15716 Terrace Dr #3 · Oak Forest, IL 60452

$130,000

1 bd · 1.0 ba · 900 sqft · Condo · 19 Days on market

Built 1975 $204/mo HOA · 12% of rent

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Why this score? — see what drove the C 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 +23.5/30.0
• 1% rule +7.8/10.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Broker owned and fully updated! This spacious 3rd-floor 1-bedroom features a large walk-in closet and a brand-new kitchen with quartz countertops and stainless steel appliances. The bathroom has been beautifully remodeled with fresh tile, vanity, and a new toilet. Convenient laundry is available on the main level. Includes one designated parking spot in the lot, plus plenty of street parking. This condo is also a great rental opportunity.

Key facts

• Quartz countertops
• Remodeled bathroom
• Walk-in closet

Tags

• WALK-IN CLOSET
• BRAND-NEW KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• REMODELED BATHROOM
• DESIGNATED PARKING SPOT

Property features AI

Finance

• Other: Part of a 6-unit building; Common lot designation
• HOA & community: Monthly association fee of $204; Association covers water, parking, insurance, security, clubhouse, pool, exterior maintenance, lawn care, scavenger (trash), and snow removal; Association amenities include coin laundry, storage, on-site manager/engineer, pool, security door locks, and ceiling fan; Pets allowed (cats OK), max pet weight ~30 lbs

Exterior

• Parking: Assigned parking (1 space)
• Security: Security door locks (association amenity)
• Utilities: Public water; Public sewer
• Home design: Attached single property; Condo ownership; Entry on 3rd level; Rehab completed in 2023; Estimated living area; Built ~51–60 years ago
• Construction: Brick construction
• Exterior features: Balcony; Balcony/porch on third level (4 x 8)

Interior

• Kitchen: Kitchen on third level (15 x 10)
• Bedrooms: 1 bedroom (master bedroom on third level, 16 x 14); Additional bedroom(s) listed
• Flooring: Ceramic tile in laundry
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Window unit(s) for cooling
• Interior features: Storage; Walk-in closet(s); 4 total rooms
• Laundry & utility: Common area laundry; Laundry room on main level (8 x 8)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.5% in Oak Forest — 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 85/100 on livability (#28 in IL, #501 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities F.
• Bremen Chsd 228 (suburban): math 15% / reading 17% proficiency, ranked #468 of 620 in IL (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Scarlet Oak Elementary School (math 12% / reading 22%, grade F, #1,141 of 2,056 statewide, top 59%, 225 students, 0% FRL); Arbor Park Middle School (math 11% / reading 19%, grade F, #501 of 665 statewide, top 77%, 486 students, 0% FRL); Oak Forest High School (math 26% / reading 26%, grade F, #244 of 693 statewide, top 35%, 1,370 students, 0% FRL).
• Market conditions: 52 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($128k) 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.
• Current owner paid $43k; list at $130k implies a 202% gain — meaningful room to come down on a strong offer.

Recommended offer $128,050 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.97%
• DSCR: 1.35
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.1%
• Equity multiple: 0.85×
• Total profit: $-5,534
• Equity at exit: $19,383

10-year hold

• IRR: 5.7%
• Equity multiple: 1.43×
• Total profit: $15,548
• Equity at exit: $11,240

Cash invested: $36,400 (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 60452

• Active inventory: 52
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,664 high
• Mortgage (P&I): −$682
• Tax from tax record: −$133 /mo · $1,591/yr
• Insurance: −$54
• HOA: −$204
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $242

Break-even live

Break-even rent $1,358

Max offer price $130,000

Occupancy floor 80%

Sensitivity live

Price	-10% $315	-5% $279	+0% $242	+5% $205	+10% $168
Rent	-10% $110	-5% $176	+0% $242	+5% $308	+10% $373
Rate	-1.0pp $307	-0.5pp $275	base $242	+0.5pp $208	+1.0pp $174

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15737 Thomas Ln Oak Forest, IL	2.0	1.0	1000	$1,595	$1.59	26d	1	0.18mi
15700 Reynolds Ln Unit 1 Oak Forest, IL	2.0	1.0	900	$1,900	$2.11	0d	1	0.18mi
16703 Lakewood Dr Tinley Park, IL	1.0–2.0	1.0–2.0	972	$1,285	$1.32	0d	1	1.25mi
14700 Central Ave Oak Forest, IL	1.0–2.0	1.0	775	$1,125	$1.45	26d	6	1.35mi
5910 Lake Bluff Dr Tinley Park, IL	1.0	1.0	956	$1,775	$1.86	4d	1	1.40mi
4800 W 157th St Oak Forest, IL	1.0–2.0	1.0–2.0	1151	$1,725	$1.50	0d	3	1.50mi
4800 157th St Oak Forest, IL	1.0	1.0	573	$1,725	$3.01	17d	1	1.50mi
4800 157th St Oak Forest, IL	1.0	1.0	673	$1,925	$2.86	26d	1	1.50mi
4800 157th St Oak Forest, IL	2.0	2.0	1031	$2,660	$2.58	0d	1	1.50mi

HOA detail condo

• Monthly dues: $204 · $2,448/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-21
   days on market $130,000 Active 19 DOM
2. 2026-06-18
   days on market $130,000 Active 16 DOM
3. 2026-06-17
   days on market $130,000 Active 15 DOM
4. 2026-06-16
   days on market $130,000 Active 14 DOM
5. 2026-06-15
   days on market $130,000 Active 13 DOM
6. 2026-06-13
   days on market $130,000 Active 11 DOM
7. 2026-06-09
   days on market $130,000 Active 7 DOM
8. 2026-06-08
   days on market $130,000 Active 6 DOM
9. 2026-06-07
   days on market $130,000 Active 5 DOM
10. 2026-06-04
    days on market $130,000 Active 2 DOM
11. 2026-06-02
    remarks 442-char remark
12. 2026-06-02
    listed $130,000 Active 1 DOM

ⓘ 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: $1,591 · $133/mo
• Projected year-2 tax: $2,271 · $189/mo
• Expected delta: +$680/yr (+$57/mo · 42.7%)

ⓘ 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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,964
• − Mortgage interest: −$7,282
• − Property taxes: −$1,591
• − Insurance: −$650
• − Repairs & maintenance: −$1,597
• − Management: −$1,597
• − HOA: −$2,448
• − Depreciation: −$3,782
• Taxable income: $1,017
• Est. tax owed @ 24.0%: −$244
• After-tax cash flow: $2,657/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: Bremen Chsd 228
• NCES district ID: 1707050
• Math proficiency: 15% ▼ -4.00%
• Reading proficiency: 17% ▼ -5.00%
• Median HH income: $57,625
• Composite: 15.32/100
• National rank: #9327
• State rank: #468 of 620 in IL

Livability — Oak Forest

• Score: 85/100
• State rank: #28
• US rank: #501

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oak Forest, IL
• County: Cook County · 4,486,803 people
• City population: 26,739
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 26,739
• Household income: $93,076
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 299.0

Population outlook (Cook County) Hauer SSP2

• Today (2025): 5,347,519 people
• By 2030: 5,357,703 · +0.2%
• By 2040: 5,324,924 · -0.4%
• By 2050: 5,230,762 · -2.2%
• By 2075: 4,785,735 · -10.5%
• By 2100: 4,188,836 · -21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 18% Two or more races 10% Black 8% Asian 6%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Romanian 13% Iranian 1% Lithuanian 1%
• Foreign-born: 14% · Canada, Dominican Republic, China
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 4% Arabic 2%

Political lean MEDSL · Cook

• 2024 margin: Solid D (+42.0) · D 70.4% · R 28.4% · Other 1.2%
• 2008→2024 swing: -11.4pp toward R · 2008: 53.4pp · 2024: 42.0pp
• All cycles: 2024: D+42.0 2020: D+50.3 2016: D+53.0 2012: D+49.4 2008: D+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -228.62%
• Current HPI: 205.0118
• Rent YoY: —
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

+550.0% since first listed

9 events — show timeline

• 2026-06-02 Listed $130,000 MRED as Distributed by MLS Grid
• 2026-06-02 Listing Removed — MRED as Distributed by MLS Grid
• 2026-05-27 Listed — MRED as Distributed by MLS Grid
• 2021-10-05 Sold (Public Records) $43,000 Public Records
• 1986-05-16 Sold (Public Records) $34,000 Public Records
• 1984-03-19 Sold (Public Records) $34,000 Public Records
• 1984-02-01 Sold (Public Records) $34,000 Public Records
• 1979-08-31 Sold (Public Records) $32,000 Public Records
• 1976-10-20 Sold (Public Records) $20,000 Public Records

Property tax history

+1.4%/yr

Latest (2023): $1,591 · +41.5% YoY. Source: county tax records.