18207 Locust St · Lansing, IL 60438

$435,000

6 bd · 4.0 ba · 3,430 sqft · MultiFamily public records · 1 Days on market

Built 1965 7,405 sqft lot

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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 +10.6/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Livability +3.7/5.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Great opportunity on this 4 unit building. It offers approximately 3,430 square feet of living space with 8 bedrooms and 4 bathrooms. Very Good floor plans. Basement can be used for extra storage. Built in 1965,ALL REPAIRS AND ENHANCEMENTS are done. all 2 br units, with comfortable room sizes and refinished floors, mostly hardwood floors, each unit can be rented at $ 1200. all units are vacant now and listed for rent in mls

Key facts

• Convenient access
• Investment property
• Fully rented

Tags

• INVESTMENT PROPERTY
• PRIME OWNER-OCCUPIED PROPERTY
• GOOD SCHOOLS
• NUMEROUS PARKS
• CONVENIENT ACCESS
• FULLY RENTED

Property features AI

Finance

• Other: Property zoned MULTI; Provides commuter train and interstate access; school bus service available
• Financial info: Gross income listed as $4,800

Exterior

• Parking: 8 parking spaces total; Unassigned off-street parking including off-alley spaces and driveway; owned
• Utilities: Public water; Public sewer
• Home design: Two- to four-unit building; Fee simple ownership; Rehab completed in 2020; Built 61–70 years ago; Not converted
• Construction: Brick construction; Asphalt roof; Concrete perimeter foundation; Built before 1978
• Exterior features: Common grounds; Lot dimensions 96 x 83 x 97 x 82

Interior

• Kitchen: Each unit includes a stove, refrigerator and range hood
• Bedrooms: 8 bedrooms total (configurable across four units)
• Flooring: Hardwood floors in each unit
• Bathrooms: 4 full bathrooms total
• Heating & cooling: Natural gas heating
• Interior features: 16 total rooms; Unfinished full basement; CO detectors; Street lights, curbs and paved streets in the community
• Laundry & utility: Tenants pay electric

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $435k.

Deal economics

• At list price, monthly cash flow is $-217 ($-3k/yr) — negative. Per door: $-72/mo.
• To cash-flow at today's rent, offer at most $397k (8.8% below list).
• Meets the 1% rule at list price ($4k rent vs $435k).
• Recommended offer: $397k (8.8% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, crime D+, health & safety D+.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 132 active listings in the ZIP; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $4,476/mo this rent would consume 71% of the median local household income ($76k/yr) (locally 830% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 7y ago 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 $252k; list at $435k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price.

Recommended offer $396,734 (8.8% below list)

Questions for the listing agent

1. 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?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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?
10. 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.
11. 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.
12. 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: 1.03% ✓
• Cap rate: 5.70%
• Cash-on-cash: -2.13%
• DSCR: 0.91
• GRM: 8.1

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: -19.7%
• Equity multiple: 0.31×
• Total profit: $-83,759
• Equity at exit: $64,860

10-year hold

• IRR: -12.2%
• Equity multiple: 0.27×
• Total profit: $-88,563
• Equity at exit: $37,611

Cash invested: $121,800 (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 60438

• Active inventory: 132
• Price-to-rent: 24.3×

Monthly cashflow live

• Estimated rent: $4,476 high
• Mortgage (P&I): −$2,281
• Tax from tax record: −$1,290 /mo · $15,483/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$940
• Net cashflow: $-217

Break-even live

Break-even rent $4,750

Max offer price $396,734

Occupancy floor 100%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$4,476
Total (3 units)			$4,476

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 689-char remark
2. 2026-06-18
   listed $435,000 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: $15,483 · $1,290/mo
• Projected year-2 tax: $15,483 · $1,290/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,712
• − Mortgage interest: −$24,367
• − Property taxes: −$15,483
• − Insurance: −$2,175
• − Repairs & maintenance: −$4,297
• − Management: −$4,297
• − Depreciation: −$12,655
• Taxable loss: −$9,561
• Est. tax savings @ 24.0%: +$2,295
• After-tax cash flow: $-305/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: Thornton Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 of 620 in IL

Livability — Lansing

• Score: 73/100
• State rank: #296
• US rank: #5698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, IL
• County: Cook County · 4,486,803 people
• City population: 28,806
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 28,806
• Household income: $75,681
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 830.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Black 51% White 25% Hispanic / Latino 18% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 83% English-only · Spanish 12% Vietnamese 1% French/Haitian/Cajun 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: ▼ -151.65%
• Current HPI: 210.3398
• 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

+210.7% since first listed

16 events — show timeline

• 2026-06-17 Listed $435,000 MRED as Distributed by MLS Grid
• 2021-01-05 Sold (Public Records) $252,000 Public Records
• 2020-11-18 Sold (MLS) $252,000 MRED as Distributed by MLS Grid
• 2020-07-19 Pending — MRED as Distributed by MLS Grid
• 2020-07-14 Relisted — MRED as Distributed by MLS Grid
• 2020-06-24 Pending — MRED as Distributed by MLS Grid
• 2020-06-24 Price Changed $279,900 MRED as Distributed by MLS Grid
• 2020-06-19 Listed $269,900 MRED as Distributed by MLS Grid
• 2020-01-14 Sold (MLS) $175,137 MRED as Distributed by MLS Grid
• 2019-11-14 Pending — MRED as Distributed by MLS Grid
• 2019-10-26 Price Changed $199,700 MRED as Distributed by MLS Grid
• 2019-10-26 Listing Removed — MRED as Distributed by MLS Grid
• 2019-10-26 Relisted — MRED as Distributed by MLS Grid
• 2019-10-09 Listed $202,500 MRED as Distributed by MLS Grid
• 2019-10-09 Listing Removed — MRED as Distributed by MLS Grid
• 1986-11-01 Sold (Public Records) $140,000 Public Records

Property tax history

+4.5%/yr

Latest (2023): $15,483 · +41.5% YoY. Source: county tax records.