10081 Frontage Rd Unit D

Wilmette, IL 60077

$339,500B-

3 bd · 1.5 ba · 1,055 sqft · Built 1958 · Townhouse · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,774/mo
• Mortgage (P&I): −$1,780
• Tax + insurance: −$489
• HOA: −$0
• Vac / Maint / Mgmt: −$1,003
• Net cashflow: $1,502/mo
• Annual: $18,028/yr
• Cap rate: 11.60%
• Cash-on-cash: 18.96%
• DSCR: 1.84
• 1% rule: 1.41%
• Cash to close: $95,060

Investor read

• This is a 3-bed/1.5-bath townhouse listed at $340k.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $340k).
• It's been on market 47 days — a 3% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $329k (3.0% below list) — sets the bar for market timing.
• 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.
• Location reads 83/100 on livability (#43 in IL, #892 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: cost of living F.
• New Trier Twp Hsd 203 (suburban): math 76% / reading 80% proficiency, ranked #2 of 620 in IL (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.4%/yr); 1 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); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Current owner paid $178k; list at $340k implies a 91% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $95k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.6% vs local median 2.0% in Wilmette — 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.
• At $4,774/mo this rent would consume 73% of the median local household income ($79k/yr) (locally 1316% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.