429 E Locust St · Kankakee, IL 60901

$64,900

3 bd · 2.0 ba · 1,080 sqft · Other · 28 Days on market

$60/sqft · at area comps Est $62k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +5.6/15.0
• 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

Opportunity meets location. This 3-bedroom, 2-bath home in Kankakee offers solid space, a functional layout, and a 2-car garage-perfect for buyers ready to add value with a some work. Whether you're an investor or a homeowner looking to build equity, this property is priced to sell and full of potential. Enjoy the convenience of being within walking distance to downtown, with easy access to shops, dining, and local amenities. With the right vision, this could be a standout home or strong addition to your portfolio. Bring your ideas and make it your own-opportunities like this don't last long.

Key facts

• 2 garage spots
• Listed 28 days

Property features AI

Finance

• Other: Ownership is fee simple; Commuter-friendly location with bus, commuter train and interstate access
• HOA & community: No master association fees required

Exterior

• Parking: Detached garage (2 garage spaces, 2 total parking spaces)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; One-story
• Construction: Vinyl siding; Built approximately 71–80 years ago; Built before 1978
• Exterior features: Lot dimensions approx. 104 x 31.5 x 63 x 31 x 41 x 62.5; Lot smaller than 0.25 acre

Interior

• Kitchen: Kitchen on the main level (approximately 12 x 11)
• Bedrooms: 3 bedrooms (all on the main level); Master bedroom on the main level
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating
• Interior features: 5 total rooms; Unfinished full basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $65k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 5.7% 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); 114 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price.

Recommended offer $63,926 (1.5% below list)

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.15% ✓
• Cap rate: 16.27%
• Cash-on-cash: 35.64%
• DSCR: 2.59
• GRM: 3.9

CMA / ARV

• ARV (median comp): $62,265
• List price: $64,900
• Delta: 4.23%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 33.1%
• Equity multiple: 2.43×
• Total profit: $25,905
• Equity at exit: $9,677

10-year hold

• IRR: 40.9%
• Equity multiple: 5.15×
• Total profit: $75,451
• Equity at exit: $5,611

Cash invested: $18,172 (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: 114
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,392 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$193 /mo · $2,313/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $540

Break-even live

Break-even rent $709

Max offer price $64,900

Occupancy floor 56%

Sensitivity live

Price	-10% $576	-5% $558	+0% $540	+5% $521	+10% $503
Rent	-10% $430	-5% $485	+0% $540	+5% $595	+10% $650
Rate	-1.0pp $572	-0.5pp $556	base $540	+0.5pp $523	+1.0pp $506

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1017 N Schuyler Ave Unit 3 Kankakee, IL	2.0	1.0	800	$1,375	$1.72	45d	1	0.53mi
243 S 5th Ave Unit 247 Kankakee, IL	2.0	1.0	1000	$1,150	$1.15	45d	1	0.72mi
744 S Elm Ave Kankakee, IL	4.0	2.0	1200	$1,575	$1.31	45d	1	1.04mi
1735 E Duane Blvd Unit 4 Kankakee, IL	2.0	1.0	800	$1,050	$1.31	45d	1	1.43mi

Listing history 1 events

1. 2026-04-28
   listed $64,900 Active 605-char remark

ⓘ 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: $2,313 · $193/mo
• Projected year-2 tax: $2,313 · $193/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 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: $16,706
• − Mortgage interest: −$3,635
• − Property taxes: −$2,313
• − Insurance: −$324
• − Repairs & maintenance: −$1,336
• − Management: −$1,336
• − Depreciation: −$1,888
• Taxable income: $5,872
• Est. tax owed @ 24.0%: −$1,409
• After-tax cash flow: $5,067/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

2 events — show timeline

• 2026-05-26 Pending — MRED as Distributed by MLS Grid
• 2026-04-28 Listed $64,900 MRED as Distributed by MLS Grid

Property tax history

+88.1%/yr

Latest (2025): $2,313 · +6.3% YoY. Source: county tax records.