438 155th Pl · Calumet City, IL 60409

$24,500

2 bd · 1.0 ba · 929 sqft · SingleFamily public records · 198 Days on market

Built 1905 6,200 sqft lot ↓ 46% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a bank owned property being sold in "AS-IS" condition. No termite, no survey nor disclosures. Buyer responsible for all inspections. E-money in certified funds only. Allow ample time for response.

Key facts

• 6,200 sq ft lot
• Garage
• Built 1905

Property features AI

Finance

• Other: Possession at closing
• HOA & community: No master association fee required

Exterior

• Parking: Detached garage (1 garage space, 1 total parking)
• Utilities: Water source: Lake Michigan; Public sewer
• Home design: Detached single-family home; One-story; Fee simple ownership; Property over 100 years old; Built before 1978
• Construction: Frame construction
• Exterior features: Lot dimensions approximately 50 x 124; Lot is less than 0.25 acre

Interior

• Kitchen: Kitchen (main level, 8 x 10)
• Bedrooms: 2 bedrooms (both on the main level); Bedroom 2: 10 x 10; Master bedroom: 12 x 10
• Bathrooms: 1 full bathroom
• Interior features: 5 total rooms; Full unfinished basement; Enclosed porch (12 x 6)
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $24k.

Deal economics

• At list price, monthly cash flow is $925 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 51.6% vs local median 8.3% in Calumet City — 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 71/100 on livability (#330 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime 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: Rents rising fast (+6.2%/yr); 196 active listings in the ZIP; 21 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).
• This rent runs 30% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $169 of loan paydown is wiped out by about $735 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 198 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $5k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $24k implies a 308% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $21,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 198 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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 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.

Investment metrics

• 1% rule: 5.66% ✓
• Cap rate: 51.62%
• Cash-on-cash: 161.88%
• DSCR: 8.20
• GRM: 1.5

CMA / ARV

• ARV (on-the-fly): $141,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
527 155th Pl	0.11mi	2/1.0	947 (+2%)	3mo	$82,900	$88	90
219 154th Pl	0.31mi	3/1.0 (+1)	860 (-7%)	2mo	$60,000	$70	66
608 Forsythe Ave	0.57mi	2/1.0	984 (+6%)	3mo	$137,500	$140	61
302 153rd St	0.37mi	3/1.0 (+1)	1,016 (+9%)	2mo	$175,000	$172	61
422 Garfield Ave	0.72mi	2/2.0	920 (-1%)	1mo	$49,000	$53	60
863 Mackinaw Ave	0.37mi	3/1.0 (+1)	823 (-11%)	1mo	$139,900	$170	58
708 May St	0.30mi	3/1.5 (+1)	1,042 (+12%)	7mo	$170,000	$163	53
554 Douglas Ave	0.70mi	2/1.0	840 (-10%)	4mo	$108,000	$129	48
243 Waltham St	0.57mi	3/1.0 (+1)	1,032 (+11%)	3mo	$200,000	$194	47
607 Forsythe Ave	0.60mi	3/1.0 (+1)	840 (-10%)	9mo	$105,000	$125	44
521 Forsythe Ave	0.74mi	2/1.0	1,020 (+10%)	9mo	$155,000	$152	42
782 Campbell Ave	0.73mi	3/1.0 (+1)	1,046 (+13%)	6mo	$168,000	$161	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.17% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.68×
• Total profit: $59,552
• Equity at exit: $3,653

10-year hold

• IRR: —
• Equity multiple: 22.55×
• Total profit: $147,811
• Equity at exit: $2,118

Cash invested: $6,860 (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 60409

• Home prices YoY: -27.6%
• Rents YoY: 6.2%
• Active inventory: 196
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,386 high
• Mortgage (P&I): −$128
• Tax est. 1.5%: −$31 /mo · $368/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $925

Break-even live

Break-even rent $214

Max offer price $24,500

Occupancy floor 28%

Sensitivity live

Price	-10% $942	-5% $934	+0% $925	+5% $917	+10% $908
Rent	-10% $816	-5% $871	+0% $925	+5% $980	+10% $1,035
Rate	-1.0pp $938	-0.5pp $932	base $925	+0.5pp $919	+1.0pp $913

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: $6,125
• Closing costs: $735
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
331 157th St Calumet City, IL	1.0	1.0	900	$1,100	$1.22	25d	1	0.25mi
323 Memorial Dr Unit 2 Calumet City, IL	2.0	1.0	1000	$1,600	$1.60	25d	1	0.45mi
323 Memorial Dr #1 Calumet City, IL	1.0	1.0	1000	$1,250	$1.25	25d	1	0.45mi
115 157th St Unit 3 Calumet City, IL	3.0	1.0	800	$1,350	$1.69	25d	1	0.50mi
634 Sibley Blvd Calumet City, IL	1.0–2.0	1.0	710	$1,450	$2.04	5d	2	0.70mi
486 Buffalo Ave Unit 1D Calumet City, IL	1.0	1.0	800	$975	$1.22	25d	1	0.73mi
486 Buffalo Ave Unit 1C Calumet City, IL	1.0	1.0	800	$1,500	$1.88	25d	1	0.73mi
3 Ruth St Hammond, IN	2.0	1.0	900	$1,250	$1.39	25d	1	0.74mi
5 Ruth St Unit 2W Hammond, IN	2.0	1.0	900	$1,250	$1.39	13d	1	0.74mi
122 Sibley St Hammond, IN	1.0	1.0	550	$1,150	$2.09	0d	1	0.87mi
5231 Hohman Ave Hammond, IN	1.0	1.0	565	$1,937	$3.43	0d	16	0.89mi
5950 Hohman Ave Unit 416 Hammond, IN	1.0	1.0	550	$1,095	$1.99	7d	1	0.93mi
5940 Hyslop Pl #226 Hammond, IN	1.0	1.0	800	$950	$1.19	3d	1	0.98mi
5945 Hyslop Pl Unit 204 Hammond, IN	1.0	1.0	700	$1,195	$1.71	25d	1	1.01mi
230 Wildwood Rd Unit 103 Hammond, IN	1.0	1.0	750	$1,295	$1.73	25d	1	1.23mi
1338 Wentworth Ave Unit 1338 Calumet City, IL	2.0	1.0	800	$1,430	$1.79	25d	1	1.24mi
2790 E State St Apt 2E Burnham, IL	3.0	2.0	1100	$1,695	$1.54	25d	1	1.35mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	25d	1	1.36mi
407 Kenwood St Hammond, IN	2.0	1.0	920	$1,495	$1.62	18d	1	1.36mi
460 Hoxie Ave Unit R Calumet City, IL	2.0	1.0	800	$1,650	$2.06	15d	1	1.42mi
460 Hoxie Ave Unit R Calumet City, IL	2.0	1.0	800	$1,650	$2.06	8d	1	1.42mi

Listing history 25 events

1. 2026-06-21
   statusdays on market $24,500 Contingent - Continue to Show 198 DOM
2. 2026-06-18
   days on market $24,500 Active 195 DOM
3. 2026-06-17
   days on market $24,500 Active 194 DOM
4. 2026-06-16
   days on market $24,500 Active 193 DOM
5. 2026-06-15
   days on market $24,500 Active 192 DOM
6. 2026-06-13
   days on market $24,500 Active 190 DOM
7. 2026-06-09
   days on market $24,500 Active 186 DOM
8. 2026-06-08
   days on market $24,500 Active 185 DOM
9. 2026-06-07
   days on market $24,500 Active 184 DOM
10. 2026-06-04
    days on market $24,500 Active 181 DOM
11. 2026-06-03
    days on market $24,500 Active 180 DOM
12. 2026-06-02
    days on market $24,500 Active 179 DOM
13. 2026-06-01
    days on market $24,500 Active 178 DOM
14. 2026-05-31
    days on market $24,500 Active 177 DOM
15. 2026-03-23
    price $24,500
16. 2025-12-05
    listed $29,900 Active
17. 2012-02-03
    soldstatus $6,000
18. 2012-01-27
    soldstatus $6,000 Closed Sale 214-char remark

    Show marketing remark (214 chars)

    This is a bank owned property being sold in "AS-IS" condition. No termite, no survey nor disclosures. Buyer responsible for all inspections. E-money in certified funds only. Allow ample time for response.

19. 2011-12-28
    status Pending 214-char remark

    Show marketing remark (214 chars)

    This is a bank owned property being sold in "AS-IS" condition. No termite, no survey nor disclosures. Buyer responsible for all inspections. E-money in certified funds only. Allow ample time for response.

20. 2011-09-27
    price $12,900 Price Change 214-char remark

    Show marketing remark (214 chars)

    This is a bank owned property being sold in "AS-IS" condition. No termite, no survey nor disclosures. Buyer responsible for all inspections. E-money in certified funds only. Allow ample time for response.

21. 2011-03-30
    price $19,000 Price Change 214-char remark

    Show marketing remark (214 chars)

    This is a bank owned property being sold in "AS-IS" condition. No termite, no survey nor disclosures. Buyer responsible for all inspections. E-money in certified funds only. Allow ample time for response.

22. 2010-11-23
    listed $27,900 New 214-char remark

    Show marketing remark (214 chars)

    This is a bank owned property being sold in "AS-IS" condition. No termite, no survey nor disclosures. Buyer responsible for all inspections. E-money in certified funds only. Allow ample time for response.

23. 2010-05-19
    historical
24. 2010-04-23
    listed New
25. 1994-06-16
    soldstatus $45,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,629
• − Mortgage interest: −$1,372
• − Property taxes: −$368
• − Insurance: −$122
• − Repairs & maintenance: −$1,330
• − Management: −$1,330
• − Depreciation: −$713
• Taxable income: $11,393
• Est. tax owed @ 24.0%: −$2,734
• After-tax cash flow: $8,371/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 — Calumet City

• Score: 71/100
• State rank: #330
• US rank: #6552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calumet City, IL
• County: Cook County · 4,486,803 people
• City population: 35,100
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 35,100
• Household income: $55,369
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 2415.0

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: Predominantly Black (74%)
• Race & ethnicity: Black 74% Hispanic / Latino 15% White 7% Two or more races 4%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 83% English-only · Spanish 14%

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: ▼ -75.01%
• Current HPI: 197.2137
• Rent YoY: ▲ 6.17%
• 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

-45.6% since first listed

11 events — show timeline

• 2026-03-23 Price Changed $24,500 MRED as Distributed by MLS Grid
• 2025-12-05 Listed $29,900 MRED as Distributed by MLS Grid
• 2012-02-03 Sold (Public Records) $6,000 Public Records
• 2012-01-27 Sold (MLS) $6,000 MRED as Distributed by MLS Grid
• 2011-12-28 Pending — MRED as Distributed by MLS Grid
• 2011-09-27 Price Changed $12,900 MRED as Distributed by MLS Grid
• 2011-03-30 Price Changed $19,000 MRED as Distributed by MLS Grid
• 2010-11-23 Listed $27,900 MRED as Distributed by MLS Grid
• 2010-05-19 Listing Removed — MRED as Distributed by MLS Grid
• 2010-04-23 Listed — MRED as Distributed by MLS Grid
• 1994-06-16 Sold (Public Records) $45,000 Public Records

Property tax history

+4.3%/yr

Latest (2023): $4,701 · +1.5% YoY. Source: county tax records.