35397 N 1st Ave · Fox Lake, IL 60041

$294,000

3 bd · 1.0 ba · 1,158 sqft · SingleFamily public records · 51 Days on market

Built 1926 0.36 ac lot $254/sqft · 9% above area Est $270k · 9% over

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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 +25.7/30.0
• DSCR +8.6/10.0
• 1% rule +6.8/10.0
• Livability +3.7/5.0
• ARV discount +3.5/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful double lot surrounds this vintage Cape Cod that is ready to be updated/rehabbed. Lake rights are available through the voluntary HOA for $100/year which includes a key to the boat launch. There is a lottery for piers when one becomes available. 2nd floor bedrooms are tandem. The house appears to be solid and is on a poured concrete basement with a tuck-under 1+ car garage. Cash offers only, being sold as-is. Easy to show.

Key facts

• 3 season room
• Double lot
• Lake rights

Tags

• LAKE RIGHTS
• DOUBLE LOT
• 3 SEASON ROOM
• UPDATED KITCHEN
• EXPANSIVE OUTDOOR SPACE
• DIRECT ACCESS TO CHAIN O LAKES

Property features AI

Finance

• Other: School bus service and commuter train access
• HOA & community: Voluntary association fee of $100 (includes lake rights); Community features include park, street lights, and paved streets

Exterior

• Parking: Attached garage with garage door opener (1 garage space, 1 total parking space)
• Utilities: Well water; Septic tank; Electric with circuit breakers
• Home design: Detached single-family home; 1.5-story Cape Cod; Fee simple ownership; Built before 1978
• Construction: Aluminum siding; Asphalt roof; Concrete perimeter foundation; Approximate total finished area 1,158 sq ft; Main level approx. 856 sq ft; upper level approx. 302 sq ft; unfinished basement approx. 856 sq ft
• Exterior features: Corner lot with mature trees; Water rights; Lot dimensions 95 x 152 x 147 x 133

Interior

• Kitchen: Kitchen (9 x 9)
• Bedrooms: Three bedrooms (master and one bedroom on second level; one bedroom on main level); Master bedroom on second level (14 x 10); Bedroom on second level (12 x 10); Bedroom on main level (9 x 8)
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating fueled by natural gas; Central air conditioning
• Interior features: Seven total rooms; Separate dining room; Enclosed porch
• Laundry & utility: Laundry room; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $294k.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $294k).
• Recommended offer: $285k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 6.0% in Fox Lake — 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 74/100 on livability (#247 in IL, #4,462 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: amenities D+, health & safety 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.
• Zoned schools: Grant Community High School (math 23% / reading 27%, grade F, #247 of 693 statewide, top 36%, 1,837 students, 0% FRL).
• Market conditions: 35 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($285k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $151k; list at $294k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $285,180 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.31%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $269,941
• List price: $294,000
• Delta: 8.91%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35065 N Hilldale Dr	0.34mi	3/1.5	1,152 (-0%)	9mo	$255,000	$221	74
35066 Frontage Rd	0.39mi	3/1.5	1,186 (+2%)	10mo	$300,000	$253	67
35060 N Hilldale Dr	0.34mi	3/1.5	1,243 (+7%)	8mo	$270,000	$217	63
27892 W Bayview Dr	0.38mi	4/2.0 (+1)	1,204 (+4%)	11mo	$615,000	$511	57
35048 N Hilldale Dr	0.36mi	3/2.0	1,100 (-5%)	17mo	$235,000	$214	57
35179 N Hilldale Dr	0.24mi	2/1.5 (-1)	984 (-15%)	6mo	$238,000	$242	51
168 Cherry Ln	0.35mi	3/2.5	1,104 (-5%)	24mo	$275,000	$249	50
35242 N Moody St	0.71mi	2/1.0 (-1)	1,092 (-6%)	4mo	$300,000	$275	49
35752 N Marine Dr	0.35mi	2/2.0 (-1)	1,216 (+5%)	22mo	$295,000	$243	48
707 Crestview Dr	0.35mi	2/2.0 (-1)	1,287 (+11%)	12mo	$280,000	$218	46
509 Park Ave	0.53mi	3/1.5	1,258 (+9%)	23mo	$295,000	$234	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -0.8%
• Equity multiple: 0.97×
• Total profit: $-2,546
• Equity at exit: $43,836

10-year hold

• IRR: 8.9%
• Equity multiple: 1.68×
• Total profit: $55,994
• Equity at exit: $25,420

Cash invested: $82,320 (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 60041

• Home prices YoY: -25.0%
• Active inventory: 35
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,467 medium
• Mortgage (P&I): −$1,542
• Tax est. 1.5%: −$368 /mo · $4,410/yr
• Insurance: −$122
• HOA: −$0
• Vacancy / Maint / Mgmt: −$728
• Net cashflow: $707

Break-even live

Break-even rent $2,572

Max offer price $294,000

Occupancy floor 75%

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: $73,500
• Closing costs: $8,820
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
525 Circle Dr Unit 1374784P Fox Lake, IL	3.0	2.0	1140	$4,830	$4.24	1d	1	0.56mi
22 W Grand Ave Fox Lake, IL	2.0	1.0	730	$1,700	$2.33	43d	1	1.46mi
28 Glen Ave Fox Lake, IL	3.0	1.0	1212	$2,300	$1.90	7d	1	1.46mi
6 N Pistakee Lake Rd Fox Lake, IL	2.0	1.0	1500	$1,750	$1.17	1d	1	1.49mi

Listing history 23 events

1. 2026-06-18
   days on market $294,000 Active 51 DOM
2. 2026-06-17
   days on market $294,000 Active 50 DOM
3. 2026-06-16
   days on market $294,000 Active 49 DOM
4. 2026-06-15
   days on market $294,000 Active 48 DOM
5. 2026-06-13
   days on market $294,000 Active 46 DOM
6. 2026-06-12
   days on market $294,000 Active 45 DOM
7. 2026-06-09
   days on market $294,000 Active 42 DOM
8. 2026-06-08
   price $294,000 Active 41 DOM
9. 2026-06-08
   days on market $299,000 Active 41 DOM
10. 2026-06-07
    days on market $299,000 Active 40 DOM
11. 2026-06-05
    days on market $299,000 Active 38 DOM
12. 2026-06-04
    days on market $299,000 Active 37 DOM
13. 2026-06-03
    days on market $299,000 Active 36 DOM
14. 2026-06-02
    days on market $299,000 Active 35 DOM
15. 2026-06-01
    days on market $299,000 Active 34 DOM
16. 2026-05-31
    days on market $299,000 Active 33 DOM
17. 2026-05-14
    status Active 1275-char remark
18. 2026-05-07
    historical Contingent - Continue to Show 1275-char remark
19. 2026-04-28
    listed $299,000 Active 1275-char remark
20. 2025-12-16
    soldstatus $151,000
21. 2025-11-25
    soldstatus $151,000 Closed 440-char remark

    Show marketing remark (440 chars)

    Beautiful double lot surrounds this vintage Cape Cod that is ready to be updated/rehabbed. Lake rights are available through the voluntary HOA for $100/year which includes a key to the boat launch. There is a lottery for piers when one becomes available. 2nd floor bedrooms are tandem. The house appears to be solid and is on a poured concrete basement with a tuck-under 1+ car garage. Cash offers only, being sold as-is. Easy to show.

22. 2025-11-06
    historical Contingent - Continue to Show 440-char remark

    Show marketing remark (440 chars)

    Beautiful double lot surrounds this vintage Cape Cod that is ready to be updated/rehabbed. Lake rights are available through the voluntary HOA for $100/year which includes a key to the boat launch. There is a lottery for piers when one becomes available. 2nd floor bedrooms are tandem. The house appears to be solid and is on a poured concrete basement with a tuck-under 1+ car garage. Cash offers only, being sold as-is. Easy to show.

23. 2025-11-05
    listed $135,000 Active 440-char remark

    Show marketing remark (440 chars)

    Beautiful double lot surrounds this vintage Cape Cod that is ready to be updated/rehabbed. Lake rights are available through the voluntary HOA for $100/year which includes a key to the boat launch. There is a lottery for piers when one becomes available. 2nd floor bedrooms are tandem. The house appears to be solid and is on a poured concrete basement with a tuck-under 1+ car garage. Cash offers only, being sold as-is. Easy to show.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,605
• − Mortgage interest: −$16,469
• − Property taxes: −$4,410
• − Insurance: −$1,470
• − Repairs & maintenance: −$3,328
• − Management: −$3,328
• − Depreciation: −$8,553
• Taxable income: $4,047
• Est. tax owed @ 24.0%: −$971
• After-tax cash flow: $7,515/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: Grant Chsd 124
• NCES district ID: 1717340
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 27% ▼ -7.00%
• Median HH income: $59,450
• Composite: 22.95/100
• National rank: #7989
• State rank: #296 of 620 in IL

Livability — Fox Lake

• Score: 74/100
• State rank: #247
• US rank: #4462

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 10,846
• Population (ZIP): 8,920

Population outlook (Lake County) Hauer SSP2

• Today (2025): 700,217 people
• By 2030: 693,290 · -1.0%
• By 2040: 673,588 · -3.8%
• By 2050: 643,556 · -8.1%
• By 2075: 562,792 · -19.6%
• By 2100: 457,715 · -34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 23% Two or more races 15% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 15% Puerto Rican 2% Cuban 2%
• Common ancestry: Romanian 12% Lithuanian 3% Iranian 2%
• Foreign-born: 8% · Canada
• Languages at home: 83% English-only · Spanish 15% Russian/Polish/Slavic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Lake

• 2024 margin: Strong D (+20.8) · D 59.7% · R 38.9% · Other 1.4%
• 2008→2024 swing: +1.1pp toward D · 2008: 19.6pp · 2024: 20.8pp
• All cycles: 2024: D+20.8 2020: D+24.1 2016: D+20.3 2012: D+8.1 2008: D+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.75%
• Current HPI: 230.4464
• Rent YoY: —
• Metro: —
• 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

+117.8% since first listed

8 events — show timeline

• 2026-06-08 Price Changed $294,000 MRED as Distributed by MLS Grid
• 2026-05-14 Relisted — MRED as Distributed by MLS Grid
• 2026-05-07 Contingent — MRED as Distributed by MLS Grid
• 2026-04-28 Listed $299,000 MRED as Distributed by MLS Grid
• 2025-12-16 Sold (Public Records) $151,000 Public Records
• 2025-11-25 Sold (MLS) $151,000 MRED as Distributed by MLS Grid
• 2025-11-06 Contingent — MRED as Distributed by MLS Grid
• 2025-11-05 Listed $135,000 MRED as Distributed by MLS Grid

Property tax history

-11.3%/yr

Latest (2024): $282 · -7.3% YoY. Source: county tax records.