
    historical
19. 2025-09-16
    price
20. 2025-07-16
    price
21. 2025-04-17
    status Active
22. 2025-02-09
    historical
23. 2025-01-08
    listed Active
24. 2024-11-15
    historical
25. 2024-02-22
    listed Active
26. 2019-02-25
    historical
27. 2018-06-27
    price
28. 2018-06-02
    price
29. 2018-03-21
    price
30. 2018-03-12
    listed New
31. 2008-02-04
    soldstatus $14,000
32. 2008-01-21
    historical
33. 2007-10-16
    listed $19,900
34. 2004-12-30
    soldstatus $80,000

ⓘ 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: $3,415 · $285/mo
• Projected year-2 tax: $3,863 · $322/mo
• Expected delta: +$448/yr (+$37/mo · 13.1%)

ⓘ 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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,415
• − Mortgage interest: −$10,637
• − Property taxes: −$3,415
• − Insurance: −$950
• − Repairs & maintenance: −$2,033
• − Management: −$2,033
• − Depreciation: −$5,524
• Taxable income: $822
• Est. tax owed @ 24.0%: −$197
• After-tax cash flow: $3,565/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: Kankakee SD 111
• NCES district ID: 1720760
• Math proficiency: 6% ▼ -7.00%
• Reading proficiency: 13% ▼ -6.00%
• Median HH income: $37,968
• Composite: 8.03/100
• National rank: #9921
• State rank: #584 of 620 in IL

Livability — Kankakee

• Score: 62/100
• State rank: #832
• US rank: #16432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kankakee, IL
• County: Kankakee County · 61,801 people
• City population: 33,128
• Metro: Kankakee, IL
• Population (ZIP): 33,128
• Household income: $58,309
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1317.0

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 19% Two or more races 7%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.12%
• Current HPI: 190.8755
• Rent YoY: ▲ 4.38%
• Metro: Kankakee, IL
• 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

+137.4% since first listed

18 events — show timeline

• 2026-03-27 Listed $189,900 MRED as Distributed by MLS Grid
• 2025-12-31 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-16 Price Changed — MRED as Distributed by MLS Grid
• 2025-07-16 Price Changed — MRED as Distributed by MLS Grid
• 2025-04-17 Relisted — MRED as Distributed by MLS Grid
• 2025-02-09 Listing Removed — MRED as Distributed by MLS Grid
• 2025-01-08 Listed — MRED as Distributed by MLS Grid
• 2024-11-15 Listing Removed — MRED as Distributed by MLS Grid
• 2024-02-22 Listed — MRED as Distributed by MLS Grid
• 2019-02-25 Listing Removed — MRED as Distributed by MLS Grid
• 2018-06-27 Price Changed — MRED as Distributed by MLS Grid
• 2018-06-02 Price Changed — MRED as Distributed by MLS Grid
• 2018-03-21 Price Changed — MRED as Distributed by MLS Grid
• 2018-03-12 Listed — MRED as Distributed by MLS Grid
• 2008-02-04 Sold (MLS) $14,000 MRED as Distributed by MLS Grid
• 2008-01-21 Listing Removed — MRED as Distributed by MLS Grid
• 2007-10-16 Listed $19,900 MRED as Distributed by MLS Grid
• 2004-12-30 Sold (Public Records) $80,000 Public Records

Property tax history

+2.3%/yr

Latest (2024): $3,415 · +3.8% YoY. Source: county tax records.