15713 Orlan Brook Dr #98

Orland Park, IL 60462

$214,500D

2 bd · 1.5 ba · 1,200 sqft · Built 1980 · Condo · Active · 279 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,254/mo
• Mortgage (P&I): −$1,125
• Tax + insurance: −$383
• HOA: −$328
• Vac / Maint / Mgmt: −$473
• Net cashflow: $-55/mo
• Annual: $-661/yr
• Cap rate: 5.98%
• Cash-on-cash: -1.10%
• DSCR: 0.95
• 1% rule: 1.05%
• Cash to close: $60,060

Investor read

• This is a 2-bed/1.5-bath condo listed at $214k.
• At list price, monthly cash flow is $-55 ($-661/yr) — negative.
• To cash-flow at today's rent, offer at most $205k (4.5% below list).
• Meets the 1% rule at list price ($2k rent vs $214k).
• It's been on market 279 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 85/100 on livability (#29 in IL, #529 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Cons Hsd 230 (suburban): math 35% / reading 39% proficiency, ranked #146 of 620 in IL (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carl Sandburg High School (math 41% / reading 45%, grade F, #72 of 693 statewide, top 10%, 2,894 students, 0% FRL).
• Market conditions: Rents soft (-0.2%/yr); 106 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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).
• 2 sale attempts since 6y 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 $182k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.0% vs local median 4.5% in Orland 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.

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 279 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.