2406 Pearsall Pkwy · Waukegan, IL 60085

$459,000

5 bd · 4.5 ba · 3,762 sqft · MultiFamily public records · 37 Days on market

Built 1962 0.26 ac lot Est $508k · 10% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +11.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Rare Brick side by side LARGE Ranch duplex. Great location in wonderful neighborhood near Green Bay Road. Both units in great condition. Unit 1: Large Living Room, 2 Bedrooms, Eat in Kitchen, Full Bath on Main floor, Most Floors are Hardwood, Basement with Family Room, 3rd Bedroom, Full Bath & Laundry Room. Private fenced yard. Unit 2: Large Living Room/Dining Room with Sliders to Private fenced yard, Open Eat in Kitchen, 3 Bedrooms, 1 1/2 Baths(1/2 Bath off of Master) on Main Level, Most Floors new laminate, Basement with FR , 3 More bedrooms, 1 With Fireplace! Full Bath & Laundry Room, Front and back stairwells to Basement. Newer Windows, Both units have Central Air. Garage between units gives additional privacy. Tenants pay ALL utilities. Although well maintained property sold as is. Unit 2 Rent has been temporarily reduced. SHOWINGS BEGIN FRIDAY 6/25

Key facts

• Garage between units
• Newer windows
• Private fenced yard

Tags

• BRICK SIDE BY SIDE
• PRIVATE FENCED YARD
• NEWER WINDOWS
• CENTRAL AIR
• GARAGE BETWEEN UNITS

Property features AI

Finance

• Other: Property zoned MULTI; Lot dimensions approximately 80 x 133 (less than 0.25 acre)
• Financial info: Some tenant income details available: Unit 1 rent $1,400 with $1,400 security deposit; Unit 2 rent $1,500 with $1,500 security deposit; tenants pay all utilities; month-to-month leases
• HOA & community: No special service area

Exterior

• Parking: Attached garage with garage door opener; 2 garage spaces (2 total parking spaces); Garage owned
• Utilities: Public water; Public sewer
• Home design: Two- to four-unit property (multi-family); Ranch model; Fee simple ownership; Built 61–70 years ago; Not converted or rebuilt/rehab
• Construction: Brick construction; Asphalt roof; Concrete perimeter foundation; Property was built before 1978
• Exterior features: Patio; Fenced yard

Interior

• Kitchen: Stove; Refrigerator; Dishwasher
• Bedrooms: 5 bedrooms total; Unit 1: 3-bedroom unit (first floor); Unit 2: 6-bedroom unit (first floor)
• Flooring: Hardwood floors
• Bathrooms: 4 full bathrooms and 1 half bathroom total; Unit 1: 2 full bathrooms; Unit 2: 2 full bathrooms and 1 half bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 10 total rooms; Finished full basement; Sidewalks, street lights and paved streets in the community
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2.5-bath units multifamily listed at $459k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $459k).
• Recommended offer: $445k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 4.6% in Waukegan — 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.

Location & tenants

• Location reads 75/100 on livability (#216 in IL, #4,074 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D, schools F.
• Waukegan CUSD 60 (suburban): math 7% / reading 10% proficiency, ranked #587 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.2%/yr); 86 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• At $7,408/mo this rent would consume 133% of the median local household income ($67k/yr) (locally 2742% 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 $14k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $129k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($445k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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 $285k; list at $459k implies a 61% gain — meaningful room to come down on a strong offer.

Recommended offer $445,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 1.61% ✓
• Cap rate: 12.69%
• Cash-on-cash: 22.85%
• DSCR: 2.02
• GRM: 5.2

CMA / ARV

• ARV (median comp): $508,023
• List price: $459,000
• Delta: -9.65%
• Verdict: FAIR
• Comps: 6 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.24% rent growth · sell at horizon

5-year hold

• IRR: 16.1%
• Equity multiple: 1.65×
• Total profit: $83,507
• Equity at exit: $68,438

10-year hold

• IRR: 24.9%
• Equity multiple: 3.19×
• Total profit: $281,812
• Equity at exit: $39,686

Cash invested: $128,520 (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 60085

• Rents YoY: 3.2%
• Active inventory: 86
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $7,408 medium
• Mortgage (P&I): −$2,407
• Tax from tax record: −$807 /mo · $9,687/yr
• Insurance: −$191
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,556
• Net cashflow: $2,447

Break-even live

Break-even rent $4,311

Max offer price $459,000

Occupancy floor 62%

Sensitivity live

Price	-10% $2,707	-5% $2,577	+0% $2,447	+5% $2,317	+10% $2,187
Rent	-10% $1,862	-5% $2,154	+0% $2,447	+5% $2,739	+10% $3,032
Rate	-1.0pp $2,678	-0.5pp $2,564	base $2,447	+0.5pp $2,328	+1.0pp $2,207

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2.5	$7,408
Total (2 units)			$7,408

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: $114,750
• Closing costs: $13,770
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2402 Pearsall Pkwy Waukegan, IL	6.0	4.0	3800	$7,800	$2.05	2d	1	0.04mi

Listing history 24 events

1. 2026-06-18
   days on market $459,000 Active 37 DOM
2. 2026-06-17
   days on market $459,000 Active 36 DOM
3. 2026-06-16
   days on market $459,000 Active 35 DOM
4. 2026-06-15
   days on market $459,000 Active 34 DOM
5. 2026-06-13
   days on market $459,000 Active 32 DOM
6. 2026-06-09
   days on market $459,000 Active 28 DOM
7. 2026-06-08
   days on market $459,000 Active 27 DOM
8. 2026-06-07
   days on market $459,000 Active 26 DOM
9. 2026-06-04
   days on market $459,000 Active 23 DOM
10. 2026-06-03
    days on market $459,000 Active 22 DOM
11. 2026-06-02
    days on market $459,000 Active 21 DOM
12. 2026-06-01
    days on market $459,000 Active 20 DOM
13. 2026-05-31
    days on market $459,000 Active 19 DOM
14. 2026-05-12
    listed $459,000 Active 821-char remark
15. 2021-10-26
    soldstatus $285,000
16. 2021-09-21
    soldstatus $285,000 Closed 877-char remark

    Show marketing remark (877 chars)

    Rare Brick side by side LARGE Ranch duplex. Great location in wonderful neighborhood near Green Bay Road. Both units in great condition. Unit 1: Large Living Room, 2 Bedrooms, Eat in Kitchen, Full Bath on Main floor, Most Floors are Hardwood, Basement with Family Room, 3rd Bedroom, Full Bath & Laundry Room. Private fenced yard. Unit 2: Large Living Room/Dining Room with Sliders to Private fenced yard, Open Eat in Kitchen, 3 Bedrooms, 1 1/2 Baths(1/2 Bath off of Master) on Main Level, Most Floors new laminate, Basement with FR , 3 More bedrooms, 1 With Fireplace! Full Bath & Laundry Room, Front and back stairwells to Basement. Newer Windows, Both units have Central Air. Garage between units gives additional privacy. Tenants pay ALL utilities. Although well maintained property sold as is. Unit 2 Rent has been temporarily reduced. SHOWINGS BEGIN FRIDAY 6/25

17. 2021-07-14
    status Active Under Contract 877-char remark

    Show marketing remark (877 chars)

    Rare Brick side by side LARGE Ranch duplex. Great location in wonderful neighborhood near Green Bay Road. Both units in great condition. Unit 1: Large Living Room, 2 Bedrooms, Eat in Kitchen, Full Bath on Main floor, Most Floors are Hardwood, Basement with Family Room, 3rd Bedroom, Full Bath & Laundry Room. Private fenced yard. Unit 2: Large Living Room/Dining Room with Sliders to Private fenced yard, Open Eat in Kitchen, 3 Bedrooms, 1 1/2 Baths(1/2 Bath off of Master) on Main Level, Most Floors new laminate, Basement with FR , 3 More bedrooms, 1 With Fireplace! Full Bath & Laundry Room, Front and back stairwells to Basement. Newer Windows, Both units have Central Air. Garage between units gives additional privacy. Tenants pay ALL utilities. Although well maintained property sold as is. Unit 2 Rent has been temporarily reduced. SHOWINGS BEGIN FRIDAY 6/25

18. 2021-06-29
    status Contingent 877-char remark

    Show marketing remark (877 chars)

    Rare Brick side by side LARGE Ranch duplex. Great location in wonderful neighborhood near Green Bay Road. Both units in great condition. Unit 1: Large Living Room, 2 Bedrooms, Eat in Kitchen, Full Bath on Main floor, Most Floors are Hardwood, Basement with Family Room, 3rd Bedroom, Full Bath & Laundry Room. Private fenced yard. Unit 2: Large Living Room/Dining Room with Sliders to Private fenced yard, Open Eat in Kitchen, 3 Bedrooms, 1 1/2 Baths(1/2 Bath off of Master) on Main Level, Most Floors new laminate, Basement with FR , 3 More bedrooms, 1 With Fireplace! Full Bath & Laundry Room, Front and back stairwells to Basement. Newer Windows, Both units have Central Air. Garage between units gives additional privacy. Tenants pay ALL utilities. Although well maintained property sold as is. Unit 2 Rent has been temporarily reduced. SHOWINGS BEGIN FRIDAY 6/25

19. 2021-06-24
    listed $299,000 New 877-char remark

    Show marketing remark (877 chars)

    Rare Brick side by side LARGE Ranch duplex. Great location in wonderful neighborhood near Green Bay Road. Both units in great condition. Unit 1: Large Living Room, 2 Bedrooms, Eat in Kitchen, Full Bath on Main floor, Most Floors are Hardwood, Basement with Family Room, 3rd Bedroom, Full Bath & Laundry Room. Private fenced yard. Unit 2: Large Living Room/Dining Room with Sliders to Private fenced yard, Open Eat in Kitchen, 3 Bedrooms, 1 1/2 Baths(1/2 Bath off of Master) on Main Level, Most Floors new laminate, Basement with FR , 3 More bedrooms, 1 With Fireplace! Full Bath & Laundry Room, Front and back stairwells to Basement. Newer Windows, Both units have Central Air. Garage between units gives additional privacy. Tenants pay ALL utilities. Although well maintained property sold as is. Unit 2 Rent has been temporarily reduced. SHOWINGS BEGIN FRIDAY 6/25

20. 2008-03-05
    soldstatus $270,000
21. 2008-02-25
    soldstatus $270,000

    Show marketing remark (373 chars)

    Stunning and unique side-by-side duplex in Drobnick Estates! Gorgeous manicured yard with privacy fence, hot tub, pool, and mature trees close to forest preserve makes this a relaxing retreat. Finished basement in both units, updated kitchens and baths, and impeccable craftsmanship throughout. New carpeting in one unit, refinished hardwood in other. 10+! This is the one!

22. 2007-11-20
    historical

    Show marketing remark (373 chars)

    Stunning and unique side-by-side duplex in Drobnick Estates! Gorgeous manicured yard with privacy fence, hot tub, pool, and mature trees close to forest preserve makes this a relaxing retreat. Finished basement in both units, updated kitchens and baths, and impeccable craftsmanship throughout. New carpeting in one unit, refinished hardwood in other. 10+! This is the one!

23. 2007-09-10
    listed $279,900

    Show marketing remark (373 chars)

    Stunning and unique side-by-side duplex in Drobnick Estates! Gorgeous manicured yard with privacy fence, hot tub, pool, and mature trees close to forest preserve makes this a relaxing retreat. Finished basement in both units, updated kitchens and baths, and impeccable craftsmanship throughout. New carpeting in one unit, refinished hardwood in other. 10+! This is the one!

24. 1983-04-01
    soldstatus $124,000

ⓘ 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: $9,687 · $807/mo
• Projected year-2 tax: $10,053 · $838/mo
• Expected delta: +$366/yr (+$31/mo · 3.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $88,896
• − Mortgage interest: −$25,711
• − Property taxes: −$9,687
• − Insurance: −$2,295
• − Repairs & maintenance: −$7,112
• − Management: −$7,112
• − Depreciation: −$13,353
• Taxable income: $23,627
• Est. tax owed @ 24.0%: −$5,670
• After-tax cash flow: $23,691/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: Waukegan CUSD 60
• NCES district ID: 1741250
• Math proficiency: 7% ▼ -8.00%
• Reading proficiency: 10% ▼ -8.00%
• Median HH income: $43,248
• Composite: 7.73/100
• National rank: #9939
• State rank: #587 of 620 in IL

Livability — Waukegan

• Score: 75/100
• State rank: #216
• US rank: #4074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukegan, IL
• County: Lake County · 591,991 people
• City population: 99,634
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 72,341
• Household income: $66,793
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 2742.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 700,217 people
• By 2030: 693,290 · -1.0%
• By 2040: 673,588 · -3.8%
• By 2050: 643,556 · -8.1%
• By 2075: 562,792 · -19.6%
• By 2100: 457,715 · -34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 62% Two or more races 24% Black 14% White 14% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 51% Puerto Rican 3%
• Common ancestry: Romanian 1% British 1% Portuguese 1%
• Foreign-born: 34% · Canada, Jamaica
• Languages at home: 39% English-only · Spanish 54% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · Lake

• 2024 margin: Strong D (+20.8) · D 59.7% · R 38.9% · Other 1.4%
• 2008→2024 swing: +1.1pp toward D · 2008: 19.6pp · 2024: 20.8pp
• All cycles: 2024: D+20.8 2020: D+24.1 2016: D+20.3 2012: D+8.1 2008: D+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.04%
• Current HPI: 203.6304
• Rent YoY: ▲ 3.24%
• 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

+270.2% since first listed

11 events — show timeline

• 2026-05-12 Listed $459,000 MRED as Distributed by MLS Grid
• 2021-10-26 Sold (Public Records) $285,000 Public Records
• 2021-09-21 Sold (MLS) $285,000 MRED as Distributed by MLS Grid
• 2021-07-14 Pending — MRED as Distributed by MLS Grid
• 2021-06-29 Pending — MRED as Distributed by MLS Grid
• 2021-06-24 Listed $299,000 MRED as Distributed by MLS Grid
• 2008-03-05 Sold (Public Records) $270,000 Public Records
• 2008-02-25 Sold (MLS) $270,000 MRED as Distributed by MLS Grid
• 2007-11-20 Listing Removed — MRED as Distributed by MLS Grid
• 2007-09-10 Listed $279,900 MRED as Distributed by MLS Grid
• 1983-04-01 Sold (Public Records) $124,000 Public Records

Property tax history

+2.0%/yr

Latest (2024): $9,687 · +3.6% YoY. Source: county tax records.