2317 Gray Hawk Dr

Joliet, IL 60586

$390,000D-

4 bd · 1.0 ba · 2,160 sqft · Built 2002 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,363/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$806
• HOA: −$15
• Vac / Maint / Mgmt: −$706
• Net cashflow: $-209/mo
• Annual: $-2,513/yr
• Cap rate: 5.65%
• Cash-on-cash: -2.30%
• DSCR: 0.90
• 1% rule: 0.86%
• Cash to close: $109,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $390k.
• At list price, monthly cash flow is $-209 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $353k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $336k (13.8% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $336k (13.8% below list) — sets the bar for 1% rule.
• 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.
• 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); 115 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• This rent runs 31% of the median local income ($132k/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?
• 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?
• 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?
• 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.