37544 N Columbus Ave

Venetian Village, IL 60046

$314,900F

3 bd · 2.0 ba · 860 sqft · Built 1941 · SingleFamily · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,473/mo
• Mortgage (P&I): −$1,651
• Tax + insurance: −$538
• HOA: −$0
• Vac / Maint / Mgmt: −$519
• Net cashflow: $-236/mo
• Annual: $-2,837/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.22%
• DSCR: 0.86
• 1% rule: 0.79%
• Cash to close: $88,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $315k.
• At list price, monthly cash flow is $-236 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $273k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (21.5% below list).
• It's been on market 90 days — a 6% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $247k (21.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#292 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Chsd 117 (suburban): math 36% / reading 40% proficiency, ranked #135 of 620 in IL (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: B J Hooper Elem School (585 students, 0% FRL); Peter J Palombi School (math 24% / reading 24%, grade F, #332 of 665 statewide, top 55%, 837 students, 0% FRL); Lakes Community High School (math 40% / reading 43%, grade F, #82 of 693 statewide, top 12%, 1,317 students, 0% FRL).
• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 84 active listings in the ZIP; high-income renter base; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 3y ago 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.
• Current owner paid $130k; list at $315k implies a 142% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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?
• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.