15105 Irving Ave

Dolton, IL 60419

$220,000D

3 bd · 1.5 ba · 1,190 sqft · Built 1963 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,544/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$735
• HOA: −$0
• Vac / Maint / Mgmt: −$534
• Net cashflow: $121/mo
• Annual: $1,450/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.35%
• DSCR: 1.10
• 1% rule: 1.16%
• Cash to close: $61,600

Investor read

• This is a 3-bed/1.5-bath single-family listed at $220k.
• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Location reads 74/100 on livability (#263 in IL, #4,883 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, health & safety C-, crime D-.
• Thornton Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Diekman Elem School (math 2% / reading 2%, grade F, #1,927 of 2,056 statewide, top 100%, 318 students, 0% FRL); Creative Communications Acad (math 2% / reading 2%, grade F, #660 of 665 statewide, top 100%, 177 students, 0% FRL); Thornridge High School (math 8% / reading 8%, grade F, #589 of 693 statewide, top 86%, 1,057 students, 0% FRL).
• Watch-outs: property tax is 3.5% of price.
• Market conditions: Rents rising fast (+9.7%/yr); 129 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 12 sale attempts since 3y 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.
• Current owner paid $122k; list at $220k implies a 80% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $62k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 7.0% vs local median 9.3% in Dolton — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $2,544/mo this rent would consume 53% of the median local household income ($58k/yr) (locally 919% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.