3821 Spring Lake Ct

Joliet, IL 60435

$279,900C-

4 bd · 2.5 ba · 2,286 sqft · Built 2006 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,791/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$740
• HOA: −$25
• Vac / Maint / Mgmt: −$586
• Net cashflow: $-29/mo
• Annual: $-343/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• 1% rule: 1.00%
• Cash to close: $78,372

Investor read

• This is a 4-bed/2.5-bath single-family listed at $280k.
• 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).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $275k (1.8% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: property tax is 2.7% of price.
• 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).
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• 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.
• This rent runs 44% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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?
• 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.