714 Cummings Ave · Waukegan, IL 60085

$214,900

4 bd · 2.0 ba · 1,540 sqft · MultiFamily public records · 66 Days on market

Built 1920 7,500 sqft lot Est $269k · 20% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• 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 MLS

Two-unit cedar wood property - both units 2bd/1bth. Has served as an excellent rental property for many years. Electric only to property, no gas. Logical and convenient layouts to both units. Garage on site but not overhead garage door. Full unfinished basement. Concrete front stoop only a couple of years old. Large driveway/parking area for your enjoyment. Inquire today!

Key facts

• Concrete front stoop
• 7,500 sq ft lot
• 4 parking spots

Tags

• FULL UNFINISHED BASEMENT
• CONCRETE FRONT STOOP
• LARGE DRIVEWAY PARKING AREA

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $929 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $202k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 4.6% in Waukegan — 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 75/100 on livability (#216 in IL, #4,074 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime D, schools F.
• Waukegan CUSD 60 (suburban): math 7% / reading 10% proficiency, ranked #587 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.2%/yr); 86 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• At $3,165/mo this rent would consume 57% of the median local household income ($67k/yr) (locally 2742% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $60k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $14k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $215k implies a 616% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $202,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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 1920 — 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. 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.
8. 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.
9. 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: 1.47% ✓
• Cap rate: 11.48%
• Cash-on-cash: 18.52%
• DSCR: 1.82
• GRM: 5.7

CMA / ARV

• ARV (median comp): $268,664
• List price: $214,900
• Delta: -20.01%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.24% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.42×
• Total profit: $25,202
• Equity at exit: $32,042

10-year hold

• IRR: 19.9%
• Equity multiple: 2.69×
• Total profit: $101,689
• Equity at exit: $18,581

Cash invested: $60,172 (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 60085

• Rents YoY: 3.2%
• Active inventory: 86
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $3,165 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$355 /mo · $4,260/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$665
• Net cashflow: $929

Break-even live

Break-even rent $1,989

Max offer price $214,900

Occupancy floor 66%

Sensitivity live

Price	-10% $1,050	-5% $990	+0% $929	+5% $868	+10% $807
Rent	-10% $679	-5% $804	+0% $929	+5% $1,054	+10% $1,179
Rate	-1.0pp $1,037	-0.5pp $983	base $929	+0.5pp $873	+1.0pp $816

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,164
Total (2 units)			$3,165

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2404 Pearsall Pkwy Waukegan, IL	4.0	2.0	2000	$4,300	$2.15	1d	1	1.17mi
708 Keller Ave Waukegan, IL	4.0	2.0	1800	$4,500	$2.50	1d	1	1.22mi

Listing history 19 events

1. 2026-06-18
   days on market $214,900 Active 66 DOM
2. 2026-06-17
   price $214,900 Active 65 DOM
3. 2026-06-17
   days on market $229,000 Active 65 DOM
4. 2026-06-16
   days on market $229,000 Active 64 DOM
5. 2026-06-15
   days on market $229,000 Active 63 DOM
6. 2026-06-13
   days on market $229,000 Active 61 DOM
7. 2026-06-09
   days on market $229,000 Active 57 DOM
8. 2026-06-08
   days on market $229,000 Active 56 DOM
9. 2026-06-07
   days on market $229,000 Active 55 DOM
10. 2026-06-04
    days on market $229,000 Active 52 DOM
11. 2026-06-03
    days on market $229,000 Active 51 DOM
12. 2026-06-02
    days on market $229,000 Active 50 DOM
13. 2026-06-01
    days on market $229,000 Active 49 DOM
14. 2026-05-31
    days on market $229,000 Active 48 DOM
15. 2026-04-13
    listed $229,000 Active 374-char remark

    Show marketing remark (374 chars)

    Two-unit cedar wood property - both units 2bd/1bth. Has served as an excellent rental property for many years. Electric only to property, no gas. Logical and convenient layouts to both units. Garage on site but not overhead garage door. Full unfinished basement. Concrete front stoop only a couple of years old. Large driveway/parking area for your enjoyment. Inquire today!

16. 2011-06-10
    soldstatus $30,000 Closed Sale 41-char remark

    Show marketing remark (41 chars)

    Nice 2 unit cedar home a great investment

17. 2011-06-03
    historical Contingent 41-char remark

    Show marketing remark (41 chars)

    Nice 2 unit cedar home a great investment

18. 2011-05-16
    price $35,000 Price Change 41-char remark

    Show marketing remark (41 chars)

    Nice 2 unit cedar home a great investment

19. 2011-04-07
    listed $39,900 New 41-char remark

    Show marketing remark (41 chars)

    Nice 2 unit cedar home a great investment

ⓘ 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: $4,260 · $355/mo
• Projected year-2 tax: $4,569 · $381/mo
• Expected delta: +$309/yr (+$26/mo · 7.3%)

ⓘ 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 2/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,980
• − Mortgage interest: −$12,038
• − Property taxes: −$4,260
• − Insurance: −$1,074
• − Repairs & maintenance: −$3,038
• − Management: −$3,038
• − Depreciation: −$6,252
• Taxable income: $8,279
• Est. tax owed @ 24.0%: −$1,987
• After-tax cash flow: $9,159/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: Waukegan CUSD 60
• NCES district ID: 1741250
• Math proficiency: 7% ▼ -8.00%
• Reading proficiency: 10% ▼ -8.00%
• Median HH income: $43,248
• Composite: 7.73/100
• National rank: #9939
• State rank: #587 of 620 in IL

Livability — Waukegan

• Score: 75/100
• State rank: #216
• US rank: #4074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukegan, IL
• County: Lake County · 591,991 people
• City population: 99,634
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 72,341
• Household income: $66,793
• Rent vs Own: 51.8% rent · 48.2% own
• Severe rent burden: 2742.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 700,217 people
• By 2030: 693,290 · -1.0%
• By 2040: 673,588 · -3.8%
• By 2050: 643,556 · -8.1%
• By 2075: 562,792 · -19.6%
• By 2100: 457,715 · -34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 62% Two or more races 24% Black 14% White 14% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 51% Puerto Rican 3%
• Common ancestry: Romanian 1% British 1% Portuguese 1%
• Foreign-born: 34% · Canada, Jamaica
• Languages at home: 39% English-only · Spanish 54% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · Lake

• 2024 margin: Strong D (+20.8) · D 59.7% · R 38.9% · Other 1.4%
• 2008→2024 swing: +1.1pp toward D · 2008: 19.6pp · 2024: 20.8pp
• All cycles: 2024: D+20.8 2020: D+24.1 2016: D+20.3 2012: D+8.1 2008: D+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.04%
• Current HPI: 203.6304
• Rent YoY: ▲ 3.24%
• 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

+473.9% since first listed

5 events — show timeline

• 2026-04-13 Listed $229,000 MRED as Distributed by MLS Grid
• 2011-06-10 Sold (MLS) $30,000 MRED as Distributed by MLS Grid
• 2011-06-03 Contingent — MRED as Distributed by MLS Grid
• 2011-05-16 Price Changed $35,000 MRED as Distributed by MLS Grid
• 2011-04-07 Listed $39,900 MRED as Distributed by MLS Grid

Property tax history

+0.7%/yr

Latest (2024): $4,260 · +2.2% YoY. Source: county tax records.