2440 186th St Unit H3 · Lansing, IL 60438

$140,000

2 bd · 2.0 ba · 1,002 sqft · Condo · 31 Days on market

Built 1980 $215/mo HOA · 15% 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 +18.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this clean and move-in ready 3rd-floor condo in a desirable elevator building! This spacious 2-bedroom, 2-bathroom unit offers a bright and functional layout perfect for comfortable living. The large living room features sliding glass doors that lead to a private balcony and flows seamlessly into the dining area-ideal for entertaining. The adjoining eat-in kitchen provides ample space for everyday meals. The primary bedroom includes a walk-in closet, a private en-suite bathroom, and its own access to a second private balcony-your personal retreat. The secondary bedroom also offers a walk-in closet and is conveniently located across from the full guest bathroom. Additional highlig

Key facts

• Private balcony
• Walk-in closet
• Underground garage

Tags

• PRIVATE BALCONY
• WALK-IN CLOSET
• IN-UNIT LAUNDRY
• UNDERGROUND GARAGE
• PRIVATE STORAGE

Property features AI

Finance

• Other: Condo ownership; Parcel number 30313190491028; Living area sourced from appraiser
• HOA & community: Monthly association fee of $215; Association covers water, parking, insurance, exterior maintenance, lawn care, trash (scavenger) and snow removal; Pets not allowed

Exterior

• Parking: One garage space (attached, owned, heated) with garage door opener; Two parking spaces total; Asphalt parking; Unassigned parking available
• Utilities: Lake Michigan water source; Public sewer; 100 amp electric service
• Home design: Attached single condo; Entry on level 3; Interstate access nearby
• Construction: Brick construction; Built approximately 41–50 years ago
• Exterior features: Balcony/porch off the main level (27 x 4)

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Two bedrooms (both on the main level); Primary bedroom on the main level with a full bath
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Five total rooms; Foyer
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $53 ($637/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 5.9% in Lansing — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, health & safety D+, amenities F.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Oak Glen Elem School (math 12% / reading 17%, grade F, #1,278 of 2,056 statewide, top 65%, 529 students, 0% FRL); Memorial Jr High School (math 9% / reading 20%, grade F, #517 of 665 statewide, top 79%, 860 students, 0% FRL); Thornton Fractnl So High School (math 11% / reading 14%, grade F, #504 of 693 statewide, top 73%, 1,927 students, 0% FRL).
• Market conditions: 136 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.05% ✓
• Cap rate: 7.32%
• Cash-on-cash: 3.66%
• DSCR: 1.16
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -13.6%
• Equity multiple: 0.51×
• Total profit: $-19,193
• Equity at exit: $20,874

10-year hold

• IRR: -4.6%
• Equity multiple: 0.70×
• Total profit: $-11,914
• Equity at exit: $12,105

Cash invested: $39,200 (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 60438

• Active inventory: 136
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,471 high
• Mortgage (P&I): −$734
• Tax from tax record: −$35 /mo · $417/yr
• Insurance: −$58
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$215
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $53

Break-even live

Break-even rent $1,403

Max offer price $140,000

Occupancy floor 91%

Sensitivity live

Price	-10% $132	-5% $93	+0% $53	+5% $13	+10% $-26
Rent	-10% $-63	-5% $-5	+0% $53	+5% $111	+10% $169
Rate	-1.0pp $124	-0.5pp $89	base $53	+0.5pp $17	+1.0pp $-20

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18550 Torrence Ave #25 Lansing, IL	2.0	1.0	1000	$1,300	$1.30	13d	1	0.16mi
18440 Torrence Ave Lansing, IL	2.0	1.0	800	$1,200	$1.50	26d	1	0.20mi
18381 Torrence Ave Lansing, IL	2.0	1.0	900	$1,300	$1.44	26d	1	0.26mi
18361 Glen Oak Ave Unit 1E Lansing, IL	2.0	1.0	900	$1,400	$1.56	26d	1	0.26mi
2824 186th St Lansing, IL	3.0	2.0	1400	$2,900	$2.07	12d	1	0.44mi
17723 Exchange Ave Unit 17723-1N Lansing, IL	3.0	2.0	1100	$1,800	$1.64	0d	1	1.07mi
17754 Rosewood Dr Unit 1N Lansing, IL	2.0	1.0	850	$1,370	$1.61	26d	1	1.15mi
3020 178th St Apt C7 Lansing, IL	2.0	1.0	900	$1,550	$1.72	26d	1	1.17mi
3020 178th St Unit C1 Lansing, IL	2.0	1.0	900	$1,550	$1.72	1d	1	1.17mi
17640 Rosewood Dr Unit 2A Lansing, IL	2.0	1.0	950	$1,475	$1.55	19d	1	1.23mi
18335 Sherman St Unit 3 Lansing, IL	3.0	1.0	1000	$1,700	$1.70	0d	1	1.24mi

HOA detail condo

• Monthly dues: $215 · $2,580/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-07
   status $140,000 Pending 31 DOM
2. 2026-06-04
   days on market $140,000 Contingent - Continue to Show 31 DOM
3. 2026-06-03
   days on market $140,000 Contingent - Continue to Show 30 DOM
4. 2026-06-02
   days on market $140,000 Contingent - Continue to Show 29 DOM
5. 2026-06-01
   days on market $140,000 Contingent - Continue to Show 28 DOM
6. 2026-05-31
   days on market $140,000 Contingent - Continue to Show 27 DOM
7. 2026-05-13
   historical Contingent - Continue to Show
8. 2026-05-04
   listed $140,000 Active

ⓘ 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: $417 · $35/mo
• Projected year-2 tax: $1,798 · $150/mo
• Expected delta: +$1,380/yr (+$115/mo · 330.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,649
• − Mortgage interest: −$7,842
• − Property taxes: −$417
• − Insurance: −$1,498
• − Repairs & maintenance: −$1,412
• − Management: −$1,412
• − HOA: −$2,580
• − Depreciation: −$4,073
• Taxable loss: −$1,585
• Est. tax savings @ 24.0%: +$380
• After-tax cash flow: $1,018/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 Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 of 620 in IL

Livability — Lansing

• Score: 73/100
• State rank: #296
• US rank: #5698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, IL
• County: Cook County · 4,486,803 people
• City population: 28,806
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,806
• Household income: $75,681
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 830.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Black 51% White 25% Hispanic / Latino 18% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 83% English-only · Spanish 12% Vietnamese 1% 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: ▼ -151.65%
• Current HPI: 210.3398
• Rent YoY: —
• 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

• 2026-05-13 Contingent — MRED as Distributed by MLS Grid
• 2026-05-04 Listed $140,000 MRED as Distributed by MLS Grid

Property tax history

-9.1%/yr

Latest (2019): $417 · +1.7% YoY. Source: county tax records.