4823 S Little Dr · Island Lake, IL 60051

$249,999

6 bd · 2.5 ba · 2,148 sqft · SingleFamily public records · 24 Days on market

Built 1916 0.28 ac lot $116/sqft · 41% below area Est $422k · 41% under $21/mo HOA · 1% of rent

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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 +16.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +4.9/10.0
• DSCR +4.9/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks

6-bedroom, 2.5-bath home offering over 2,100 sq ft of living space with great flexibility for related living or multi-generational use! Features include two kitchens, an upstairs in-law suite, and a full basement with laundry area. Home is equipped with gas heat, city water, septic system, and a long driveway with parking for up to 5 vehicles. Situated on a generous lot with plenty of outdoor space. Roof is over 20 years old. No garage and no central A/C. Property is being sold as-is, where-is. Great opportunity for investors or buyers looking to add their personal touch!

Key facts

• Two kitchens
• Generous lot
• Laundry area

Tags

• TWO KITCHENS
• UPSTAIRS IN-LAW SUITE
• FULL BASEMENT
• LAUNDRY AREA
• LONG DRIVEWAY
• GENEROUS LOT

Property features AI

Finance

• Other: School bus service available
• HOA & community: Annual HOA fee of $250 covering lake rights; Master association not required; Community has street lights and paved streets

Exterior

• Parking: Space for about 5 vehicles; Other/unspecified parking features
• Utilities: Shared well water; Septic tank sewer
• Home design: Detached single-family home; 1.5-story design; Over 100 years old; Fee simple ownership with homeowners association
• Construction: Cedar exterior; Built before 1978; Unfinished basement (foundation present)
• Exterior features: Front porch; Wooded lot; Lot dimensions approximately 100 x 28

Interior

• Kitchen: Primary kitchen with eating area/table space; Second kitchen/breakfast room; Range, Microwave, Dishwasher, Refrigerator
• Bedrooms: 6 bedrooms (examples include a main-level master and multiple second-level bedrooms); Bedroom sizes include 15 x 13, 10 x 10, 11 x 9, 11 x 11, 17 x 13, and master approx. 14 x 8; Loft and additional sleeping spaces possible
• Flooring: Hardwood flooring in dining room and main kitchen area; Carpet in living room; Hardwood listed more generally throughout
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Natural gas heating with forced air; Ceiling fans and attic exhaust fan
• Interior features: 12 total rooms; Screens on windows; Unfinished attic; Separate dining room; Unfinished full basement
• Laundry & utility: Laundry room; Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $125 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (0.8% below list).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 4.5% in Island 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 81/100 on livability (#84 in IL, #1,369 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Wauconda CUSD 118 (suburban): math 22% / reading 29% proficiency, ranked #267 of 620 in IL (top 43%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Cotton Creek School (math 17% / reading 27%, grade F, #940 of 2,056 statewide, top 49%, 576 students, 0% FRL); Matthews Middle School (math 16% / reading 26%, grade F, #405 of 665 statewide, top 61%, 510 students, 0% FRL); Wauconda High School (math 25% / reading 33%, grade F, #210 of 693 statewide, top 30%, 1,460 students, 0% FRL) — zoned schools average 0% FRL vs 25% district-wide (25 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 152 active listings in the ZIP; 1,595 units permitted in McHenry County in 2024 (485 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• McHenry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 $72k; list at $250k implies a 247% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,249 (1.5% below list)

Questions for the listing agent

1. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.99% ✗
• Cap rate: 6.89%
• Cash-on-cash: 2.13%
• DSCR: 1.09
• GRM: 8.4

CMA / ARV

• ARV (median comp): $421,622
• List price: $249,999
• Delta: -40.71%
• Verdict: UNDERPRICED
• Comps: 15 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.8%
• Equity multiple: 3.06×
• Total profit: $144,191
• Equity at exit: $225,219

10-year hold

• IRR: 22.7%
• Equity multiple: 6.98×
• Total profit: $418,587
• Equity at exit: $485,693

Cash invested: $70,000 (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 60051

• Home prices YoY: 4.9%
• Active inventory: 152
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,480 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$399 /mo · $4,786/yr
• Insurance: −$104
• HOA: −$21
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $125

Break-even live

Break-even rent $2,323

Max offer price $249,999

Occupancy floor 90%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $21 · $252/yr
• Likely covers: watergas

Listing history 16 events

1. 2026-06-18
   status $249,999 Pending 24 DOM
2. 2026-06-18
   days on market $249,999 Active 24 DOM
3. 2026-06-17
   days on market $249,999 Active 23 DOM
4. 2026-06-16
   days on market $249,999 Active 22 DOM
5. 2026-06-15
   days on market $249,999 Active 21 DOM
6. 2026-06-13
   days on market $249,999 Active 19 DOM
7. 2026-06-13
   statusdays on market $249,999 Active 18 DOM
8. 2026-05-13
   listed $249,999 Active 578-char remark
9. 2019-10-02
   historical
10. 2019-06-15
    price
11. 2019-01-15
    listed New
12. 2019-01-14
    historical
13. 2018-11-06
    price
14. 2018-10-28
    price
15. 2018-10-18
    listed New
16. 1984-06-01
    soldstatus $72,000

ⓘ 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: $4,786 · $399/mo
• Projected year-2 tax: $5,230 · $436/mo
• Expected delta: +$445/yr (+$37/mo · 9.3%)

ⓘ 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 1/10 Low
• 🌡 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,765
• − Mortgage interest: −$14,004
• − Property taxes: −$4,786
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,381
• − Management: −$2,381
• − HOA: −$252
• − Depreciation: −$7,273
• Taxable loss: −$2,562
• Est. tax savings @ 24.0%: +$615
• After-tax cash flow: $2,109/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: Wauconda CUSD 118
• NCES district ID: 1741190
• Math proficiency: 22% ▼ -10.00%
• Reading proficiency: 29% ▼ -14.00%
• Median HH income: $72,358
• Composite: 24.59/100
• National rank: #7635
• State rank: #267 of 620 in IL

Livability — Island Lake

• Score: 81/100
• State rank: #84
• US rank: #1369

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 8,630
• Population (ZIP): 23,931

Population outlook (McHenry County) Hauer SSP2

• Today (2025): 305,342 people
• By 2030: 301,491 · -1.3%
• By 2040: 288,211 · -5.6%
• By 2050: 268,430 · -12.1%
• By 2075: 226,209 · -25.9%
• By 2100: 181,247 · -40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 12% Slovak 2% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · McHenry

• 2024 margin: Lean R (+5.3) · D 46.6% · R 51.9% · Other 1.5%
• 2008→2024 swing: -10.6pp toward R · 2008: 5.3pp · 2024: -5.3pp
• All cycles: 2024: R+5.3 2020: R+2.5 2016: R+8.1 2012: R+8.8 2008: D+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 28.50%
• Current HPI: 612.07
• 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

+247.2% since first listed

11 events — show timeline

• 2026-06-10 Relisted — MRED as Distributed by MLS Grid
• 2026-05-29 Pending — MRED as Distributed by MLS Grid
• 2026-05-13 Listed $249,999 MRED as Distributed by MLS Grid
• 2019-10-02 Listing Removed — MRED as Distributed by MLS Grid
• 2019-06-15 Price Changed — MRED as Distributed by MLS Grid
• 2019-01-15 Listed — MRED as Distributed by MLS Grid
• 2019-01-14 Listing Removed — MRED as Distributed by MLS Grid
• 2018-11-06 Price Changed — MRED as Distributed by MLS Grid
• 2018-10-28 Price Changed — MRED as Distributed by MLS Grid
• 2018-10-18 Listed — MRED as Distributed by MLS Grid
• 1984-06-01 Sold (Public Records) $72,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $4,786 · -20.7% YoY. Source: county tax records.