2345 185th Ct #27 · Lansing, IL 60438

$40,000

1 bd · 1.0 ba · 700 sqft · Condo · 68 Days on market

Built 1968 $238/mo HOA · 21% of rent ↓ 53% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

1 bedroom, 1 bathroom condo with balcony overlooking courtyard. Property being sold as is. Proof of funds or letter from bank/mtg company required. Addendums required - access via mls. This property is eligible under the Freddie Mac First Look Initiative through 08/28/2014. This building only allows owner occupants.

Key facts

• Private balcony
• Courtyard
• $238 HOA

Tags

• PRIVATE BALCONY
• COURTYARD

Property features AI

Finance

• Other: Not currently leased; Parcel number available; Directions: Torrence to 185th Street, building on corner
• HOA & community: Monthly association fee of $238; Association covers water, insurance, exterior maintenance, lawn care, scavenger (trash), and snow removal; Pets not allowed

Exterior

• Parking: One parking space (total)
• Utilities: Public water; Public sewer; Natural gas heating
• Home design: Attached single condo; Fee simple ownership; Entry level: 3
• Construction: Brick construction; Estimated age: 51–60 years; Built before 1978
• Exterior features: Corner building location; Lot dimensions listed as 600

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Master bedroom on main level; Additional bedrooms (2) — listed as Bedroom 2 and Bedroom 3
• Bathrooms: One full bathroom
• Interior features: Three total rooms
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $40k.

Deal economics

• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.4% vs local median 5.8% in Lansing — 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 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D+, health & safety D+.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 132 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $9k; list at $40k implies a 344% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $37,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 2.88% ✓
• Cap rate: 18.39%
• Cash-on-cash: 43.19%
• DSCR: 2.92
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 40.2%
• Equity multiple: 2.73×
• Total profit: $19,350
• Equity at exit: $5,964

10-year hold

• IRR: 46.6%
• Equity multiple: 5.51×
• Total profit: $50,550
• Equity at exit: $3,458

Cash invested: $11,200 (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 60438

• Active inventory: 132
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,150 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$41 /mo · $493/yr
• Insurance: −$17
• HOA: −$238
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $403

Break-even live

Break-even rent $640

Max offer price $40,000

Occupancy floor 60%

Sensitivity live

Price	-10% $426	-5% $414	+0% $403	+5% $392	+10% $380
Rent	-10% $312	-5% $358	+0% $403	+5% $449	+10% $494
Rate	-1.0pp $423	-0.5pp $413	base $403	+0.5pp $393	+1.0pp $382

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18423 Torrence Ave Apt 3 Lansing, IL	2.0	1.0	500	$1,300	$2.60	25d	1	0.10mi
18423 Torrence Ave Unit 2 Lansing, IL	1.0	1.0	500	$1,000	$2.00	25d	1	0.10mi
2441 Indiana Ave Unit 2N Lansing, IL	1.0	1.0	600	$975	$1.62	13d	1	0.50mi
2441 Indiana Ave Lansing, IL	1.0	1.0	600	$975	$1.62	4d	1	0.50mi

HOA detail condo

• Monthly dues: $238 · $2,856/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-13
   statusdays on market $40,000 Pending 68 DOM
2. 2026-06-09
   days on market $40,000 Contingent - No Showings 66 DOM
3. 2026-06-08
   days on market $40,000 Contingent - No Showings 65 DOM
4. 2026-06-07
   days on market $40,000 Contingent - No Showings 64 DOM
5. 2026-06-04
   days on market $40,000 Contingent - No Showings 61 DOM
6. 2026-06-03
   days on market $40,000 Contingent - No Showings 60 DOM
7. 2026-06-02
   days on market $40,000 Contingent - No Showings 59 DOM
8. 2026-06-01
   days on market $40,000 Contingent - No Showings 58 DOM
9. 2026-05-31
   days on market $40,000 Contingent - No Showings 57 DOM
10. 2026-05-07
    historical Contingent - No Showings
11. 2026-05-07
    status Active
12. 2026-05-05
    status Pending
13. 2026-04-24
    price $40,000
14. 2026-04-02
    listed $50,000 Active
15. 2014-09-23
    soldstatus $9,000 Closed Sale 319-char remark

    Show marketing remark (319 chars)

    1 bedroom, 1 bathroom condo with balcony overlooking courtyard. Property being sold as is. Proof of funds or letter from bank/mtg company required. Addendums required - access via mls. This property is eligible under the Freddie Mac First Look Initiative through 08/28/2014. This building only allows owner occupants.

16. 2014-09-04
    status Pending 319-char remark

    Show marketing remark (319 chars)

    1 bedroom, 1 bathroom condo with balcony overlooking courtyard. Property being sold as is. Proof of funds or letter from bank/mtg company required. Addendums required - access via mls. This property is eligible under the Freddie Mac First Look Initiative through 08/28/2014. This building only allows owner occupants.

17. 2014-08-08
    historical

    Show marketing remark (319 chars)

    1 bedroom, 1 bathroom condo with balcony overlooking courtyard. Property being sold as is. Proof of funds or letter from bank/mtg company required. Addendums required - access via mls. This property is eligible under the Freddie Mac First Look Initiative through 08/28/2014. This building only allows owner occupants.

18. 2014-08-08
    listed $9,900 New 319-char remark

    Show marketing remark (319 chars)

    1 bedroom, 1 bathroom condo with balcony overlooking courtyard. Property being sold as is. Proof of funds or letter from bank/mtg company required. Addendums required - access via mls. This property is eligible under the Freddie Mac First Look Initiative through 08/28/2014. This building only allows owner occupants.

19. 2014-08-08
    listed New

    Show marketing remark (319 chars)

    1 bedroom, 1 bathroom condo with balcony overlooking courtyard. Property being sold as is. Proof of funds or letter from bank/mtg company required. Addendums required - access via mls. This property is eligible under the Freddie Mac First Look Initiative through 08/28/2014. This building only allows owner occupants.

20. 1993-10-05
    soldstatus $84,500

ⓘ 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: $493 · $41/mo
• Projected year-2 tax: $700 · $58/mo
• Expected delta: +$208/yr (+$17/mo · 42.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,802
• − Mortgage interest: −$2,241
• − Property taxes: −$493
• − Insurance: −$200
• − Repairs & maintenance: −$1,104
• − Management: −$1,104
• − HOA: −$2,856
• − Depreciation: −$1,164
• Taxable income: $4,640
• Est. tax owed @ 24.0%: −$1,114
• After-tax cash flow: $3,723/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: Thornton Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 of 620 in IL

Livability — Lansing

• Score: 73/100
• State rank: #296
• US rank: #5698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, IL
• County: Cook County · 4,486,803 people
• City population: 28,806
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,806
• Household income: $75,681
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 830.0

Population outlook (Cook County) Hauer SSP2

• Today (2025): 5,347,519 people
• By 2030: 5,357,703 · +0.2%
• By 2040: 5,324,924 · -0.4%
• By 2050: 5,230,762 · -2.2%
• By 2075: 4,785,735 · -10.5%
• By 2100: 4,188,836 · -21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Black 51% White 25% Hispanic / Latino 18% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 83% English-only · Spanish 12% Vietnamese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Cook

• 2024 margin: Solid D (+42.0) · D 70.4% · R 28.4% · Other 1.2%
• 2008→2024 swing: -11.4pp toward R · 2008: 53.4pp · 2024: 42.0pp
• All cycles: 2024: D+42.0 2020: D+50.3 2016: D+53.0 2012: D+49.4 2008: D+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.65%
• Current HPI: 210.3398
• Rent YoY: —
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

-52.7% since first listed

11 events — show timeline

• 2026-05-07 Contingent — MRED as Distributed by MLS Grid
• 2026-05-07 Relisted — MRED as Distributed by MLS Grid
• 2026-05-05 Pending — MRED as Distributed by MLS Grid
• 2026-04-24 Price Changed $40,000 MRED as Distributed by MLS Grid
• 2026-04-02 Listed $50,000 MRED as Distributed by MLS Grid
• 2014-09-23 Sold (MLS) $9,000 MRED as Distributed by MLS Grid
• 2014-09-04 Pending — MRED as Distributed by MLS Grid
• 2014-08-08 Listing Removed — MRED as Distributed by MLS Grid
• 2014-08-08 Listed $9,900 MRED as Distributed by MLS Grid
• 2014-08-08 Listed — MRED as Distributed by MLS Grid
• 1993-10-05 Sold (Public Records) $84,500 Public Records

Property tax history

-6.7%/yr

Latest (2023): $493 · -51.1% YoY. Source: county tax records.