1919 16th St · North Chicago, IL 60064

$250,000

4 bd · 2.0 ba · 1,539 sqft · MultiFamily public records · 125 Days on market

Built 1922 6,098 sqft lot

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Why this score? — see what drove the B- 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 +27.5/30.0
• DSCR +9.6/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Appreciation +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great Investment Opportunity! Solid, income-producing two-unit building with separate entrances. Each unit offers 2 bedrooms and 1 bathroom and is currently rented at $1,300 per month. Finished basement includes 2 bedrooms, 1 bathroom, and a separate entrance, offering additional living space and value-add potential. Property features 6 exterior parking spaces. Don't miss this fantastic opportunity to own a strong cash-flowing property at an attractive price! Laminate flooring throughout the entire house except the kitchen and bathrooms which have tiles. Sold "As-Is". Owner will not do any repairs.

Key facts

• Two-unit building
• Laminate flooring
• Finished basement

Tags

• TWO-UNIT BUILDING
• SEPARATE ENTRANCES
• FINISHED BASEMENT
• ADDITIONAL LIVING SPACE
• EXTERIOR PARKING SPACES
• LAMINATE FLOORING

🏷️ Possibly a rental listed for sale. The $250,000 price doesn't fit this home's estimated sale value (~$515,277) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $738 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 4.7% in North Chicago — 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 81/100 on livability (#95 in IL, #1,536 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• North Chicago SD 187 (suburban): math 8% / reading 13% proficiency, ranked #574 of 620 in IL (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 25 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.6%/yr); year-one equity from $2k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-1.6% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $138k; list at $250k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $220,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 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 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.39% ✓
• Cap rate: 9.83%
• Cash-on-cash: 12.65%
• DSCR: 1.56
• GRM: 6.0

CMA / ARV

• ARV (median comp): $515,277
• List price: $250,000
• Delta: -51.48%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-1.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.2%
• Equity multiple: 1.31×
• Total profit: $21,613
• Equity at exit: $53,141

10-year hold

• IRR: 14.4%
• Equity multiple: 2.34×
• Total profit: $93,798
• Equity at exit: $49,871

Cash invested: $70,000 (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 60064

• Home prices YoY: -0.7%
• Active inventory: 25
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $3,469 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$588 /mo · $7,051/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$728
• Net cashflow: $738

Break-even live

Break-even rent $2,535

Max offer price $250,000

Occupancy floor 74%

Sensitivity live

Price	-10% $879	-5% $809	+0% $738	+5% $667	+10% $596
Rent	-10% $464	-5% $601	+0% $738	+5% $875	+10% $1,012
Rate	-1.0pp $864	-0.5pp $801	base $738	+0.5pp $673	+1.0pp $607

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,470
Total (2 units)			$3,469

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2404 Pearsall Pkwy Waukegan, IL	4.0	2.0	2000	$4,300	$2.15	0d	1	1.05mi
2506 24th Pl North Chicago, IL	3.0	1.0	1350	$1,825	$1.35	0d	1	1.09mi
708 Keller Ave Waukegan, IL	4.0	2.0	1800	$4,500	$2.50	0d	1	1.18mi

Listing history 25 events

1. 2026-06-21
   days on market $250,000 Active 125 DOM
2. 2026-06-18
   price $250,000 Active 122 DOM
3. 2026-06-18
   days on market $260,000 Active 122 DOM
4. 2026-06-17
   days on market $260,000 Active 121 DOM
5. 2026-06-16
   days on market $260,000 Active 120 DOM
6. 2026-06-15
   days on market $260,000 Active 119 DOM
7. 2026-06-13
   days on market $260,000 Active 117 DOM
8. 2026-06-13
   days on market $260,000 Active 116 DOM
9. 2026-06-09
   days on market $260,000 Active 113 DOM
10. 2026-06-08
    days on market $260,000 Active 112 DOM
11. 2026-06-07
    days on market $260,000 Active 111 DOM
12. 2026-06-04
    days on market $260,000 Active 108 DOM
13. 2026-06-03
    days on market $260,000 Active 107 DOM
14. 2026-06-02
    days on market $260,000 Active 106 DOM
15. 2026-06-01
    days on market $260,000 Active 105 DOM
16. 2026-05-31
    days on market $260,000 Active 104 DOM
17. 2026-02-16
    listed $260,000 Active 617-char remark

    Show marketing remark (617 chars)

    Great Investment Opportunity! Solid, income-producing two-unit building with separate entrances. Each unit offers 2 bedrooms and 1 bathroom and is currently rented at $1,300 per month. Finished basement includes 2 bedrooms, 1 bathroom, and a separate entrance, offering additional living space and value-add potential. Property features 6 exterior parking spaces. Don't miss this fantastic opportunity to own a strong cash-flowing property at an attractive price! Laminate flooring throughout the entire house except the kitchen and bathrooms which have tiles. Sold "As-Is". Owner will not do any repairs.

18. 2025-01-08
    historical
19. 2024-11-25
    price
20. 2024-08-19
    listed Active
21. 2022-11-07
    soldstatus $138,000 Closed
22. 2022-10-03
    historical Contingent - Continue to Show
23. 2022-09-27
    listed $135,000 Active
24. 1994-02-04
    soldstatus $66,000
25. 1983-08-01
    soldstatus $35,000

ⓘ 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: $7,051 · $588/mo
• Projected year-2 tax: $7,051 · $588/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 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: $41,628
• − Mortgage interest: −$14,004
• − Property taxes: −$7,051
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,330
• − Management: −$3,330
• − Depreciation: −$7,273
• Taxable income: $5,390
• Est. tax owed @ 24.0%: −$1,294
• After-tax cash flow: $7,560/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: North Chicago SD 187
• NCES district ID: 1700110
• Math proficiency: 8% ▼ -4.00%
• Reading proficiency: 13% ▼ -4.00%
• Median HH income: $39,812
• Composite: 9.05/100
• National rank: #9873
• State rank: #574 of 620 in IL

Livability — North Chicago

• Score: 81/100
• State rank: #95
• US rank: #1536

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Chicago, IL
• City population: 29,316
• Population (ZIP): 15,047

Population outlook (Lake County) Hauer SSP2

• Today (2025): 700,217 people
• By 2030: 693,290 · -1.0%
• By 2040: 673,588 · -3.8%
• By 2050: 643,556 · -8.1%
• By 2075: 562,792 · -19.6%
• By 2100: 457,715 · -34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 54% Black 30% Two or more races 19% White 11% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 47% Puerto Rican 2%
• Common ancestry: Romanian 1% British 1% American 1%
• Foreign-born: 27% · Canada
• Languages at home: 51% English-only · Spanish 47% Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: Strong D (+20.8) · D 59.7% · R 38.9% · Other 1.4%
• 2008→2024 swing: +1.1pp toward D · 2008: 19.6pp · 2024: 20.8pp
• All cycles: 2024: D+20.8 2020: D+24.1 2016: D+20.3 2012: D+8.1 2008: D+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.61%
• Current HPI: 233.6178
• Rent YoY: —
• Metro: —
• 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

+642.9% since first listed

9 events — show timeline

• 2026-02-16 Listed $260,000 MRED as Distributed by MLS Grid
• 2025-01-08 Listing Removed — MRED as Distributed by MLS Grid
• 2024-11-25 Price Changed — MRED as Distributed by MLS Grid
• 2024-08-19 Listed — MRED as Distributed by MLS Grid
• 2022-11-07 Sold (MLS) $138,000 MRED as Distributed by MLS Grid
• 2022-10-03 Contingent — MRED as Distributed by MLS Grid
• 2022-09-27 Listed $135,000 MRED as Distributed by MLS Grid
• 1994-02-04 Sold (Public Records) $66,000 Public Records
• 1983-08-01 Sold (Public Records) $35,000 Public Records

Property tax history

+4.1%/yr

Latest (2024): $7,051 · +4.6% YoY. Source: county tax records.