2131 N 76th Ct

Elmwood Park, IL 60707

$298,000C-

3 bd · 1.5 ba · 1,557 sqft · Built 1929 · SingleFamily · Pending · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,122/mo
• Mortgage (P&I): −$1,563
• Tax + insurance: −$729
• HOA: −$0
• Vac / Maint / Mgmt: −$656
• Net cashflow: $175/mo
• Annual: $2,097/yr
• Cap rate: 7.00%
• Cash-on-cash: 2.51%
• DSCR: 1.11
• 1% rule: 1.05%
• Cash to close: $83,440

Investor read

• This is a 3-bed/1.5-bath single-family listed at $298k.
• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $298k).
• It's been on market 46 days — a 3% lower offer ($289k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $289k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#41 in IL, #865 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, crime A-; Watch: schools D+.
• Elmwood Park CUSD 401 (suburban): math 15% / reading 26% proficiency, ranked #403 of 620 in IL (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.2%/yr); 58 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 3 sale attempts since 8y ago; this cycle's ask has dropped $27k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $298k implies a 129% gain — meaningful room to come down on a strong offer.
• Cap rate 7.0% vs local median 4.4% in Elmwood Park — 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 44% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1929 — 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 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?
• 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.