19423 Manchester Dr #19423 · Mokena, IL 60448

$319,000

2 bd · 1.5 ba · 1,846 sqft · Condo public records · 9 Days on market

Built 2001

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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 +18.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +5.3/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very spacious, bright, condo with cathedral ceilings, balcony, large laundry room in unit. Large living room with lots of light. Master bedroom with walk-in closet and full bath with attached spa-like bathroom. Spacious balcony with scenic water view - partially closed overhead weather protection and additional storage attached. Perfect for entertaining. A private rear hallway from the garage leads to the upstairs units. Waterfront views are only a few steps away. Beautiful professional landscape. Commuters dream with quick access to I80 and Lagrange a mile away! Wonderful quiet community association. Quiet neighborhood. MUST SEE!

Key facts

• 2 garage spots
• Built 2001

Property features AI

Finance

• Financial info: Special service area: No
• HOA & community: Monthly association fees; Master association fees not required; Pets allowed (cats and dogs) with limits — number and size restrictions apply, max pet weight 25 lbs

Exterior

• Parking: Attached garage with garage door opener; Asphalt parking; Two garage spaces (two total parking spaces)
• Utilities: Lake Michigan water; Public sewer
• Home design: Attached single condo in a low-rise building (1–3 stories); Entry level listed as 2; Manager off-site
• Construction: Built 21–25 years ago; Vinyl siding and brick exterior
• Exterior features: Waterfront on Lake Michigan; Common lot dimensions

Interior

• Kitchen: Galley-style kitchen (main level) — 12 x 11; Ceramic tile flooring in kitchen
• Bedrooms: Master bedroom (main level) with full bath including double sink, whirlpool and separate shower — 17 x 15; Bedroom 2 (main level) — 10 x 14; Additional bedrooms (two others listed)
• Flooring: Carpet in living room, family room, dining area and bedrooms; Ceramic tile in kitchen and laundry
• Bathrooms: Two full bathrooms; Primary bath features double sink, whirlpool tub and separate shower
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Seven total rooms; Dining area combined with living room; School bus, commuter bus and train access, interstate access
• Laundry & utility: Main-level laundry room — 12 x 7; In-unit laundry; Ceramic tile flooring in laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $319k.

Deal economics

• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $319k).
• Cap rate 7.4% vs local median 2.9% in Mokena — 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 76/100 on livability (#182 in IL, #3,511 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, cost of living D+, amenities F.
• Lincoln Way Chsd 210 (suburban): math 44% / reading 49% proficiency, ranked #60 of 620 in IL (top 10%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 85 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $10k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $245k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $319,000

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.03% ✓
• Cap rate: 7.40%
• Cash-on-cash: 3.95%
• DSCR: 1.18
• GRM: 8.1

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: -10.1%
• Equity multiple: 0.63×
• Total profit: $-32,845
• Equity at exit: $47,564

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-4,011
• Equity at exit: $27,581

Cash invested: $89,320 (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 60448

• Home prices YoY: -32.0%
• Active inventory: 85
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $3,299 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$506 /mo · $6,073/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$693
• Net cashflow: $294

Break-even live

Break-even rent $2,926

Max offer price $319,000

Occupancy floor 86%

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9407 Elm Ave Mokena, IL	3.0	1.5	1400	$3,500	$2.50	5d	1	0.52mi
18892 S Vanderbilt Dr Unit 18892 Mokena, IL	3.0	2.5	2125	$2,975	$1.40	1d	1	0.96mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $319,000 Coming Soon 9 DOM
2. 2026-06-17
   days on market $319,000 Coming Soon 8 DOM
3. 2026-06-16
   days on market $319,000 Coming Soon 7 DOM
4. 2026-06-15
   days on market $319,000 Coming Soon 6 DOM
5. 2026-06-13
   days on market $319,000 Coming Soon 4 DOM
6. 2026-06-13
   days on market $319,000 Coming Soon 3 DOM
7. 2026-06-10
   statusdays on marketlisting id $319,000 Coming Soon 1 DOM
8. 2026-06-09
   days on market $319,000 Active 34 DOM
9. 2026-06-08
   days on market $319,000 Active 33 DOM
10. 2026-06-07
    days on market $319,000 Active 32 DOM
11. 2026-06-04
    days on market $319,000 Active 29 DOM
12. 2026-06-03
    days on market $319,000 Active 28 DOM
13. 2026-06-02
    days on market $319,000 Active 27 DOM
14. 2026-06-01
    days on market $319,000 Active 26 DOM
15. 2026-05-31
    days on market $319,000 Active 25 DOM
16. 2026-05-06
    listed $319,000 Active
17. 2022-11-29
    soldstatus $244,900
18. 2022-11-23
    soldstatus $244,900 Closed 639-char remark

    Show marketing remark (639 chars)

    Very spacious, bright, condo with cathedral ceilings, balcony, large laundry room in unit. Large living room with lots of light. Master bedroom with walk-in closet and full bath with attached spa-like bathroom. Spacious balcony with scenic water view - partially closed overhead weather protection and additional storage attached. Perfect for entertaining. A private rear hallway from the garage leads to the upstairs units. Waterfront views are only a few steps away. Beautiful professional landscape. Commuters dream with quick access to I80 and Lagrange a mile away! Wonderful quiet community association. Quiet neighborhood. MUST SEE!

19. 2022-10-14
    status Pending 639-char remark

    Show marketing remark (639 chars)

    Very spacious, bright, condo with cathedral ceilings, balcony, large laundry room in unit. Large living room with lots of light. Master bedroom with walk-in closet and full bath with attached spa-like bathroom. Spacious balcony with scenic water view - partially closed overhead weather protection and additional storage attached. Perfect for entertaining. A private rear hallway from the garage leads to the upstairs units. Waterfront views are only a few steps away. Beautiful professional landscape. Commuters dream with quick access to I80 and Lagrange a mile away! Wonderful quiet community association. Quiet neighborhood. MUST SEE!

20. 2022-09-29
    listed $244,900 Active 639-char remark

    Show marketing remark (639 chars)

    Very spacious, bright, condo with cathedral ceilings, balcony, large laundry room in unit. Large living room with lots of light. Master bedroom with walk-in closet and full bath with attached spa-like bathroom. Spacious balcony with scenic water view - partially closed overhead weather protection and additional storage attached. Perfect for entertaining. A private rear hallway from the garage leads to the upstairs units. Waterfront views are only a few steps away. Beautiful professional landscape. Commuters dream with quick access to I80 and Lagrange a mile away! Wonderful quiet community association. Quiet neighborhood. MUST SEE!

ⓘ 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: $6,073 · $506/mo
• Projected year-2 tax: $6,657 · $555/mo
• Expected delta: +$584/yr (+$49/mo · 9.6%)

ⓘ 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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,584
• − Mortgage interest: −$17,869
• − Property taxes: −$6,073
• − Insurance: −$1,595
• − Repairs & maintenance: −$3,167
• − Management: −$3,167
• − Depreciation: −$9,280
• Taxable loss: −$1,566
• Est. tax savings @ 24.0%: +$376
• After-tax cash flow: $3,905/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: Lincoln Way Chsd 210
• NCES district ID: 1723070
• Math proficiency: 44% ▼ -13.00%
• Reading proficiency: 49% ▼ -9.00%
• Median HH income: $86,879
• Composite: 43.4/100
• National rank: #3019
• State rank: #60 of 620 in IL

Livability — Mokena

• Score: 76/100
• State rank: #182
• US rank: #3511

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mokena, IL
• Population (ZIP): 24,630

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: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 8% Two or more races 7% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 19% Iranian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1%

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: ▼ -102.75%
• Current HPI: 218.1916
• 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

+30.3% since first listed

5 events — show timeline

• 2026-05-06 Listed $319,000 MRED as Distributed by MLS Grid
• 2022-11-29 Sold (Public Records) $244,900 Public Records
• 2022-11-23 Sold (MLS) $244,900 MRED as Distributed by MLS Grid
• 2022-10-14 Pending — MRED as Distributed by MLS Grid
• 2022-09-29 Listed $244,900 MRED as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2024): $6,073 · +6.4% YoY. Source: county tax records.