Adventure Vantage 2401LL Plan

Des Plaines, IL 60016

$59,000B

1 bd · 1.0 ba · 534 sqft · Built — · Manufactured · Active · 305 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,930/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$405
• Net cashflow: $1,117/mo
• Annual: $13,404/yr
• Cap rate: 29.01%
• Cash-on-cash: 81.14%
• DSCR: 4.61
• 1% rule: 3.27%
• Cash to close: $16,520

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $59k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $59k).
• It's been on market 305 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#58 in IL, #1,038 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Maine Township Hsd 207 (suburban): math 34% / reading 39% proficiency, ranked #143 of 620 in IL (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Iroquois Community School (math 44% / reading 59%, grade C-, #167 of 2,056 statewide, top 8%, 432 students, 0% FRL); Chippewa Middle School (math 27% / reading 38%, grade F, #223 of 665 statewide, top 34%, 615 students, 0% FRL); Maine West High School (math 21% / reading 27%, grade F, #304 of 693 statewide, top 44%, 1,880 students, 0% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 131 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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).
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.0% vs local median 3.5% in Des Plaines — 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 305 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.
• 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.