615 Frances St

Phoenix, IL 60426

$126,900C-

8 bd · 4.0 ba · 3,256 sqft · Built 1924 · MultiFamily · Active · 267 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,558/mo
• Mortgage (P&I): −$665
• Tax + insurance: −$212
• HOA: −$0
• Vac / Maint / Mgmt: −$1,167
• Net cashflow: $3,514/mo
• Annual: $42,166/yr
• Cap rate: 39.52%
• Cash-on-cash: 118.67%
• DSCR: 6.28
• 1% rule: 4.38%
• Cash to close: $35,532

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $127k.
• 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).
• It's been on market 267 days — a 12% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (12.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($877 loan paydown + $13k appreciation (10.0% local appreciation)).
• 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).
• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 133 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.