8762 Central Ave

Oak Lawn, IL 60453

$219,900B+

4 bd · 2.0 ba · 2,000 sqft · Built — · SingleFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,351/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$366
• HOA: −$0
• Vac / Maint / Mgmt: −$704
• Net cashflow: $1,128/mo
• Annual: $13,535/yr
• Cap rate: 12.45%
• Cash-on-cash: 21.98%
• DSCR: 1.98
• 1% rule: 1.52%
• Cash to close: $61,572

Investor read

• This is a 4-bed/2.0-bath single-family listed at $220k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 48 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $213k (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 $7k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#102 in IL, #1,614 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, employment A-.
• Oak Lawn Chsd 229 (suburban): math 22% / reading 21% proficiency, ranked #384 of 620 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Oak Lawn Comm High School (math 22% / reading 21%, grade F, #345 of 693 statewide, top 50%, 1,834 students, 0% FRL).
• Market conditions: Rents rising fast (+8.2%/yr); 188 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d 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).
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $62k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 12.4% vs local median 4.4% in Oak Lawn — 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 $3,351/mo this rent would consume 48% of the median local household income ($84k/yr) (locally 827% 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 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — The exterior siding appears weathered and shows signs of wear, with some discoloration and possible peeling.
• Minor: Kitchen cabinets — The cabinets are in fair condition, but the countertops and appliances appear dated and worn.
• Minor: Bathroom fixtures — The bathrooms have basic fixtures and appear to be in fair condition, but the walls and ceilings show some discoloration and stains.