360 S Elm Ave · Kankakee, IL 60901

$59,000

2 bd · 1.0 ba · 0 sqft · SingleFamily public records · 4 Days on market

Built 1915 7,250 sqft lot

---

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
• Rent growth +3.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this affordable 2-bedroom, 1-bath home offered through the Kankakee Regional Land Bank! Major improvements have already been completed, including a new roof and new block foundation, providing a solid starting point for your renovation vision. Inside, you'll find a spacious kitchen and dining area, generous room sizes, and a full basement with ample ceiling height, offering the potential to create additional living space, bedrooms, a family room, bathroom, home office, or recreation area. Situated on a large lot, the expansive backyard provides plenty of room to add a garage, workshop, outdoor entertaining area, or simply enjoy the extra green space. Whether you're a

Key facts

• Spacious kitchen
• Large lot
• Full basement

Tags

• NEW ROOF
• NEW BLOCK FOUNDATION
• SPACIOUS KITCHEN
• FULL BASEMENT
• LARGE LOT
• EXPANSIVE BACKYARD

Property features AI

Finance

• Other: Ownership is fee simple
• Financial info: No special service area (N)
• HOA & community: No master association fees required

Exterior

• Parking: No parking details provided
• Security: No security features provided
• Utilities: Public water; Public sewer; Electric service (standard); Natural gas available
• Home design: Detached single-family home; One-story entry
• Construction: Over 100 years old; Wood siding; Asphalt roof; Block foundation; Built before 1978
• Exterior features: Lot approximately 50 x 145; Less than 0.25 acre lot; Park nearby, sidewalks, street lights, paved streets

Interior

• Kitchen: Kitchen on main level (18 x 12) with vinyl flooring
• Bedrooms: Master bedroom on main level (12 x 10) with hardwood floors; Second bedroom on main level (12 x 10) with hardwood floors; Additional bedrooms listed (bedroom 3, bedroom 4)
• Flooring: Hardwood flooring in living room, dining room, master bedroom and other bedrooms; Vinyl flooring in kitchen
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating
• Interior features: Five total rooms; Unfinished full basement; School bus service available
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $476 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Cap rate 16.0% vs local median 5.7% in Kankakee — 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 62/100 on livability (#832 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: crime F, amenities F, employment D-.
• Kankakee SD 111 (urban): math 6% / reading 13% proficiency, ranked #584 of 620 in IL (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: King Middle Grade School (math 6% / reading 10%, grade F, #1,621 of 2,056 statewide, top 79%, 344 students, 0% FRL); Kankakee Junior High School (math 4% / reading 15%, grade F, #597 of 665 statewide, top 91%, 560 students, 0% FRL); Kankakee High School (math 6% / reading 10%, grade F, #587 of 693 statewide, top 85%, 1,513 students, 0% FRL) — zoned schools average 0% FRL vs 78% district-wide (78 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.4%/yr); 114 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,000

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F 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?
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: 1.94% ✓
• Cap rate: 15.98%
• Cash-on-cash: 34.60%
• DSCR: 2.54
• GRM: 4.3

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
396 S Wildwood Ave	0.21mi	2/1.5	1,176	2mo	$125,000	$106	74
540 S Osborn Ave	0.29mi	2/1.0	826	2mo	$65,000	$79	72
657 S Poplar Ave	0.28mi	3/2.0 (+1)	1,452	1mo	$45,000	$31	64
1273 E Chestnut St	0.39mi	3/1.0 (+1)	1,267	3mo	$155,000	$122	62
780 S Elm Ave	0.39mi	3/1.5 (+1)	1,008	2mo	$95,000	$94	60
1436 E Eagle St	0.37mi	3/2.5 (+1)	1,300	2mo	$250,000	$192	58
689 Country Club Dr	0.54mi	3/1.0 (+1)	1,152	3mo	$89,900	$78	54
1809 E Eagle St	0.56mi	3/1.0 (+1)	972	3mo	$153,100	$158	54
1134 S Myrtle Ave	0.73mi	2/1.5	1,000	1mo	$175,000	$175	51
790 S Prospect Ave	0.73mi	3/1.5 (+1)	1,140	2mo	$174,900	$153	45
1179 S Elm Ave	0.75mi	3/2.0 (+1)	824	1mo	$235,000	$285	43
995 Justine Dr	0.71mi	3/2.0 (+1)	1,870	4mo	$165,000	$88	42

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 · 4.38% rent growth · sell at horizon

5-year hold

• IRR: 31.7%
• Equity multiple: 2.36×
• Total profit: $22,417
• Equity at exit: $8,797

10-year hold

• IRR: 39.6%
• Equity multiple: 4.96×
• Total profit: $65,490
• Equity at exit: $5,101

Cash invested: $16,520 (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 60901

• Home prices YoY: -32.5%
• Rents YoY: 4.4%
• Active inventory: 114
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,142 high
• Mortgage (P&I): −$309
• Tax from tax record: −$92 /mo · $1,104/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $476

Break-even live

Break-even rent $539

Max offer price $59,000

Occupancy floor 53%

Sensitivity live

Price	-10% $510	-5% $493	+0% $476	+5% $460	+10% $443
Rent	-10% $386	-5% $431	+0% $476	+5% $522	+10% $567
Rate	-1.0pp $506	-0.5pp $491	base $476	+0.5pp $461	+1.0pp $446

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
519 S Osborn Ave Kankakee, IL	2.0	1.0	—	$1,400	—	45d	1	0.29mi
464 S Harrison Ave Unit 1 Kankakee, IL	2.0	1.0	—	$1,075	—	45d	1	0.49mi
294 N Greenwood Ave Unit 1 Kankakee, IL	3.0	1.0	—	$1,200	—	45d	1	0.49mi
450 S Dearborn Ave Apt 4 Kankakee, IL	2.0	1.0	—	$1,200	—	45d	1	0.63mi
1735 E Duane Blvd Unit 4 Kankakee, IL	2.0	1.0	800	$1,050	$1.31	45d	1	0.71mi
592 N Dearborn Ave Unit 2 Kankakee, IL	2.0	1.0	—	$900	—	45d	1	0.89mi
200 N Crestlane Dr Unit 101 Kankakee, IL	1.0	1.0	—	$960	—	45d	1	0.98mi
200 N Crestlane Dr Unit 103 Kankakee, IL	3.0	1.0	—	$1,338	—	45d	1	0.98mi
200 N Crestlane Dr Kankakee, IL	2.0	1.0	—	$1,132	—	45d	1	1.00mi
250 N Entrance Ave Unit 5A Kankakee, IL	1.0	1.0	500	$825	$1.65	45d	1	1.03mi
243 S 5th Ave Unit 247 Kankakee, IL	2.0	1.0	1000	$1,150	$1.15	45d	1	1.14mi
319 S 5th Ave Unit 1 Kankakee, IL	2.0	1.0	—	$1,311	—	45d	1	1.14mi
319 S 5th Ave Unit 4 Kankakee, IL	1.0	1.0	750	$1,115	$1.49	45d	1	1.14mi
1017 N Schuyler Ave Unit 3 Kankakee, IL	2.0	1.0	800	$1,375	$1.72	45d	1	1.21mi
2755 Cooper Dr Unit 2 Kankakee, IL	1.0	1.0	—	$800	—	45d	1	1.26mi
2755 Cooper Dr Unit 12 Kankakee, IL	2.0	1.0	—	$875	—	45d	1	1.26mi
210 Tedmark Ct Apt 5 Kankakee, IL	1.0	1.0	—	$800	—	45d	1	1.29mi
280 Tedmark Ct Apt 1 Kankakee, IL	2.0	1.0	—	$975	—	45d	1	1.29mi
220 Tedmark Ct Unit 4 Kankakee, IL	3.0	1.5	500	$1,200	$2.40	45d	1	1.29mi
2779 Cooper Dr Apt 1 Kankakee, IL	2.0	1.0	—	$900	—	45d	1	1.30mi
2779 Cooper Dr Unit 3 Kankakee, IL	2.0	1.0	—	$875	—	45d	1	1.30mi

Listing history 5 events

1. 2026-06-19
   days on market $59,000 Active 4 DOM
2. 2026-06-18
   days on market $59,000 Active 3 DOM
3. 2026-06-17
   days on market $59,000 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $59,000 Active 1 DOM

ⓘ 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: $1,104 · $92/mo
• Projected year-2 tax: $1,222 · $102/mo
• Expected delta: +$118/yr (+$10/mo · 10.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,707
• − Mortgage interest: −$3,305
• − Property taxes: −$1,104
• − Insurance: −$295
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$1,716
• Taxable income: $5,093
• Est. tax owed @ 24.0%: −$1,222
• After-tax cash flow: $4,494/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: Kankakee SD 111
• NCES district ID: 1720760
• Math proficiency: 6% ▼ -7.00%
• Reading proficiency: 13% ▼ -6.00%
• Median HH income: $37,968
• Composite: 8.03/100
• National rank: #9921
• State rank: #584 of 620 in IL

Livability — Kankakee

• Score: 62/100
• State rank: #832
• US rank: #16432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kankakee, IL
• County: Kankakee County · 61,801 people
• City population: 33,128
• Metro: Kankakee, IL
• Population (ZIP): 33,128
• Household income: $58,309
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1317.0

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 19% Two or more races 7%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.12%
• Current HPI: 190.8755
• Rent YoY: ▲ 4.38%
• Metro: Kankakee, IL
• 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

3 events — show timeline

• 2026-06-15 Listed $59,000 MRED as Distributed by MLS Grid
• 2007-08-10 Listing Removed — MRED as Distributed by MLS Grid
• 2006-09-21 Listed — MRED as Distributed by MLS Grid

Property tax history

-15.3%/yr

Latest (2015): $1,104 · -28.3% YoY. Source: county tax records.