470 N Greenwood Ave · Kankakee, IL 60901

$117,500

4 bd · 1.0 ba · 1,125 sqft · Other · 326 Days on market

Built 1900 7,250 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 4-Bedroom Home with Recent Updates - Great Investment Opportunity! This well-maintained 4-bedroom, 1-bath home combines historic charm with modern updates! Built in 1900 and rehabbed in 2016, the property features a bright and airy floor plan, an updated kitchen and bath, and a spacious yard perfect for outdoor enjoyment. The unfinished basement provides ample storage or future finishing potential. Recent upgrades include a new roof and chimney repair (2023), new kitchen appliances (2023), and a brand-new AC unit (2024). Conveniently located near shopping, dining, and amenities, this home is currently leased, offering a fantastic investment opportunity with immediate rental income! Don't miss out-schedule your showing today!

Key facts

• Spacious yard
• New ac unit
• Unfinished basement

Tags

• UPDATED KITCHEN
• SPACIOUS YARD
• UNFINISHED BASEMENT
• NEW ROOF
• NEW KITCHEN APPLIANCES
• NEW AC UNIT

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $118k.

Deal economics

• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $103k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 5.7% in Kankakee — 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 62/100 on livability (#832 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: crime F, amenities F, employment D-.
• Kankakee SD 111 (urban): math 6% / reading 13% proficiency, ranked #584 of 620 in IL (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: John Kennedy Middle Grade School (math 7% / reading 19%, grade F, #1,362 of 2,056 statewide, top 66%, 543 students, 0% FRL); Kankakee Junior High School (math 4% / reading 15%, grade F, #597 of 665 statewide, top 91%, 560 students, 0% FRL); Kankakee High School (math 6% / reading 10%, grade F, #587 of 693 statewide, top 85%, 1,513 students, 0% FRL) — zoned schools average 0% FRL vs 78% district-wide (78 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.4%/yr); 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).
• This rent runs 34% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $812 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 326 days — a 12% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 326 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 11.99%
• Cash-on-cash: 20.33%
• DSCR: 1.90
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.38% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.57×
• Total profit: $18,769
• Equity at exit: $17,520

10-year hold

• IRR: 23.8%
• Equity multiple: 3.18×
• Total profit: $71,799
• Equity at exit: $10,159

Cash invested: $32,900 (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 60901

• Home prices YoY: -32.5%
• Rents YoY: 4.4%
• Active inventory: 114
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,650 medium
• Mortgage (P&I): −$616
• Tax from tax record: −$81 /mo · $975/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $557

Break-even live

Break-even rent $945

Max offer price $117,500

Occupancy floor 61%

Sensitivity live

Price	-10% $624	-5% $591	+0% $557	+5% $524	+10% $491
Rent	-10% $427	-5% $492	+0% $557	+5% $623	+10% $688
Rate	-1.0pp $617	-0.5pp $587	base $557	+0.5pp $527	+1.0pp $496

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: $29,375
• Closing costs: $3,525
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
744 S Elm Ave Kankakee, IL	4.0	2.0	1200	$1,575	$1.31	45d	1	0.97mi

Listing history 3 events

1. 2025-10-27
   status Active 749-char remark

   Show marketing remark (749 chars)

   Charming 4-Bedroom Home with Recent Updates - Great Investment Opportunity! This well-maintained 4-bedroom, 1-bath home combines historic charm with modern updates! Built in 1900 and rehabbed in 2016, the property features a bright and airy floor plan, an updated kitchen and bath, and a spacious yard perfect for outdoor enjoyment. The unfinished basement provides ample storage or future finishing potential. Recent upgrades include a new roof and chimney repair (2023), new kitchen appliances (2023), and a brand-new AC unit (2024). Conveniently located near shopping, dining, and amenities, this home is currently leased, offering a fantastic investment opportunity with immediate rental income! Don't miss out-schedule your showing today!

2. 2025-06-05
   historical 749-char remark

   Show marketing remark (749 chars)

   Charming 4-Bedroom Home with Recent Updates - Great Investment Opportunity! This well-maintained 4-bedroom, 1-bath home combines historic charm with modern updates! Built in 1900 and rehabbed in 2016, the property features a bright and airy floor plan, an updated kitchen and bath, and a spacious yard perfect for outdoor enjoyment. The unfinished basement provides ample storage or future finishing potential. Recent upgrades include a new roof and chimney repair (2023), new kitchen appliances (2023), and a brand-new AC unit (2024). Conveniently located near shopping, dining, and amenities, this home is currently leased, offering a fantastic investment opportunity with immediate rental income! Don't miss out-schedule your showing today!

3. 2025-02-06
   listed $117,500 Active 749-char remark

   Show marketing remark (749 chars)

   Charming 4-Bedroom Home with Recent Updates - Great Investment Opportunity! This well-maintained 4-bedroom, 1-bath home combines historic charm with modern updates! Built in 1900 and rehabbed in 2016, the property features a bright and airy floor plan, an updated kitchen and bath, and a spacious yard perfect for outdoor enjoyment. The unfinished basement provides ample storage or future finishing potential. Recent upgrades include a new roof and chimney repair (2023), new kitchen appliances (2023), and a brand-new AC unit (2024). Conveniently located near shopping, dining, and amenities, this home is currently leased, offering a fantastic investment opportunity with immediate rental income! Don't miss out-schedule your showing today!

ⓘ 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: $975 · $81/mo
• Projected year-2 tax: $1,821 · $152/mo
• Expected delta: +$846/yr (+$71/mo · 86.8%)

ⓘ 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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,804
• − Mortgage interest: −$6,582
• − Property taxes: −$975
• − Insurance: −$588
• − Repairs & maintenance: −$1,584
• − Management: −$1,584
• − Depreciation: −$3,418
• Taxable income: $5,073
• Est. tax owed @ 24.0%: −$1,218
• After-tax cash flow: $5,471/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: Kankakee SD 111
• NCES district ID: 1720760
• Math proficiency: 6% ▼ -7.00%
• Reading proficiency: 13% ▼ -6.00%
• Median HH income: $37,968
• Composite: 8.03/100
• National rank: #9921
• State rank: #584 of 620 in IL

Livability — Kankakee

• Score: 62/100
• State rank: #832
• US rank: #16432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kankakee, IL
• County: Kankakee County · 61,801 people
• City population: 33,128
• Metro: Kankakee, IL
• Population (ZIP): 33,128
• Household income: $58,309
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1317.0

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 19% Two or more races 7%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.12%
• Current HPI: 190.8755
• Rent YoY: ▲ 4.38%
• Metro: Kankakee, IL
• 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

3 events — show timeline

• 2025-10-27 Relisted — MRED as Distributed by MLS Grid
• 2025-06-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-02-06 Listed $117,500 MRED as Distributed by MLS Grid

Property tax history

+3.3%/yr

Latest (2024): $975 · +3.8% YoY. Source: county tax records.