3279 N Palmieri Cir

Park City, IL 60085

$64,000B-

2 bd · 1.0 ba · 938 sqft · Built 1978 · Manufactured · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,592/mo
• Mortgage (P&I): −$336
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$334
• Net cashflow: $816/mo
• Annual: $9,788/yr
• Cap rate: 21.59%
• Cash-on-cash: 54.62%
• DSCR: 3.43
• 1% rule: 2.49%
• Cash to close: $17,920

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $64k.
• At list price, monthly cash flow is $816 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $64k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#360 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A-; Watch: employment D, crime D-, amenities F.
• Waukegan CUSD 60 (suburban): math 7% / reading 10% proficiency, ranked #587 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oakdale Elem School (math 2% / reading 17%, grade F, #1,517 of 2,056 statewide, top 78%, 405 students, 0% FRL); John R Lewis Middle School (math 15% / reading 22%, grade F, #438 of 665 statewide, top 67%, 774 students, 0% FRL); Waukegan High School (math 5% / reading 6%, grade F, #609 of 693 statewide, top 88%, 4,355 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.2%/yr); 91 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 6 sale attempts since 12y 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 $10k; list at $64k implies a 574% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1978 — 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?
• 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.