2317 Gray Hawk Dr · Joliet, IL 60586

$390,000

4 bd · 1.0 ba · 2,160 sqft · SingleFamily public records · 1 Days on market

Built 2002 10,800 sqft lot Est $400k · at est. $15/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 +10.3/30.0
• ARV discount +8.6/15.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• Rent growth +3.6/5.0
• DSCR +2.9/10.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Get ready to fall in love! Beautiful hardwood floors, soaring vaulted ceilings, and loads of natural light make this one extra special! This charming home was expanded beyond the builder's standard floorplan, and the result is roomy, sunny, and wonderfully functional! LR with oversized window is the perfect spot to relax and unwind. Incredible kitchen with tons of storage, island, and updated oven, dishwasher, fridge, and convection oven microwave! Upstairs you'll find three spacious, sunny bedrooms and full bath. The finished lower level offers a fantastic family room/rec room and a 4th BR/full BA-perfect for guests, a teen retreat, a home office, or whatever fits your lifestyle. Need stor

Key facts

• Oversized window
• Natural light
• Expanded floorplan

Tags

• HARDWOOD FLOORS
• VAULTED CEILINGS
• NATURAL LIGHT
• EXPANDED FLOORPLAN
• OVERSIZED WINDOW
• KITCHEN STORAGE

Property features AI

Finance

• Other: School bus service available; Directions: Drauden (S) of Caton Farm to Summit Train (E) to Gray Hawk (N)
• HOA & community: Annual association fee of $180 (includes insurance); No master association fee required; Community features include park

Exterior

• Parking: Attached garage on asphalt driveway; 2 garage spaces (2 total parking spaces)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; Approximately 21–25 years old
• Construction: Vinyl siding; Approximately 2,160 finished living area (assessor); Total finished/unfinshed area listed; Unfinished lower level space
• Exterior features: Park nearby; Curbs and sidewalks; Street lights; Paved streets; Lot dimensions approximately 90 x 120

Interior

• Kitchen: Updated kitchen with island and pantry; Eating area / table space; Range; Microwave; Dishwasher; Refrigerator; Stainless steel appliances
• Bedrooms: Master bedroom on second level (12 x 17) with window treatments; Bedroom 2 on second level (10 x 14) with window treatments; Bedroom 3 on second level (10 x 17) with window treatments; Bedroom 4 on lower level (11 x 12) with window treatments
• Flooring: Hardwood in main living areas; Carpet in several bedrooms and family room; Luxury vinyl in lower-level bedroom; Laminate / wood flooring present
• Bathrooms: 2 full bathrooms; Bathroom(s) located in basement
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Open floorplan; Skylights; Drapes; Partially finished full basement with sub-basement
• Laundry & utility: Laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $390k.

Deal economics

• At list price, monthly cash flow is $-216 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $352k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $335k (14.0% below list).
• Recommended offer: $335k (14.0% below list) — sets the bar for 1% rule.

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: Ridge Elementary School (math 17% / reading 28%, grade F, #934 of 2,056 statewide, top 46%, 501 students, 0% FRL); Drauden Point Middle School (math 17% / reading 29%, grade F, #377 of 665 statewide, top 58%, 688 students, 0% FRL); Plainfield South High School (math 21% / reading 25%, grade F, #312 of 693 statewide, top 46%, 2,411 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 (+4.3%/yr); 111 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).
• This rent runs 31% of the median local income ($132k/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 $3k of loan paydown is wiped out by about $12k 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.

Recommended offer $335,472 (14.0% 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. 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: 0.86% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.37%
• DSCR: 0.89
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $399,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2302 Red Hawk Dr	0.22mi	4/2.0	2,082 (-4%)	2mo	$360,000	$173	78
2008 Gray Hawk Ct	0.40mi	4/2.0	2,067 (-4%)	1mo	$382,000	$185	69
2109 Gray Hawk Dr	0.30mi	3/1.5 (-1)	2,039 (-6%)	8mo	$335,000	$164	63
2045 Winding Lakes Dr	0.52mi	4/2.5	2,219 (+3%)	5mo	$399,900	$180	61
2710 Telluride Ct	0.61mi	4/3.0	2,072 (-4%)	0mo	$398,000	$192	56
5618 Cider Grove Ct	0.52mi	3/2.5 (-1)	2,044 (-5%)	0mo	$380,000	$186	56
2110 Wynham Lakes Ct	0.47mi	3/2.0 (-1)	1,968 (-9%)	1mo	$385,000	$196	53
2117 Wesmere Lakes Dr	0.52mi	4/2.5	1,920 (-11%)	1mo	$395,000	$206	50
6304 Southridge Dr	0.53mi	4/2.5	2,364 (+9%)	6mo	$387,500	$164	49
2004 Chestnut Grove Dr	0.64mi	5/2.5 (+1)	2,309 (+7%)	7mo	$395,000	$171	41
2108 Brookshire Estates Ct	0.75mi	4/2.5	2,400 (+11%)	5mo	$393,000	$164	37
1905 Chestnut Grove Dr	0.75mi	3/2.5 (-1)	1,841 (-15%)	3mo	$360,000	$196	27

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 · 4.29% rent growth · sell at horizon

5-year hold

• IRR: -18.7%
• Equity multiple: 0.34×
• Total profit: $-72,392
• Equity at exit: $58,150

10-year hold

• IRR: -8.5%
• Equity multiple: 0.44×
• Total profit: $-61,545
• Equity at exit: $33,720

Cash invested: $109,200 (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 60586

• Home prices YoY: -33.7%
• Rents YoY: 4.3%
• Active inventory: 111
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $3,355 high
• Mortgage (P&I): −$2,045
• Tax from tax record: −$644 /mo · $7,723/yr
• Insurance: −$162
• HOA: −$15
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $-216

Break-even live

Break-even rent $3,628

Max offer price $351,833

Occupancy floor —

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: $97,500
• Closing costs: $11,700
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2005 Alpine Way Plainfield, IL	3.0	2.5	2359	$3,299	$1.40	3d	1	0.37mi
2002 Alpine Way Plainfield, IL	3.0	2.5	2359	$2,600	$1.10	21d	1	0.42mi
5440 Sugarloaf Ct Plainfield, IL	3.0	2.5	1684	$2,595	$1.54	44d	1	0.71mi
2513 Ruth Fitzgerald Dr Plainfield, IL	4.0	2.0	2394	$3,129	$1.31	3d	1	0.79mi
2808 River Bend Ln Plainfield, IL	3.0	2.5	1748	$2,800	$1.60	44d	1	0.79mi
5106 Turnberry Ct Plainfield, IL	4.0	3.5	2386	$3,200	$1.34	44d	1	0.97mi
2914 Frank Turk Dr Plainfield, IL	4.0	2.0	1792	$2,800	$1.56	44d	1	1.07mi
2042 Legacy Pointe Blvd Plainfield, IL	4.0	2.5	2900	$3,700	$1.28	44d	1	1.10mi
6802 Daly Ln Plainfield, IL	4.0	2.5	2356	$3,400	$1.44	18d	1	1.21mi
1715 Chestnut Hill Rd Plainfield, IL	4.0	2.5	2478	$3,400	$1.37	25d	1	1.25mi
6906 Townsend Blvd Plainfield, IL	3.0	2.0	1528	$2,700	$1.77	19d	1	1.31mi
2105 Three Forks Dr Plainfield, IL	3.0	2.0	1528	$2,811	$1.84	1d	1	1.34mi
5117 Woodmere Ct Plainfield, IL	3.0	2.5	1728	$3,500	$2.03	3d	1	1.36mi
1812 Cumberland Dr Plainfield, IL	4.0	2.0	2506	$3,699	$1.48	1d	1	1.43mi
5103 Gardiner Glenn Dr Plainfield, IL	4.0	2.5	2400	$3,500	$1.46	25d	1	1.47mi

HOA detail

• Monthly dues: $15 · $180/yr

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $390,000 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: $7,723 · $644/mo
• Projected year-2 tax: $8,288 · $691/mo
• Expected delta: +$565/yr (+$47/mo · 7.3%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,257
• − Mortgage interest: −$21,846
• − Property taxes: −$7,723
• − Insurance: −$1,950
• − Repairs & maintenance: −$3,221
• − Management: −$3,221
• − HOA: −$180
• − Depreciation: −$11,345
• Taxable loss: −$9,229
• Est. tax savings @ 24.0%: +$2,215
• After-tax cash flow: $-378/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): 47,834
• Household income: $131,637
• Rent vs Own: 8.5% rent · 91.5% own
• Severe rent burden: 178.0

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 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 22% Two or more races 12% Black 11% Asian 4%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Romanian 11% Italian 2% Iranian 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 81% English-only · Spanish 12% Other Indo-European 3% Russian/Polish/Slavic 2%

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: ▼ -105.85%
• Current HPI: 208.2858
• Rent YoY: ▲ 4.29%
• 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

1 event — show timeline

• 2026-06-17 Listed $390,000 MRED as Distributed by MLS Grid

Property tax history

+2.4%/yr

Latest (2024): $7,723 · +4.5% YoY. Source: county tax records.