2967 Concord Ln #2967 · Waukegan, IL 60083

$239,500

2 bd · 2.0 ba · 1,330 sqft · Condo public records · 43 Days on market

Built 2005 $291/mo HOA · 11% of rent

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Why this score? — see what drove the D- 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 +10.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Newly refreshed beautiful second floor @ Bed/2Bath ready and waiting for you!! Freshly painted, new flooring/carpeting and professionally cleaned !! just move in! Huge 2 car tandem garage!

Key facts

• $291 HOA
• 2 garage spots
• Community pool

Property features AI

Finance

• HOA & community: Monthly association fee of $250; Master association fee $500 annually; Association covers insurance, clubhouse, exercise facilities, pool, exterior maintenance, and snow removal; Pets allowed (cats and dogs)

Exterior

• Parking: Attached garage (2-car) — 2 total parking spaces
• Utilities: Public water; Public sewer
• Home design: Attached single-unit condo; Entry level: 2; Condo ownership
• Construction: Vinyl siding and brick exterior; Approximately 21–25 years old; Underwent rehab in 2026
• Exterior features: Common lot/grounds; School bus service (community amenity)

Interior

• Kitchen: Kitchen (second level) — 15 x 16, vinyl flooring
• Bedrooms: Master bedroom (second level) — 16 x 12, carpet, full bath with double sink, tub and separate shower; Bedroom 2 (second level) — 13 x 10, carpet; Bedroom 3; Bedroom 4
• Flooring: Carpet in living areas and bedrooms; Vinyl flooring in kitchen, dining area, and laundry
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 5 total rooms; School bus service available
• Laundry & utility: Laundry room (second level) — 6 x 8, vinyl flooring

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (9.5% below list).
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $217k (9.5% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 4.6% in Waukegan — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 75/100 on livability (#216 in IL, #4,074 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D, amenities D-.
• Warren Twp Hsd 121 (suburban): math 34% / reading 43% proficiency, ranked #124 of 620 in IL (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Warren Township High School (math 34% / reading 43%, grade F, #100 of 693 statewide, top 15%, 3,758 students, 0% FRL).
• Market conditions: 47 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).

Forward outlook

• 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.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($232k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price.

Recommended offer $216,783 (9.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 1.15% ✓
• Cap rate: 5.65%
• Cash-on-cash: -2.30%
• DSCR: 0.90
• GRM: 7.3

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: -19.9%
• Equity multiple: 0.31×
• Total profit: $-46,563
• Equity at exit: $35,710

10-year hold

• IRR: -12.3%
• Equity multiple: 0.26×
• Total profit: $-49,319
• Equity at exit: $20,708

Cash invested: $67,060 (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 60083

• Home prices YoY: -16.2%
• Active inventory: 47
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,746 medium
• Mortgage (P&I): −$1,256
• Tax from tax record: −$651 /mo · $7,815/yr
• Insurance: −$100
• HOA: −$291
• Vacancy / Maint / Mgmt: −$577
• Net cashflow: $-129

Break-even live

Break-even rent $2,909

Max offer price $216,783

Occupancy floor 100%

Sensitivity live

Price	-10% $7	-5% $-61	+0% $-129	+5% $-196	+10% $-264
Rent	-10% $-346	-5% $-237	+0% $-129	+5% $-20	+10% $88
Rate	-1.0pp $-8	-0.5pp $-68	base $-129	+0.5pp $-191	+1.0pp $-254

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: $59,875
• Closing costs: $7,185
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4810 Eastwood Ct Waukegan, IL	3.0	2.5	1800	$2,750	$1.53	1d	1	0.62mi
2025 Greystem Cir Gurnee, IL	2.0	1.0–2.0	827	$2,425	$2.93	1d	43	1.25mi
38955 N Delany Rd Wadsworth, IL	3.0	1.5	1478	$3,000	$2.03	1d	1	1.48mi

HOA detail condo

• Monthly dues: $291 · $3,492/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-04-17
   historical Contingent - Continue to Show
2. 2026-04-15
   listed $239,500 Active

ⓘ 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: $7,815 · $651/mo
• Projected year-2 tax: $7,815 · $651/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,953
• − Mortgage interest: −$13,416
• − Property taxes: −$7,815
• − Insurance: −$1,198
• − Repairs & maintenance: −$2,636
• − Management: −$2,636
• − HOA: −$3,492
• − Depreciation: −$6,967
• Taxable loss: −$5,207
• Est. tax savings @ 24.0%: +$1,250
• After-tax cash flow: $-294/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: Warren Twp Hsd 121
• NCES district ID: 1740800
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 43% ▼ -5.00%
• Median HH income: $86,523
• Composite: 36.71/100
• National rank: #4595
• State rank: #124 of 620 in IL

Livability — Waukegan

• Score: 75/100
• State rank: #216
• US rank: #4074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukegan, IL
• City population: 99,634
• Population (ZIP): 9,655

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 0.65)
• Race & ethnicity: White 50% Hispanic / Latino 28% Two or more races 14% Black 10% Asian 9%
• Hispanic origin (detail): Mexican 22% Puerto Rican 4%
• Common ancestry: Romanian 9% Lithuanian 2% Slovak 2%
• Foreign-born: 19% · Canada, South Korea, China
• Languages at home: 70% English-only · Spanish 21% Tagalog/Filipino 3% Other Indo-European 2%

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: ▼ -39.49%
• Current HPI: 203.6911
• 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

2 events — show timeline

• 2026-04-17 Contingent — MRED as Distributed by MLS Grid
• 2026-04-15 Listed $239,500 MRED as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2024): $7,815 · +10.8% YoY. Source: county tax records.