1020 Park Ave

Ford Heights, IL 60411

$80,000B+

3 bd · 1.0 ba · 1,113 sqft · Built 1962 · SingleFamily · Active · 141 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,902/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$248
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $834/mo
• Annual: $10,011/yr
• Cap rate: 18.81%
• Cash-on-cash: 44.69%
• DSCR: 2.99
• 1% rule: 2.38%
• Cash to close: $22,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $834 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 141 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#685 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, crime A-; Watch: amenities F, employment F, health & safety F.
• Bloom Twp Hsd 206 (suburban): math 8% / reading 9% proficiency, ranked #591 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bloom High School (math 7% / reading 8%, grade F, #589 of 693 statewide, top 86%, 1,737 students, 0% FRL).
• Watch-outs: property tax is 3.2% of price.
• Market conditions: Rents rising fast (+6.5%/yr); 222 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Current owner paid $16k; list at $80k implies a 400% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• This rent runs 37% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.