12620 S Alpine Dr #4

Alsip, IL 60803

$129,000C+

2 bd · 1.0 ba · 1,000 sqft · Built 1968 · Condo · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,920/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$275
• HOA: −$422
• Vac / Maint / Mgmt: −$403
• Net cashflow: $143/mo
• Annual: $1,721/yr
• Cap rate: 7.63%
• Cash-on-cash: 4.77%
• DSCR: 1.21
• 1% rule: 1.49%
• Cash to close: $36,120

Investor read

• This is a 2-bed/1.0-bath condo listed at $129k.
• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• It's been on market 67 days — a 6% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#166 in IL, #3,042 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety C-, crime D+, amenities D+.
• Chsd 218 (suburban): math 14% / reading 20% proficiency, ranked #454 of 620 in IL (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hazelgreen Elem School (math 8% / reading 27%, grade F, #1,136 of 2,056 statewide, top 55%, 274 students, 0% FRL); Prairie Jr High School (math 14% / reading 35%, grade F, #332 of 665 statewide, top 55%, 336 students, 0% FRL); Dd Eisenhower High Sch (Campus) (math 10% / reading 13%, grade F, #520 of 693 statewide, top 75%, 1,841 students, 0% FRL).
• Watch-outs: HOA is 22% of rent.
• Market conditions: 47 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 12 sale attempts since 18y ago; this cycle's ask has dropped $16k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $29k; list at $129k implies a 345% gain — meaningful room to come down on a strong offer.
• Cap rate 7.6% vs local median 3.5% in Alsip — 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.
• This rent runs 34% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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?