9312 S Kolmar Ave

Oak Lawn, IL 60453

$322,500B

7 bd · 3.5 ba · 2,884 sqft · Built 1977 · MultiFamily · Pending · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,074/mo
• Mortgage (P&I): −$1,691
• Tax + insurance: −$1,044
• HOA: −$0
• Vac / Maint / Mgmt: −$1,066
• Net cashflow: $1,273/mo
• Annual: $15,280/yr
• Cap rate: 11.03%
• Cash-on-cash: 16.92%
• DSCR: 1.75
• 1% rule: 1.57%
• Cash to close: $90,300

Investor read

• This is a 2 × 8.0-bed/3.5-bath units multifamily listed at $322k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $637/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $322k).
• It's been on market 22 days — a 2% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $318k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#102 in IL, #1,614 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, employment A-.
• Oak Lawn Chsd 229 (suburban): math 22% / reading 21% proficiency, ranked #384 of 620 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 3.4% of price.
• Market conditions: Rents rising fast (+8.2%/yr); 188 active listings in the ZIP; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 4 sale attempts since 18y 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $90k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.0% vs local median 4.4% in Oak Lawn — 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.
• At $5,074/mo this rent would consume 73% of the median local household income ($84k/yr) (locally 827% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.