2815 Glenwood Lansing Rd #205

Lynwood, IL 60411

$117,000C-

2 bd · 1.0 ba · 888 sqft · Built 1979 · Condo · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,563/mo
• Mortgage (P&I): −$614
• Tax + insurance: −$226
• HOA: −$253
• Vac / Maint / Mgmt: −$328
• Net cashflow: $143/mo
• Annual: $1,711/yr
• Cap rate: 7.76%
• Cash-on-cash: 5.22%
• DSCR: 1.23
• 1% rule: 1.34%
• Cash to close: $32,760

Investor read

• This is a 2-bed/1.0-bath condo listed at $117k.
• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $117k).
• It's been on market 64 days — a 6% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $809 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#635 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: schools F, amenities F, commute F.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.5%/yr); 222 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 5 sale attempts since 14y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $117k implies a 80% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $33k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 7.8% vs local median 3.5% in Lynwood — 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 30% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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 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?
• 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.