3127 Bernice Rd #5 · Lansing, IL 60438

$104,000

2 bd · 1.0 ba · 800 sqft · Condo · 73 Days on market

Built 1968 $267/mo HOA · 18% of rent

---

Why this score? — see what drove the C- 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 +19.1/30.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

INEXPENSIVE CONDO LOCATED CLOSE TO PUBLIC TRANSPORTATION, SHOPPING, HIGHWAYS, AND MORE. EXPRESSPATH FINANCING AVAILABLE. CALL L/A FOR DETAILS. PROOF OF FUNDS (IF CASH) OR LETTER FROM BANK/MTG. COMPANY REFLECTING MTG. COMMITMENT A MUST. ADDENDUMS REQUIRED-CAN BE ACCESSED VIA CONNECTMLS. EARNEST MONEY=CERTIFIED FUNDS.

Key facts

• $267 HOA
• Built 1968
• Listed 73 days

Property features AI

Finance

• Other: Property not currently leased; Rehab year listed as 2026; Local transit access: school bus service, commuter bus, commuter train, interstate access; Directions: South on Torrence to Bernice
• HOA & community: Monthly association fee of $267; Association covers exterior maintenance, lawn care, scavenger (trash), and snow removal; Manager off-site; Pets allowed (cats and dogs), maximum pet weight 50 lbs

Exterior

• Utilities: Water source: Lake Michigan; Public sewer; Electric: circuit breakers
• Home design: Condo (attached single); Entry level: 3rd floor; Building has 6 units; Brick construction; Estimated living area; Rehab completed in 2026 (recently rehabbed)
• Construction: Brick exterior; Built approximately 51–60 years ago; Built before 1978
• Exterior features: Balcony; Lot dimensions per survey

Interior

• Kitchen: Kitchen on main level (approx. 6 x 8)
• Bedrooms: Master bedroom on main level (approx. 12 x 12); Second bedroom on main level (approx. 10 x 12); Additional labeled bedrooms listed (bedroom 3, bedroom 4) — configuration shown as two bedrooms overall
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Balcony/porch/lanai; Four total rooms
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $104k.

Deal economics

• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $104k).
• Recommended offer: $98k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 5.8% in Lansing — 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 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, health & safety D+, amenities F.
• 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.
• Zoned schools: Thornton Fractnl So High School (math 11% / reading 14%, grade F, #504 of 693 statewide, top 73%, 1,927 students, 0% FRL).
• Market conditions: 132 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $719 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($98k) 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 $35k; list at $104k implies a 199% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.

Recommended offer $97,760 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
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: 1.46% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.52%
• DSCR: 1.20
• GRM: 5.7

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: -9.0%
• Equity multiple: 0.67×
• Total profit: $-9,613
• Equity at exit: $15,507

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $1,653
• Equity at exit: $8,992

Cash invested: $29,120 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,523 high
• Mortgage (P&I): −$545
• Tax from tax record: −$238 /mo · $2,852/yr
• Insurance: −$43
• HOA: −$267
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $110

Break-even live

Break-even rent $1,384

Max offer price $104,000

Occupancy floor 88%

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: $26,000
• Closing costs: $3,120
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3069 Bernice Rd Apt 2N Lansing, IL	3.0	1.0	950	$1,535	$1.62	21d	1	0.07mi
3069 Bernice Rd Apt 2S Lansing, IL	3.0	1.0	950	$1,535	$1.62	3d	1	0.07mi
3023 Bernice Rd Apt 2S Lansing, IL	3.0	1.0	1000	$1,600	$1.60	1d	1	0.13mi
3020 178th St Unit C1 Lansing, IL	2.0	1.0	900	$1,550	$1.72	1d	1	0.48mi
3020 178th St Apt C7 Lansing, IL	2.0	1.0	900	$1,550	$1.72	25d	1	0.48mi
17723 Exchange Ave Unit 17723-1N Lansing, IL	3.0	2.0	1100	$1,800	$1.64	1d	1	0.67mi
3649 173rd Ct Lansing, IL	2.0	2.0	972	$1,357	$1.40	25d	1	0.74mi
1539 Wentworth Ave Unit 3W Calumet City, IL	3.0	1.0	1100	$1,700	$1.55	12d	1	0.90mi
2441 Indiana Ave Unit 2N Lansing, IL	1.0	1.0	600	$975	$1.62	13d	1	1.21mi
2441 Indiana Ave Lansing, IL	1.0	1.0	600	$975	$1.62	4d	1	1.21mi
1338 Wentworth Ave Unit 1338 Calumet City, IL	2.0	1.0	800	$1,430	$1.79	25d	1	1.29mi
18335 Sherman St Unit 3 Lansing, IL	3.0	1.0	1000	$1,700	$1.70	1d	1	1.31mi
17640 Rosewood Dr Unit 2A Lansing, IL	2.0	1.0	950	$1,475	$1.55	18d	1	1.42mi
17754 Rosewood Dr Unit 1N Lansing, IL	2.0	1.0	850	$1,370	$1.61	25d	1	1.44mi
18361 Glen Oak Ave Unit 1E Lansing, IL	2.0	1.0	900	$1,400	$1.56	25d	1	1.45mi

HOA detail condo

• Monthly dues: $267 · $3,204/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $104,000 Active 73 DOM
2. 2026-06-17
   days on market $104,000 Active 72 DOM
3. 2026-06-16
   days on market $104,000 Active 71 DOM
4. 2026-06-15
   days on market $104,000 Active 70 DOM
5. 2026-06-13
   days on market $104,000 Active 68 DOM
6. 2026-06-09
   days on market $104,000 Active 64 DOM
7. 2026-06-08
   days on market $104,000 Active 63 DOM
8. 2026-06-07
   days on market $104,000 Active 62 DOM
9. 2026-06-04
   days on market $104,000 Active 59 DOM
10. 2026-06-03
    days on market $104,000 Active 58 DOM
11. 2026-06-02
    days on market $104,000 Active 57 DOM
12. 2026-06-01
    days on market $104,000 Active 56 DOM
13. 2026-05-31
    days on market $104,000 Active 55 DOM
14. 2026-05-21
    status Active
15. 2026-04-15
    historical Contingent - Continue to Show
16. 2026-04-06
    listed $104,000 Active
17. 2008-04-18
    soldstatus $34,800 317-char remark

    Show marketing remark (317 chars)

    INEXPENSIVE CONDO LOCATED CLOSE TO PUBLIC TRANSPORTATION, SHOPPING, HIGHWAYS, AND MORE. EXPRESSPATH FINANCING AVAILABLE. CALL L/A FOR DETAILS. PROOF OF FUNDS (IF CASH) OR LETTER FROM BANK/MTG. COMPANY REFLECTING MTG. COMMITMENT A MUST. ADDENDUMS REQUIRED-CAN BE ACCESSED VIA CONNECTMLS. EARNEST MONEY=CERTIFIED FUNDS.

18. 2008-04-11
    historical 317-char remark

    Show marketing remark (317 chars)

    INEXPENSIVE CONDO LOCATED CLOSE TO PUBLIC TRANSPORTATION, SHOPPING, HIGHWAYS, AND MORE. EXPRESSPATH FINANCING AVAILABLE. CALL L/A FOR DETAILS. PROOF OF FUNDS (IF CASH) OR LETTER FROM BANK/MTG. COMPANY REFLECTING MTG. COMMITMENT A MUST. ADDENDUMS REQUIRED-CAN BE ACCESSED VIA CONNECTMLS. EARNEST MONEY=CERTIFIED FUNDS.

19. 2007-10-10
    listed $39,900 317-char remark

    Show marketing remark (317 chars)

    INEXPENSIVE CONDO LOCATED CLOSE TO PUBLIC TRANSPORTATION, SHOPPING, HIGHWAYS, AND MORE. EXPRESSPATH FINANCING AVAILABLE. CALL L/A FOR DETAILS. PROOF OF FUNDS (IF CASH) OR LETTER FROM BANK/MTG. COMPANY REFLECTING MTG. COMMITMENT A MUST. ADDENDUMS REQUIRED-CAN BE ACCESSED VIA CONNECTMLS. EARNEST MONEY=CERTIFIED FUNDS.

ⓘ 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: $2,852 · $238/mo
• Projected year-2 tax: $2,852 · $238/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,274
• − Mortgage interest: −$5,826
• − Property taxes: −$2,852
• − Insurance: −$520
• − Repairs & maintenance: −$1,462
• − Management: −$1,462
• − HOA: −$3,204
• − Depreciation: −$3,025
• Taxable loss: −$77
• Est. tax savings @ 24.0%: +$18
• After-tax cash flow: $1,335/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

+160.7% since first listed

6 events — show timeline

• 2026-05-21 Relisted — MRED as Distributed by MLS Grid
• 2026-04-15 Contingent — MRED as Distributed by MLS Grid
• 2026-04-06 Listed $104,000 MRED as Distributed by MLS Grid
• 2008-04-18 Sold (MLS) $34,800 MRED as Distributed by MLS Grid
• 2008-04-11 Listing Removed — MRED as Distributed by MLS Grid
• 2007-10-10 Listed $39,900 MRED as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2023): $2,852 · +39.5% YoY. Source: county tax records.