9202 Seymour Ave

Schiller Park, IL 60176

$845,000C-

9 bd · 6.0 ba · 4,928 sqft · Built 1972 · MultiFamily · Pending · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,568/mo
• Mortgage (P&I): −$4,431
• Tax + insurance: −$2,342
• HOA: −$0
• Vac / Maint / Mgmt: −$2,009
• Net cashflow: $786/mo
• Annual: $9,428/yr
• Cap rate: 8.06%
• Cash-on-cash: 6.32%
• DSCR: 1.28
• 1% rule: 1.13%
• Cash to close: $236,600

Investor read

• This is a 3×2bd/1.0ba + 3×1bd/1.0ba units multifamily listed at $845k.
• At list price, monthly cash flow is $786 ($9k/yr) — positive. Per door: $131/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $845k).
• It's been on market 95 days — a 9% lower offer ($769k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $769k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#147 in IL, #2,716 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living B+; Watch: amenities D+, schools D-.
• Leyden Chsd 212 (suburban): math 15% / reading 20% proficiency, ranked #451 of 620 in IL (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: flood insurance adds $460/mo.
• Market conditions: 20 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 4 sale attempts; this cycle's ask has dropped $64k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 3.1% in Schiller Park — 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.
• At $9,568/mo this rent would consume 165% of the median local household income ($70k/yr) (locally 481% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?