15 W Mceldowney St · Chicago Heights, IL 60411

$70,000

4 bd · 1.5 ba · 1,795 sqft · SingleFamily public records · 3 Days on market

Built 1901 4,500 sqft lot ↓ 30% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

BANK FORECLOSURE, SOLD "AS IS". NEEDS WORK. ALL OFFERS MUST INCLUDE BUYERS CONTRACT AND SIGNED SELLERS ADDENDUMS AND LEAD BASE PAINT, PRE-APPROVAL AND COPY OF EARNEST MONEY. ADDENDUMS/LEAD BASE FORMS ON CONNECT MLS OR CALL LISTING OFFICE TO FAX. E.M. MUST BE CERTIFIED/CASHIERS CHECK. PLEASE ALLOW 3-4 DAYS FOR SELLERS RESPONSE.

Key facts

• 4,500 sq ft lot
• Built 1901
• Listed 3 days

Tags

• FULL UNFINISHED BASEMENT

Property features AI

Finance

• HOA & community: No master association fee required

Exterior

• Utilities: Water source: Lake Michigan; Public sewer
• Home design: Detached single-family home; 2-story; Fee simple ownership; Property over 100 years old; Vinyl siding
• Construction: Vinyl siding construction; Built before 1978
• Exterior features: Lot dimensions approximately 25 x 180; Lot under 0.25 acre

Interior

• Kitchen: Kitchen on main level (11 x 14)
• Bedrooms: 4 bedrooms; Master bedroom on second floor (16 x 16); Second bedroom on second floor (11 x 11); Two main-level bedrooms (10 x 18 and 10 x 11)
• Bathrooms: 2 full bathrooms; Master bath is a full bath
• Heating & cooling: Natural gas forced-air heating; Cooling: Other
• Interior features: 7 total rooms; Full unfinished basement
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Cap rate 26.2% vs local median 6.4% in Chicago 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 71/100 on livability (#339 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime F.
• Bloom Twp Hsd 206 (suburban): math 8% / reading 9% proficiency, ranked #591 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.5%/yr); 222 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 40% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $40k; list at $70k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,000

Questions for the listing agent

1. Built in 1901 — 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 F 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.98% ✓
• Cap rate: 26.21%
• Cash-on-cash: 71.15%
• DSCR: 4.17
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $197,450
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15 W Mceldowney St	0.00mi	4/2.0	1,795 (0%)	0mo	$70,000	$39	98
260 W 15th Pl	0.56mi	4/2.0	1,886 (+5%)	3mo	$190,556	$101	61
99 W 19th St	0.39mi	4/1.5	1,632 (-9%)	13mo	$143,000	$88	55
215 16th St	0.71mi	4/1.5	1,860 (+4%)	7mo	$81,000	$44	55
226 W 16th St	0.49mi	3/1.0 (-1)	1,630 (-9%)	4mo	$165,000	$101	51
119 W 16th Pl	0.25mi	5/1.5 (+1)	2,038 (+14%)	15mo	$245,000	$120	48
1324 Campbell Ave	0.53mi	3/2.0 (-1)	1,684 (-6%)	13mo	$162,500	$96	48
251 Hickory St	0.60mi	3/2.0 (-1)	1,650 (-8%)	6mo	$235,000	$142	47
210 W 16th Pl	0.49mi	5/3.0 (+1)	2,016 (+12%)	1mo	$310,900	$154	45
1305 Campbell Ave	0.52mi	4/2.0	1,995 (+11%)	14mo	$220,000	$110	44
236 Country Club Rd	0.74mi	3/1.5 (-1)	1,656 (-8%)	11mo	$365,000	$220	39
293 Hickory St	0.68mi	3/2.0 (-1)	1,600 (-11%)	9mo	$215,000	$134	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.48% rent growth · sell at horizon

5-year hold

• IRR: 74.7%
• Equity multiple: 4.58×
• Total profit: $70,248
• Equity at exit: $10,437

10-year hold

• IRR: 79.4%
• Equity multiple: 10.69×
• Total profit: $189,877
• Equity at exit: $6,052

Cash invested: $19,600 (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 60411

• Home prices YoY: -33.9%
• Rents YoY: 6.5%
• Active inventory: 222
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $2,083 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $1,162

Break-even live

Break-even rent $612

Max offer price $70,000

Occupancy floor 39%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 W 14th Pl Unit 1 Chicago Heights, IL	3.0	1.0	1250	$1,750	$1.40	11d	1	0.17mi
1665 Buena Vista Ave Unit 3 Chicago Heights, IL	4.0	1.0	1700	$1,800	$1.06	19d	1	0.28mi

Listing history 10 events

1. 2026-05-14
   status Pending
2. 2026-05-11
   listed $70,000 Active
3. 2026-05-11
   historical
4. 2008-05-02
   listed $44,900 338-char remark

   Show marketing remark (338 chars)

   BANK FORECLOSURE, SOLD "AS IS". NEEDS WORK. ALL OFFERS MUST INCLUDE BUYERS CONTRACT AND SIGNED SELLERS ADDENDUMS AND LEAD BASE PAINT, PRE-APPROVAL AND COPY OF EARNEST MONEY. ADDENDUMS/LEAD BASE FORMS ON CONNECT MLS OR CALL LISTING OFFICE TO FAX. E.M. MUST BE CERTIFIED/CASHIERS CHECK. PLEASE ALLOW 3-4 DAYS FOR SELLERS RESPONSE.

5. 2008-05-02
   historical 338-char remark

   Show marketing remark (338 chars)

   BANK FORECLOSURE, SOLD "AS IS". NEEDS WORK. ALL OFFERS MUST INCLUDE BUYERS CONTRACT AND SIGNED SELLERS ADDENDUMS AND LEAD BASE PAINT, PRE-APPROVAL AND COPY OF EARNEST MONEY. ADDENDUMS/LEAD BASE FORMS ON CONNECT MLS OR CALL LISTING OFFICE TO FAX. E.M. MUST BE CERTIFIED/CASHIERS CHECK. PLEASE ALLOW 3-4 DAYS FOR SELLERS RESPONSE.

6. 2008-05-02
   soldstatus $40,000 338-char remark

   Show marketing remark (338 chars)

   BANK FORECLOSURE, SOLD "AS IS". NEEDS WORK. ALL OFFERS MUST INCLUDE BUYERS CONTRACT AND SIGNED SELLERS ADDENDUMS AND LEAD BASE PAINT, PRE-APPROVAL AND COPY OF EARNEST MONEY. ADDENDUMS/LEAD BASE FORMS ON CONNECT MLS OR CALL LISTING OFFICE TO FAX. E.M. MUST BE CERTIFIED/CASHIERS CHECK. PLEASE ALLOW 3-4 DAYS FOR SELLERS RESPONSE.

7. 2008-04-09
   historical
8. 2007-12-03
   listed
9. 2006-01-30
   soldstatus $100,000
10. 2006-01-30
    soldstatus $100,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,999
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$2,000
• − Management: −$2,000
• − Depreciation: −$2,036
• Taxable income: $13,642
• Est. tax owed @ 24.0%: −$3,274
• After-tax cash flow: $10,670/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: Bloom Twp Hsd 206
• NCES district ID: 1706420
• Math proficiency: 8% ▼ -3.00%
• Reading proficiency: 9% ▼ -8.00%
• Median HH income: $39,795
• Composite: 7.4/100
• National rank: #9952
• State rank: #591 of 620 in IL

Livability — Chicago Heights

• Score: 71/100
• State rank: #339
• US rank: #6836

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chicago Heights, IL
• County: Cook County · 4,486,803 people
• City population: 52,175
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 52,175
• Household income: $62,073
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 1714.0

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 0.66)
• Race & ethnicity: Black 49% Hispanic / Latino 26% White 19% Two or more races 11%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 4% Portuguese 1% Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -108.75%
• Current HPI: 212.4058
• Rent YoY: ▲ 6.48%
• 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

-30.0% since first listed

10 events — show timeline

• 2026-05-14 Pending — MRED as Distributed by MLS Grid
• 2026-05-11 Listing Removed — MRED as Distributed by MLS Grid
• 2026-05-11 Listed $70,000 MRED as Distributed by MLS Grid
• 2008-05-02 Sold (MLS) $40,000 MRED as Distributed by MLS Grid
• 2008-05-02 Listing Removed — MRED as Distributed by MLS Grid
• 2008-05-02 Listed $44,900 MRED as Distributed by MLS Grid
• 2008-04-09 Listing Removed — MRED as Distributed by MLS Grid
• 2007-12-03 Listed — MRED as Distributed by MLS Grid
• 2006-01-30 Sold (Public Records) $100,000 Public Records
• 2006-01-30 Sold (Public Records) $100,000 Public Records

Property tax history

+2.0%/yr

Latest (2023): $3,833 · -13.2% YoY. Source: county tax records.