362 W Miner St Unit 1A

Arlington Heights, IL 60005

$189,900D

1 bd · 1.0 ba · 900 sqft · Built 1978 · Condo · Pending · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,096/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$316
• HOA: −$387
• Vac / Maint / Mgmt: −$440
• Net cashflow: $-43/mo
• Annual: $-519/yr
• Cap rate: 6.02%
• Cash-on-cash: -0.98%
• DSCR: 0.96
• 1% rule: 1.10%
• Cash to close: $53,172

Investor read

• This is a 1-bed/1.0-bath condo listed at $190k. Condition is rated good.
• At list price, monthly cash flow is $-43 ($-519/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (3.3% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 50 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $184k (3.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#60 in IL, #1,055 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: health & safety D+, amenities F, cost of living F.
• Township Hsd 214 (suburban): math 42% / reading 45% proficiency, ranked #103 of 620 in IL (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rolling Meadows High School (math 35% / reading 39%, grade F, #107 of 693 statewide, top 17%, 2,044 students, 0% FRL).
• Market conditions: Rents falling (-5.0%/yr); 68 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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).
• Cap rate 6.0% vs local median 2.9% in Arlington Heights — 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.

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 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?