15818 Terrace Dr Unit R3 · Oak Forest, IL 60452

$145,700

2 bd · 1.0 ba · 1,000 sqft · Condo · 153 Days on market

Built 1975 $233/mo HOA · 12% of rent ↓ 8% since listing

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Why this score? — see what drove the C- 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 +18.7/30.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Newly updated 3rd floor penthouse unit! 2 bedroom, 1 bath condo with sun-filled south and southwest views (balcony faces southern views). Repainted interior, brand new carpeting and LPV flooring. Brand new range and dishwasher, fridge is a few years old. New lighting/ceiling fans and fixtures. The bathroom surround has new plumbing lines/tile surround and vanity top. Brand new AC wall unit. Units are not rentable. Additional storage in the building along with laundry. 2 parking spaces come with the unit, however not assigned.

Key facts

• Brand new range
• Lpv flooring
• Brand new dishwasher

Tags

• 3RD FLOOR PENTHOUSE UNIT
• SUN-FILLED SOUTH VIEWS
• BRAND NEW CARPETING
• LPV FLOORING
• BRAND NEW RANGE
• BRAND NEW DISHWASHER

Property features AI

Finance

• Financial info: Special service area: No
• HOA & community: Monthly association fee of $233; Association fee covers water, parking, insurance, clubhouse, pool, exterior maintenance, lawn care, garbage (scavenger) and snow removal; Pets allowed (cats and dogs OK) with max pet weight around 20 lbs

Exterior

• Parking: Two parking spaces (unassigned/other)
• Utilities: Public water; Public sewer; Electric service with circuit breakers
• Home design: Attached single (condo); Condo ownership; Entry level is the 3rd floor; Building contains six units; Built approximately 51–60 years ago; Originally built before 1978
• Construction: Brick construction
• Exterior features: Common lot / shared grounds

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bedrooms: Two bedrooms (both on the third level); Master bedroom on the third level
• Flooring: Carpet in living areas and bedrooms; Wood laminate flooring in the kitchen
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating; Wall cooling unit(s)
• Interior features: Five total rooms
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $146k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 4.5% in Oak Forest — 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.

Location & tenants

• Location reads 85/100 on livability (#28 in IL, #501 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: schools C-, amenities F.
• Bremen Chsd 228 (suburban): math 15% / reading 17% proficiency, ranked #468 of 620 in IL (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 50 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 153 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $19k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $128,216 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 7.48%
• Cash-on-cash: 4.26%
• DSCR: 1.19
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.5%
• Equity multiple: 0.65×
• Total profit: $-14,170
• Equity at exit: $21,724

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $441
• Equity at exit: $12,597

Cash invested: $40,796 (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 60452

• Active inventory: 50
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,865 high
• Mortgage (P&I): −$764
• Tax from tax record: −$271 /mo · $3,247/yr
• Insurance: −$61
• HOA: −$233
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $145

Break-even live

Break-even rent $1,681

Max offer price $145,700

Occupancy floor 87%

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: $36,425
• Closing costs: $4,371
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15737 Thomas Ln Oak Forest, IL	2.0	1.0	1000	$1,595	$1.59	24d	1	0.12mi
15700 Reynolds Ln Unit 1 Oak Forest, IL	2.0	1.0	900	$1,900	$2.11	4d	1	0.21mi
5724 Edward Dr Oak Forest, IL	3.0	2.0	1008	$2,741	$2.72	1d	1	0.49mi
5119W 159th St Unit 3SE Oak Forest, IL	2.0	2.0	1300	$2,250	$1.73	24d	1	1.05mi
16703 Lakewood Dr Tinley Park, IL	1.0–2.0	1.0–2.0	972	$1,505	$1.55	2d	1	1.11mi
5910 Lake Bluff Dr Tinley Park, IL	1.0	1.0	956	$1,775	$1.86	2d	1	1.26mi
4800 157th St Oak Forest, IL	2.0	2.0	1031	$2,660	$2.58	1d	1	1.46mi
4800 W 157th St Oak Forest, IL	1.0–2.0	1.0–2.0	1151	$2,660	$2.31	1d	3	1.46mi
14700 Central Ave Oak Forest, IL	1.0–2.0	1.0	775	$1,605	$2.07	24d	6	1.47mi

HOA detail condo

• Monthly dues: $233 · $2,796/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $145,700 Active 153 DOM
2. 2026-06-17
   price $145,700 Active 152 DOM
3. 2026-06-17
   days on market $152,000 Active 152 DOM
4. 2026-06-16
   days on market $152,000 Active 151 DOM
5. 2026-06-15
   days on market $152,000 Active 150 DOM
6. 2026-06-13
   days on market $152,000 Active 148 DOM
7. 2026-06-09
   days on market $152,000 Active 144 DOM
8. 2026-06-08
   days on market $152,000 Active 143 DOM
9. 2026-06-07
   days on market $152,000 Active 142 DOM
10. 2026-06-04
    days on market $152,000 Active 139 DOM
11. 2026-06-03
    days on market $152,000 Active 138 DOM
12. 2026-06-02
    days on market $152,000 Active 137 DOM
13. 2026-06-02
    price $152,000 Active 136 DOM
14. 2026-06-01
    days on market $152,500 Active 136 DOM
15. 2026-05-31
    days on market $152,500 Active 135 DOM
16. 2026-05-04
    price $152,500
17. 2026-04-30
    status Active
18. 2026-04-22
    historical Contingent - No Showings
19. 2026-03-28
    price $154,900
20. 2026-02-23
    price $159,900
21. 2026-01-16
    listed $164,900 Active

ⓘ 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: $3,247 · $271/mo
• Projected year-2 tax: $3,277 · $273/mo
• Expected delta: +$30/yr (+$3/mo · 0.9%)

ⓘ 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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,375
• − Mortgage interest: −$8,161
• − Property taxes: −$3,247
• − Insurance: −$728
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − HOA: −$2,796
• − Depreciation: −$4,239
• Taxable loss: −$377
• Est. tax savings @ 24.0%: +$90
• After-tax cash flow: $1,826/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: Bremen Chsd 228
• NCES district ID: 1707050
• Math proficiency: 15% ▼ -4.00%
• Reading proficiency: 17% ▼ -5.00%
• Median HH income: $57,625
• Composite: 15.32/100
• National rank: #9327
• State rank: #468 of 620 in IL

Livability — Oak Forest

• Score: 85/100
• State rank: #28
• US rank: #501

Category grades

Amenities F Commute A+ Cost of living A- Crime A+ Employment A+ Housing A+ Health & safety C+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oak Forest, IL
• County: Cook County · 4,486,803 people
• City population: 26,739
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 26,739
• Household income: $93,076
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 299.0

Population outlook (Cook County) Hauer SSP2

• Today (2025): 5,347,519 people
• By 2030: 5,357,703 · +0.2%
• By 2040: 5,324,924 · -0.4%
• By 2050: 5,230,762 · -2.2%
• By 2075: 4,785,735 · -10.5%
• By 2100: 4,188,836 · -21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 18% Two or more races 10% Black 8% Asian 6%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Romanian 13% Iranian 1% Lithuanian 1%
• Foreign-born: 14% · Canada, Dominican Republic, China
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 4% Arabic 2%

Political lean MEDSL · Cook

• 2024 margin: Solid D (+42.0) · D 70.4% · R 28.4% · Other 1.2%
• 2008→2024 swing: -11.4pp toward R · 2008: 53.4pp · 2024: 42.0pp
• All cycles: 2024: D+42.0 2020: D+50.3 2016: D+53.0 2012: D+49.4 2008: D+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -228.62%
• Current HPI: 205.0118
• Rent YoY: —
• 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

-7.5% since first listed

6 events — show timeline

• 2026-05-04 Price Changed $152,500 MRED as Distributed by MLS Grid
• 2026-04-30 Relisted — MRED as Distributed by MLS Grid
• 2026-04-22 Contingent — MRED as Distributed by MLS Grid
• 2026-03-28 Price Changed $154,900 MRED as Distributed by MLS Grid
• 2026-02-23 Price Changed $159,900 MRED as Distributed by MLS Grid
• 2026-01-16 Listed $164,900 MRED as Distributed by MLS Grid

Property tax history

+8.0%/yr

Latest (2023): $3,247 · +2.7% YoY. Source: county tax records.