919 Greenbrier Rd

DeKalb, IL 60115

$499,999C-

600 bd · None ba · — sqft · Built 1965 · MultiFamily · Active · 126 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $23,927/mo
• Mortgage (P&I): −$2,622
• Tax + insurance: −$833
• HOA: −$0
• Vac / Maint / Mgmt: −$5,025
• Net cashflow: $15,447/mo
• Annual: $185,363/yr
• Cap rate: 43.37%
• Cash-on-cash: 132.40%
• DSCR: 6.89
• 1% rule: 4.79%
• Cash to close: $140,000

Investor read

• This is a 24 × 1-bed/1-bath units multifamily listed at $500k. Condition is rated fair.
• At list price, monthly cash flow is $15k ($185k/yr) — positive. Per door: $644/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $500k).
• It's been on market 126 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $440k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#154 in IL, #2,835 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D+, schools D, crime D-.
• Dekalb CUSD 428 (suburban): math 11% / reading 16% proficiency, ranked #541 of 620 in IL (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+7.3%/yr); 85 active listings in the ZIP; 260 units permitted in DeKalb County in 2024 (73 in 5+ unit buildings).
• DeKalb County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $49k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $140k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 43.4% vs local median 4.4% in DeKalb — 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.
• At $23,927/mo this rent would consume 610% of the median local household income ($47k/yr) (locally 3794% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1965 — 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?

Repairs flagged (vision-AI assessment)

• Major: exterior paint — Significant wear on exterior
• Major: interior paint — Significant wear on interior walls
• Major: flooring — Significant wear on hardwood flooring
• Major: bathroom tiles — Significant wear on bathroom tiles