2058 Linden Ave · Waukegan, IL 60085

$899,000

10 bd · 6.0 ba · 5,850 sqft · MultiFamily public records · 3 Days on market

Built 1960 7,492 sqft lot Est $842k · 7% over

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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 +22.7/30.0
• DSCR +7.3/10.0
• 1% rule +4.9/10.0
• ARV discount +4.5/15.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Stately Brick Six Flat on Waukegan's northside. All units rehabbed with new flooring and Lighting, kitchen cabinets, stainless steel appliances and bathrooms with flooring and vanities. There are four spacious two-bedroom and two one-bedroom units with eat-in kitchens , separate dining and living rooms. Newer Windows! Separate furnace and water heaters for each unit. Tenants pay ALL utilities! Best deal on the market! All the work is done and the property is offered at a 7.25 CAP Rate.

Key facts

• 7,492 sq ft lot
• Built 1960
• Listed 3 days

What this means for you Summary

Snapshot

• This is a 10-bed/6.0-bath multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $887k (1.4% below list).
• Recommended offer: $887k (1.4% below list) — sets the bar for 1% rule.
• Cap rate 8.4% vs local median 4.6% in Waukegan — 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 75/100 on livability (#216 in IL, #4,074 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D, schools F.
• Waukegan CUSD 60 (suburban): math 7% / reading 10% proficiency, ranked #587 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.2%/yr); 86 active listings in the ZIP; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• At $8,867/mo this rent would consume 159% of the median local household income ($67k/yr) (locally 2742% 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 $6k of loan paydown is wiped out by about $27k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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 $118k; list at $899k implies a 659% gain — meaningful room to come down on a strong offer.

Recommended offer $886,700 (1.4% below list)

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.99% ✗
• Cap rate: 8.37%
• Cash-on-cash: 7.40%
• DSCR: 1.33
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $842,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2058 Linden Ave	0.00mi	10/6.0	5,850 (0%)	1mo	$840,000	$144	100

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 · 3.24% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-44,983
• Equity at exit: $134,044

10-year hold

• IRR: 5.1%
• Equity multiple: 1.38×
• Total profit: $95,649
• Equity at exit: $77,729

Cash invested: $251,720 (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 60085

• Rents YoY: 3.2%
• Active inventory: 86
• Price-to-rent: 49.0×

Monthly cashflow live

• Estimated rent: $8,867 high
• Mortgage (P&I): −$4,714
• Tax from tax record: −$363 /mo · $4,361/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,862
• Net cashflow: $1,553

Break-even live

Break-even rent $6,902

Max offer price $899,000

Occupancy floor 77%

Sensitivity live

Price	-10% $2,061	-5% $1,807	+0% $1,553	+5% $1,298	+10% $1,044
Rent	-10% $852	-5% $1,202	+0% $1,553	+5% $1,903	+10% $2,253
Rate	-1.0pp $2,005	-0.5pp $1,781	base $1,553	+0.5pp $1,320	+1.0pp $1,083

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,116
▸ 2× units	1	1	$2,752
Total (6 units)			$8,867

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-02
   status Pending
2. 2026-03-30
   listed $899,000 Active
3. 2024-03-17
   historical $1,200
4. 2024-01-20
   listed $1,200
5. 1985-07-01
   soldstatus $118,500

ⓘ 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: $4,361 · $363/mo
• Projected year-2 tax: $12,384 · $1,032/mo
• Expected delta: +$8,023/yr (+$669/mo · 184.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°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: $106,404
• − Mortgage interest: −$50,358
• − Property taxes: −$4,361
• − Insurance: −$4,495
• − Repairs & maintenance: −$8,512
• − Management: −$8,512
• − Depreciation: −$26,153
• Taxable income: $4,013
• Est. tax owed @ 24.0%: −$963
• After-tax cash flow: $17,667/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: Waukegan CUSD 60
• NCES district ID: 1741250
• Math proficiency: 7% ▼ -8.00%
• Reading proficiency: 10% ▼ -8.00%
• Median HH income: $43,248
• Composite: 7.73/100
• National rank: #9939
• State rank: #587 of 620 in IL

Livability — Waukegan

• Score: 75/100
• State rank: #216
• US rank: #4074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukegan, IL
• County: Lake County · 591,991 people
• City population: 99,634
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 72,341
• Household income: $66,793
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 2742.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 62% Two or more races 24% Black 14% White 14% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 51% Puerto Rican 3%
• Common ancestry: Romanian 1% British 1% Portuguese 1%
• Foreign-born: 34% · Canada, Jamaica
• Languages at home: 39% English-only · Spanish 54% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -114.04%
• Current HPI: 203.6304
• Rent YoY: ▲ 3.24%
• 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

+658.6% since first listed

5 events — show timeline

• 2026-04-02 Pending — MRED as Distributed by MLS Grid
• 2026-03-30 Listed $899,000 MRED as Distributed by MLS Grid
• 2024-03-17 Rental Removed $1,200 APPFOLIO
• 2024-01-20 Listed for Rent $1,200 APPFOLIO
• 1985-07-01 Sold (Public Records) $118,500 Public Records

Property tax history

-4.0%/yr

Latest (2024): $4,361 · -53.8% YoY. Source: county tax records.