241 N West Ave · Kankakee, IL 60901

$31,900

4 bd · 1.0 ba · 1,500 sqft · Other · 147 Days on market

5,840 sqft lot $21/sqft · 61% below area ↓ 20% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Opportunity knocks at 241 Northwest Avenue-a solid four-bedroom, one-bath home with strong upside in a rental market that continues to perform well. Much of the heavy lifting has already been completed, making this an ideal project for an investor or experienced buyer looking to finish strong and build equity. The upper level has been almost completely finished, providing a head start on the most labor-intensive portion of the home. The main floor and full basement remain unfinished and are ready for remodeling, allowing the next owner to design and complete the space to their specifications. With a functional layout, full basement, and generous square footage, the potential here is undeniable. This property is being sold as-is and is best suited for cash buyers or those using hard money or commercial conventional financing. Bring all offers-serious buyers only. A great chance to step into a partially completed rehab and capitalize on Kankakee's strong rental demand. Call today to schedule your private showing-opportunities like this don't last.

Key facts

• 5,840 sq ft lot
• 2 parking spots
• Listed 147 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $32k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $32k).
• Recommended offer: $28k (12.0% below list) — sets the bar for market timing.
• Cap rate 48.9% vs local median 5.8% 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: schools F, crime F, amenities F.
• 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.
• Market conditions: Rents rising fast (+4.4%/yr); 115 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).
• This rent runs 35% 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 $221 of loan paydown is wiped out by about $957 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 $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $8k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $28,072 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 5.37% ✓
• Cap rate: 48.92%
• Cash-on-cash: 152.26%
• DSCR: 7.77
• GRM: 1.6

CMA / ARV

• ARV (median comp): $81,870
• List price: $31,900
• Delta: -61.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 8.78×
• Total profit: $69,448
• Equity at exit: $4,756

10-year hold

• IRR: —
• Equity multiple: 19.33×
• Total profit: $163,703
• Equity at exit: $2,758

Cash invested: $8,932 (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: 115
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,714 medium
• Mortgage (P&I): −$167
• Tax est. 1.5%: −$40 /mo · $478/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $1,133

Break-even live

Break-even rent $279

Max offer price $31,900

Occupancy floor 29%

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: $7,975
• Closing costs: $957
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
932 S Washington Ave Kankakee, IL	4.0	1.5	2000	$1,500	$0.75	43d	1	0.84mi
744 S Elm Ave Kankakee, IL	4.0	2.0	1200	$1,575	$1.31	43d	1	1.11mi

Listing history 14 events

1. 2026-06-13
   status $31,900 Pending 147 DOM
2. 2026-06-10
   days on market $31,900 Active 147 DOM
3. 2026-06-09
   days on market $31,900 Active 146 DOM
4. 2026-06-08
   days on market $31,900 Active 145 DOM
5. 2026-06-07
   days on market $31,900 Active 144 DOM
6. 2026-06-03
   days on market $31,900 Active 140 DOM
7. 2026-06-02
   days on market $31,900 Active 139 DOM
8. 2026-06-01
   days on market $31,900 Active 138 DOM
9. 2026-05-31
   days on market $31,900 Active 137 DOM
10. 2026-05-30
    days on market $31,900 Active 136 DOM
11. 2026-05-01
    price $31,900 1061-char remark

    Show marketing remark (1061 chars)

    Opportunity knocks at 241 Northwest Avenue-a solid four-bedroom, one-bath home with strong upside in a rental market that continues to perform well. Much of the heavy lifting has already been completed, making this an ideal project for an investor or experienced buyer looking to finish strong and build equity. The upper level has been almost completely finished, providing a head start on the most labor-intensive portion of the home. The main floor and full basement remain unfinished and are ready for remodeling, allowing the next owner to design and complete the space to their specifications. With a functional layout, full basement, and generous square footage, the potential here is undeniable. This property is being sold as-is and is best suited for cash buyers or those using hard money or commercial conventional financing. Bring all offers-serious buyers only. A great chance to step into a partially completed rehab and capitalize on Kankakee's strong rental demand. Call today to schedule your private showing-opportunities like this don't last.

12. 2026-03-09
    status Active 1061-char remark

    Show marketing remark (1061 chars)

    Opportunity knocks at 241 Northwest Avenue-a solid four-bedroom, one-bath home with strong upside in a rental market that continues to perform well. Much of the heavy lifting has already been completed, making this an ideal project for an investor or experienced buyer looking to finish strong and build equity. The upper level has been almost completely finished, providing a head start on the most labor-intensive portion of the home. The main floor and full basement remain unfinished and are ready for remodeling, allowing the next owner to design and complete the space to their specifications. With a functional layout, full basement, and generous square footage, the potential here is undeniable. This property is being sold as-is and is best suited for cash buyers or those using hard money or commercial conventional financing. Bring all offers-serious buyers only. A great chance to step into a partially completed rehab and capitalize on Kankakee's strong rental demand. Call today to schedule your private showing-opportunities like this don't last.

13. 2026-01-30
    status Pending 1061-char remark

    Show marketing remark (1061 chars)

    Opportunity knocks at 241 Northwest Avenue-a solid four-bedroom, one-bath home with strong upside in a rental market that continues to perform well. Much of the heavy lifting has already been completed, making this an ideal project for an investor or experienced buyer looking to finish strong and build equity. The upper level has been almost completely finished, providing a head start on the most labor-intensive portion of the home. The main floor and full basement remain unfinished and are ready for remodeling, allowing the next owner to design and complete the space to their specifications. With a functional layout, full basement, and generous square footage, the potential here is undeniable. This property is being sold as-is and is best suited for cash buyers or those using hard money or commercial conventional financing. Bring all offers-serious buyers only. A great chance to step into a partially completed rehab and capitalize on Kankakee's strong rental demand. Call today to schedule your private showing-opportunities like this don't last.

14. 2025-12-08
    listed $39,900 Active 1061-char remark

    Show marketing remark (1061 chars)

    Opportunity knocks at 241 Northwest Avenue-a solid four-bedroom, one-bath home with strong upside in a rental market that continues to perform well. Much of the heavy lifting has already been completed, making this an ideal project for an investor or experienced buyer looking to finish strong and build equity. The upper level has been almost completely finished, providing a head start on the most labor-intensive portion of the home. The main floor and full basement remain unfinished and are ready for remodeling, allowing the next owner to design and complete the space to their specifications. With a functional layout, full basement, and generous square footage, the potential here is undeniable. This property is being sold as-is and is best suited for cash buyers or those using hard money or commercial conventional financing. Bring all offers-serious buyers only. A great chance to step into a partially completed rehab and capitalize on Kankakee's strong rental demand. Call today to schedule your private showing-opportunities like this don't last.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $20,563
• − Mortgage interest: −$1,787
• − Property taxes: −$478
• − Insurance: −$160
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − Depreciation: −$928
• Taxable income: $13,920
• Est. tax owed @ 24.0%: −$3,341
• After-tax cash flow: $10,259/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

-20.1% since first listed

4 events — show timeline

• 2026-05-01 Price Changed $31,900 MRED as Distributed by MLS Grid
• 2026-03-09 Relisted — MRED as Distributed by MLS Grid
• 2026-01-30 Pending — MRED as Distributed by MLS Grid
• 2025-12-08 Listed $39,900 MRED as Distributed by MLS Grid

Property tax history

+2.8%/yr

Latest (2024): $2,632 · +3.8% YoY. Source: county tax records.