35737 N Hunt Ave

Long Lake, IL 60041

$340,000C+

3 bd · 1.5 ba · 1,300 sqft · Built 2017 · SingleFamily · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,321/mo
• Mortgage (P&I): −$1,783
• Tax + insurance: −$480
• HOA: −$0
• Vac / Maint / Mgmt: −$1,117
• Net cashflow: $1,941/mo
• Annual: $23,291/yr
• Cap rate: 13.14%
• Cash-on-cash: 24.47%
• DSCR: 2.09
• 1% rule: 1.56%
• Cash to close: $95,200

Investor read

• This is a 3-bed/1.5-bath single-family listed at $340k.
• At list price, monthly cash flow is $2k ($23k/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 39 days — a 3% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $330k (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 67/100 on livability (#527 in IL) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Grant Chsd 124 (suburban): math 23% / reading 27% proficiency, ranked #296 of 620 in IL (top 48%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grant Community High School (math 23% / reading 27%, grade F, #247 of 693 statewide, top 36%, 1,837 students, 0% FRL).
• Market conditions: 35 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 11y ago; this cycle's ask is 100% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $172k; list at $340k implies a 98% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $95k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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.