18340 Cherry Creek Dr #7 · Homewood, IL 60430

$101,000

2 bd · 1.0 ba · 1,010 sqft · Condo public records · 27 Days on market

Built 1970 $568/mo HOA · 28% of rent ↓ 14% since listing

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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 +27.4/30.0
• 1% rule +10.0/10.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Key facts

• Galley-style kitchen
• Extra storage
• Private balcony

Tags

• PRIVATE BALCONY
• GALLEY-STYLE KITCHEN
• EXTRA STORAGE
• TWO ASSIGNED PARKING SPACES

Property features AI

Finance

• Other: Common area ownership percentage: 3%; Not currently leased; Access to commuter bus, commuter train and interstate
• Financial info: Homeowner tax exemption listed
• HOA & community: Monthly association fee of $568; Association fee includes heat, air conditioning, water, gas, parking, insurance, security, exterior maintenance, lawn care, trash removal, and snow removal; Association amenities include coin laundry, storage, and security door locks; Self-managed association; Pets allowed (cats and dogs), maximum pet weight 25 lbs

Exterior

• Parking: Two total parking spaces; Assigned parking, off-street and guest parking available
• Security: Security door locks (building amenity); Intercom
• Utilities: Lake Michigan water; Public sewer; Electric service with circuit breakers
• Home design: Attached single (condo), end unit; Entry level: 2; Model: 2/1 LARGE; Located in a building with 8 units; Rubber roof; Built prior to 1978
• Construction: Brick construction; Concrete perimeter foundation
• Exterior features: Patio; Common grounds

Interior

• Kitchen: Galley kitchen with eating area (approx. 9 x 8, ceramic tile); Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: Master bedroom on main level (approx. 14 x 14, carpet); Second bedroom on main level (approx. 13 x 12, carpet); Additional bedrooms listed (unit has two bedrooms total)
• Flooring: Carpet in living areas and bedrooms; Ceramic tile in kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Storage; Window screens; Unfinished full basement
• Laundry & utility: In-unit washer and dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $101k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $101k).
• Recommended offer: $99k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 6.1% in Homewood — 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 (#81 in IL, #1,314 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, cost of living A+; Watch: amenities F.
• Homewood Flossmoor Chsd 233 (suburban): math 21% / reading 27% proficiency, ranked #272 of 620 in IL (top 44%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Homewood-Flossmoor High School (math 21% / reading 27%, grade F, #304 of 693 statewide, top 44%, 2,798 students, 0% FRL).
• Market conditions: 101 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $698 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $99,485 (1.5% below list)

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.01% ✓
• Cap rate: 9.82%
• Cash-on-cash: 12.59%
• DSCR: 1.56
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 2.7%
• Equity multiple: 1.10×
• Total profit: $2,931
• Equity at exit: $15,059

10-year hold

• IRR: 12.6%
• Equity multiple: 2.01×
• Total profit: $28,529
• Equity at exit: $8,733

Cash invested: $28,280 (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 60430

• Home prices YoY: -32.1%
• Active inventory: 101
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,033 high
• Mortgage (P&I): −$530
• Tax from tax record: −$170 /mo · $2,036/yr
• Insurance: −$42
• HOA: −$568
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $297

Break-even live

Break-even rent $1,657

Max offer price $101,000

Occupancy floor 80%

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: $25,250
• Closing costs: $3,030
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2420 183rd St Homewood, IL	2.0	1.0	1100	$1,750	$1.59	11d	1	0.46mi
2640 Flossmoor Rd Unit 2S Flossmoor, IL	2.0	1.5	800	$1,800	$2.25	15d	1	0.95mi
2722 Larkspur Ln Hazel Crest, IL	3.0	1.5	1441	$2,650	$1.84	13d	1	0.98mi
1933 Hickory Rd Homewood, IL	1.0	1.0	850	$1,550	$1.82	21d	1	1.05mi
1933 Hickory Rd Unit 1937-C Homewood, IL	1.0	1.0	850	$1,550	$1.82	19d	1	1.06mi
17561 Hillside Ave Homewood, IL	3.0	1.0	1174	$2,500	$2.13	17d	1	1.17mi
17561 Hillside Ave Homewood, IL	3.0	1.0	1174	$2,300	$1.96	1d	1	1.17mi
3501 177th St Country Club Hills, IL	2.0	2.0	839	$2,850	$3.40	1d	1	1.24mi

HOA detail condo

• Monthly dues: $568 · $6,816/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-18
   days on market $101,000 Active 27 DOM
2. 2026-06-17
   days on market $101,000 Active 26 DOM
3. 2026-06-16
   days on market $101,000 Active 25 DOM
4. 2026-06-15
   days on market $101,000 Active 24 DOM
5. 2026-06-13
   days on market $101,000 Active 22 DOM
6. 2026-06-09
   days on market $101,000 Active 18 DOM
7. 2026-06-08
   days on market $101,000 Active 17 DOM
8. 2026-06-07
   days on market $101,000 Active 16 DOM
9. 2026-06-04
   days on market $101,000 Active 13 DOM
10. 2026-06-03
    days on market $101,000 Active 12 DOM
11. 2026-06-02
    days on market $101,000 Active 11 DOM
12. 2026-06-01
    days on market $101,000 Active 10 DOM
13. 2026-05-31
    days on market $101,000 Active 9 DOM
14. 2026-05-22
    listed $101,000 Active
15. 2026-05-16
    historical Contingent - Continue to Show
16. 2026-05-15
    historical
17. 2026-04-19
    listed Active
18. 2026-04-19
    historical
19. 2026-03-13
    listed Active
20. 2026-03-13
    historical
21. 2026-02-05
    historical
22. 2026-02-02
    status Active
23. 2026-01-30
    historical Contingent - Continue to Show
24. 2026-01-05
    listed Active
25. 2026-01-05
    historical
26. 2025-11-24
    listed Active
27. 2025-11-24
    historical
28. 2025-10-24
    listed Active
29. 2025-10-24
    historical
30. 2025-09-25
    listed Active
31. 2025-09-25
    historical
32. 2025-09-24
    status Active
33. 2025-09-03
    historical Contingent - Continue to Show
34. 2025-07-25
    listed Active
35. 2025-07-25
    historical
36. 2025-07-10
    price
37. 2025-06-18
    listed Active
38. 2025-06-18
    historical
39. 2025-06-10
    status Active
40. 2025-05-27
    historical Contingent - No Showings
41. 2025-05-15
    listed Active
42. 2025-05-15
    historical
43. 2025-04-23
    price
44. 2025-04-16
    listed Active
45. 2009-12-21
    soldstatus $110,000 Closed Sale
46. 2009-12-17
    soldstatus $110,000
47. 2009-12-16
    status Pending
48. 2009-10-11
    listed $117,900 New
49. 2009-10-11
    historical
50. 2009-05-04
    status

ⓘ 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: $2,036 · $170/mo
• Projected year-2 tax: $2,164 · $180/mo
• Expected delta: +$129/yr (+$11/mo · 6.3%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,395
• − Mortgage interest: −$5,658
• − Property taxes: −$2,036
• − Insurance: −$505
• − Repairs & maintenance: −$1,952
• − Management: −$1,952
• − HOA: −$6,816
• − Depreciation: −$2,938
• Taxable income: $2,539
• Est. tax owed @ 24.0%: −$609
• After-tax cash flow: $2,950/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: Homewood Flossmoor Chsd 233
• NCES district ID: 1719560
• Math proficiency: 21% ▼ -15.00%
• Reading proficiency: 27% ▼ -13.00%
• Median HH income: $83,564
• Composite: 24.42/100
• National rank: #7681
• State rank: #272 of 620 in IL

Livability — Homewood

• Score: 81/100
• State rank: #81
• US rank: #1314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homewood, IL
• City population: 19,993
• Population (ZIP): 19,993

Population outlook (Cook County) Hauer SSP2

• Today (2025): 5,347,519 people
• By 2030: 5,357,703 · +0.2%
• By 2040: 5,324,924 · -0.4%
• By 2050: 5,230,762 · -2.2%
• By 2075: 4,785,735 · -10.5%
• By 2100: 4,188,836 · -21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 44% White 42% Hispanic / Latino 9% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 5% Iranian 2% Italian 2%
• Foreign-born: 6% · Canada, Dominican Republic
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · Cook

• 2024 margin: Solid D (+42.0) · D 70.4% · R 28.4% · Other 1.2%
• 2008→2024 swing: -11.4pp toward R · 2008: 53.4pp · 2024: 42.0pp
• All cycles: 2024: D+42.0 2020: D+50.3 2016: D+53.0 2012: D+49.4 2008: D+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.00%
• Current HPI: 222.2923
• 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

-14.3% since first listed

39 events — show timeline

• 2026-05-22 Listed $101,000 MRED as Distributed by MLS Grid
• 2026-05-16 Contingent — MRED as Distributed by MLS Grid
• 2026-05-15 Listing Removed — MRED as Distributed by MLS Grid
• 2026-04-19 Listing Removed — MRED as Distributed by MLS Grid
• 2026-04-19 Listed — MRED as Distributed by MLS Grid
• 2026-03-13 Listing Removed — MRED as Distributed by MLS Grid
• 2026-03-13 Listed — MRED as Distributed by MLS Grid
• 2026-02-05 Listing Removed — MRED as Distributed by MLS Grid
• 2026-02-02 Relisted — MRED as Distributed by MLS Grid
• 2026-01-30 Contingent — MRED as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-05 Listed — MRED as Distributed by MLS Grid
• 2025-11-24 Listing Removed — MRED as Distributed by MLS Grid
• 2025-11-24 Listed — MRED as Distributed by MLS Grid
• 2025-10-24 Listing Removed — MRED as Distributed by MLS Grid
• 2025-10-24 Listed — MRED as Distributed by MLS Grid
• 2025-09-25 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-25 Listed — MRED as Distributed by MLS Grid
• 2025-09-24 Relisted — MRED as Distributed by MLS Grid
• 2025-09-03 Contingent — MRED as Distributed by MLS Grid
• 2025-07-25 Listing Removed — MRED as Distributed by MLS Grid
• 2025-07-25 Listed — MRED as Distributed by MLS Grid
• 2025-07-10 Price Changed — MRED as Distributed by MLS Grid
• 2025-06-18 Listing Removed — MRED as Distributed by MLS Grid
• 2025-06-18 Listed — MRED as Distributed by MLS Grid
• 2025-06-10 Relisted — MRED as Distributed by MLS Grid
• 2025-05-27 Contingent — MRED as Distributed by MLS Grid
• 2025-05-15 Listing Removed — MRED as Distributed by MLS Grid
• 2025-05-15 Listed — MRED as Distributed by MLS Grid
• 2025-04-23 Price Changed — MRED as Distributed by MLS Grid
• 2025-04-16 Listed — MRED as Distributed by MLS Grid
• 2009-12-21 Sold (MLS) $110,000 MRED as Distributed by MLS Grid
• 2009-12-17 Sold (Public Records) $110,000 Public Records
• 2009-12-16 Pending — MRED as Distributed by MLS Grid
• 2009-10-11 Listed $117,900 MRED as Distributed by MLS Grid
• 2009-10-11 Listing Removed — MRED as Distributed by MLS Grid
• 2009-05-04 Relisted — MRED as Distributed by MLS Grid
• 2009-03-19 Contingent — MRED as Distributed by MLS Grid
• 2009-02-23 Listed — MRED as Distributed by MLS Grid

Property tax history

+0.3%/yr

Latest (2023): $2,036 · +1927.8% YoY. Source: county tax records.