1931 Terrace Rd · Homewood, IL 60430

$320,000

3 bd · 1.5 ba · 2,156 sqft · SingleFamily public records · 9 Days on market

Built 1969 Est $338k · 5% under

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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 +14.8/30.0
• ARV discount +10.0/15.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Owned by only its second owners, this spacious home has been lovingly cared for and offers a wonderful opportunity in one of the area's most sought-after neighborhoods. Situated on an oversized lot with a huge backyard, the property provides plenty of room to enjoy both inside and out. You'll find generous living spaces, abundant storage throughout, and a partially finished basement that adds flexibility for recreation, hobbies, or additional living space. Filled with warmth, character, and years of cherished memories, this home offers a solid foundation for its next owners to make it their own. A rare chance to own a home with exceptional space, storage, and an oversized lot in an establis

Key facts

• Huge backyard
• Oversized lot
• Abundant storage

Tags

• OVERSIZED LOT
• HUGE BACKYARD
• PARTIALLY FINISHED BASEMENT
• GENEROUS LIVING SPACES
• ABUNDANT STORAGE

Property features AI

Finance

• Other: Located in Homewood; Directions: Dixie Hwy south to Terrace, east on Terrace; house on south side of the street
• HOA & community: No master association fee required

Exterior

• Parking: 2-car garage (owned)
• Home design: Detached single-family home; 2 stories; Built 51–60 years ago; Built before 1978
• Construction: Parcel number 32064020560000

Interior

• Bedrooms: 3 bedrooms (including master bedroom)
• Bathrooms: 2 full bathrooms
• Interior features: Full basement; Dining room; Family room; Living room
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $320k.

Deal economics

• At list price, monthly cash flow is $90 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (9.0% below list).
• Recommended offer: $291k (9.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 81/100 on livability (#81 in IL, #1,314 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, cost of living A+; Watch: amenities F.
• Homewood Flossmoor Chsd 233 (suburban): math 21% / reading 27% proficiency, ranked #272 of 620 in IL (top 44%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Western Avenue Elem School (math 32% / reading 37%, grade F, #517 of 2,056 statewide, top 28%, 491 students, 0% FRL); Parker Junior High School (math 16% / reading 21%, grade F, #438 of 665 statewide, top 67%, 858 students, 0% FRL); Homewood-Flossmoor High School (math 21% / reading 27%, grade F, #304 of 693 statewide, top 44%, 2,798 students, 0% FRL).
• Market conditions: 102 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $291,288 (9.0% below list)

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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: 0.91% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $338,492
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1740 Idlewild Ln	0.23mi	4/2.0 (+1)	2,170 (+1%)	1mo	$410,000	$189	81
2250 Marston Ln	0.45mi	3/2.5	2,136 (-1%)	1mo	$352,000	$165	73
18461 Morris Ave	0.49mi	3/2.0	2,208 (+2%)	6mo	$325,000	$147	66
1631 187th St	0.38mi	3/1.5	1,878 (-13%)	0mo	$260,000	$138	61
2324 Marston Ln	0.52mi	3/1.5	2,283 (+6%)	8mo	$210,000	$92	59
18947 Carson Dr	0.52mi	3/2.0	2,011 (-7%)	4mo	$335,000	$167	59
1413 Jill Ct	0.63mi	4/2.5 (+1)	2,200 (+2%)	2mo	$435,000	$198	57
18436 Dixie Hwy	0.48mi	3/2.5	1,916 (-11%)	0mo	$279,000	$146	55
18441 Marshfield Ave	0.55mi	3/1.5	1,855 (-14%)	1mo	$345,000	$186	50
438 Hamilton Wood Rd	0.67mi	4/2.5 (+1)	2,286 (+6%)	4mo	$360,000	$157	46
18458 Morris Ave	0.50mi	4/2.0 (+1)	1,888 (-12%)	8mo	$290,000	$154	42
18515 Dundee Ave	0.74mi	4/2.5 (+1)	2,449 (+14%)	1mo	$313,000	$128	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.4%
• Equity multiple: 0.49×
• Total profit: $-46,095
• Equity at exit: $47,713

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-32,601
• Equity at exit: $27,668

Cash invested: $89,600 (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 60430

• Home prices YoY: -32.1%
• Active inventory: 102
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,913 high
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,800/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $90

Break-even live

Break-even rent $2,799

Max offer price $320,000

Occupancy floor 92%

Sensitivity live

Price	-10% $311	-5% $200	+0% $90	+5% $-21	+10% $-131
Rent	-10% $-140	-5% $-25	+0% $90	+5% $205	+10% $320
Rate	-1.0pp $251	-0.5pp $171	base $90	+0.5pp $7	+1.0pp $-78

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1802 Evergreen Rd Homewood, IL	4.0	2.0	1716	$2,836	$1.65	1d	1	0.61mi
1332 Jamie Ln Homewood, IL	4.0	2.5	1576	$3,171	$2.01	26d	1	0.73mi
1601 183rd St Unit 1237861P Homewood, IL	3.0	1.5	1528	$8,665	$5.67	24d	1	0.73mi
18117 Loomis Ave Homewood, IL	4.0	2.0	1500	$2,800	$1.87	6d	1	1.08mi
1337 Lawrence Cres Flossmoor, IL	4.0	2.0	2264	$4,000	$1.77	5d	1	1.23mi
2817 Sunset Ave Flossmoor, IL	3.0	1.5	1648	$1,900	$1.15	26d	1	1.23mi
2223 Hawthorne Rd Homewood, IL	3.0	2.0	1552	$2,300	$1.48	26d	1	1.47mi

Listing history 7 events

1. 2026-06-21
   days on market $320,000 Coming Soon 9 DOM
2. 2026-06-18
   days on market $320,000 Coming Soon 6 DOM
3. 2026-06-17
   days on market $320,000 Coming Soon 5 DOM
4. 2026-06-16
   days on market $320,000 Coming Soon 4 DOM
5. 2026-06-15
   days on market $320,000 Coming Soon 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $320,000 Coming Soon 1 DOM

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

Taxation est. · year 1

• Rental income: $34,955
• − Mortgage interest: −$17,925
• − Property taxes: −$4,800
• − Insurance: −$1,600
• − Repairs & maintenance: −$2,796
• − Management: −$2,796
• − Depreciation: −$9,309
• Taxable loss: −$4,272
• Est. tax savings @ 24.0%: +$1,025
• After-tax cash flow: $2,102/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: Homewood Flossmoor Chsd 233
• NCES district ID: 1719560
• Math proficiency: 21% ▼ -15.00%
• Reading proficiency: 27% ▼ -13.00%
• Median HH income: $83,564
• Composite: 24.42/100
• National rank: #7681
• State rank: #272 of 620 in IL

Livability — Homewood

• Score: 81/100
• State rank: #81
• US rank: #1314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homewood, IL
• City population: 19,993
• Population (ZIP): 19,993

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 44% White 42% Hispanic / Latino 9% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 5% Iranian 2% Italian 2%
• Foreign-born: 6% · Canada, Dominican Republic
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% German/W. Germanic 1%

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: ▼ -105.00%
• Current HPI: 222.2923
• Rent YoY: —
• Metro: —
• 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