2531 N 75th Ave

Elmwood Park, IL 60707

$289,000B-

4 bd · 2.0 ba · 1,840 sqft · Built 1923 · MultiFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,676/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$409
• HOA: −$0
• Vac / Maint / Mgmt: −$772
• Net cashflow: $980/mo
• Annual: $11,758/yr
• Cap rate: 10.36%
• Cash-on-cash: 14.53%
• DSCR: 1.65
• 1% rule: 1.27%
• Cash to close: $80,920

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $289k.
• At list price, monthly cash flow is $980 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $289k).
• It's been on market 44 days — a 3% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $280k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#41 in IL, #865 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, crime A-; Watch: schools D+.
• Elmwood Park CUSD 401 (suburban): math 15% / reading 26% proficiency, ranked #403 of 620 in IL (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.2%/yr); 58 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 $40k; list at $289k implies a 622% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 7.2% rent growth), your $81k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 10.4% vs local median 4.4% in Elmwood 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 $3,676/mo this rent would consume 52% of the median local household income ($85k/yr) (locally 1195% 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 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 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.