15804 Terrace Dr Unit 1W · Oak Forest, IL 60452

$120,000

1 bd · 1.0 ba · 700 sqft · Condo · 7 Days on market

Built 1973 Good condition $204/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 +14.8/30.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• DSCR +4.5/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

COZY AND CONVENIENT! 1 BEDROOM, 1 BATH CONDO CONVENIENTLY LOCATED ON THE 1ST FLOOR IN OAK TERRACE~HARDWOOD FLOORS THROUGHOUT~CARPETED BEDROOM~GALLEY KITCHEN WITH UPDATED WHITE CABINETS (2016)~SEPARATE DINING SPACE~SLIDING GLASS PATIO DOOR W/ FOOT LOCK REPLACED IN 2018~COIN LAUNDRY IN BUILDING~STORAGE UNIT IN ATTIC~ACCESS TO POOL AND CLUBHOUSE~LOCATED NEAR SHOPPING & SCHOOLS

Key facts

• Coin laundry
• Galley kitchen
• Hardwood floors

Tags

• HARDWOOD FLOORS
• GALLEY KITCHEN
• UPDATED WHITE CABINETS
• SEPARATE DINING SPACE
• SLIDING GLASS PATIO DOOR
• COIN LAUNDRY

Property features AI

Finance

• Other: Part of a 6-unit building; Living area is an estimate; Subdivision: Oak Terrace
• HOA & community: Monthly association fee of $204; Association covers water, insurance, clubhouse, pool, exterior maintenance, lawn care, trash (scavenger), and snow removal; Community amenities include coin laundry, pool, and clubhouse; Pets allowed (cats and dogs) with limits (max pet weight ~20 lbs)

Exterior

• Parking: Assigned parking; Guest parking; 1 total parking space
• Utilities: Public water; Public sewer
• Home design: Attached single-unit condo; Entry level 1
• Construction: Brick construction; Built approximately 51–60 years ago; Built before 1978
• Exterior features: Common lot/grounds; School bus service

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bedrooms: 1 bedroom (main level); Additional rooms listed as Bedroom 2, Bedroom 3, Bedroom 4
• Flooring: Hardwood floors in living areas, dining room, and kitchen; Carpet in the master bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric baseboard heating; Wall air conditioning unit(s)
• Interior features: First-floor bedroom; Four total rooms
• Laundry & utility: Laundry on main level in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $120k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $33 ($398/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 6.6% vs local median 4.5% in Oak Forest — 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 85/100 on livability (#28 in IL, #501 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F.
• Bremen Chsd 228 (suburban): math 15% / reading 17% proficiency, ranked #468 of 620 in IL (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Scarlet Oak Elementary School (math 12% / reading 22%, grade F, #1,141 of 2,056 statewide, top 59%, 225 students, 0% FRL); Arbor Park Middle School (math 11% / reading 19%, grade F, #501 of 665 statewide, top 77%, 486 students, 0% FRL); Oak Forest High School (math 26% / reading 26%, grade F, #244 of 693 statewide, top 35%, 1,370 students, 0% FRL).
• Market conditions: 52 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent is only 17% of the median local income ($93k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 1.12% ✓
• Cap rate: 6.62%
• Cash-on-cash: 1.18%
• DSCR: 1.05
• GRM: 7.4

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: -14.3%
• Equity multiple: 0.49×
• Total profit: $-17,188
• Equity at exit: $17,892

10-year hold

• IRR: -5.3%
• Equity multiple: 0.65×
• Total profit: $-11,656
• Equity at exit: $10,375

Cash invested: $33,600 (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 60452

• Active inventory: 52
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,350 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$204
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $33

Break-even live

Break-even rent $1,308

Max offer price $120,000

Occupancy floor 93%

Sensitivity live

Price	-10% $116	-5% $75	+0% $33	+5% $-8	+10% $-50
Rent	-10% $-73	-5% $-20	+0% $33	+5% $86	+10% $140
Rate	-1.0pp $94	-0.5pp $64	base $33	+0.5pp $2	+1.0pp $-30

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14700 Central Ave Oak Forest, IL	1.0–2.0	1.0	775	$1,125	$1.45	26d	6	1.42mi
15701 Lamon Ave Unit 15701-05 Oak Forest, IL	—	1.0	500	$1,345	$2.69	26d	1	1.42mi

HOA detail condo

• Monthly dues: $204 · $2,448/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-21
   days on market $120,000 Active 7 DOM
2. 2026-06-18
   days on market $120,000 Active 4 DOM
3. 2026-06-17
   days on market $120,000 Active 3 DOM
4. 2026-06-16
   days on market $120,000 Active 2 DOM
5. 2026-06-15
   remarks 378-char remark
6. 2026-06-15
   listed $120,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,199
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,296
• − Management: −$1,296
• − HOA: −$2,448
• − Depreciation: −$3,491
• Taxable loss: −$1,453
• Est. tax savings @ 24.0%: +$349
• After-tax cash flow: $747/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This 1-bedroom, 1-bath condo is in good condition with updated kitchen cabinets and well-maintained landscaping. It has potential for further value increases with minor updates.

Value-add opportunities

• Both Paint interior walls — Fresh paint can enhance curb appeal and interior aesthetics
• Both Replace sliding glass door — New sliding glass door can improve functionality and curb appeal
• Both Replace HVAC units — Upgrading HVAC can improve comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Replace sliding glass door — New sliding glass door can improve functionality and curb appeal ↑
• Both Replace HVAC units — Upgrading HVAC can improve comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bremen Chsd 228
• NCES district ID: 1707050
• Math proficiency: 15% ▼ -4.00%
• Reading proficiency: 17% ▼ -5.00%
• Median HH income: $57,625
• Composite: 15.32/100
• National rank: #9327
• State rank: #468 of 620 in IL

Livability — Oak Forest

• Score: 85/100
• State rank: #28
• US rank: #501

Category grades

Amenities F Commute A+ Cost of living A- 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: Oak Forest, IL
• County: Cook County · 4,486,803 people
• City population: 26,739
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 26,739
• Household income: $93,076
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 299.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 18% Two or more races 10% Black 8% Asian 6%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Romanian 13% Iranian 1% Lithuanian 1%
• Foreign-born: 14% · Canada, Dominican Republic, China
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 4% Arabic 2%

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: ▼ -228.62%
• Current HPI: 205.0118
• 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

1 event — show timeline

• 2026-06-14 Listed $120,000 MRED as Distributed by MLS Grid