23032 Ironwood Dr · Plainfield, IL 60586

$305,000

3 bd · 2.5 ba · 1,594 sqft · Other public records · 47 Days on market

Built 2005 $220/mo HOA · 8% of rent

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Why this score? — see what drove the D- 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 +10.4/30.0
• ARV discount +7.5/15.0
• 1% rule +4.2/10.0
• Rent growth +3.6/5.0
• Livability +3.4/5.0
• DSCR +3.0/10.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 23032 Ironwood Drive in the desirable Arbor Creek subdivision of Plainfield-where comfort, convenience, and lifestyle come together seamlessly. This beautifully maintained Charleston model offers 3 bedrooms, 2.1 bathrooms, and 1,594 square feet of thoughtfully designed living space, plus a finished partial basement that adds incredible versatility. Step inside and you'll immediately notice how exceptionally clean and truly move-in-ready this home is. Wood laminate flooring flows throughout the main level, enhancing the open-concept layout that connects the kitchen and living spaces-perfect for both everyday living and entertaining. The kitchen features a dedicated dining area with direct access to the patio, creating an effortless indoor-outdoor experience. Natural light pours in through large windows and a sliding glass door, highlighting the home's bright and inviting atmosphere. Step outside to enjoy your private outdoor space, where the rear deck overlooks natural, undeveloped fields-offering a rare sense of openness and privacy that's hard to find. The finished basement provides additional living space ideal for entertaining, a home office, gym, or even a potential 4th bedroom-tailored to fit your lifestyle needs. Located in Arbor Creek, this home offers more than just a place to live-it's a lifestyle. Enjoy being just minutes from vibrant downtown Plainfield, Illinois, known for its charming restaurants, boutique shopping, and community events. Commuters will appreciate easy access to I-55 and nearby Metra stations, making travel to surrounding suburbs or downtown Chicago simple and efficient. With parks, walking paths, and everyday conveniences nearby, this location offers the perfect blend of suburban tranquility and accessibility. If you've been looking for a home that checks every box-clean, functional, private, and well-located-this is one you won't want to miss. Within walking distance to Van Horn Woods BMX training park, public Dog Park, and a stocked fishing pond for all fishing enthusiasts. Located near Plainfield schools, parks, shopping, dining, and major commuter routes, this home offers the ideal blend of location, updates, pet-friendly living, and low-maintenance comfort.

Key facts

• $220 HOA
• 2 garage spots
• Built 2005

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath other listed at $305k.

Deal economics

• At list price, monthly cash flow is $-162 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $276k (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (8.4% below list).
• Recommended offer: $276k (9.4% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 3.8% in Plainfield — 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 67/100 on livability (#496 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Plainfield SD 202 (suburban): math 25% / reading 32% proficiency, ranked #213 of 620 in IL (top 34%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: River View Elementary School (math 22% / reading 29%, grade F, #829 of 2,056 statewide, top 41%, 567 students, 0% FRL); Timber Ridge Middle School (math 20% / reading 27%, grade F, #371 of 665 statewide, top 56%, 878 students, 0% FRL); Plainfield High School (math 25% / reading 29%, grade F, #218 of 693 statewide, top 35%, 1,986 students, 0% FRL) — zoned schools average 0% FRL vs 17% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 114 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($296k) is reasonable based on typical stale-listing flexibility.

Recommended offer $276,336 (9.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.92% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.28%
• DSCR: 0.90
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.29% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.35×
• Total profit: $-55,880
• Equity at exit: $45,476

10-year hold

• IRR: -8.0%
• Equity multiple: 0.47×
• Total profit: $-45,663
• Equity at exit: $26,371

Cash invested: $85,400 (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 60586

• Home prices YoY: -33.7%
• Rents YoY: 4.3%
• Active inventory: 114
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,795 high
• Mortgage (P&I): −$1,599
• Tax from tax record: −$424 /mo · $5,083/yr
• Insurance: −$127
• HOA: −$220
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $-162

Break-even live

Break-even rent $3,000

Max offer price $276,336

Occupancy floor —

Sensitivity live

Price	-10% $10	-5% $-76	+0% $-162	+5% $-249	+10% $-335
Rent	-10% $-383	-5% $-273	+0% $-162	+5% $-52	+10% $59
Rate	-1.0pp $-9	-0.5pp $-85	base $-162	+0.5pp $-241	+1.0pp $-322

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: $76,250
• Closing costs: $9,150
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4013 Oak Tree Ln Plainfield, IL	2.0	1.5	1084	$2,400	$2.21	26d	1	0.62mi
2607 Oak Tree Ln Plainfield, IL	2.0	1.5	1470	$2,550	$1.73	9d	1	0.70mi
4135 Oak Tree Ln Unit 4135 Plainfield, IL	2.0	1.5	1084	$2,500	$2.31	45d	1	0.73mi
4138 Oak Tree Ln Plainfield, IL	2.0	1.5	1200	$2,200	$1.83	45d	1	0.75mi
23628 W Dupage Country Club Dr Plainfield, IL	3.0	1.0	1050	$2,100	$2.00	23d	1	0.92mi
2417 Essington Rd Joliet, IL	3.0	1.5	1348	$2,295	$1.70	45d	1	1.10mi
16046 S Fairfield Dr Plainfield, IL	3.0	2.5	1850	$2,700	$1.46	45d	1	1.36mi
16046 S Fairfield Dr Plainfield, IL	3.0	2.5	1850	$2,300	$1.24	6d	1	1.36mi

HOA detail

• Monthly dues: $220 · $2,640/yr
• Likely covers: gym

Listing history 11 events

1. 2026-06-10
   status $305,000 Pending 47 DOM
2. 2026-06-09
   days on market $305,000 Contingent - Continue to Show 47 DOM
3. 2026-06-08
   days on market $305,000 Contingent - Continue to Show 46 DOM
4. 2026-06-07
   days on market $305,000 Contingent - Continue to Show 45 DOM
5. 2026-06-04
   days on market $305,000 Contingent - Continue to Show 42 DOM
6. 2026-06-03
   days on market $305,000 Contingent - Continue to Show 41 DOM
7. 2026-06-02
   days on market $305,000 Contingent - Continue to Show 40 DOM
8. 2026-06-01
   days on market $305,000 Contingent - Continue to Show 39 DOM
9. 2026-05-31
   days on market $305,000 Contingent - Continue to Show 38 DOM
10. 2026-05-05
    historical Contingent - Continue to Show 2257-char remark

    Show marketing remark (2257 chars)

    Welcome to 23032 Ironwood Drive in the desirable Arbor Creek subdivision of Plainfield-where comfort, convenience, and lifestyle come together seamlessly. This beautifully maintained Charleston model offers 3 bedrooms, 2.1 bathrooms, and 1,594 square feet of thoughtfully designed living space, plus a finished partial basement that adds incredible versatility. Step inside and you'll immediately notice how exceptionally clean and truly move-in-ready this home is. Wood laminate flooring flows throughout the main level, enhancing the open-concept layout that connects the kitchen and living spaces-perfect for both everyday living and entertaining. The kitchen features a dedicated dining area with direct access to the patio, creating an effortless indoor-outdoor experience. Natural light pours in through large windows and a sliding glass door, highlighting the home's bright and inviting atmosphere. Step outside to enjoy your private outdoor space, where the rear deck overlooks natural, undeveloped fields-offering a rare sense of openness and privacy that's hard to find. The finished basement provides additional living space ideal for entertaining, a home office, gym, or even a potential 4th bedroom-tailored to fit your lifestyle needs. Located in Arbor Creek, this home offers more than just a place to live-it's a lifestyle. Enjoy being just minutes from vibrant downtown Plainfield, Illinois, known for its charming restaurants, boutique shopping, and community events. Commuters will appreciate easy access to I-55 and nearby Metra stations, making travel to surrounding suburbs or downtown Chicago simple and efficient. With parks, walking paths, and everyday conveniences nearby, this location offers the perfect blend of suburban tranquility and accessibility. If you've been looking for a home that checks every box-clean, functional, private, and well-located-this is one you won't want to miss. Within walking distance to Van Horn Woods BMX training park, public Dog Park, and a stocked fishing pond for all fishing enthusiasts. Located near Plainfield schools, parks, shopping, dining, and major commuter routes, this home offers the ideal blend of location, updates, pet-friendly living, and low-maintenance comfort.

11. 2026-04-23
    listed $305,000 Active 2257-char remark

    Show marketing remark (2257 chars)

    Welcome to 23032 Ironwood Drive in the desirable Arbor Creek subdivision of Plainfield-where comfort, convenience, and lifestyle come together seamlessly. This beautifully maintained Charleston model offers 3 bedrooms, 2.1 bathrooms, and 1,594 square feet of thoughtfully designed living space, plus a finished partial basement that adds incredible versatility. Step inside and you'll immediately notice how exceptionally clean and truly move-in-ready this home is. Wood laminate flooring flows throughout the main level, enhancing the open-concept layout that connects the kitchen and living spaces-perfect for both everyday living and entertaining. The kitchen features a dedicated dining area with direct access to the patio, creating an effortless indoor-outdoor experience. Natural light pours in through large windows and a sliding glass door, highlighting the home's bright and inviting atmosphere. Step outside to enjoy your private outdoor space, where the rear deck overlooks natural, undeveloped fields-offering a rare sense of openness and privacy that's hard to find. The finished basement provides additional living space ideal for entertaining, a home office, gym, or even a potential 4th bedroom-tailored to fit your lifestyle needs. Located in Arbor Creek, this home offers more than just a place to live-it's a lifestyle. Enjoy being just minutes from vibrant downtown Plainfield, Illinois, known for its charming restaurants, boutique shopping, and community events. Commuters will appreciate easy access to I-55 and nearby Metra stations, making travel to surrounding suburbs or downtown Chicago simple and efficient. With parks, walking paths, and everyday conveniences nearby, this location offers the perfect blend of suburban tranquility and accessibility. If you've been looking for a home that checks every box-clean, functional, private, and well-located-this is one you won't want to miss. Within walking distance to Van Horn Woods BMX training park, public Dog Park, and a stocked fishing pond for all fishing enthusiasts. Located near Plainfield schools, parks, shopping, dining, and major commuter routes, this home offers the ideal blend of location, updates, pet-friendly living, and low-maintenance comfort.

ⓘ 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: $5,083 · $424/mo
• Projected year-2 tax: $6,003 · $500/mo
• Expected delta: +$920/yr (+$77/mo · 18.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,537
• − Mortgage interest: −$17,085
• − Property taxes: −$5,083
• − Insurance: −$1,525
• − Repairs & maintenance: −$2,683
• − Management: −$2,683
• − HOA: −$2,640
• − Depreciation: −$8,873
• Taxable loss: −$7,034
• Est. tax savings @ 24.0%: +$1,688
• After-tax cash flow: $-259/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: Plainfield SD 202
• NCES district ID: 1731740
• Math proficiency: 25% ▼ -16.00%
• Reading proficiency: 32% ▼ -14.00%
• Median HH income: $90,706
• Composite: 28.83/100
• National rank: #6653
• State rank: #213 of 620 in IL

Livability — Plainfield

• Score: 67/100
• State rank: #496
• US rank: #10260

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plainfield, IL
• County: Will County · 412,448 people
• City population: 75,140
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 47,834
• Household income: $131,637
• Rent vs Own: 8.5% rent · 91.5% own
• Severe rent burden: 178.0

Population outlook (Will County) Hauer SSP2

• Today (2025): 705,368 people
• By 2030: 708,154 · +0.4%
• By 2040: 702,692 · -0.4%
• By 2050: 680,249 · -3.6%
• By 2075: 611,990 · -13.2%
• By 2100: 516,215 · -26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 22% Two or more races 12% Black 11% Asian 4%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Romanian 11% Italian 2% Iranian 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 81% English-only · Spanish 12% Other Indo-European 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Will

• 2024 margin: Toss-up / Even · D 50.1% · R 48.5% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 13.2pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+8.3 2016: D+5.7 2012: D+3.7 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.85%
• Current HPI: 208.2858
• Rent YoY: ▲ 4.29%
• 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

2 events — show timeline

• 2026-05-05 Contingent — MRED as Distributed by MLS Grid
• 2026-04-23 Listed $305,000 MRED as Distributed by MLS Grid

Property tax history

+1.6%/yr

Latest (2024): $5,083 · +6.5% YoY. Source: county tax records.