16040 Boardwalk Ln Unit 3D · Orland Park, IL 60467

$324,900

2 bd · 2.0 ba · 1,650 sqft · Condo · 20 Days on market

Built 1998 $329/mo HOA · 12% 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 +12.1/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• 1% rule +3.8/10.0
• DSCR +3.6/10.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

WELCOME TO ORLAND PARK'S FINEST ELEVATOR CONDO BUILDING! SECURITY CAMERA'S! UNIT FACES WEST! BEAUTIFUL SUNSET VIEWS FROM YOUR 4 STORY 20' BALCONY! APPROX. 1650 SQ. FT. OF UPGRADED OPEN SPACE! NEW AIR CONDITIONER APRIL 2026, NEW FURNACE DECEMBER 2024, HOT WATER HEATER 2023, NEW FRIG 2025, OVEN/RANGE & DISHWASHER 2023. NEW ROOF WILL BE INSTALLED ON BUILDING JUNE 2026 (SPECIAL ASSESSMENT PAID IN FULL)! NEW GARAGE DOOR 2025! 2 LARGE BEDROOMS AND 2 FULL BATH! IN UNIT LAUNDRY WITH UTILITY SINK! FIREPLACE! CONDO FEATURES PLENTY OF LIGHT! DOUBLE BALCONY DOORS! PLENTY OF CLOSET SPACE! 16 UNIT BUILDING ( 4 CONDO'S PER FLOOR) ENCLOSED HEATED GARAGE! FURNITURE NEGOTIABLE! WALKING DISTANCE TO SHO

Key facts

• Security cameras
• New furnace
• New air conditioner

Tags

• ELEVATOR CONDO BUILDING
• SECURITY CAMERAS
• SUNSET VIEWS
• UPGRADED OPEN SPACE
• NEW AIR CONDITIONER
• NEW FURNACE

Property features AI

Finance

• Other: Tax exemptions: Homeowner, Senior, Senior Freeze
• HOA & community: Monthly association fee of $329; HOA covers parking, insurance, exterior maintenance, lawn care and snow removal; Pets not allowed

Exterior

• Parking: Attached garage (1-car)
• Utilities: Water: Lake Michigan / Public; Sewer: Public sewer
• Home design: Attached single condo; Entry level: 3rd floor; Disability access available
• Construction: Brick construction; Building approximately 26–30 years old; Building contains 16 units
• Exterior features: Common lot/grounds

Interior

• Kitchen: Kitchen on main level (16 x 13) with ceramic tile flooring
• Bedrooms: Master bedroom on main level (16 x 12) with full bath; Second bedroom on main level (14 x 12); Additional bedrooms listed
• Flooring: Laminate flooring in living areas and bedrooms; Ceramic tile in kitchen and laundry
• Bathrooms: 2 full bathrooms; Features include whirlpool, separate shower, and double sink
• Heating & cooling: Natural gas heating; Central air conditioning; Electric fireplace
• Interior features: Open floorplan; Elevator; Storage; Walk-in closet(s); Drapes; Blinds
• Laundry & utility: In-unit laundry; Washer hookup; Gas dryer hookup; Electric dryer hookup; Laundry sink; Laundry room on main level (8 x 7) with ceramic tile flooring

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-73 ($-875/yr) — negative.
• To cash-flow at today's rent, offer at most $312k (4.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $286k (12.0% below list).
• Recommended offer: $286k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 4.5% in Orland Park — 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 85/100 on livability (#29 in IL, #529 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Cons Hsd 230 (suburban): math 35% / reading 39% proficiency, ranked #146 of 620 in IL (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carl Sandburg High School (math 41% / reading 45%, grade F, #72 of 693 statewide, top 10%, 2,894 students, 0% FRL).
• Market conditions: 118 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $160k; list at $325k implies a 103% gain — meaningful room to come down on a strong offer.

Recommended offer $285,953 (12.0% 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. 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. 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?
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: 0.88% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.96%
• DSCR: 0.96
• GRM: 9.5

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: -17.8%
• Equity multiple: 0.37×
• Total profit: $-57,197
• Equity at exit: $48,444

10-year hold

• IRR: -9.9%
• Equity multiple: 0.39×
• Total profit: $-55,397
• Equity at exit: $28,091

Cash invested: $90,972 (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 60467

• Home prices YoY: -30.4%
• Active inventory: 118
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,860 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$164 /mo · $1,965/yr
• Insurance: −$135
• HOA: −$329
• Vacancy / Maint / Mgmt: −$601
• Net cashflow: $-73

Break-even live

Break-even rent $2,952

Max offer price $312,014

Occupancy floor 98%

Sensitivity live

Price	-10% $111	-5% $19	+0% $-73	+5% $-165	+10% $-257
Rent	-10% $-299	-5% $-186	+0% $-73	+5% $40	+10% $153
Rate	-1.0pp $91	-0.5pp $10	base $-73	+0.5pp $-157	+1.0pp $-243

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: $81,225
• Closing costs: $9,747
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9147 Boardwalk Ter Orland Hills, IL	3.0	2.0	2076	$3,500	$1.69	22d	1	0.55mi
9309 Wherry Ln Orland Park, IL	2.0	2.5	1500	$2,525	$1.68	26d	1	0.71mi
16610 Liberty Cir Unit 1N Orland Park, IL	2.0	2.0	1200	$2,400	$2.00	0d	1	0.86mi
15826 Farm Hill Dr Orland Park, IL	3.0	1.5	1500	$2,500	$1.67	12d	1	0.98mi
16180 Apple Ln #2 Tinley Park, IL	3.0	2.5	1250	$2,900	$2.32	6d	1	1.15mi
15502 Orlan Brook Dr #222 Orland Park, IL	2.0	2.0	1069	$2,700	$2.53	26d	1	1.22mi
15502 Orlan Brook Dr #222 Orland Park, IL	2.0	2.0	1069	$2,500	$2.34	9d	1	1.22mi
16450 Cherry Hill Ave Tinley Park, IL	3.0	2.0	1370	$3,100	$2.26	9d	1	1.23mi
15202 Highland Ave Orland Park, IL	3.0	1.0	1300	$2,699	$2.08	18d	1	1.41mi
15222 Huntington Ct Orland Park, IL	3.0	2.0	1858	$3,500	$1.88	16d	1	1.42mi

HOA detail condo

• Monthly dues: $329 · $3,948/yr
• Likely covers: watersecurity
• ⚠ Special-assessment mentions:

  …WATER HEATER 2023, NEW FRIG 2025, OVEN/RANGE & DISHWASHER 2023. NEW ROOF WILL BE INSTALLED ON BUILDING JUNE 2026 (SPECIAL ASSESSMENT PAID IN FULL)! NEW GARAGE DOOR 2025! 2 LARGE BEDROOMS AND 2 FULL BATH! IN UNIT LAUNDRY WITH UTILITY SINK! FIREPLACE!…

Listing history 4 events

1. 2026-05-21
   status Pending
2. 2026-05-04
   historical Contingent - Continue to Show
3. 2026-05-01
   listed $324,900 Active
4. 1999-11-04
   soldstatus $160,000

ⓘ 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: $1,965 · $164/mo
• Projected year-2 tax: $4,670 · $389/mo
• Expected delta: +$2,705/yr (+$225/mo · 137.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,314
• − Mortgage interest: −$18,199
• − Property taxes: −$1,965
• − Insurance: −$1,624
• − Repairs & maintenance: −$2,745
• − Management: −$2,745
• − HOA: −$3,948
• − Depreciation: −$9,452
• Taxable loss: −$6,365
• Est. tax savings @ 24.0%: +$1,528
• After-tax cash flow: $652/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: Cons Hsd 230
• NCES district ID: 1708400
• Math proficiency: 35% ▼ -8.00%
• Reading proficiency: 39% ▼ -6.00%
• Median HH income: $73,953
• Composite: 34.29/100
• National rank: #5244
• State rank: #146 of 620 in IL

Livability — Orland Park

• Score: 85/100
• State rank: #29
• US rank: #529

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orland Park, IL
• City population: 41,456
• Population (ZIP): 24,952

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: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Asian 5% Two or more races 4% Black 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 15% Armenian 2% Iranian 2%
• Foreign-born: 14% · Canada, South Korea, China
• Languages at home: 78% English-only · Arabic 9% Russian/Polish/Slavic 4% Other Indo-European 4%

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: ▼ -82.13%
• Current HPI: 188.3676
• 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

+103.1% since first listed

4 events — show timeline

• 2026-05-21 Pending — MRED as Distributed by MLS Grid
• 2026-05-04 Contingent — MRED as Distributed by MLS Grid
• 2026-05-01 Listed $324,900 MRED as Distributed by MLS Grid
• 1999-11-04 Sold (Public Records) $160,000 Public Records

Property tax history

-2.8%/yr

Latest (2023): $1,965 · -52.3% YoY. Source: county tax records.