7459 Grant Cir

Hanover Park, IL 60133

$272,000D-

2 bd · 2.0 ba · 1,040 sqft · Built 1983 · Other · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,336/mo
• Mortgage (P&I): −$1,426
• Tax + insurance: −$477
• HOA: −$0
• Vac / Maint / Mgmt: −$491
• Net cashflow: $-58/mo
• Annual: $-692/yr
• Cap rate: 6.04%
• Cash-on-cash: -0.91%
• DSCR: 0.96
• 1% rule: 0.86%
• Cash to close: $76,160

Investor read

• This is a 2-bed/2.0-bath other listed at $272k.
• At list price, monthly cash flow is $-58 ($-692/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (3.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (14.1% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $234k (14.1% below list) — sets the bar for 1% rule.
• 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.
• Location reads 78/100 on livability (#150 in IL, #2,740 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D+, schools F, amenities F.
• Township Hsd 211 (urban): math 45% / reading 43% proficiency, ranked #89 of 620 in IL (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 57 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• Current owner paid $138k; list at $272k implies a 97% gain — meaningful room to come down on a strong offer.
• Cap rate 6.0% vs local median 4.7% in Hanover Park — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 31% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.
• 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.
• 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.