5715 Dutch Mill Ct Unit C

Hanover Park, IL 60133

$255,000D-

3 bd · 1.5 ba · 1,152 sqft · Built 1977 · Condo · Active · 194 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,523/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$429
• HOA: −$315
• Vac / Maint / Mgmt: −$530
• Net cashflow: $-88/mo
• Annual: $-1,054/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.48%
• DSCR: 0.93
• 1% rule: 0.99%
• Cash to close: $71,400

Investor read

• This is a 3-bed/1.5-bath condo listed at $255k.
• At list price, monthly cash flow is $-88 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $252k (1.0% below list).
• It's been on market 194 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $224k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#150 in IL, #2,740 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D+, amenities F.
• Lake Park Chsd 108 (suburban): math 37% / reading 43% proficiency, ranked #128 of 620 in IL (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greenbrook Elem School (math 12% / reading 13%, grade F, #1,368 of 2,056 statewide, top 67%, 428 students, 0% FRL); Spring Wood Middle School (math 12% / reading 20%, grade F, #488 of 665 statewide, top 74%, 450 students, 0% FRL); Lake Park High School (math 37% / reading 43%, grade F, #85 of 693 statewide, top 12%, 2,560 students, 0% FRL).
• Zoned-school proficiency averages 23% at this address vs 40% district-wide (-17 pts) — the specific schools serving this property underperform the Lake Park Chsd 108 average; the district grade overstates school quality for this exact location.
• Market conditions: 58 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• Current owner paid $149k; list at $255k implies a 71% gain — meaningful room to come down on a strong offer.
• Cap rate 5.9% vs local median 4.5% in Hanover 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.
• This rent runs 33% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?