615 Frances St · Phoenix, IL 60426

$126,900

8 bd · 4.0 ba · 3,256 sqft · MultiFamily public records · 267 Days on market

Built 1924 3,049 sqft lot

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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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Financing Fell through at the last minute. Perfect opportunity for investors. Fantastic investment opportunity in beautiful and serene Phoenix, IL! This solid 4-unit apartment building is fully rented with long-term month-to-month tenants, and current rents offer plenty of room for substantial increases. Each apartment features two bedrooms and one bathroom, with one of the units recently remodeled and upgrades throughout. Major improvements have already been made: the roof is only 1.5 years old, the rear porch is less than five years old, and the front porch was just replaced in 2025 with a $30,000 investment. All units have separate heating systems and hot water tanks, giving tenants ful

Key facts

• Recently remodeled
• Front porch replaced
• Fully rented

Tags

• 4 UNIT APARTMENT BUILDING
• FULLY RENTED
• RECENTLY REMODELED
• MAJOR IMPROVEMENTS
• ROOF IS ONLY 1.5 YEARS OLD
• FRONT PORCH REPLACED

Property features AI

Finance

• Other: Lot dimensions approximately 23 x 122; zoned MULTI
• Financial info: Gross rental income reported as $2,400; Electric expense listed as $100

Exterior

• Parking: 2 parking spaces (unassigned/off-street/off-alley, owned)
• Utilities: Public water; Public sewer
• Home design: Two-to-four unit building; 4 units in the building; Not a conversion; Fee simple ownership; Interstate access nearby
• Construction: Built before 1978; Vinyl siding; Asphalt roof
• Exterior features: Front porch

Interior

• Kitchen: Each unit includes a stove and refrigerator
• Bedrooms: 8 bedrooms total (units contain 2 bedrooms each)
• Bathrooms: 4 full bathrooms total
• Heating & cooling: Steam heating
• Interior features: 12 total rooms; Crawl space basement; Park and paved streets in the neighborhood
• Laundry & utility: Tenants pay electric, gas and heat

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $127k.

Deal economics

• At list price, monthly cash flow is $4k ($42k/yr) — positive. Per door: $878/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $127k).
• Recommended offer: $112k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#230 in IL, #4,248 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, crime A-; Watch: health & safety C-, amenities F, employment F.
• Thornton Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Taft School (364 students, 0% FRL); Coolidge Middle School (math 3% / reading 7%, grade F, #636 of 665 statewide, top 98%, 507 students, 0% FRL); Thornton Township High School (math 7% / reading 7%, grade F, #605 of 693 statewide, top 87%, 1,628 students, 0% FRL).
• Market conditions: 133 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($877 loan paydown + $13k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 267 days — a 12% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts; this cycle's ask has dropped $53k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,672 (12.0% below list)

Questions for the listing agent

1. It's been on market 267 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
8. 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.
9. 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.
10. 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: 4.38% ✓
• Cap rate: 39.52%
• Cash-on-cash: 118.67%
• DSCR: 6.28
• GRM: 1.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 9.25×
• Total profit: $292,995
• Equity at exit: $114,322

10-year hold

• IRR: —
• Equity multiple: 20.33×
• Total profit: $686,997
• Equity at exit: $246,539

Cash invested: $35,532 (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 60426

• Home prices YoY: 6.9%
• Active inventory: 133
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $5,558 medium
• Mortgage (P&I): −$665
• Tax est. 1.5%: −$159 /mo · $1,904/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,167
• Net cashflow: $3,514

Break-even live

Break-even rent $1,110

Max offer price $126,900

Occupancy floor 32%

Sensitivity live

Price	-10% $3,602	-5% $3,558	+0% $3,514	+5% $3,470	+10% $3,426
Rent	-10% $3,075	-5% $3,294	+0% $3,514	+5% $3,733	+10% $3,953
Rate	-1.0pp $3,578	-0.5pp $3,546	base $3,514	+0.5pp $3,481	+1.0pp $3,448

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,560
Total (4 units)			$5,558

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: $31,725
• Closing costs: $3,807
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $126,900 Active 267 DOM
2. 2026-06-18
   days on market $126,900 Active 264 DOM
3. 2026-06-18
   pricestatus $126,900 Active 263 DOM
4. 2026-06-17
   days on market $149,900 Contingent - No Showings 263 DOM
5. 2026-06-16
   days on market $149,900 Contingent - No Showings 262 DOM
6. 2026-06-15
   days on market $149,900 Contingent - No Showings 261 DOM
7. 2026-06-13
   days on market $149,900 Contingent - No Showings 259 DOM
8. 2026-06-13
   days on market $149,900 Contingent - No Showings 258 DOM
9. 2026-06-10
   status $149,900 Contingent - No Showings 255 DOM
10. 2026-06-09
    days on market $149,900 Active 255 DOM
11. 2026-06-08
    days on market $149,900 Active 254 DOM
12. 2026-06-07
    days on market $149,900 Active 253 DOM
13. 2026-06-04
    days on market $149,900 Active 250 DOM
14. 2026-06-03
    days on market $149,900 Active 249 DOM
15. 2026-06-02
    days on market $149,900 Active 248 DOM
16. 2026-06-01
    days on market $149,900 Active 247 DOM
17. 2026-05-31
    days on market $149,900 Active 246 DOM
18. 2026-04-21
    status Active
19. 2026-04-09
    historical Contingent - Continue to Show
20. 2026-04-09
    status Active
21. 2026-03-27
    historical Contingent - No Showings
22. 2026-03-24
    status Active
23. 2026-03-24
    historical
24. 2026-03-10
    historical Contingent - No Showings
25. 2026-02-16
    status Active
26. 2026-02-14
    historical
27. 2026-02-13
    status Active
28. 2026-02-08
    historical
29. 2025-12-05
    price $149,900
30. 2025-11-04
    price $164,900
31. 2025-10-27
    status Active
32. 2025-09-16
    historical Contingent - Continue to Show
33. 2025-09-04
    listed $179,900 Active
34. 2022-01-26
    soldstatus $110,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,696
• − Mortgage interest: −$7,108
• − Property taxes: −$1,904
• − Insurance: −$634
• − Repairs & maintenance: −$5,336
• − Management: −$5,336
• − Depreciation: −$3,692
• Taxable income: $42,687
• Est. tax owed @ 24.0%: −$10,245
• After-tax cash flow: $31,921/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 Twp Hsd 205
• NCES district ID: 1738970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 8% ▼ -2.00%
• Median HH income: $43,392
• Composite: 6.92/100
• National rank: #9976
• State rank: #594 of 620 in IL

Livability — Phoenix

• Score: 75/100
• State rank: #230
• US rank: #4248

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phoenix, IL
• Population (ZIP): 23,066

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: Majority Black (59%)
• Race & ethnicity: Black 59% Hispanic / Latino 33% Two or more races 12% White 3% Asian 2%
• Hispanic origin (detail): Mexican 31%
• Foreign-born: 17% · Canada
• Languages at home: 67% English-only · Spanish 30% Other Indo-European 2% 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: ▲ 20.36%
• Current HPI: 313.7895
• 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

+36.3% since first listed

17 events — show timeline

• 2026-04-21 Relisted — MRED as Distributed by MLS Grid
• 2026-04-09 Contingent — MRED as Distributed by MLS Grid
• 2026-04-09 Relisted — MRED as Distributed by MLS Grid
• 2026-03-27 Contingent — MRED as Distributed by MLS Grid
• 2026-03-24 Relisted — MRED as Distributed by MLS Grid
• 2026-03-24 Listing Removed — MRED as Distributed by MLS Grid
• 2026-03-10 Contingent — MRED as Distributed by MLS Grid
• 2026-02-16 Relisted — MRED as Distributed by MLS Grid
• 2026-02-14 Listing Removed — MRED as Distributed by MLS Grid
• 2026-02-13 Relisted — MRED as Distributed by MLS Grid
• 2026-02-08 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-05 Price Changed $149,900 MRED as Distributed by MLS Grid
• 2025-11-04 Price Changed $164,900 MRED as Distributed by MLS Grid
• 2025-10-27 Relisted — MRED as Distributed by MLS Grid
• 2025-09-16 Contingent — MRED as Distributed by MLS Grid
• 2025-09-04 Listed $179,900 MRED as Distributed by MLS Grid
• 2022-01-26 Sold (Public Records) $110,000 Public Records

Property tax history

+10.3%/yr

Latest (2023): $14,090 · +184.1% YoY. Source: county tax records.