231 River Dr · DeKalb, IL 60115

$183,000

3 bd · 2.0 ba · 1,547 sqft · Other · 6 Days on market

Built 1959 7,579 sqft lot

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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 +12.5/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• DSCR +3.7/10.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This ranch 3 bedroom 2 bath home offers far more space than you'd expect, featuring a substantial addition that expands the home with a spacious family room, additional bedroom, second full bath, and convenient first-floor laundry. Bring your vision and ideas-this property is in need of updates and improvements but offers incredible potential for the buyer ready to make it their own. Hardwood flooring runs through the living room, dining area, and family room. The inviting family room showcases a beautiful stacked-stone gas fireplace, skylight, ceiling fan, and patio doors leading to the backyard deck. The oversized primary bedroom was once 2 separate bedrooms and features two closets and access from either hallway for added convenience, or the possibility of adding an additional bedroom if needed. The basement is ready for your finishing ideas and extra living space possibilities. Crawl space located beneath the addition. Outside, enjoy a carport, metal storage shed, and a spacious deck ideal for relaxing or entertaining. This home offers space and endless potential in a sought-after neighborhood. Bring your ideas and unlock everything this property has to offer! Sold AS IS. This property may qualify for Seller Financing. Property was built prior to 1978, Lead Based Paint may potentially exist. Some photos have been virtually staged or enhanced to illustrate the property's potential.

Key facts

• Hardwood flooring
• Two closets
• Carport

Tags

• SPACIOUS FAMILY ROOM
• STACKED-STONE GAS FIREPLACE
• SKYLIGHT
• HARDWOOD FLOORING
• TWO CLOSETS
• CARPORT

Property features AI

Finance

• Other: Subdivision: Tilton Park; Located in DeKalb (township and corporate limits); Directions: Rt. 38 Lincoln Hwy, then S. on 1st St. and E. on River Dr.
• HOA & community: No master association fee required

Exterior

• Parking: 2 parking spaces total; Concrete driveway; Garage (owned); Detached garage and carport noted; Off-site parking available
• Utilities: Public water; Public sewer; Electric service with circuit breakers and 100 amp service
• Home design: Detached single-family home; One-story layout; Fee simple ownership; Built approximately 61–70 years ago; Built before 1978
• Construction: Aluminum siding; Asphalt roof; Concrete perimeter foundation; Approximately 1,547 total finished square feet
• Exterior features: Deck

Interior

• Kitchen: Main-level kitchen (10 x 12) with vinyl flooring
• Bedrooms: 3 bedrooms (all on the main level); Bedroom sizes include 11 x 20 (master, carpet), 10 x 10 (carpet), 9 x 10 (hardwood)
• Flooring: Hardwood flooring in living areas and some bedrooms; Carpet in master bedroom and one bedroom; Vinyl flooring in kitchen and laundry
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: 7 total rooms; Unfinished attic; Partial, unfinished basement; Screens and skylight(s); Ceiling fan(s); One gas-log fireplace in the family room
• Laundry & utility: Main-level laundry room (6 x 6) with vinyl flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $183k.

Deal economics

• At list price, monthly cash flow is $-28 ($-335/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (2.7% below list).
• Meets the 1% rule at list price ($2k rent vs $183k).
• Recommended offer: $178k (2.7% below list) — sets the bar for cash-flow.
• Cap rate 6.1% vs local median 4.4% in DeKalb — 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 77/100 on livability (#154 in IL, #2,835 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D+, schools D, crime D-.
• Dekalb CUSD 428 (suburban): math 11% / reading 16% proficiency, ranked #541 of 620 in IL (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+7.3%/yr); 85 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; 260 units permitted in DeKalb County in 2024 (73 in 5+ unit buildings).
• At $1,904/mo this rent would consume 49% of the median local household income ($47k/yr) (locally 3794% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,072 (2.7% 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 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 1.04% ✓
• Cap rate: 6.11%
• Cash-on-cash: -0.65%
• DSCR: 0.97
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.33% rent growth · sell at horizon

5-year hold

• IRR: -11.6%
• Equity multiple: 0.56×
• Total profit: $-22,581
• Equity at exit: $27,286

10-year hold

• IRR: 3.9%
• Equity multiple: 1.35×
• Total profit: $17,681
• Equity at exit: $15,822

Cash invested: $51,240 (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 60115

• Home prices YoY: -31.9%
• Rents YoY: 7.3%
• Active inventory: 85
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,904 high
• Mortgage (P&I): −$960
• Tax from tax record: −$496 /mo · $5,954/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $-28

Break-even live

Break-even rent $1,939

Max offer price $178,072

Occupancy floor 96%

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: $45,750
• Closing costs: $5,490
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1535 Reserve Ln #1535 DeKalb, IL	2.0	2.0	1488	$2,300	$1.55	43d	1	0.91mi
1428 Reserve Ln Unit 4 DeKalb, IL	3.0	2.5	1750	$2,300	$1.31	11d	1	1.04mi
1523 Grand Dr Unit 310-2 DeKalb, IL	2.0	1.5	1554	$2,000	$1.29	2d	1	1.08mi
1472 Cambria Dr DeKalb, IL	2.0	1.5	1200	$1,750	$1.46	43d	1	1.15mi
807 Ridge Dr DeKalb, IL	3.0	2.0	1200	$1,429	$1.19	43d	1	1.27mi
818 Greenbrier Rd Apt E DeKalb, IL	4.0	2.5	1600	$1,350	$0.84	43d	1	1.29mi
650 Normal Rd DeKalb, IL	4.0	3.0	2175	$2,300	$1.06	43d	1	1.31mi

Listing history 6 events

1. 2026-05-23
   listed $183,000 Active 1407-char remark

   Show marketing remark (1407 chars)

   This ranch 3 bedroom 2 bath home offers far more space than you'd expect, featuring a substantial addition that expands the home with a spacious family room, additional bedroom, second full bath, and convenient first-floor laundry. Bring your vision and ideas-this property is in need of updates and improvements but offers incredible potential for the buyer ready to make it their own. Hardwood flooring runs through the living room, dining area, and family room. The inviting family room showcases a beautiful stacked-stone gas fireplace, skylight, ceiling fan, and patio doors leading to the backyard deck. The oversized primary bedroom was once 2 separate bedrooms and features two closets and access from either hallway for added convenience, or the possibility of adding an additional bedroom if needed. The basement is ready for your finishing ideas and extra living space possibilities. Crawl space located beneath the addition. Outside, enjoy a carport, metal storage shed, and a spacious deck ideal for relaxing or entertaining. This home offers space and endless potential in a sought-after neighborhood. Bring your ideas and unlock everything this property has to offer! Sold AS IS. This property may qualify for Seller Financing. Property was built prior to 1978, Lead Based Paint may potentially exist. Some photos have been virtually staged or enhanced to illustrate the property's potential.

2. 2026-05-23
   listed $183,000 Active

   Show marketing remark (1407 chars)

   This ranch 3 bedroom 2 bath home offers far more space than you'd expect, featuring a substantial addition that expands the home with a spacious family room, additional bedroom, second full bath, and convenient first-floor laundry. Bring your vision and ideas-this property is in need of updates and improvements but offers incredible potential for the buyer ready to make it their own. Hardwood flooring runs through the living room, dining area, and family room. The inviting family room showcases a beautiful stacked-stone gas fireplace, skylight, ceiling fan, and patio doors leading to the backyard deck. The oversized primary bedroom was once 2 separate bedrooms and features two closets and access from either hallway for added convenience, or the possibility of adding an additional bedroom if needed. The basement is ready for your finishing ideas and extra living space possibilities. Crawl space located beneath the addition. Outside, enjoy a carport, metal storage shed, and a spacious deck ideal for relaxing or entertaining. This home offers space and endless potential in a sought-after neighborhood. Bring your ideas and unlock everything this property has to offer! Sold AS IS. This property may qualify for Seller Financing. Property was built prior to 1978, Lead Based Paint may potentially exist. Some photos have been virtually staged or enhanced to illustrate the property's potential.

3. 2021-10-12
   soldstatus $165,000 Closed 1193-char remark

   Show marketing remark (1193 chars)

   BIGGER THAN IT LOOKS! Desirable Tilton Park Ranch with addition providing a family room, bedroom, 2nd full bath, and first floor laundry. Hardwood flooring in the living room, dining area, family room, and under the carpeting in the master bedroom. Family room has a beautiful stack-stone gas fireplace, skylight, ceiling fan, and patio door to the deck. Large master bedroom has two closets and access from either hallway. One bathroom has a walk-in shower. Basement is partitioned, has studded walls with outlets and switches, basement sink, all ready for your finishing touches. The original furnace was made to last and keeps chugging right along. Central air is approximately 10 years old and the gas hot water heater is just a few years old. 100 Amp electric service with breakers plus an active radon mitigation system. Water softener is owned, but not used by current owner and being sold AS IS. Crawl space under the addition. Carport shelters your vehicle. Great deck for relaxing and entertaining with a pergola that has a glorious Trumpet Vine growing on it. Metal shed for storing the lawn equipment, bikes, etc. This home and property have a lot to offer! Check it all out today!

4. 2021-08-19
   status Active Under Contract 1193-char remark

   Show marketing remark (1193 chars)

   BIGGER THAN IT LOOKS! Desirable Tilton Park Ranch with addition providing a family room, bedroom, 2nd full bath, and first floor laundry. Hardwood flooring in the living room, dining area, family room, and under the carpeting in the master bedroom. Family room has a beautiful stack-stone gas fireplace, skylight, ceiling fan, and patio door to the deck. Large master bedroom has two closets and access from either hallway. One bathroom has a walk-in shower. Basement is partitioned, has studded walls with outlets and switches, basement sink, all ready for your finishing touches. The original furnace was made to last and keeps chugging right along. Central air is approximately 10 years old and the gas hot water heater is just a few years old. 100 Amp electric service with breakers plus an active radon mitigation system. Water softener is owned, but not used by current owner and being sold AS IS. Crawl space under the addition. Carport shelters your vehicle. Great deck for relaxing and entertaining with a pergola that has a glorious Trumpet Vine growing on it. Metal shed for storing the lawn equipment, bikes, etc. This home and property have a lot to offer! Check it all out today!

5. 2021-08-15
   price $160,000 1193-char remark

   Show marketing remark (1193 chars)

   BIGGER THAN IT LOOKS! Desirable Tilton Park Ranch with addition providing a family room, bedroom, 2nd full bath, and first floor laundry. Hardwood flooring in the living room, dining area, family room, and under the carpeting in the master bedroom. Family room has a beautiful stack-stone gas fireplace, skylight, ceiling fan, and patio door to the deck. Large master bedroom has two closets and access from either hallway. One bathroom has a walk-in shower. Basement is partitioned, has studded walls with outlets and switches, basement sink, all ready for your finishing touches. The original furnace was made to last and keeps chugging right along. Central air is approximately 10 years old and the gas hot water heater is just a few years old. 100 Amp electric service with breakers plus an active radon mitigation system. Water softener is owned, but not used by current owner and being sold AS IS. Crawl space under the addition. Carport shelters your vehicle. Great deck for relaxing and entertaining with a pergola that has a glorious Trumpet Vine growing on it. Metal shed for storing the lawn equipment, bikes, etc. This home and property have a lot to offer! Check it all out today!

6. 2021-07-14
   listed $170,000 New 1193-char remark

   Show marketing remark (1193 chars)

   BIGGER THAN IT LOOKS! Desirable Tilton Park Ranch with addition providing a family room, bedroom, 2nd full bath, and first floor laundry. Hardwood flooring in the living room, dining area, family room, and under the carpeting in the master bedroom. Family room has a beautiful stack-stone gas fireplace, skylight, ceiling fan, and patio door to the deck. Large master bedroom has two closets and access from either hallway. One bathroom has a walk-in shower. Basement is partitioned, has studded walls with outlets and switches, basement sink, all ready for your finishing touches. The original furnace was made to last and keeps chugging right along. Central air is approximately 10 years old and the gas hot water heater is just a few years old. 100 Amp electric service with breakers plus an active radon mitigation system. Water softener is owned, but not used by current owner and being sold AS IS. Crawl space under the addition. Carport shelters your vehicle. Great deck for relaxing and entertaining with a pergola that has a glorious Trumpet Vine growing on it. Metal shed for storing the lawn equipment, bikes, etc. This home and property have a lot to offer! Check it all out today!

ⓘ 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: $5,954 · $496/mo
• Projected year-2 tax: $5,954 · $496/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,848
• − Mortgage interest: −$10,251
• − Property taxes: −$5,954
• − Insurance: −$915
• − Repairs & maintenance: −$1,828
• − Management: −$1,828
• − Depreciation: −$5,324
• Taxable loss: −$3,251
• Est. tax savings @ 24.0%: +$780
• After-tax cash flow: $445/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: Dekalb CUSD 428
• NCES district ID: 1712000
• Math proficiency: 11% ▼ -9.00%
• Reading proficiency: 16% ▼ -6.00%
• Median HH income: $42,007
• Composite: 11.74/100
• National rank: #9685
• State rank: #541 of 620 in IL

Livability — DeKalb

• Score: 77/100
• State rank: #154
• US rank: #2835

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: DeKalb, IL
• County: DeKalb County · 64,760 people
• City population: 42,536
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 42,536
• Household income: $47,043
• Rent vs Own: 57.0% rent · 43.0% own
• Severe rent burden: 3794.0

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 104,983 people
• By 2030: 104,428 · -0.5%
• By 2040: 102,199 · -2.7%
• By 2050: 99,303 · -5.4%
• By 2075: 93,978 · -10.5%
• By 2100: 88,527 · -15.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Hispanic / Latino 18% Black 15% Two or more races 12% Asian 4%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 82% English-only · Spanish 10% Arabic 2% Other Indo-European 2%

Political lean MEDSL · DeKalb

• 2024 margin: Toss-up / Even · D 50.1% · R 48.1% · Other 1.7%
• 2008→2024 swing: -14.8pp toward R · 2008: 16.8pp · 2024: 2.0pp
• All cycles: 2024: D+2.0 2020: D+5.7 2016: D+3.0 2012: D+5.5 2008: D+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.56%
• Current HPI: 191.1189
• Rent YoY: ▲ 7.33%
• 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

+7.6% since first listed

6 events — show timeline

• 2026-05-23 Listed $183,000 MRED as Distributed by MLS Grid
• 2026-05-23 Listed $183,000 NWIAR
• 2021-10-12 Sold (MLS) $165,000 MRED as Distributed by MLS Grid
• 2021-08-19 Pending — MRED as Distributed by MLS Grid
• 2021-08-15 Price Changed $160,000 MRED as Distributed by MLS Grid
• 2021-07-14 Listed $170,000 MRED as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $5,954 · +29.2% YoY. Source: county tax records.