706 Broadway Ave · North Chicago, IL 60064

$246,900

6 bd · 2.0 ba · 2,156 sqft · MultiFamily public records · 213 Days on market

Built 1900 3,049 sqft lot Est $362k · 32% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Appreciation +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

North Chicago spacious 2 unit with 3 Bedroom units! Minutes to Navy base, train station and Rt 41. Each floor features: Eat kitchen and formal Living room, 3 Bedroom and full bath. Separates utilities, 2 gas furnaces, 2 hot water heaters, and electric meters. Full unfinished basement with lots of storage! 12 hour notice for all showings. A must see! **ONLY SATURDAY SHOWING FROM 10am to 5pm must be confirmed!

Key facts

• Lots of storage
• Eat kitchen
• Formal living room

Tags

• EAT KITCHEN
• FORMAL LIVING ROOM
• FULL UNFINISHED BASEMENT
• LOTS OF STORAGE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $247k.

Deal economics

• At list price, monthly cash flow is $941 ($11k/yr) — positive. Per door: $470/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $247k).
• Recommended offer: $217k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 4.8% in North Chicago — 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 81/100 on livability (#95 in IL, #1,536 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, schools F, amenities F.
• North Chicago SD 187 (suburban): math 8% / reading 13% proficiency, ranked #574 of 620 in IL (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 25 active listings in the ZIP; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.6%/yr); year-one equity from $2k of loan paydown is wiped out by about $4k 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.
• At projected returns (-1.6% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $13k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $96k; list at $247k implies a 157% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $217,272 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.37% ✓
• Cap rate: 10.86%
• Cash-on-cash: 16.33%
• DSCR: 1.73
• GRM: 6.1

CMA / ARV

• ARV (median comp): $362,086
• List price: $246,900
• Delta: -31.81%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-1.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.50×
• Total profit: $34,698
• Equity at exit: $52,482

10-year hold

• IRR: 18.5%
• Equity multiple: 2.75×
• Total profit: $121,045
• Equity at exit: $49,252

Cash invested: $69,132 (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 60064

• Home prices YoY: -0.7%
• Active inventory: 25
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $3,389 high
• Mortgage (P&I): −$1,295
• Tax from tax record: −$339 /mo · $4,069/yr
• Insurance: −$103
• HOA: −$0
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $941

Break-even live

Break-even rent $2,198

Max offer price $246,900

Occupancy floor 67%

Sensitivity live

Price	-10% $1,080	-5% $1,010	+0% $941	+5% $871	+10% $801
Rent	-10% $673	-5% $807	+0% $941	+5% $1,074	+10% $1,208
Rate	-1.0pp $1,065	-0.5pp $1,003	base $941	+0.5pp $877	+1.0pp $812

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,390
Total (2 units)			$3,389

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: $61,725
• Closing costs: $7,407
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $246,900 Active 213 DOM
2. 2026-06-17
   days on market $246,900 Active 212 DOM
3. 2026-06-16
   days on market $246,900 Active 211 DOM
4. 2026-06-15
   days on market $246,900 Active 210 DOM
5. 2026-06-13
   days on market $246,900 Active 208 DOM
6. 2026-06-13
   days on market $246,900 Active 207 DOM
7. 2026-06-09
   days on market $246,900 Active 204 DOM
8. 2026-06-08
   days on market $246,900 Active 203 DOM
9. 2026-06-07
   days on market $246,900 Active 202 DOM
10. 2026-06-04
    days on market $246,900 Active 199 DOM
11. 2026-06-03
    days on market $246,900 Active 198 DOM
12. 2026-06-02
    days on market $246,900 Active 197 DOM
13. 2026-06-01
    days on market $246,900 Active 196 DOM
14. 2026-05-31
    days on market $246,900 Active 195 DOM
15. 2026-02-07
    price $246,900 423-char remark

    Show marketing remark (423 chars)

    North Chicago spacious 2 unit with 3 Bedroom units! Minutes to Navy base, train station and Rt 41. Each floor features: Eat kitchen and formal Living room, 3 Bedroom and full bath. Separates utilities, 2 gas furnaces, 2 hot water heaters, and electric meters. Full unfinished basement with lots of storage! 12 hour notice for all showings. A must see! **ONLY SATURDAY SHOWING FROM 10am to 5pm must be confirmed!

16. 2025-11-17
    listed $259,900 Active 423-char remark

    Show marketing remark (423 chars)

    North Chicago spacious 2 unit with 3 Bedroom units! Minutes to Navy base, train station and Rt 41. Each floor features: Eat kitchen and formal Living room, 3 Bedroom and full bath. Separates utilities, 2 gas furnaces, 2 hot water heaters, and electric meters. Full unfinished basement with lots of storage! 12 hour notice for all showings. A must see! **ONLY SATURDAY SHOWING FROM 10am to 5pm must be confirmed!

17. 2009-01-14
    historical
18. 2007-07-14
    listed
19. 1997-10-22
    soldstatus $96,000
20. 1997-10-08
    soldstatus $85,000
21. 1991-09-01
    soldstatus $53,000

ⓘ 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: $4,069 · $339/mo
• Projected year-2 tax: $4,837 · $403/mo
• Expected delta: +$768/yr (+$64/mo · 18.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,668
• − Mortgage interest: −$13,830
• − Property taxes: −$4,069
• − Insurance: −$1,234
• − Repairs & maintenance: −$3,253
• − Management: −$3,253
• − Depreciation: −$7,183
• Taxable income: $7,845
• Est. tax owed @ 24.0%: −$1,883
• After-tax cash flow: $9,404/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: North Chicago SD 187
• NCES district ID: 1700110
• Math proficiency: 8% ▼ -4.00%
• Reading proficiency: 13% ▼ -4.00%
• Median HH income: $39,812
• Composite: 9.05/100
• National rank: #9873
• State rank: #574 of 620 in IL

Livability — North Chicago

• Score: 81/100
• State rank: #95
• US rank: #1536

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Chicago, IL
• City population: 29,316
• Population (ZIP): 15,047

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 0.61)
• Race & ethnicity: Hispanic / Latino 54% Black 30% Two or more races 19% White 11% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 47% Puerto Rican 2%
• Common ancestry: Romanian 1% British 1% American 1%
• Foreign-born: 27% · Canada
• Languages at home: 51% English-only · Spanish 47% Other Indo-European 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: ▼ -1.61%
• Current HPI: 233.6178
• Rent YoY: —
• Metro: —
• 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

+365.8% since first listed

7 events — show timeline

• 2026-02-07 Price Changed $246,900 MRED as Distributed by MLS Grid
• 2025-11-17 Listed $259,900 MRED as Distributed by MLS Grid
• 2009-01-14 Listing Removed — MRED as Distributed by MLS Grid
• 2007-07-14 Listed — MRED as Distributed by MLS Grid
• 1997-10-22 Sold (Public Records) $96,000 Public Records
• 1997-10-08 Sold (Public Records) $85,000 Public Records
• 1991-09-01 Sold (Public Records) $53,000 Public Records

Property tax history

+1.4%/yr

Latest (2024): $4,069 · +2.2% YoY. Source: county tax records.