10010 Palmer Ave

Franklin Park, IL 60164

$225,000C+

3 bd · 1.0 ba · 1,398 sqft · Built 1980 · SingleFamily · Coming Soon · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,446/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$375
• HOA: −$0
• Vac / Maint / Mgmt: −$514
• Net cashflow: $377/mo
• Annual: $4,524/yr
• Cap rate: 8.30%
• Cash-on-cash: 7.18%
• DSCR: 1.32
• 1% rule: 1.09%
• Cash to close: $63,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $377 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#139 in IL, #2,523 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, employment A-; Watch: health & safety C-.
• Leyden Chsd 212 (suburban): math 15% / reading 20% proficiency, ranked #451 of 620 in IL (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Scott Elementary School (math 12% / reading 27%, grade F, #1,054 of 2,056 statewide, top 54%, 377 students, 0% FRL); Mannheim Middle School (math 13% / reading 23%, grade F, #444 of 665 statewide, top 67%, 833 students, 0% FRL); West Leyden High School (math 9% / reading 15%, grade F, #511 of 693 statewide, top 75%, 1,803 students, 0% FRL).
• Market conditions: 25 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Cap rate 8.3% vs local median 3.7% in Franklin Park — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.