8762 Central Ave

Oak Lawn, IL 60453

$219,900B+

4 bd · 2.0 ba · 2,000 sqft · Built — · SingleFamily · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,101/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$366
• HOA: −$0
• Vac / Maint / Mgmt: −$651
• Net cashflow: $930/mo
• Annual: $11,161/yr
• Cap rate: 11.37%
• Cash-on-cash: 18.13%
• DSCR: 1.81
• 1% rule: 1.41%
• 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 $930 ($11k/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 146 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (12.0% 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: Harnew Elem School (math 17% / reading 27%, grade F, #940 of 2,056 statewide, top 49%, 493 students, 0% FRL); Simmons Middle School (math 13% / reading 22%, grade F, #450 of 665 statewide, top 69%, 751 students, 0% FRL); 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); 263 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 37d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 ~6 years — after that, you're playing with house money.
• Cap rate 11.4% 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.
• This rent runs 44% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.
• 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.