1221 E Chestnut St · Kankakee, IL 60901

$79,585

3 bd · 1.5 ba · 1,950 sqft · Other · 52 Days on market

Built 1972 5,625 sqft lot $41/sqft · 14% above area Est $70k · 14% over ↓ 11% since listing

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Why this score? — see what drove the C+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks

I am pleased to share a new listing for a move-in ready 1.5-story gem. This property boasts 3 bedrooms, 1 bath, and 1,950 sq. ft. of living space with a full unfinished basement waiting for the right imagination. The home features a spacious living room, dining area, and den, plus an opportunity that is perfect for customization. An expansive 2.5-car garage completes this ideal home. Please note that the property is being sold as-is where is. Handyman special, move in and start the TLC. Don't miss out on this!!!

Key facts

• 5,625 sq ft lot
• 2 garage spots
• Built 1972

Property features AI

Finance

• Other: Parcel number on file
• Financial info: Special service area not required
• HOA & community: No master association fee required

Exterior

• Parking: Detached owned garage (2 garage spaces, 2 total parking spaces)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; Built before 1978
• Construction: Vinyl siding exterior; Estimated age 51–60 years
• Exterior features: Lot dimensions approximately 45 x 125; Lot smaller than 0.25 acre; School bus service and commuter transit access

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Three bedrooms (Master on main; one bedroom on main; one bedroom on second level)
• Flooring: Carpet in family room
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Natural gas heating
• Interior features: Seven total rooms; Unfinished full basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $711 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $77k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.0% vs local median 5.8% in Kankakee — 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 62/100 on livability (#832 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Kankakee SD 111 (urban): math 6% / reading 13% proficiency, ranked #584 of 620 in IL (top 94%) — 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: Rents rising fast (+4.4%/yr); 115 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).
• This rent runs 33% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $550 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $77,197 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F 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?
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 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.

Investment metrics

• 1% rule: 2.00% ✓
• Cap rate: 17.01%
• Cash-on-cash: 38.26%
• DSCR: 2.70
• GRM: 4.2

CMA / ARV

• ARV (median comp): $69,627
• List price: $79,585
• Delta: 14.30%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.38% rent growth · sell at horizon

5-year hold

• IRR: 35.9%
• Equity multiple: 2.55×
• Total profit: $34,630
• Equity at exit: $11,866

10-year hold

• IRR: 43.3%
• Equity multiple: 5.40×
• Total profit: $98,006
• Equity at exit: $6,881

Cash invested: $22,284 (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 60901

• Home prices YoY: -32.5%
• Rents YoY: 4.4%
• Active inventory: 115
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,596 medium
• Mortgage (P&I): −$417
• Tax est. 1.5%: −$99 /mo · $1,194/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $711

Break-even live

Break-even rent $696

Max offer price $79,585

Occupancy floor 50%

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: $19,896
• Closing costs: $2,388
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
932 S Washington Ave Kankakee, IL	4.0	1.5	2000	$1,500	$0.75	43d	1	1.30mi

Listing history 19 events

1. 2026-06-15
   statusdays on market $79,585 Pending 52 DOM
2. 2026-06-14
   days on market $79,585 Active 51 DOM
3. 2026-06-13
   days on market $79,585 Active 50 DOM
4. 2026-06-10
   days on market $79,585 Active 48 DOM
5. 2026-06-09
   days on market $79,585 Active 47 DOM
6. 2026-06-08
   days on market $79,585 Active 46 DOM
7. 2026-06-07
   days on market $79,585 Active 45 DOM
8. 2026-06-03
   days on market $79,585 Active 41 DOM
9. 2026-06-02
   days on market $79,585 Active 40 DOM
10. 2026-06-01
    days on market $79,585 Active 39 DOM
11. 2026-05-31
    days on market $79,585 Active 38 DOM
12. 2026-05-30
    days on market $79,585 Active 37 DOM
13. 2026-05-15
    status Active 528-char remark
14. 2026-05-15
    price $79,585 528-char remark
15. 2026-05-07
    historical Contingent - Continue to Show 528-char remark
16. 2026-04-23
    listed $89,585 Active 528-char remark
17. 2026-04-21
    historical
18. 2026-03-29
    price
19. 2026-01-13
    listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,148
• − Mortgage interest: −$4,458
• − Property taxes: −$1,194
• − Insurance: −$398
• − Repairs & maintenance: −$1,532
• − Management: −$1,532
• − Depreciation: −$2,315
• Taxable income: $7,719
• Est. tax owed @ 24.0%: −$1,853
• After-tax cash flow: $6,674/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: Kankakee SD 111
• NCES district ID: 1720760
• Math proficiency: 6% ▼ -7.00%
• Reading proficiency: 13% ▼ -6.00%
• Median HH income: $37,968
• Composite: 8.03/100
• National rank: #9921
• State rank: #584 of 620 in IL

Livability — Kankakee

• Score: 62/100
• State rank: #832
• US rank: #16432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kankakee, IL
• County: Kankakee County · 61,801 people
• City population: 33,128
• Metro: Kankakee, IL
• Population (ZIP): 33,128
• Household income: $58,309
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1317.0

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 19% Two or more races 7%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.12%
• Current HPI: 190.8755
• Rent YoY: ▲ 4.38%
• Metro: Kankakee, IL
• 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

-11.2% since first listed

8 events — show timeline

• 2026-06-15 Pending — MRED as Distributed by MLS Grid
• 2026-05-15 Relisted — MRED as Distributed by MLS Grid
• 2026-05-15 Price Changed $79,585 MRED as Distributed by MLS Grid
• 2026-05-07 Contingent — MRED as Distributed by MLS Grid
• 2026-04-23 Listed $89,585 MRED as Distributed by MLS Grid
• 2026-04-21 Listing Removed — MRED as Distributed by MLS Grid
• 2026-03-29 Price Changed — MRED as Distributed by MLS Grid
• 2026-01-13 Listed — MRED as Distributed by MLS Grid

Property tax history

+20.9%/yr

Latest (2025): $4,253 · +6.3% YoY. Source: county tax records.