808 Mackinaw Ave · Calumet City, IL 60409

$224,900

4 bd · 2.0 ba · 1,601 sqft · MultiFamily public records · 26 Days on market

Built 1978 4,791 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

HIGH-YIELD Investment Opportunity in Calumet City! Calling all investors, this is the chance you've been waiting for. This fully occupied two-unit property delivers strong cash flow and immediate returns with minimal effort. Each unit features two bedrooms and one full bathroom with spacious, clean, and turnkey layouts that tenants desire, allowing you to start earning income the moment you close. The property is 1601 sq. ft. total with separate laundry rooms in each unit, forced-air heating, and individual metering for gas and electric. Kitchens are equipped with ranges, refrigerators, ample cabinetry, and generous counter space, while the bedrooms offer large closets for extra storage. Ea

Key facts

• Two unit property
• Kitchens equipped
• Ample cabinetry

Tags

• TWO UNIT PROPERTY
• SEPARATE LAUNDRY ROOMS
• FORCED AIR HEATING
• INDIVIDUAL METERING
• KITCHENS EQUIPPED
• AMPLE CABINETRY

Property features AI

Finance

• Other: Two units in the building
• Financial info: Gross annual income reported at $31,020; Monthly water/sewer expense approx. $600; Monthly trash expense approx. $600; Annual insurance expense approx. $744; One unit currently renting for $1,300, lease through Feb 1, 2027; Other unit currently renting for $1,285, lease through Jun 1, 2026; Each unit currently has tenants responsible for electric, gas, and heat

Exterior

• Parking: Two parking spaces; Driveway parking (owned)
• Utilities: Water source: Lake Michigan; Public sewer; Electric and gas paid by tenants (for each unit)
• Home design: Two- to four-unit property; Fee simple ownership
• Construction: Brick construction; Built approximately 41–50 years ago; Not rebuilt or rehabbed; Zoned for multi-family
• Exterior features: Lot dimensions approximately 105.6 x 75.7 x 53.6 x 44.1; Less than 0.25 acre lot; Access to school bus service, commuter bus, and interstate

Interior

• Kitchen: Each unit includes a stove and refrigerator
• Bedrooms: Four bedrooms total (two 2-bedroom units)
• Bathrooms: Two full bathrooms (one per unit)
• Heating & cooling: Natural gas heating
• Interior features: 10 total rooms; Sidewalks and paved streets in the neighborhood

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $898 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 8.2% 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); 198 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $2,828/mo this rent would consume 61% of the median local household income ($55k/yr) (locally 2415% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $63k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 6 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 $84k; list at $225k implies a 166% gain — meaningful room to come down on a strong offer.

Recommended offer $221,526 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.26% ✓
• Cap rate: 11.08%
• Cash-on-cash: 17.10%
• DSCR: 1.76
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 11.6%
• Equity multiple: 1.48×
• Total profit: $29,937
• Equity at exit: $33,533

10-year hold

• IRR: 22.8%
• Equity multiple: 3.22×
• Total profit: $140,069
• Equity at exit: $19,445

Cash invested: $62,972 (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: 198
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $2,828 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$63 /mo · $761/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$594
• Net cashflow: $898

Break-even live

Break-even rent $1,692

Max offer price $224,900

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,828
Total (2 units)			$2,828

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
34 Elizabeth St Calumet City, IL	3.0	1.0	1246	$2,400	$1.93	1d	1	0.88mi
671 Saginaw Ave Calumet City, IL	3.0	2.0	1250	$2,276	$1.82	10d	1	0.88mi
3 Waltham St Hammond, IN	3.0	1.0	1200	$1,095	$0.91	24d	1	0.94mi
2790 E State St Apt 2E Burnham, IL	3.0	2.0	1100	$1,695	$1.54	24d	1	1.38mi
659 Paxton Ave Calumet City, IL	3.0	2.0	1255	$2,461	$1.96	10d	1	1.42mi

Listing history 35 events

1. 2026-06-18
   days on market $224,900 Active 26 DOM
2. 2026-06-18
   price $224,900 Active 25 DOM
3. 2026-06-17
   days on market $229,900 Active 25 DOM
4. 2026-06-16
   days on market $229,900 Active 24 DOM
5. 2026-06-15
   days on market $229,900 Active 23 DOM
6. 2026-06-13
   days on market $229,900 Active 21 DOM
7. 2026-06-09
   days on market $229,900 Active 17 DOM
8. 2026-06-08
   days on market $229,900 Active 16 DOM
9. 2026-06-07
   days on market $229,900 Active 15 DOM
10. 2026-06-04
    days on market $229,900 Active 12 DOM
11. 2026-06-03
    days on market $229,900 Active 11 DOM
12. 2026-06-02
    days on market $229,900 Active 10 DOM
13. 2026-06-01
    days on market $229,900 Active 9 DOM
14. 2026-05-31
    days on market $229,900 Active 8 DOM
15. 2026-05-22
    listed $229,900 Active
16. 2025-10-28
    historical
17. 2025-09-04
    price
18. 2025-08-07
    price
19. 2025-07-29
    price
20. 2025-07-18
    listed Active
21. 2022-09-21
    soldstatus $84,500
22. 2020-06-10
    historical
23. 2020-02-03
    listed New
24. 2020-02-03
    historical
25. 2019-10-05
    price
26. 2019-07-29
    price
27. 2019-06-26
    listed New
28. 2014-02-19
    soldstatus $20,000
29. 2011-02-19
    historical
30. 2010-11-23
    historical Contingent
31. 2010-08-16
    listed New
32. 2007-05-31
    soldstatus $155,000
33. 2007-05-11
    soldstatus $155,000
34. 2007-03-19
    listed $155,000
35. 2007-03-19
    historical

ⓘ 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: $761 · $63/mo
• Projected year-2 tax: $2,933 · $244/mo
• Expected delta: +$2,172/yr (+$181/mo · 285.2%)

ⓘ 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: $33,936
• − Mortgage interest: −$12,598
• − Property taxes: −$761
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,715
• − Management: −$2,715
• − Depreciation: −$6,543
• Taxable income: $7,480
• Est. tax owed @ 24.0%: −$1,795
• After-tax cash flow: $8,975/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

+48.3% since first listed

21 events — show timeline

• 2026-05-22 Listed $229,900 MRED as Distributed by MLS Grid
• 2025-10-28 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-04 Price Changed — MRED as Distributed by MLS Grid
• 2025-08-07 Price Changed — MRED as Distributed by MLS Grid
• 2025-07-29 Price Changed — MRED as Distributed by MLS Grid
• 2025-07-18 Listed — MRED as Distributed by MLS Grid
• 2022-09-21 Sold (Public Records) $84,500 Public Records
• 2020-06-10 Listing Removed — MRED as Distributed by MLS Grid
• 2020-02-03 Listing Removed — MRED as Distributed by MLS Grid
• 2020-02-03 Listed — MRED as Distributed by MLS Grid
• 2019-10-05 Price Changed — MRED as Distributed by MLS Grid
• 2019-07-29 Price Changed — MRED as Distributed by MLS Grid
• 2019-06-26 Listed — MRED as Distributed by MLS Grid
• 2014-02-19 Sold (Public Records) $20,000 Public Records
• 2011-02-19 Listing Removed — MRED as Distributed by MLS Grid
• 2010-11-23 Contingent — MRED as Distributed by MLS Grid
• 2010-08-16 Listed — MRED as Distributed by MLS Grid
• 2007-05-31 Sold (Public Records) $155,000 Public Records
• 2007-05-11 Sold (MLS) $155,000 MRED as Distributed by MLS Grid
• 2007-03-19 Listing Removed — MRED as Distributed by MLS Grid
• 2007-03-19 Listed $155,000 MRED as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2023): $761 · -5.1% YoY. Source: county tax records.