3821 Spring Lake Ct · Joliet, IL 60435

$279,900

4 bd · 2.5 ba · 2,286 sqft · SingleFamily public records · 1 Days on market

Built 2006 0.33 ac lot Est $421k · 33% under $25/mo HOA · 1% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +12.7/30.0
• 1% rule +5.0/10.0
• Rent growth +4.4/5.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wonderful 4 bedroom 2 story in Plainfield school district!One owner home! This Home is immaculate!!! Hurry on this one before its gone! 2 story foyer with hardwood flooring, Eat-in kitchen open to family room is great for entertaining! Living room and formal dining room, new 26 x 15 deck in 2015 and Hot water heater in 2016! All appliances stay! Master suite with dual sink vanity, ceramic flooring, soaker tub and walk in closet. Good sized bedrooms, neutral carpet and decor! Partial unfinished basement. 2 car garage... on quiet cu de sac! Great buy for the money! Seller will entertain all offers. Hurry!!!!

Key facts

• Formal dining room
• Quiet cul-de-sac
• Family room

Tags

• QUIET CUL-DE-SAC
• FORMAL LIVING ROOM
• FORMAL DINING ROOM
• MAIN LEVEL LAUNDRY
• EAT-IN KITCHEN
• FAMILY ROOM

Property features AI

Finance

• HOA & community: Annual association fee of $300 (covers other items)

Exterior

• Parking: Attached garage with 2 spaces and garage door opener (garage owned)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 2-story layout; Fee simple ownership
• Construction: Built approximately 16–20 years ago; Vinyl siding; Asphalt roof
• Exterior features: Deck

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 4 bedrooms (plus space for a 5th); One bedroom located in the basement
• Flooring: Carpet in several rooms (living room, dining room, master bedroom, multiple upstairs bedrooms)
• Bathrooms: 2 full bathrooms; 1 half bathroom; Bathrooms feature separate shower, double sinks, and a soaking tub
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Walk-in closet(s); Partially finished basement; Total of 9 rooms
• Laundry & utility: Main-level laundry with gas dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-29 ($-343/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (0.3% below list).
• Recommended offer: $275k (1.8% below list) — sets the bar for cash-flow.
• Cap rate 6.2% vs local median 4.8% in Joliet — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 78/100 on livability (#153 in IL, #2,772 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A; Watch: amenities C-, health & safety C-.
• Plainfield SD 202 (suburban): math 25% / reading 32% proficiency, ranked #213 of 620 in IL (top 34%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Central Elem School (math 24% / reading 35%, grade F, #658 of 2,056 statewide, top 35%, 533 students, 0% FRL); Indian Trail Middle School (math 25% / reading 34%, grade F, #256 of 665 statewide, top 41%, 593 students, 0% FRL); Plainfield High School (math 25% / reading 29%, grade F, #218 of 693 statewide, top 35%, 1,986 students, 0% FRL) — zoned schools average 0% FRL vs 17% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.7%/yr); 38 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).
• This rent runs 44% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 20y 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 $228k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.

Recommended offer $274,845 (1.8% below list)

Questions for the listing agent

1. 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?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.00% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $420,624
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3808 Thoroughbred Ln	0.23mi	4/2.5	2,460 (+8%)	9mo	$345,000	$140	70
2902 Grass Lake Dr	0.70mi	4/2.5	2,359 (+3%)	10mo	$422,000	$179	54
727 Pentwater Rd	0.54mi	3/2.5 (-1)	2,189 (-4%)	12mo	$385,000	$176	53
21207 Prince Lake Ct	0.64mi	3/2.5 (-1)	2,143 (-6%)	3mo	$424,900	$198	52
1761 William Dr	0.71mi	4/2.5	2,452 (+7%)	9mo	$425,000	$173	47
21533 Cormorant St	0.43mi	3/2.5 (-1)	1,980 (-13%)	6mo	$364,000	$184	47
16139 Seneca Lake Cir	0.62mi	3/2.5 (-1)	2,547 (+11%)	1mo	$385,000	$151	46
16122 Seneca Lake Cir	0.57mi	3/2.0 (-1)	1,969 (-14%)	1mo	$365,000	$185	43
21316 Brush Lake Dr	0.61mi	3/3.0 (-1)	1,977 (-14%)	4mo	$449,900	$228	39
16163 Seneca Lake Cir	0.56mi	3/3.0 (-1)	1,950 (-15%)	8mo	$400,000	$205	36
16306 Windsor Lake Ct	0.55mi	3/3.5 (-1)	2,578 (+13%)	11mo	$425,000	$165	35
608 Bridgeman Ln	0.75mi	3/3.0 (-1)	2,089 (-9%)	11mo	$410,000	$196	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.65% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.58×
• Total profit: $-33,284
• Equity at exit: $41,734

10-year hold

• IRR: 4.4%
• Equity multiple: 1.40×
• Total profit: $31,339
• Equity at exit: $24,201

Cash invested: $78,372 (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 60435

• Rents YoY: 7.7%
• Active inventory: 38
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,791 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$624 /mo · $7,485/yr
• Insurance: −$117
• HOA: −$25
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $-29

Break-even live

Break-even rent $2,827

Max offer price $274,845

Occupancy floor 96%

Sensitivity live

Price	-10% $130	-5% $51	+0% $-29	+5% $-108	+10% $-187
Rent	-10% $-249	-5% $-139	+0% $-29	+5% $82	+10% $192
Rate	-1.0pp $112	-0.5pp $43	base $-29	+0.5pp $-101	+1.0pp $-175

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1716 William Dr Romeoville, IL	3.0	3.5	1700	$3,800	$2.24	3d	1	0.74mi
315 Richmond Dr Romeoville, IL	3.0	2.5	1668	$2,700	$1.62	0d	1	1.39mi

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: water

Listing history 2 events

1. 2026-06-21
   remarks 699-char remark
2. 2026-06-21
   listed $279,900 Active 1 DOM

ⓘ 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: $7,485 · $624/mo
• Projected year-2 tax: $7,485 · $624/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 ≥102°F today · 15 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,487
• − Mortgage interest: −$15,679
• − Property taxes: −$7,485
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,679
• − Management: −$2,679
• − HOA: −$300
• − Depreciation: −$8,143
• Taxable loss: −$4,876
• Est. tax savings @ 24.0%: +$1,170
• After-tax cash flow: $827/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: Plainfield SD 202
• NCES district ID: 1731740
• Math proficiency: 25% ▼ -16.00%
• Reading proficiency: 32% ▼ -14.00%
• Median HH income: $90,706
• Composite: 28.83/100
• National rank: #6653
• State rank: #213 of 620 in IL

Livability — Joliet

• Score: 78/100
• State rank: #153
• US rank: #2772

Category grades

Amenities C- Commute A+ Cost of living A Crime C Employment B+ Housing A+ Health & safety C- User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Joliet, IL
• County: Will County · 412,448 people
• City population: 68,632
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 48,167
• Household income: $76,369
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 1720.0

Population outlook (Will County) Hauer SSP2

• Today (2025): 705,368 people
• By 2030: 708,154 · +0.4%
• By 2040: 702,692 · -0.4%
• By 2050: 680,249 · -3.6%
• By 2075: 611,990 · -13.2%
• By 2100: 516,215 · -26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 44% Hispanic / Latino 37% Black 15% Two or more races 14% Asian 1%
• Hispanic origin (detail): Mexican 33% Puerto Rican 2%
• Common ancestry: Romanian 6% Lithuanian 1% Slovak 1%
• Foreign-born: 16% · Canada
• Languages at home: 71% English-only · Spanish 26% Russian/Polish/Slavic 1%

Political lean MEDSL · Will

• 2024 margin: Toss-up / Even · D 50.1% · R 48.5% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 13.2pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+8.3 2016: D+5.7 2012: D+3.7 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.52%
• Current HPI: 210.278
• Rent YoY: ▲ 7.65%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

+12.5% since first listed

24 events — show timeline

• 2026-06-20 Listed $279,900 MRED as Distributed by MLS Grid
• 2018-10-15 Listing Removed — MRED as Distributed by MLS Grid
• 2018-10-02 Price Changed — MRED as Distributed by MLS Grid
• 2018-09-25 Price Changed — MRED as Distributed by MLS Grid
• 2018-09-14 Listed — MRED as Distributed by MLS Grid
• 2017-10-19 Sold (Public Records) $228,500 Public Records
• 2017-09-25 Sold (MLS) $228,500 MRED as Distributed by MLS Grid
• 2017-08-30 Contingent — MRED as Distributed by MLS Grid
• 2017-08-16 Price Changed $229,900 MRED as Distributed by MLS Grid
• 2017-07-25 Price Changed $239,900 MRED as Distributed by MLS Grid
• 2017-07-07 Listed $248,900 MRED as Distributed by MLS Grid
• 2017-06-30 Listing Removed — MRED as Distributed by MLS Grid
• 2017-06-15 Price Changed — MRED as Distributed by MLS Grid
• 2017-06-15 Listed — MRED as Distributed by MLS Grid
• 2017-06-14 Listing Removed — MRED as Distributed by MLS Grid
• 2017-05-29 Listed — MRED as Distributed by MLS Grid
• 2017-05-29 Listing Removed — MRED as Distributed by MLS Grid
• 2017-04-11 Listed — MRED as Distributed by MLS Grid
• 2007-12-04 Listing Removed — MRED as Distributed by MLS Grid
• 2007-08-29 Listed — MRED as Distributed by MLS Grid
• 2007-08-22 Listing Removed — MRED as Distributed by MLS Grid
• 2007-04-21 Listed — MRED as Distributed by MLS Grid
• 2007-03-26 Listing Removed — MRED as Distributed by MLS Grid
• 2006-12-19 Listed — MRED as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2024): $7,485 · +4.6% YoY. Source: county tax records.