246 Rainier Way · Fox Lake, IL 60020

$299,900

3 bd · 1.5 ba · 1,781 sqft · Townhouse public records · 2 Days on market

Built 1996 Est $248k · 21% over $315/mo HOA · 5% of rent

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Why this score? — see what drove the C+ 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
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to one of the most desirable locations in Rainier Woods! This beautifully maintained end-unit townhome is filled with natural light and showcases soaring vaulted ceilings that create an open, airy feel throughout. Offering 3 bedrooms and generous living spaces, the thoughtfully designed floor plan is ideal for both everyday living and entertaining. Upstairs, you'll find three spacious bedrooms, including a comfortable primary suite with walk-in closets. The convenient second-floor laundry room adds everyday ease, while built-in breakfast nook benches with storage add both charm and functionality. Tucked away on a quiet cul-de-sac, this home also features a private patio-perfect for

Key facts

• Quiet cul-de-sac
• End-unit townhome
• Private patio

Tags

• END-UNIT TOWNHOME
• SOARING VAULTED CEILINGS
• SECOND-FLOOR LAUNDRY ROOM
• PRIVATE PATIO
• QUIET CUL-DE-SAC
• SHOPPING AND DINING

Property features AI

Finance

• Other: Subdivision: Rainier Woods; Located in Fox Lake (Grant Township); Directions: Rollins Rd to Rainier Way
• Financial info: Homeowner tax exemption (per record)
• HOA & community: Monthly association fee of $315; Association fee covers insurance, exterior maintenance, lawn care, and snow removal; Community managed by off-site manager; Pets allowed (cats and dogs permitted)

Exterior

• Parking: Attached garage (owned) with garage door opener; Asphalt driveway; Two total parking spaces (two garage spaces)
• Security: CO detectors
• Utilities: Public water; Public sewer; Electric service with circuit breakers
• Home design: End-unit attached single (townhouse) with two stories; Entry level is 1; Model: EVERGLADE; Fee simple ownership with homeowners association; Building contains 2 units; Neighborhood provides school bus service and commuter train access
• Construction: Built approximately 26-30 years ago; Vinyl siding with stone accents; Asphalt roof; Concrete perimeter foundation
• Exterior features: Patio; Property on a cul-de-sac

Interior

• Kitchen: Range; Refrigerator; Disposal; Eating area with table space
• Bedrooms: Three bedrooms (master on second level; additional bedrooms on second level); Bedroom sizes include 16 x 12 (master), 13 x 10, and 11 x 10
• Flooring: Laminate flooring throughout main living areas; Carpet in bedrooms
• Bathrooms: Two full bathrooms and one half bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Seven total rooms; All windows have coverings; CO detectors installed; Separate dining room
• Laundry & utility: Laundry area with washer hookup on upper level; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $300k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $300k).
• Cap rate 16.4% vs local median 6.0% in Fox Lake — 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 (#247 in IL, #4,462 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: amenities D+, health & safety F.
• Grant Chsd 124 (suburban): math 23% / reading 27% proficiency, ranked #296 of 620 in IL (top 48%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grant Community High School (math 23% / reading 27%, grade F, #247 of 693 statewide, top 36%, 1,837 students, 0% FRL).
• Market conditions: 78 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 + 3.0% rent growth), your $84k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $299,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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.
5. 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.
6. 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: 2.08% ✓
• Cap rate: 16.44%
• Cash-on-cash: 36.24%
• DSCR: 2.61
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $247,559
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
267 Rainier Way	0.04mi	3/3.0	1,781 (0%)	22mo	$282,900	$159	74
263 Rainier Way #263	0.03mi	2/2.5 (-1)	1,824 (+2%)	15mo	$254,000	$139	73
570 Windsor Dr #570	0.56mi	3/1.5	1,777 (-0%)	10mo	$215,000	$121	66
261 Rainier Way Unit 6-261	0.04mi	3/2.5	2,045 (+15%)	15mo	$300,000	$147	57
514 Foxridge Dr	0.46mi	3/2.5	1,777 (-0%)	20mo	$212,000	$119	57
627 Windsor Dr Unit 5A	0.57mi	3/1.5	1,980 (+11%)	12mo	$220,000	$111	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.0%
• Equity multiple: 2.35×
• Total profit: $113,213
• Equity at exit: $44,716

10-year hold

• IRR: 39.2%
• Equity multiple: 4.66×
• Total profit: $307,738
• Equity at exit: $25,930

Cash invested: $83,972 (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 60020

• Home prices YoY: -30.7%
• Active inventory: 78
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $6,232 medium
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$315
• Vacancy / Maint / Mgmt: −$1,309
• Net cashflow: $2,536

Break-even live

Break-even rent $3,022

Max offer price $299,900

Occupancy floor 54%

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
184 E Grand Ave Unit 1374785P Fox Lake, IL	4.0	3.0	1593	$7,875	$4.94	6d	1	0.61mi
601 Blue Springs Dr Unit 289 Fox Lake, IL	3.0	2.5	1837	$2,750	$1.50	24d	1	1.41mi

HOA detail

• Monthly dues: $315 · $3,780/yr

Listing history 3 events

1. 2026-06-18
   days on market $299,900 Coming Soon 2 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $299,900 Coming Soon 1 DOM

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

Taxation est. · year 1

• Rental income: $74,789
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$5,983
• − Management: −$5,983
• − HOA: −$3,780
• − Depreciation: −$8,724
• Taxable income: $27,521
• Est. tax owed @ 24.0%: −$6,605
• After-tax cash flow: $23,828/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: Grant Chsd 124
• NCES district ID: 1717340
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 27% ▼ -7.00%
• Median HH income: $59,450
• Composite: 22.95/100
• National rank: #7989
• State rank: #296 of 620 in IL

Livability — Fox Lake

• Score: 74/100
• State rank: #247
• US rank: #4462

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fox Lake, IL
• City population: 10,846
• Population (ZIP): 10,846

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: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 12% Two or more races 10% Black 3%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Romanian 15% Portuguese 2% Italian 2%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 6% Russian/Polish/Slavic 3% Other Indo-European 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: ▼ -97.19%
• Current HPI: 219.6301
• Rent YoY: —
• Metro: —
• 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