7508 Cedar Dr · Wonder Lake, IL 60097

$340,000

3 bd · 3.5 ba · 2,168 sqft · SingleFamily public records · 8 Days on market

Built 1937 0.29 ac lot Est $334k · at est. $16/mo HOA

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Why this score? — see what drove the D+ 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 +20.4/30.0
• ARV discount +6.7/15.0
• DSCR +6.5/10.0
• 1% rule +5.1/10.0
• Livability +3.5/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

What a Deal!!! Hugh Kit,All Appl. Porch & Fla.Rm.could make a great 1st Fl.Fam.Rm. Firepl.in Liv.Rm.Fin.Basement W/full bath Dorm Like 2nd Fl.Bed.Could sleep 6. 3 blocks from water ~could be In-Law. 2-1 car garages,NOTE:$3,000 to buyer for closing costs. So much room & land for under $200. Painted, some new carp.,quick close,Hm.Warr. 1st.Fl.Laundry,etc.

Key facts

• Corian counters
• Circular drive
• Gas fireplace

Tags

• CIRCULAR DRIVE
• GAS FIREPLACE
• HUGE KITCHEN
• CORIAN COUNTERS
• LARGE ISLAND
• WALK-IN PANTRY

Property features AI

Finance

• Other: Property not currently leased; Not rebuilt or rehabbed; Located in the Wonder Center subdivision; unincorporated McHenry township
• Financial info: Special service area present
• HOA & community: Homeowners association fee $186 annually (includes lake rights); Community features include park, lake access, water rights and paved streets

Exterior

• Parking: Attached and detached garage spaces (total 2.5; includes owned garage with garage door opener); Circular concrete driveway
• Security: Carbon monoxide detectors
• Utilities: Well water; Septic tank sewer; Electric with circuit breakers
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership with homeowners association; Built circa 81–90 years ago; School bus service available
• Construction: Cedar construction; Asphalt roof; Concrete perimeter foundation
• Exterior features: Above-ground pool; Patio; Outdoor grill; Fenced yard; Landscaped lot (approx. 125 x 100)

Interior

• Kitchen: Kitchen with island, breakfast bar and table space; Walk-in pantry; Solid surface counters; Range, dishwasher, refrigerator
• Bedrooms: Three bedrooms (master bedroom on main level; one bedroom on second level; another bedroom on main level)
• Flooring: Carpet in bedrooms, living room and family room; Vinyl in kitchen, dining room, pantry and laundry; Ceramic tile in foyer and office
• Bathrooms: Three full bathrooms and one half bathroom; Basement includes a bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning; CO detectors; Circuit breaker electrical system
• Interior features: First-floor bedroom and full bath; Finished partial basement; Screens on windows; One fireplace with gas log in the living room; Nine total rooms
• Laundry & utility: Main-level laundry in unit; Washer and dryer; Water softener (owned); Sump pump

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath single-family listed at $340k.

Deal economics

• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $340k).
• Cap rate 7.8% vs local median 3.5% in Wonder Lake — 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.

Location & tenants

• Location reads 69/100 on livability (#403 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools F, amenities F, commute F.
• Mchenry Chsd 156 (suburban): math 27% / reading 30% proficiency, ranked #244 of 620 in IL (top 39%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 126 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,595 units permitted in McHenry County in 2024 (485 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• McHenry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $194k; list at $340k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $340,000

Questions for the listing agent

1. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.01% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.53%
• DSCR: 1.25
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $333,872
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4204 East Dr	0.17mi	3/2.5	2,271 (+5%)	9mo	$325,000	$143	73
7118 Seminole Dr	0.50mi	3/2.0	2,141 (-1%)	2mo	$218,000	$102	67
4520 W Shore Dr	0.55mi	3/2.5	2,050 (-5%)	2mo	$421,000	$205	60
4208 E Lake Shore Dr	0.18mi	3/2.0	1,842 (-15%)	7mo	$260,000	$141	55
4804 Winnebago Dr	0.47mi	4/2.0 (+1)	1,976 (-9%)	15mo	$304,000	$154	40
7403 Beach Ct	0.45mi	3/3.0	1,876 (-14%)	18mo	$399,500	$213	39
7711 Island Ln	0.50mi	3/2.0	1,976 (-9%)	21mo	$520,000	$263	38
7724 Cedar Rd	0.58mi	2/2.5 (-1)	1,960 (-10%)	12mo	$314,900	$161	38
7218 Delaware Rd	0.48mi	3/2.0	1,858 (-14%)	15mo	$173,000	$93	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-27,130
• Equity at exit: $50,695

10-year hold

• IRR: 1.8%
• Equity multiple: 1.13×
• Total profit: $12,393
• Equity at exit: $29,397

Cash invested: $95,200 (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 60097

• Home prices YoY: -34.1%
• Active inventory: 126
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $3,429 medium
• Mortgage (P&I): −$1,783
• Tax from tax record: −$329 /mo · $3,947/yr
• Insurance: −$142
• HOA: −$16
• Vacancy / Maint / Mgmt: −$720
• Net cashflow: $439

Break-even live

Break-even rent $2,873

Max offer price $340,000

Occupancy floor 82%

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3916 E Lake Shore Dr Wonder Lake, IL	3.0	2.0	1920	$2,150	$1.12	24d	1	0.45mi
4612 W Lake Shore Dr Unit 1560829P Wonder Lake, IL	4.0	3.0	2583	$6,055	$2.34	5d	1	0.52mi
8533 Stillwater Rd Wonder Lake, IL	3.0	2.5	1760	$2,425	$1.38	1d	1	1.11mi
5412 E Wonder Lake Rd Wonder Lake, IL	4.0	2.0	1868	$2,100	$1.12	20d	1	1.16mi

HOA detail

• Monthly dues: $16 · $192/yr
• Likely covers: water

Listing history 7 events

1. 2026-06-18
   days on market $340,000 Active 8 DOM
2. 2026-06-17
   days on market $340,000 Active 7 DOM
3. 2026-06-16
   days on market $340,000 Active 6 DOM
4. 2026-06-15
   days on market $340,000 Active 5 DOM
5. 2026-06-13
   days on market $340,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $340,000 Active 2 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: $3,947 · $329/mo
• Projected year-2 tax: $5,832 · $486/mo
• Expected delta: +$1,886/yr (+$157/mo · 47.8%)

ⓘ 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 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,143
• − Mortgage interest: −$19,045
• − Property taxes: −$3,947
• − Insurance: −$1,700
• − Repairs & maintenance: −$3,291
• − Management: −$3,291
• − HOA: −$192
• − Depreciation: −$9,891
• Taxable loss: −$215
• Est. tax savings @ 24.0%: +$52
• After-tax cash flow: $5,320/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: Mchenry Chsd 156
• NCES district ID: 1725320
• Math proficiency: 27% ▼ -7.00%
• Reading proficiency: 30% ▼ -7.00%
• Median HH income: $66,681
• Composite: 26.55/100
• National rank: #7188
• State rank: #244 of 620 in IL

Livability — Wonder Lake

• Score: 69/100
• State rank: #403
• US rank: #8372

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 11,481
• Population (ZIP): 11,481

Population outlook (McHenry County) Hauer SSP2

• Today (2025): 305,342 people
• By 2030: 301,491 · -1.3%
• By 2040: 288,211 · -5.6%
• By 2050: 268,430 · -12.1%
• By 2075: 226,209 · -25.9%
• By 2100: 181,247 · -40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 21% Two or more races 13%
• Hispanic origin (detail): Mexican 18% Puerto Rican 1%
• Common ancestry: Romanian 10% Portuguese 4% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 88% English-only · Spanish 11% Other Indo-European 1%

Political lean MEDSL · McHenry

• 2024 margin: Lean R (+5.3) · D 46.6% · R 51.9% · Other 1.5%
• 2008→2024 swing: -10.6pp toward R · 2008: 5.3pp · 2024: -5.3pp
• All cycles: 2024: R+5.3 2020: R+2.5 2016: R+8.1 2012: R+8.8 2008: D+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -117.25%
• Current HPI: 226.1109
• Rent YoY: —
• Metro: —
• 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

+103.6% since first listed

6 events — show timeline

• 2026-06-10 Listed $340,000 MRED as Distributed by MLS Grid
• 2007-01-24 Sold (Public Records) $194,000 Public Records
• 2007-01-12 Sold (MLS) $194,000 MRED as Distributed by MLS Grid
• 2006-12-07 Listing Removed — MRED as Distributed by MLS Grid
• 2006-11-03 Listed $197,000 MRED as Distributed by MLS Grid
• 2003-06-18 Sold (Public Records) $167,000 Public Records

Property tax history

+0.0%/yr

Latest (2024): $3,947 · +5.8% YoY. Source: county tax records.