7234 W North Ave #1113

Elmwood Park, IL 60707

$89,500D

1 bd · 1.0 ba · 700 sqft · Built 1968 · Condo · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,502/mo
• Mortgage (P&I): −$469
• Tax + insurance: −$282
• HOA: −$647
• Vac / Maint / Mgmt: −$315
• Net cashflow: $-212/mo
• Annual: $-2,543/yr
• Cap rate: 3.45%
• Cash-on-cash: -10.15%
• DSCR: 0.55
• 1% rule: 1.68%
• Cash to close: $25,060

Investor read

• This is a 1-bed/1.0-bath condo listed at $90k.
• At list price, monthly cash flow is $-212 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $59k (34.4% below list).
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 83 days — a 6% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (34.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $619 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#41 in IL, #865 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, crime A-.
• Elmwood Park CUSD 401 (suburban): math 15% / reading 26% proficiency, ranked #403 of 620 in IL (top 65%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Elmwood Elem School (math 14% / reading 22%, grade F, #1,126 of 2,056 statewide, top 55%, 544 students, 0% FRL); Elm Middle School (math 13% / reading 30%, grade F, #402 of 665 statewide, top 61%, 660 students, 0% FRL); Elmwood Park High School (math 24% / reading 26%, grade F, #247 of 693 statewide, top 36%, 989 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 3.3% of price; HOA is 43% of rent.
• Market conditions: Rents rising fast (+7.2%/yr); 59 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 7d 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).
• 4 sale attempts since 17y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $41k; list at $90k implies a 118% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.5% vs local median 4.4% in Elmwood Park — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 83 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.