1208 Waverly Dr #1208

Volo, IL 60020

$249,900D+

2 bd · 2.0 ba · 1,256 sqft · Built 2009 · Condo · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,778/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$416
• HOA: −$202
• Vac / Maint / Mgmt: −$583
• Net cashflow: $265/mo
• Annual: $3,184/yr
• Cap rate: 7.57%
• Cash-on-cash: 4.55%
• DSCR: 1.20
• 1% rule: 1.11%
• Cash to close: $69,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $250k.
• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#493 in IL) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: schools D+, amenities F, commute F.
• Grant Chsd 124 (suburban): math 23% / reading 27% proficiency, ranked #296 of 620 in IL (top 48%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 77 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 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 $125k; list at $250k implies a 100% gain — meaningful room to come down on a strong offer.
• Cap rate 7.6% vs local median 5.0% in Volo — 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.

Questions for listing agent

• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.