253 Heather Ave · Grayslake, IL 60030

$310,000

2 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 14 Days on market

Built 1955 8,363 sqft lot Est $291k · 6% over

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Why this score? — see what drove the F 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).

• ARV discount +4.6/15.0
• Livability +4.5/5.0
• Rent growth +4.3/5.0
• Cash flow +4.2/30.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This charming 3-bedroom home, plus an additional bedroom in the basement, offers 2 full baths, a fully finished basement, and a 2 1/2-car detached garage. Filled with warmth, love, and decades of beautiful memories, this home was the backdrop for raising four children, and you can truly feel the pride, joy, and positive energy throughout every space. From cozy gatherings to milestone moments, this home has been beautifully lived in and deeply loved. Tucked into the heart of The Manor, this beloved home is just two blocks from picturesque Manor Lake, where this family spent countless summer days making lifelong memories. Enjoy peaceful walks along the scenic path surrounding the lake, mornin

Key facts

• 8,363 sq ft lot
• 2 garage spots
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $310k.

Deal economics

• At list price, monthly cash flow is $-835 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (47.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (38.4% below list).
• Recommended offer: $163k (47.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 90/100 on livability (#4 in IL, #85 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+.
• Grayslake Chsd 127 (suburban): math 40% / reading 44% proficiency, ranked #95 of 620 in IL (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grayslake Central High School (math 43% / reading 46%, grade F, #62 of 693 statewide, top 10%, 1,419 students, 0% FRL).
• Market conditions: Rents rising fast (+7.1%/yr); 89 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 948 units permitted in Lake County in 2024 (424 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.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $65k; list at $310k implies a 377% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,565 (47.6% 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. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.62% ✗
• Cap rate: 3.06%
• Cash-on-cash: -11.54%
• DSCR: 0.49
• GRM: 13.5

CMA / ARV

• ARV (on-the-fly): $291,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
250 Normandy Ln	0.16mi	3/1.0 (+1)	1,005 (-3%)	13mo	$283,000	$282	71
418 Flanders Ln	0.38mi	3/1.0 (+1)	1,056 (+2%)	5mo	$258,000	$244	71
262 Normandy Ln	0.16mi	3/1.5 (+1)	1,144 (+10%)	0mo	$320,000	$280	69
307 Highland Rd	0.10mi	2/1.0	910 (-12%)	11mo	$280,000	$308	65
241 Highland Rd	0.07mi	3/1.0 (+1)	960 (-8%)	21mo	$270,000	$281	62
265 Heather Ave	0.02mi	3/1.0 (+1)	1,152 (+11%)	17mo	$260,000	$226	62
219 Carol Ln	0.27mi	3/2.0 (+1)	896 (-14%)	3mo	$303,500	$339	53
367 N Lake St	0.58mi	2/1.0	894 (-14%)	1mo	$291,800	$326	49
131 School St	0.74mi	3/1.0 (+1)	1,080 (+4%)	12mo	$279,000	$258	44
346 Mitchell Dr	0.74mi	3/1.0 (+1)	1,150 (+11%)	2mo	$315,000	$274	41
73 Harvey Ave	0.75mi	2/1.5	1,167 (+12%)	6mo	$316,000	$271	38
312 Briargate Dr	0.29mi	3/2.0 (+1)	1,176 (+13%)	22mo	$275,000	$234	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.08% rent growth · sell at horizon

5-year hold

• IRR: -32.4%
• Equity multiple: -0.10×
• Total profit: $-95,071
• Equity at exit: $46,222

10-year hold

• IRR: -21.6%
• Equity multiple: -0.32×
• Total profit: $-114,164
• Equity at exit: $26,803

Cash invested: $86,800 (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 60030

• Rents YoY: 7.1%
• Active inventory: 89
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $1,911 high
• Mortgage (P&I): −$1,626
• Tax from tax record: −$589 /mo · $7,070/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $-835

Break-even live

Break-even rent $2,967

Max offer price $162,565

Occupancy floor —

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
720 Brittany Sq Grayslake, IL	1.0–2.0	1.0	850	$1,695	$1.99	1d	5	0.40mi
575 Berry Ave Unit 1D Grayslake, IL	1.0	1.0	700	$1,350	$1.93	2d	1	0.44mi
575 Berry Ave Unit 2B Grayslake, IL	1.0	1.0	700	$1,350	$1.93	24d	1	0.44mi
62 Pine St Unit A Grayslake, IL	3.0	2.0	1400	$2,790	$1.99	7d	1	0.66mi
84 W Belvidere Rd Grayslake, IL	2.0	1.0	808	$2,250	$2.78	7d	1	1.23mi
108 E Big Horn Dr Hainesville, IL	3.0	1.5	1228	$2,600	$2.12	1d	1	1.30mi
378 Tower Dr #378 Hainesville, IL	3.0	2.5	1488	$2,600	$1.75	11d	1	1.34mi
145 Glen St Grayslake, IL	2.0	1.0	880	$1,672	$1.90	1d	2	1.46mi

Listing history 10 events

1. 2026-06-13
   statusdays on market $310,000 Pending 14 DOM
2. 2026-06-09
   days on market $310,000 Contingent - Continue to Show 12 DOM
3. 2026-06-08
   days on market $310,000 Contingent - Continue to Show 11 DOM
4. 2026-06-07
   days on market $310,000 Contingent - Continue to Show 10 DOM
5. 2026-06-04
   days on market $310,000 Contingent - Continue to Show 7 DOM
6. 2026-06-03
   days on market $310,000 Contingent - Continue to Show 6 DOM
7. 2026-06-02
   statusdays on market $310,000 Contingent - Continue to Show 5 DOM
8. 2026-06-01
   days on market $310,000 Active 4 DOM
9. 2026-05-31
   days on market $310,000 Active 3 DOM
10. 1985-03-01
    soldstatus $65,000

ⓘ 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: $7,070 · $589/mo
• Projected year-2 tax: $7,070 · $589/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,927
• − Mortgage interest: −$17,365
• − Property taxes: −$7,070
• − Insurance: −$1,550
• − Repairs & maintenance: −$1,834
• − Management: −$1,834
• − Depreciation: −$9,018
• Taxable loss: −$15,744
• Est. tax savings @ 24.0%: +$3,778
• After-tax cash flow: $-6,237/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: Grayslake Chsd 127
• NCES district ID: 1717550
• Math proficiency: 40% ▼ -7.00%
• Reading proficiency: 44% ▼ -9.00%
• Median HH income: $84,295
• Composite: 39.42/100
• National rank: #3963
• State rank: #95 of 620 in IL

Livability — Grayslake

• Score: 90/100
• State rank: #4
• US rank: #85

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grayslake, IL
• County: Lake County · 591,991 people
• City population: 35,792
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 35,792
• Household income: $104,795
• Rent vs Own: 16.5% rent · 83.5% own
• Severe rent burden: 589.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 700,217 people
• By 2030: 693,290 · -1.0%
• By 2040: 673,588 · -3.8%
• By 2050: 643,556 · -8.1%
• By 2075: 562,792 · -19.6%
• By 2100: 457,715 · -34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Two or more races 9% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 11% Portuguese 2% Lithuanian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 7% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: Strong D (+20.8) · D 59.7% · R 38.9% · Other 1.4%
• 2008→2024 swing: +1.1pp toward D · 2008: 19.6pp · 2024: 20.8pp
• All cycles: 2024: D+20.8 2020: D+24.1 2016: D+20.3 2012: D+8.1 2008: D+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.09%
• Current HPI: 200.6576
• Rent YoY: ▲ 7.08%
• 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

1 event — show timeline

• 1985-03-01 Sold (Public Records) $65,000 Public Records

Property tax history

+2.7%/yr

Latest (2024): $7,070 · +5.2% YoY. Source: county tax records.