Bowman Plan

Bolingbrook, IL 60490

$438,990F

3 bd · 2.5 ba · 1,883 sqft · Built — · Townhouse · Active · 949 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,613/mo
• Mortgage (P&I): −$2,578
• Tax + insurance: −$819
• HOA: −$0
• Vac / Maint / Mgmt: −$759
• Net cashflow: $-543/mo
• Annual: $-6,522/yr
• Cap rate: 4.97%
• Cash-on-cash: -4.74%
• DSCR: 0.79
• 1% rule: 0.73%
• Cash to close: $137,663

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $439k. Condition is rated excellent.
• At list price, monthly cash flow is $-543 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $413k (5.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $361k (17.7% below list).
• It's been on market 949 days — a 12% lower offer ($386k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $361k (17.7% 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 $15k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#199 in IL, #3,692 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: schools D+, amenities F, health & safety F.
• 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.
• Market conditions: 68 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.

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?
• It's been on market 949 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• 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?
• 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.