310 Jackson Ave

Glencoe, IL 60022

$385,000F

2 bd · 2.0 ba · — sqft · Built 1948 · Townhouse · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,636/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$475
• HOA: −$422
• Vac / Maint / Mgmt: −$554
• Net cashflow: $-834/mo
• Annual: $-10,010/yr
• Cap rate: 3.69%
• Cash-on-cash: -9.29%
• DSCR: 0.59
• 1% rule: 0.68%
• Cash to close: $107,800

Investor read

• This is a 2-bed/2.0-bath townhouse listed at $385k.
• At list price, monthly cash flow is $-834 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (38.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $264k (31.5% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $238k (38.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#119 in IL, #2,064 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, commute A+; Watch: amenities D+, cost of living F.
• New Trier Twp Hsd 203 (suburban): math 76% / reading 80% proficiency, ranked #2 of 620 in IL (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Current owner paid $270k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 3.7% vs local median 1.6% in Glencoe — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.