12538 S Honore St · Calumet Park, IL 60827

$115,000

3 bd · 2.0 ba · 1,398 sqft · SingleFamily public records · 28 Days on market

Built 1898 2,976 sqft lot Est $225k · 49% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Investors & rehabbers welcome! Sellers are looking for a quick, smooth closing. Preferably cash buyer. Buyer will have to comply with the Calumet Park inspection. Seller will NOT provide a survey or termite. Property does need rehab but is in livable condition. The upper level bedrooms can be accessed from the rear door off the porch. Property my qualify for a rehab loan.

Key facts

• 2,976 sq ft lot
• 2 garage spots
• Built 1898

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $655 ($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: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 6.7% in Calumet Park — 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 72/100 on livability (#308 in IL) — 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: Rents rising fast (+7.8%/yr); 76 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $2,061/mo this rent would consume 66% of the median local household income ($37k/yr) (locally 1868% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 7.8% 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 28 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 7 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.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.79% ✓
• Cap rate: 13.13%
• Cash-on-cash: 24.41%
• DSCR: 2.09
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $225,078
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12211 Irving Ave	0.62mi	3/1.5	1,397 (-0%)	1mo	$269,900	$193	68
12411 S Lincoln St	0.17mi	4/1.5 (+1)	1,295 (-7%)	6mo	$232,000	$179	68
12815 Lincoln St	0.34mi	3/1.0	1,271 (-9%)	1mo	$150,000	$118	64
2212 123rd Pl	0.51mi	3/1.0	1,350 (-3%)	5mo	$205,000	$152	62
12726 S Justine St	0.45mi	3/1.5	1,224 (-12%)	2mo	$165,000	$135	54
2239 123rd St	0.59mi	3/2.0	1,255 (-10%)	2mo	$290,000	$231	54
12638 Irving Ave	0.50mi	4/2.0 (+1)	1,519 (+9%)	4mo	$244,330	$161	54
2346 Vernon St	0.64mi	2/2.0 (-1)	1,500 (+7%)	4mo	$179,000	$119	50
12806 S Laflin St	0.55mi	4/2.0 (+1)	1,200 (-14%)	1mo	$279,000	$233	45
12816 S Laflin St	0.57mi	3/1.0	1,200 (-14%)	2mo	$135,000	$113	45
12509 S Throop St	0.72mi	3/1.0	1,216 (-13%)	2mo	$141,270	$116	39
2423 Collins St	0.74mi	3/1.0	1,602 (+15%)	9mo	$280,000	$175	30

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

Projected returns pro-forma

-3.0% appreciation · 7.82% rent growth · sell at horizon

5-year hold

• IRR: 23.8%
• Equity multiple: 2.05×
• Total profit: $33,708
• Equity at exit: $17,147

10-year hold

• IRR: 34.9%
• Equity multiple: 5.07×
• Total profit: $131,166
• Equity at exit: $9,943

Cash invested: $32,200 (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 60827

• Home prices YoY: -31.8%
• Rents YoY: 7.8%
• Active inventory: 76
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,061 high
• Mortgage (P&I): −$603
• Tax from tax record: −$322 /mo · $3,864/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $655

Break-even live

Break-even rent $1,232

Max offer price $115,000

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1923 Vermont St Blue Island, IL	2.0	1.0	1087	$1,550	$1.43	24d	1	0.63mi
12111 S Justine St Chicago, IL	3.0	1.5	1800	$2,400	$1.33	15d	1	0.70mi
12105 S Justine St Chicago, IL	2.0	2.0	1800	$2,700	$1.50	2d	1	0.71mi
2336 122nd St Unit 2 Blue Island, IL	3.0	1.0	1340	$1,900	$1.42	20d	1	0.81mi
12710 Elm St Unit 2B Blue Island, IL	3.0	2.0	900	$1,850	$2.06	1d	1	1.03mi
12827 S Morgan St Unit 1546010P Chicago, IL	4.0	2.0	1022	$4,677	$4.58	12d	1	1.14mi
2640 Vermont St Unit 1 Blue Island, IL	3.0	1.5	1500	$2,200	$1.47	1d	1	1.20mi
2119 135th Pl Unit 4 Blue Island, IL	2.0	1.0	900	$1,250	$1.39	8d	1	1.21mi
2119 135th Pl Blue Island, IL	2.0	1.0	900	$1,250	$1.39	4d	1	1.21mi
13308 Old Western Ave Unit 2 Blue Island, IL	3.0	1.5	1350	$2,200	$1.63	12d	1	1.21mi
13308 Old Western Ave Unit 2 Blue Island, IL	3.0	1.5	1350	$2,200	$1.63	22d	1	1.21mi
12415 Meadow Ln #5 Blue Island, IL	2.0	2.5	1800	$2,200	$1.22	1d	1	1.22mi
11549 S Church St Chicago, IL	4.0	4.5	1800	$3,200	$1.78	1d	1	1.27mi
843 W 123rd St Unit V5 Calumet Park, IL	2.0	1.0	900	$1,500	$1.67	13d	1	1.28mi
11547 S Ashland Ave Chicago, IL	3.0	1.5	1000	$2,700	$2.70	3d	1	1.31mi
11706 S Artesian Ave Chicago, IL	3.0	2.5	1299	$3,400	$2.62	1d	1	1.34mi
13443 Greenwood Ave Unit 2E Blue Island, IL	2.0	1.0	1200	$1,550	$1.29	1d	1	1.39mi
12106 S Emerald Ave Chicago, IL	3.0	2.0	1300	$2,550	$1.96	1d	1	1.48mi

Listing history 38 events

1. 2026-06-18
   days on market $115,000 Active 28 DOM
2. 2026-06-17
   days on market $115,000 Active 27 DOM
3. 2026-06-16
   days on market $115,000 Active 26 DOM
4. 2026-06-15
   days on market $115,000 Active 25 DOM
5. 2026-06-13
   days on market $115,000 Active 23 DOM
6. 2026-06-09
   days on market $115,000 Active 19 DOM
7. 2026-06-08
   days on market $115,000 Active 18 DOM
8. 2026-06-07
   days on market $115,000 Active 17 DOM
9. 2026-06-04
   days on market $115,000 Active 14 DOM
10. 2026-06-03
    days on market $115,000 Active 13 DOM
11. 2026-06-02
    days on market $115,000 Active 12 DOM
12. 2026-06-01
    days on market $115,000 Active 11 DOM
13. 2026-05-31
    days on market $115,000 Active 10 DOM
14. 2026-05-20
    listed $115,000 Active
15. 2026-02-06
    historical
16. 2026-01-21
    price
17. 2026-01-12
    price
18. 2026-01-02
    listed Active
19. 2023-01-21
    historical
20. 2022-12-09
    price
21. 2022-11-09
    price
22. 2022-11-02
    price
23. 2022-10-24
    price
24. 2022-10-13
    price
25. 2022-09-26
    price
26. 2022-09-09
    listed Active
27. 2022-08-29
    historical
28. 2022-08-01
    price
29. 2022-08-01
    listed Active
30. 2022-06-07
    historical
31. 2022-05-13
    listed Active
32. 2022-02-22
    historical
33. 2020-11-04
    historical
34. 2020-08-13
    listed New
35. 2007-07-25
    historical
36. 2007-05-03
    listed
37. 2006-11-27
    soldstatus $120,000
38. 1998-08-28
    soldstatus $76,000

ⓘ 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: $3,864 · $322/mo
• Projected year-2 tax: $3,864 · $322/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 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $24,730
• − Mortgage interest: −$6,442
• − Property taxes: −$3,864
• − Insurance: −$575
• − Repairs & maintenance: −$1,978
• − Management: −$1,978
• − Depreciation: −$3,345
• Taxable income: $6,547
• Est. tax owed @ 24.0%: −$1,571
• After-tax cash flow: $6,290/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 — Calumet Park

• Score: 72/100
• State rank: #308
• US rank: #6048

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calumet Park, IL
• County: Cook County · 4,486,803 people
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 24,713
• Household income: $37,217
• Rent vs Own: 59.8% rent · 40.2% own
• Severe rent burden: 1868.0

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: Predominantly Black (88%)
• Race & ethnicity: Black 88% Two or more races 5% Hispanic / Latino 5% White 2%
• Common ancestry: Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -76.39%
• Current HPI: 163.7725
• Rent YoY: ▲ 7.82%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

+51.3% since first listed

25 events — show timeline

• 2026-05-20 Listed $115,000 MRED as Distributed by MLS Grid
• 2026-02-06 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-21 Price Changed — MRED as Distributed by MLS Grid
• 2026-01-12 Price Changed — MRED as Distributed by MLS Grid
• 2026-01-02 Listed — MRED as Distributed by MLS Grid
• 2023-01-21 Listing Removed — MRED as Distributed by MLS Grid
• 2022-12-09 Price Changed — MRED as Distributed by MLS Grid
• 2022-11-09 Price Changed — MRED as Distributed by MLS Grid
• 2022-11-02 Price Changed — MRED as Distributed by MLS Grid
• 2022-10-24 Price Changed — MRED as Distributed by MLS Grid
• 2022-10-13 Price Changed — MRED as Distributed by MLS Grid
• 2022-09-26 Price Changed — MRED as Distributed by MLS Grid
• 2022-09-09 Listed — MRED as Distributed by MLS Grid
• 2022-08-29 Listing Removed — MRED as Distributed by MLS Grid
• 2022-08-01 Price Changed — MRED as Distributed by MLS Grid
• 2022-08-01 Listed — MRED as Distributed by MLS Grid
• 2022-06-07 Listing Removed — MRED as Distributed by MLS Grid
• 2022-05-13 Listed — MRED as Distributed by MLS Grid
• 2022-02-22 Listing Removed — MRED as Distributed by MLS Grid
• 2020-11-04 Listing Removed — MRED as Distributed by MLS Grid
• 2020-08-13 Listed — MRED as Distributed by MLS Grid
• 2007-07-25 Listing Removed — MRED as Distributed by MLS Grid
• 2007-05-03 Listed — MRED as Distributed by MLS Grid
• 2006-11-27 Sold (Public Records) $120,000 Public Records
• 1998-08-28 Sold (Public Records) $76,000 Public Records

Property tax history

+4.1%/yr

Latest (2023): $3,864 · +74.9% YoY. Source: county tax records.