154 E 22nd St · Chicago Heights, IL 60411

$175,000

6 bd · 2.0 ba · 1,936 sqft · Condo public records · 19 Days on market

Built 1906

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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 +27.1/30.0
• DSCR +9.4/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Great investment opportunity. This three unit building is fully rented. An investors dream, purchase and immediately start collecting rent. Building is well cared for. Buyer responsible for all Chicago Heights inspection and repairs. Sold as is. No survey provided.

Key facts

• 6,200 sq ft lot
• Built 1906
• Listed 19 days

Property features AI

Finance

• Other: Three total units
• Financial info: Gross income approximately $36,000 per year; Total monthly income approximately $3,000; Gross rent multiplier 4.44; Annual taxes approximately $4,352; Reported expenses include water/sewer $1,440; electric $324; trash $1,092; insurance $1,400
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Circuit breaker electric service (101–200 amps)
• Home design: Mixed use property
• Construction: Built before 1978; Aluminum siding and brick exterior
• Exterior features: 25 x 124 lot dimensions; Zoned for multi use

Interior

• Kitchen: Two ranges
• Bedrooms:
• Flooring:
• Bathrooms:
• Heating & cooling: Gas heat; Window air conditioning unit
• Interior features: Corner property location
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 6.4% in Chicago Heights — 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 71/100 on livability (#339 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime F.
• Bloom Twp Hsd 206 (suburban): math 8% / reading 9% proficiency, ranked #591 of 620 in IL (top 95%) — 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; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $2,339/mo this rent would consume 45% of the median local household income ($62k/yr) (locally 1714% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $49k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.34% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.11%
• DSCR: 1.54
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.48% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.24×
• Total profit: $11,731
• Equity at exit: $26,093

10-year hold

• IRR: 18.4%
• Equity multiple: 2.81×
• Total profit: $88,628
• Equity at exit: $15,131

Cash invested: $49,000 (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 60411

• Home prices YoY: -33.9%
• Rents YoY: 6.5%
• Active inventory: 222
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,339 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$363 /mo · $4,352/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $494

Break-even live

Break-even rent $1,713

Max offer price $175,000

Occupancy floor 74%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   days on market $175,000 Active 19 DOM
2. 2026-06-17
   days on market $175,000 Active 18 DOM
3. 2026-06-16
   days on market $175,000 Active 17 DOM
4. 2026-06-15
   days on market $175,000 Active 16 DOM
5. 2026-06-13
   days on market $175,000 Active 14 DOM
6. 2026-06-13
   days on market $175,000 Active 13 DOM
7. 2026-06-09
   days on market $175,000 Active 10 DOM
8. 2026-06-08
   days on market $175,000 Active 9 DOM
9. 2026-06-07
   days on market $175,000 Active 8 DOM
10. 2026-06-04
    days on market $175,000 Active 5 DOM
11. 2026-06-03
    days on market $175,000 Active 4 DOM
12. 2026-06-02
    days on market $175,000 Active 3 DOM
13. 2026-06-01
    days on market $175,000 Active 2 DOM

ⓘ 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: $4,352 · $363/mo
• Projected year-2 tax: $4,352 · $363/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,067
• − Mortgage interest: −$9,803
• − Property taxes: −$4,352
• − Insurance: −$875
• − Repairs & maintenance: −$2,245
• − Management: −$2,245
• − Depreciation: −$5,091
• Taxable income: $3,455
• Est. tax owed @ 24.0%: −$829
• After-tax cash flow: $5,104/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: Bloom Twp Hsd 206
• NCES district ID: 1706420
• Math proficiency: 8% ▼ -3.00%
• Reading proficiency: 9% ▼ -8.00%
• Median HH income: $39,795
• Composite: 7.4/100
• National rank: #9952
• State rank: #591 of 620 in IL

Livability — Chicago Heights

• Score: 71/100
• State rank: #339
• US rank: #6836

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chicago Heights, IL
• County: Cook County · 4,486,803 people
• City population: 52,175
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 52,175
• Household income: $62,073
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 1714.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 49% Hispanic / Latino 26% White 19% Two or more races 11%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 4% Portuguese 1% Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 1% Other Indo-European 1%

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: ▼ -108.75%
• Current HPI: 212.4058
• Rent YoY: ▲ 6.48%
• 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

1 event — show timeline

• 2026-05-29 Listed $175,000 MRED as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2023): $4,352 · +20.1% YoY. Source: county tax records.