320 Beach Ave Unit 3C

La Grange Park, IL 60526

$160,000C-

2 bd · 1.0 ba · — sqft · Built 1964 · Condo · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,051/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$243
• HOA: −$366
• Vac / Maint / Mgmt: −$431
• Net cashflow: $173/mo
• Annual: $2,071/yr
• Cap rate: 7.59%
• Cash-on-cash: 4.62%
• DSCR: 1.21
• 1% rule: 1.28%
• Cash to close: $44,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $160k.
• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#27 in IL, #494 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: cost of living F.
• Lyons Twp Hsd 204 (suburban): math 49% / reading 53% proficiency, ranked #43 of 620 in IL (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Park Junior High School (math 51% / reading 68%, grade B, #23 of 665 statewide, top 3%, 694 students, 0% FRL); Lyons Twp High Sch (math 49% / reading 53%, grade D+, #41 of 693 statewide, top 6%, 3,842 students, 0% FRL).
• Market conditions: 14 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Current owner paid $125k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.6% vs local median 3.2% in La Grange 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.

Questions for listing agent

• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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 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.