924 S Lake Ct #105

Westmont, IL 60559

$200,000D

3 bd · 2.0 ba · 1,166 sqft · Built 1975 · Condo · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,309/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$361
• HOA: −$450
• Vac / Maint / Mgmt: −$485
• Net cashflow: $-36/mo
• Annual: $-429/yr
• Cap rate: 6.08%
• Cash-on-cash: -0.77%
• DSCR: 0.97
• 1% rule: 1.15%
• Cash to close: $56,000

Investor read

• This is a 3-bed/2.0-bath condo listed at $200k.
• At list price, monthly cash flow is $-36 ($-429/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (3.2% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $194k (3.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#56 in IL, #1,025 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living C-, amenities D+.
• Chsd 99 (suburban): math 46% / reading 46% proficiency, ranked #66 of 620 in IL (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Holmes Elem School (503 students, 0% FRL); Westview Hills Middle School (math 47% / reading 50%, grade C-, #63 of 665 statewide, top 9%, 444 students, 0% FRL); Comm H S Dist 99 - North H S (math 53% / reading 52%, grade C-, #34 of 693 statewide, top 5%, 2,138 students, 0% FRL).
• Market conditions: Rents rising (+2.7%/yr); 16 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• 3 sale attempts since 17y 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 $123k; list at $200k implies a 63% gain — meaningful room to come down on a strong offer.
• This rent runs 30% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1975 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.