16 E Old Willow Rd Unit 202S · Prospect Heights, IL 60070

$180,000

2 bd · 1.0 ba · 1,250 sqft · Condo · 297 Days on market

Built 1967 $144/sqft · 21% below area Est $227k · 21% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.1/30.0
• 1% rule +6.7/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• DSCR +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

*Multiple Offers Received. All offers should be submitted at Highest and Best.* Welcome home to this very rare oversized 2-bed, 2-bath unit in the Lake Run community!! This bright unit offers a large family room with sliding glass doors to a private balcony; an efficient galley kitchen with designated eating area and plenty of storage and counter space; king-sized guest bedroom; a massive primary suite with private bath. Lake Run has many wonderful amenities including indoor/outdoor pool, sports courts, party room, and on-site laundry. Schedule a showing today!

Key facts

• Plenty of storage
• Private balcony
• Indoor outdoor pool

Tags

• PRIVATE BALCONY
• EFFICIENT GALLEY KITCHEN
• DESIGNATED EATING AREA
• PLENTY OF STORAGE
• MASSIVE PRIMARY SUITE
• INDOOR OUTDOOR POOL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-40 ($-485/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 2.2% in Prospect Heights — 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 74/100 on livability (#245 in IL, #4,443 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: schools D+, amenities F, health & safety F.
• Township Hsd 214 (suburban): math 42% / reading 45% proficiency, ranked #103 of 620 in IL (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 45 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 297 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 8082% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $63k; list at $180k implies a 186% gain — meaningful room to come down on a strong offer.

Recommended offer $158,400 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 297 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.17% ✓
• Cap rate: 6.02%
• Cash-on-cash: -0.96%
• DSCR: 0.96
• GRM: 7.1

CMA / ARV

• ARV (median comp): $227,442
• List price: $180,000
• Delta: -20.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -17.7%
• Equity multiple: 0.38×
• Total profit: $-31,425
• Equity at exit: $26,839

10-year hold

• IRR: -9.4%
• Equity multiple: 0.42×
• Total profit: $-29,388
• Equity at exit: $15,563

Cash invested: $50,400 (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 60070

• Active inventory: 45
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,113 high
• Mortgage (P&I): −$944
• Tax from tax record: −$282 /mo · $3,384/yr
• Insurance: −$75
• HOA est. from 2 same-building comps: −$409
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $-40

Break-even live

Break-even rent $2,164

Max offer price $172,856

Occupancy floor 97%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 E Old Willow Rd Unit 433S Prospect Heights, IL	3.0	2.0	1600	$2,750	$1.72	1d	1	0.02mi
16 E Old Willow Rd Unit 431S Prospect Heights, IL	2.0	2.0	1000	$2,000	$2.00	1d	1	0.02mi
18 E Old Willow Rd Unit 425N Prospect Heights, IL	2.0	1.0	1000	$1,890	$1.89	16d	1	0.09mi
18 E Old Willow Rd Unit 522N Prospect Heights, IL	3.0	2.0	1500	$2,900	$1.93	1d	1	0.09mi
1501 S Wolf Rd Prospect Heights, IL	1.0–2.0	1.0–2.0	1006	$2,105	$2.09	1d	20	0.15mi
1485 Quaker Ln Unit 116D Prospect Heights, IL	2.0	1.0	900	$1,825	$2.03	1d	1	0.28mi
931 Jonathon Ct Unit 8-308 Prospect Heights, IL	2.0	2.0	1000	$1,840	$1.84	1d	1	0.68mi
841 Blossom Ln #203 Prospect Heights, IL	2.0	1.0	885	$1,700	$1.92	1d	1	0.72mi
928 E Old Willow Rd #203 Prospect Heights, IL	2.0	1.5	1200	$1,900	$1.58	1d	1	0.73mi
333 Wood Creek Rd Wheeling, IL	1.0–3.0	1.0–2.0	1000	$2,232	$2.23	1d	16	1.14mi
1550 Sandpebble Dr #306 Wheeling, IL	2.0	2.0	1150	$1,995	$1.73	20d	1	1.43mi
1450 Sandpebble Dr #227 Wheeling, IL	2.0	2.0	1100	$2,100	$1.91	21d	1	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $180,000 Active 297 DOM
2. 2026-06-17
   days on market $180,000 Active 296 DOM
3. 2026-06-16
   days on market $180,000 Active 295 DOM
4. 2026-06-15
   days on market $180,000 Active 294 DOM
5. 2026-06-13
   days on market $180,000 Active 292 DOM
6. 2026-06-09
   days on market $180,000 Active 288 DOM
7. 2026-06-08
   days on market $180,000 Active 287 DOM
8. 2026-06-07
   days on market $180,000 Active 286 DOM
9. 2026-06-04
   days on market $180,000 Active 283 DOM
10. 2026-06-03
    days on market $180,000 Active 282 DOM
11. 2026-06-02
    days on market $180,000 Active 281 DOM
12. 2026-06-01
    days on market $180,000 Active 280 DOM
13. 2026-05-31
    days on market $180,000 Active 279 DOM
14. 2026-04-23
    status Active 570-char remark

    Show marketing remark (570 chars)

    *Multiple Offers Received. All offers should be submitted at Highest and Best.* Welcome home to this very rare oversized 2-bed, 2-bath unit in the Lake Run community!! This bright unit offers a large family room with sliding glass doors to a private balcony; an efficient galley kitchen with designated eating area and plenty of storage and counter space; king-sized guest bedroom; a massive primary suite with private bath. Lake Run has many wonderful amenities including indoor/outdoor pool, sports courts, party room, and on-site laundry. Schedule a showing today!

15. 2026-04-01
    historical $2,200
16. 2026-03-14
    listed $2,200
17. 2026-02-24
    historical Contingent - Continue to Show 570-char remark

    Show marketing remark (570 chars)

    *Multiple Offers Received. All offers should be submitted at Highest and Best.* Welcome home to this very rare oversized 2-bed, 2-bath unit in the Lake Run community!! This bright unit offers a large family room with sliding glass doors to a private balcony; an efficient galley kitchen with designated eating area and plenty of storage and counter space; king-sized guest bedroom; a massive primary suite with private bath. Lake Run has many wonderful amenities including indoor/outdoor pool, sports courts, party room, and on-site laundry. Schedule a showing today!

18. 2025-11-26
    price $180,000 570-char remark

    Show marketing remark (570 chars)

    *Multiple Offers Received. All offers should be submitted at Highest and Best.* Welcome home to this very rare oversized 2-bed, 2-bath unit in the Lake Run community!! This bright unit offers a large family room with sliding glass doors to a private balcony; an efficient galley kitchen with designated eating area and plenty of storage and counter space; king-sized guest bedroom; a massive primary suite with private bath. Lake Run has many wonderful amenities including indoor/outdoor pool, sports courts, party room, and on-site laundry. Schedule a showing today!

19. 2025-11-10
    status Active 570-char remark

    Show marketing remark (570 chars)

    *Multiple Offers Received. All offers should be submitted at Highest and Best.* Welcome home to this very rare oversized 2-bed, 2-bath unit in the Lake Run community!! This bright unit offers a large family room with sliding glass doors to a private balcony; an efficient galley kitchen with designated eating area and plenty of storage and counter space; king-sized guest bedroom; a massive primary suite with private bath. Lake Run has many wonderful amenities including indoor/outdoor pool, sports courts, party room, and on-site laundry. Schedule a showing today!

20. 2025-09-29
    historical Contingent - Continue to Show 570-char remark

    Show marketing remark (570 chars)

    *Multiple Offers Received. All offers should be submitted at Highest and Best.* Welcome home to this very rare oversized 2-bed, 2-bath unit in the Lake Run community!! This bright unit offers a large family room with sliding glass doors to a private balcony; an efficient galley kitchen with designated eating area and plenty of storage and counter space; king-sized guest bedroom; a massive primary suite with private bath. Lake Run has many wonderful amenities including indoor/outdoor pool, sports courts, party room, and on-site laundry. Schedule a showing today!

21. 2025-08-25
    listed $195,000 Active 570-char remark

    Show marketing remark (570 chars)

    *Multiple Offers Received. All offers should be submitted at Highest and Best.* Welcome home to this very rare oversized 2-bed, 2-bath unit in the Lake Run community!! This bright unit offers a large family room with sliding glass doors to a private balcony; an efficient galley kitchen with designated eating area and plenty of storage and counter space; king-sized guest bedroom; a massive primary suite with private bath. Lake Run has many wonderful amenities including indoor/outdoor pool, sports courts, party room, and on-site laundry. Schedule a showing today!

22. 1993-01-11
    soldstatus $63,000

ⓘ 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: $3,384 · $282/mo
• Projected year-2 tax: $3,735 · $311/mo
• Expected delta: +$351/yr (+$29/mo · 10.4%)

ⓘ 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 ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,359
• − Mortgage interest: −$10,083
• − Property taxes: −$3,384
• − Insurance: −$900
• − Repairs & maintenance: −$2,029
• − Management: −$2,029
• − HOA: −$4,908
• − Depreciation: −$5,236
• Taxable loss: −$3,209
• Est. tax savings @ 24.0%: +$770
• After-tax cash flow: $285/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: Township Hsd 214
• NCES district ID: 1704170
• Math proficiency: 42% ▼ -10.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $68,267
• Composite: 39.13/100
• National rank: #4035
• State rank: #103 of 620 in IL

Livability — Prospect Heights

• Score: 74/100
• State rank: #245
• US rank: #4443

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Prospect Heights, IL
• County: Cook County · 4,486,803 people
• City population: 15,496
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 15,496
• Household income: $84,775
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 248.0

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 0.57)
• Race & ethnicity: White 55% Hispanic / Latino 36% Two or more races 10% Asian 7%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Romanian 14% Subsaharan African 1% French 1%
• Foreign-born: 41% · Canada
• Languages at home: 40% English-only · Spanish 33% Russian/Polish/Slavic 15% Other Indo-European 5%

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: ▼ -140.69%
• Current HPI: 215.8974
• 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

-96.5% since first listed

9 events — show timeline

• 2026-04-23 Relisted — MRED as Distributed by MLS Grid
• 2026-04-01 Rental Removed $2,200 MRED
• 2026-03-14 Listed for Rent $2,200 MRED
• 2026-02-24 Contingent — MRED as Distributed by MLS Grid
• 2025-11-26 Price Changed $180,000 MRED as Distributed by MLS Grid
• 2025-11-10 Relisted — MRED as Distributed by MLS Grid
• 2025-09-29 Contingent — MRED as Distributed by MLS Grid
• 2025-08-25 Listed $195,000 MRED as Distributed by MLS Grid
• 1993-01-11 Sold (Public Records) $63,000 Public Records

Property tax history

+6.2%/yr

Latest (2023): $3,384 · +6.8% YoY. Source: county tax records.