609 Greenbay Ave

Calumet City, IL 60409

$185,000D+

4 bd · 1.0 ba · 936 sqft · Built 1924 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,050/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$294
• HOA: −$0
• Vac / Maint / Mgmt: −$431
• Net cashflow: $356/mo
• Annual: $4,271/yr
• Cap rate: 8.60%
• Cash-on-cash: 8.24%
• DSCR: 1.37
• 1% rule: 1.11%
• Cash to close: $51,800

Investor read

• This is a 4-bed/1.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 71/100 on livability (#330 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D-, amenities F.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Thornton Fractnl No High School (math 6% / reading 10%, grade F, #587 of 693 statewide, top 85%, 1,383 students, 0% FRL).
• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.2%/yr); 198 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $52k cash investment doubles in ~9 years — after that, you're playing with house money.
• This rent runs 44% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is D 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.