5330 S 73rd Ct

Summit, IL 60501

$575,000F

8 bd · 4.0 ba · — sqft · Built 1963 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,282/mo
• Mortgage (P&I): −$3,015
• Tax + insurance: −$958
• HOA: −$0
• Vac / Maint / Mgmt: −$689
• Net cashflow: $-1,381/mo
• Annual: $-16,571/yr
• Cap rate: 3.41%
• Cash-on-cash: -10.29%
• DSCR: 0.54
• 1% rule: 0.57%
• Cash to close: $161,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $575k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-17k/yr) — negative. Per door: $-690/mo.
• To cash-flow at today's rent, offer at most $375k (34.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $328k (42.9% below list).
• It's been on market 16 days — a 2% lower offer ($566k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $328k (42.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#250 in IL, #4,648 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, crime D.
• Argo Chsd 217 (suburban): math 20% / reading 20% proficiency, ranked #423 of 620 in IL (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 14 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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?