3133 Bernice Rd #2 · Lansing, IL 60438

$69,900

1 bd · 1.0 ba · 578 sqft · Condo · 56 Days on market

Built 1966 $223/mo HOA · 20% of rent

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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 +17.5/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover an incredible opportunity to own this well-maintained and affordable 1-bedroom condo, perfectly located on the main floor. This inviting unit features a large patio, ideal for relaxing or entertaining. Inside, you'll find a well maintained living area freshly painted, with new flooring throughout and a new refrigerator in the kitchen. The property includes an assigned parking spot for convenience and access to a coin-operated laundry facility. With its prime location and appealing features, this condo is perfect for first-time buyers or downsizers. Don't miss out on this great opportunity!

Key facts

• Large patio
• $223 HOA
• Parking

Tags

• LARGE PATIO
• ASSIGNED PARKING SPOT
• COIN OPERATED LAUNDRY

Property features AI

Finance

• Other: Not currently leased
• Financial info: Special service area: No
• HOA & community: Monthly association fee of $223; Association fee includes heat, water, exterior maintenance, refuse (scavenger) and snow removal; Association amenities include coin laundry; Pets allowed (cats and dogs) with size limits; max pet weight indicated

Exterior

• Parking: Off-street parking (1 total space)
• Utilities: Water source: Lake Michigan; Public sewer
• Home design: Attached single condo; Entry level: 1; Condo ownership; Interstate access
• Construction: Brick construction; Built 51–60 years ago; Property built before 1978
• Exterior features: Patio; Common grounds

Interior

• Kitchen: Range; Refrigerator; Eating area / table space in kitchen
• Bedrooms: One bedroom (main level); Additional bedroom spaces listed as Bedroom 2, Bedroom 3, Bedroom 4
• Flooring: Luxury vinyl flooring in kitchen, living room, and master bedroom
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Three total rooms; Blinds and curtains/drapes on main living room windows
• Laundry & utility: Common area laundry; Laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $70k.

Deal economics

• At list price, monthly cash flow is $54 ($651/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 5.8% in Lansing — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D+, health & safety D+.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 132 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent is only 17% of the median local income ($76k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $48k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; HOA is 20% of rent.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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. 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.
10. 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.
11. 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: 1.58% ✓
• Cap rate: 7.22%
• Cash-on-cash: 3.33%
• DSCR: 1.15
• GRM: 5.3

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: -10.7%
• Equity multiple: 0.61×
• Total profit: $-7,651
• Equity at exit: $10,422

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-1,315
• Equity at exit: $6,044

Cash invested: $19,572 (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 60438

• Active inventory: 132
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,102 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$198 /mo · $2,372/yr
• Insurance: −$29
• HOA: −$223
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $54

Break-even live

Break-even rent $1,033

Max offer price $69,900

Occupancy floor 90%

Sensitivity live

Price	-10% $94	-5% $74	+0% $54	+5% $34	+10% $15
Rent	-10% $-33	-5% $11	+0% $54	+5% $98	+10% $141
Rate	-1.0pp $89	-0.5pp $72	base $54	+0.5pp $36	+1.0pp $18

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2441 Indiana Ave Unit 2N Lansing, IL	1.0	1.0	600	$975	$1.62	13d	1	1.21mi
2441 Indiana Ave Lansing, IL	1.0	1.0	600	$975	$1.62	4d	1	1.21mi

HOA detail condo

• Monthly dues: $223 · $2,676/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $69,900 Active 56 DOM
2. 2026-06-17
   days on market $69,900 Active 55 DOM
3. 2026-06-16
   days on market $69,900 Active 54 DOM
4. 2026-06-15
   days on market $69,900 Active 53 DOM
5. 2026-06-13
   days on market $69,900 Active 51 DOM
6. 2026-06-09
   days on market $69,900 Active 47 DOM
7. 2026-06-08
   pricedays on market $69,900 Active 46 DOM
8. 2026-06-07
   days on market $75,000 Active 45 DOM
9. 2026-06-04
   days on market $75,000 Active 42 DOM
10. 2026-06-03
    days on market $75,000 Active 41 DOM
11. 2026-06-02
    days on market $75,000 Active 40 DOM
12. 2026-06-01
    days on market $75,000 Active 39 DOM
13. 2026-05-31
    days on market $75,000 Active 38 DOM
14. 2026-05-20
    status Active
15. 2026-05-02
    historical Contingent - Continue to Show
16. 2008-01-12
    historical
17. 2007-12-04
    listed
18. 2006-06-06
    soldstatus $48,500

ⓘ 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: $2,372 · $198/mo
• Projected year-2 tax: $2,372 · $198/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,224
• − Mortgage interest: −$3,915
• − Property taxes: −$2,372
• − Insurance: −$350
• − Repairs & maintenance: −$1,058
• − Management: −$1,058
• − HOA: −$2,676
• − Depreciation: −$2,033
• Taxable loss: −$238
• Est. tax savings @ 24.0%: +$57
• After-tax cash flow: $708/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: Thornton Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 of 620 in IL

Livability — Lansing

• Score: 73/100
• State rank: #296
• US rank: #5698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, IL
• County: Cook County · 4,486,803 people
• City population: 28,806
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,806
• Household income: $75,681
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 830.0

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 0.65)
• Race & ethnicity: Black 51% White 25% Hispanic / Latino 18% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 83% English-only · Spanish 12% Vietnamese 1% French/Haitian/Cajun 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: ▼ -151.65%
• Current HPI: 210.3398
• Rent YoY: —
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

5 events — show timeline

• 2026-05-20 Relisted — MRED as Distributed by MLS Grid
• 2026-05-02 Contingent — MRED as Distributed by MLS Grid
• 2008-01-12 Listing Removed — MRED as Distributed by MLS Grid
• 2007-12-04 Listed — MRED as Distributed by MLS Grid
• 2006-06-06 Sold (Public Records) $48,500 Public Records

Property tax history

+3.0%/yr

Latest (2023): $2,372 · +39.5% YoY. Source: county tax records.