422 Buchanan Ct · Vernon Hills, IL 60061

$280,000

2 bd · 1.0 ba · 1,050 sqft · Condo public records · 16 Days on market

Built 1977

---

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 +7.5/15.0
• Cash flow +7.0/30.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• 1% rule +3.4/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Stylishly remodeled and meticulously maintained home located in a resort-style community in Vernon Hills. Featuring hard-surface flooring throughout, this move-in-ready residence offers numerous updates, including fresh paint, a new microwave, newer water heater, updated flooring, and renovated bathroom. Enjoy year-round comfort with central HVAC. In-house WD. Extra-long driveway in addition to the attached one-car garage Ideally situated within walking distance of Big Bear Lake and Little Bear Lake, the community offers scenic walking trails, tennis courts, abundant green space, and a peaceful setting. Conveniently located just minutes from Melody Farm, Hawthorn Mall, and the Metra statio

Key facts

• Central hvac
• In-house wd
• Extra-long driveway

Tags

• HARD-SURFACE FLOORING
• CENTRAL HVAC
• IN-HOUSE WD
• EXTRA-LONG DRIVEWAY
• SCENIC WALKING TRAILS
• TENNIS COURTS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $280k.

Deal economics

• At list price, monthly cash flow is $-406 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $252k (10.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (15.8% below list).
• Recommended offer: $236k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 3.1% in Vernon Hills — 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 81/100 on livability (#97 in IL, #1,577 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F, cost of living F.
• Chsd 128 (suburban): math 60% / reading 63% proficiency, ranked #22 of 620 in IL (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.3%/yr); 76 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $8k 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

• It's been on market 16 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $153k; list at $280k implies a 83% gain — meaningful room to come down on a strong offer.

Recommended offer $235,851 (15.8% 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 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 A-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?
7. 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?
8. 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.
9. 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.
10. 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: 0.84% ✗
• Cap rate: 4.55%
• Cash-on-cash: -6.22%
• DSCR: 0.72
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.28% rent growth · sell at horizon

5-year hold

• IRR: -26.5%
• Equity multiple: 0.10×
• Total profit: $-70,331
• Equity at exit: $41,749

10-year hold

• IRR: -22.3%
• Equity multiple: -0.16×
• Total profit: $-90,820
• Equity at exit: $24,209

Cash invested: $78,400 (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 60061

• Rents YoY: 3.3%
• Active inventory: 76
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,359 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$436 /mo · $5,236/yr
• Insurance: −$117
• HOA est. from 1 same-building comp: −$248
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $-406

Break-even live

Break-even rent $2,873

Max offer price $208,258

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
474 Harrison Ct Vernon Hills, IL	3.0	1.5	1200	$2,350	$1.96	17d	1	0.05mi
476 Harrison Ct Vernon Hills, IL	2.0	1.0	1092	$2,200	$2.01	21d	1	0.05mi
473 Stevenson Pl Vernon Hills, IL	3.0	1.5	1200	$2,400	$2.00	3d	1	0.15mi
13 Crestview Ln #12 Vernon Hills, IL	2.0	1.5	948	$1,750	$1.85	7d	1	0.41mi
841 Gladstone Dr Vernon Hills, IL	2.0	1.5	1172	$2,299	$1.96	24d	1	0.42mi
1003 Centurion Ln #7 Vernon Hills, IL	2.0	1.5	998	$2,100	$2.10	3d	1	0.45mi
4 Crestview Ln #10 Vernon Hills, IL	2.0	1.5	948	$1,875	$1.98	21d	1	0.47mi
2 Timber Ln #17 Vernon Hills, IL	2.0	1.5	948	$1,850	$1.95	24d	1	0.50mi
6 Parkside Ct #2 Vernon Hills, IL	2.0	1.5	948	$2,000	$2.11	24d	1	0.56mi
20 Echo Ct #3 Vernon Hills, IL	1.0	1.5	818	$1,800	$2.20	24d	1	0.56mi
18 Echo Ct Vernon Hills, IL	2.0	1.5	1050	$2,300	$2.19	24d	1	0.57mi
4 Echo Ct #16 Vernon Hills, IL	2.0	1.5	948	$2,000	$2.11	24d	1	0.62mi
1250 Streamwood Ln #338 Vernon Hills, IL	3.0	2.0	1424	$2,750	$1.93	24d	1	0.78mi
1254 N Streamwood Ln Unit 1254 Vernon Hills, IL	3.0	2.0	1450	$2,850	$1.97	17d	1	0.79mi
1207 Orleans Dr Mundelein, IL	2.0	2.5	1150	$2,199	$1.91	17d	1	0.79mi
184 Brook Ln #350 Vernon Hills, IL	3.0	2.0	1490	$2,600	$1.74	24d	1	0.81mi
174 Bluewater Ln #288 Vernon Hills, IL	3.0	2.0	1450	$2,650	$1.83	2d	1	0.87mi
1312 Coventry Cir #1312 Vernon Hills, IL	3.0	2.0	1424	$2,800	$1.97	24d	1	0.89mi
304 Creekside Dr #304 Vernon Hills, IL	2.0	1.5	1012	$2,400	$2.37	24d	1	0.91mi
223 Harvest Ct Vernon Hills, IL	2.0	1.5	1012	$2,300	$2.27	24d	1	0.93mi
242 Harvest Ct Vernon Hills, IL	2.0	1.5	1112	$2,250	$2.02	1d	1	0.94mi
242 Harvest Ct Vernon Hills, IL	2.0	1.5	1112	$2,250	$2.02	15d	1	0.94mi
271 Southwick Ct Unit 271 Vernon Hills, IL	2.0	1.0	1189	$2,250	$1.89	24d	1	0.94mi
1310 Cromwell Ct #1310 Vernon Hills, IL	2.0	1.0	1180	$2,250	$1.91	24d	1	0.97mi
226 Coventry Cir Vernon Hills, IL	3.0	2.0	1450	$2,800	$1.93	24d	1	0.99mi
1411 Wentworth Ct #1411 Vernon Hills, IL	2.0	2.0	1189	$2,300	$1.93	21d	1	1.00mi
136 Brookwood Ct Vernon Hills, IL	2.0	1.5	1248	$2,400	$1.92	2d	1	1.01mi
1100 Huntington Dr Mundelein, IL	3.0	1.0–2.0	972	$3,254	$3.35	1d	26	1.06mi
1219 Huntington Dr Mundelein, IL	2.0	1.5	1024	$2,395	$2.34	24d	1	1.12mi
410 Ashwood Ct Unit 410 Vernon Hills, IL	2.0	1.5	1248	$2,300	$1.84	21d	1	1.16mi
118 Bedford Rd Mundelein, IL	2.0	1.5	1024	$2,350	$2.29	2d	1	1.16mi
341 Birchwood Ct Vernon Hills, IL	2.0	1.0	1000	$2,100	$2.10	24d	1	1.21mi
750 Hawthorn Row Vernon Hills, IL	2.0	2.0	1202	$4,632	$3.85	24d	1	1.38mi
1155 Museum Blvd Unit 03-0703 Vernon Hills, IL	2.0	2.0	1216	$3,130	$2.57	24d	1	1.40mi
1155 Museum Blvd Vernon Hills, IL	2.0	2.0	1203	$3,155	$2.62	2d	1	1.42mi
1155 Museum Blvd Vernon Hills, IL	2.0	2.0	1203	$3,150	$2.62	7d	1	1.42mi
750 Hawthorn Row Unit 1159 Vernon Hills, IL	1.0	1.0	783	$2,276	$2.91	24d	1	1.43mi
750 Hawthorn Row Unit 4109 Vernon Hills, IL	2.0	2.0	1172	$3,171	$2.71	24d	1	1.43mi
750 Hawthorn Row Unit 3166 Vernon Hills, IL	3.0	2.0	1424	$4,041	$2.84	24d	1	1.43mi
750 Hawthorn Row Unit 4166 Vernon Hills, IL	3.0	2.0	1424	$4,061	$2.85	24d	1	1.43mi

HOA detail condo

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

Listing history 11 events

1. 2026-06-18
   days on market $280,000 Active 16 DOM
2. 2026-06-17
   days on market $280,000 Active 15 DOM
3. 2026-06-16
   days on market $280,000 Active 14 DOM
4. 2026-06-15
   days on market $280,000 Active 13 DOM
5. 2026-06-13
   days on market $280,000 Active 11 DOM
6. 2026-06-09
   days on market $280,000 Active 7 DOM
7. 2026-06-08
   days on market $280,000 Active 6 DOM
8. 2026-06-07
   days on market $280,000 Active 5 DOM
9. 2026-06-04
   days on market $280,000 Active 2 DOM
10. 2026-06-02
    remarks 699-char remark
11. 2026-06-02
    listed $280,000 Active 1 DOM

ⓘ 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: $5,236 · $436/mo
• Projected year-2 tax: $5,796 · $483/mo
• Expected delta: +$560/yr (+$47/mo · 10.7%)

ⓘ 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 ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,302
• − Mortgage interest: −$15,684
• − Property taxes: −$5,236
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,264
• − Management: −$2,264
• − HOA: −$2,976
• − Depreciation: −$8,145
• Taxable loss: −$9,668
• Est. tax savings @ 24.0%: +$2,320
• After-tax cash flow: $-2,553/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: Chsd 128
• NCES district ID: 1722830
• Math proficiency: 60% ▼ -13.00%
• Reading proficiency: 63% ▼ -9.00%
• Median HH income: $100,202
• Composite: 57.11/100
• National rank: #1101
• State rank: #22 of 620 in IL

Livability — Vernon Hills

• Score: 81/100
• State rank: #97
• US rank: #1577

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vernon Hills, IL
• County: Lake County · 591,991 people
• City population: 27,974
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 27,974
• Household income: $124,468
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 927.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 57% Asian 25% Hispanic / Latino 12% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Romanian 6% Scotch-Irish 6% Portuguese 2%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 59% English-only · Spanish 9% Russian/Polish/Slavic 9% Other Indo-European 9%

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: ▼ -197.67%
• Current HPI: 215.4718
• Rent YoY: ▲ 3.28%
• 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

+428.3% since first listed

13 events — show timeline

• 2026-06-03 Listed $280,000 FSBO.com
• 2011-06-10 Listing Removed — MRED as Distributed by MLS Grid
• 2011-05-17 Price Changed — MRED as Distributed by MLS Grid
• 2011-03-30 Price Changed — MRED as Distributed by MLS Grid
• 2011-03-24 Price Changed — MRED as Distributed by MLS Grid
• 2011-02-22 Price Changed — MRED as Distributed by MLS Grid
• 2011-02-07 Price Changed — MRED as Distributed by MLS Grid
• 2011-01-18 Price Changed — MRED as Distributed by MLS Grid
• 2010-12-24 Listed — MRED as Distributed by MLS Grid
• 2005-12-14 Sold (Public Records) $153,000 Public Records
• 1999-07-22 Sold (Public Records) $92,000 Public Records
• 1995-12-13 Sold (Public Records) $85,000 Public Records
• 1985-03-01 Sold (Public Records) $53,000 Public Records

Property tax history

+2.8%/yr

Latest (2024): $5,236 · +3.6% YoY. Source: county tax records.