510 N Kennedy Dr · Kankakee, IL 60901

$84,900

1 bd · 1.0 ba · 704 sqft · Other · 69 Days on market

Built 1925 $121/sqft · 15% below area Est $100k · 15% under

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Why this score? — see what drove the C- 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 +17.5/30.0
• ARV discount +14.2/15.0
• 1% rule +6.8/10.0
• DSCR +5.5/10.0
• 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 MLS

Why rent when you can own? This charming 1-bedroom, 1-bath home is a perfect opportunity for first-time buyers or investors. Situated on a desirable corner lot, the property features a garage and a spacious deck overlooking the scenic Kankakee River-ideal for relaxing or entertaining. Enjoy peace of mind with a new roof and newer windows already in place. With easy access to major highways and endless potential to make it your own, this is a value-packed opportunity you don't want to miss. Property is being sold as-is.

Key facts

• Kankakee river
• Spacious deck
• Newer windows

Tags

• CORNER LOT
• SPACIOUS DECK
• KANKAKEE RIVER
• NEW ROOF
• NEWER WINDOWS
• EASY ACCESS TO HIGHWAYS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $85k.

Deal economics

• At list price, monthly cash flow is $65 ($779/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 5.8% in Kankakee — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 115 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $587 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 28y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.18% ✓
• Cap rate: 7.21%
• Cash-on-cash: 3.28%
• DSCR: 1.15
• GRM: 7.1

CMA / ARV

• ARV (median comp): $99,852
• List price: $84,900
• Delta: -14.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.1%
• Equity multiple: 0.66×
• Total profit: $-8,111
• Equity at exit: $12,659

10-year hold

• IRR: 2.5%
• Equity multiple: 1.19×
• Total profit: $4,628
• Equity at exit: $7,341

Cash invested: $23,772 (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: 115
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,002 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$246 /mo · $2,956/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $65

Break-even live

Break-even rent $920

Max offer price $84,900

Occupancy floor 89%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 N Entrance Ave Unit 5A Kankakee, IL	1.0	1.0	500	$825	$1.65	44d	1	0.54mi
319 S 5th Ave Unit 4 Kankakee, IL	1.0	1.0	750	$1,115	$1.49	44d	1	0.60mi

Listing history 22 events

1. 2026-06-19
   days on market $84,900 Active 69 DOM
2. 2026-06-18
   days on market $84,900 Active 68 DOM
3. 2026-06-17
   days on market $84,900 Active 67 DOM
4. 2026-06-16
   days on market $84,900 Active 66 DOM
5. 2026-06-15
   days on market $84,900 Active 65 DOM
6. 2026-06-14
   days on market $84,900 Active 63 DOM
7. 2026-06-13
   days on market $84,900 Active 62 DOM
8. 2026-06-10
   days on market $84,900 Active 60 DOM
9. 2026-06-09
   days on market $84,900 Active 59 DOM
10. 2026-06-08
    days on market $84,900 Active 58 DOM
11. 2026-06-07
    days on market $84,900 Active 57 DOM
12. 2026-06-03
    days on market $84,900 Active 53 DOM
13. 2026-06-02
    days on market $84,900 Active 52 DOM
14. 2026-06-01
    days on market $84,900 Active 51 DOM
15. 2026-05-31
    days on market $84,900 Active 50 DOM
16. 2026-05-30
    days on market $84,900 Active 49 DOM
17. 2026-04-11
    listed $89,900 Active 524-char remark

    Show marketing remark (524 chars)

    Why rent when you can own? This charming 1-bedroom, 1-bath home is a perfect opportunity for first-time buyers or investors. Situated on a desirable corner lot, the property features a garage and a spacious deck overlooking the scenic Kankakee River-ideal for relaxing or entertaining. Enjoy peace of mind with a new roof and newer windows already in place. With easy access to major highways and endless potential to make it your own, this is a value-packed opportunity you don't want to miss. Property is being sold as-is.

18. 2005-10-19
    soldstatus $58,500
19. 2001-06-02
    soldstatus $36,500 337-char remark

    Show marketing remark (337 chars)

    Motivated Sellers - Cute as a Bug In A Rug - Overlooking the Kankakee River from the elevated deck on the front of the home Well maintained ranch with nice deck and landscaping - Lot's of appliances - Shows well - Remodeled - Square footage includes finished basement - Living room and bedroom combined. Perfect for that starter home

20. 2001-03-19
    listed $38,900 337-char remark

    Show marketing remark (337 chars)

    Motivated Sellers - Cute as a Bug In A Rug - Overlooking the Kankakee River from the elevated deck on the front of the home Well maintained ranch with nice deck and landscaping - Lot's of appliances - Shows well - Remodeled - Square footage includes finished basement - Living room and bedroom combined. Perfect for that starter home

21. 1998-08-13
    soldstatus $28,474
22. 1998-07-31
    listed $29,900

ⓘ 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: $2,956 · $246/mo
• Projected year-2 tax: $2,956 · $246/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 2/10 Low FEMA zone X (unshaded) · 7% 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: $12,028
• − Mortgage interest: −$4,756
• − Property taxes: −$2,956
• − Insurance: −$424
• − Repairs & maintenance: −$962
• − Management: −$962
• − Depreciation: −$2,470
• Taxable loss: −$502
• Est. tax savings @ 24.0%: +$121
• After-tax cash flow: $900/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

+200.7% since first listed

6 events — show timeline

• 2026-04-11 Listed $89,900 MRED as Distributed by MLS Grid
• 2005-10-19 Sold (Public Records) $58,500 Public Records
• 2001-06-02 Sold (MLS) $36,500 MRED as Distributed by MLS Grid
• 2001-03-19 Listed $38,900 MRED as Distributed by MLS Grid
• 1998-08-13 Sold (MLS) $28,474 MRED as Distributed by MLS Grid
• 1998-07-31 Listed $29,900 MRED as Distributed by MLS Grid

Property tax history

+1.8%/yr

Latest (2024): $2,956 · +3.8% YoY. Source: county tax records.