387 Madison Ave · Calumet City, IL 60409

$120,080

6 bd · 3.0 ba · 2,889 sqft · MultiFamily public records · 24 Days on market

Built 1972 4,791 sqft lot ↓ 2% 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 +4.0/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• 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

A dream come true! Brick 2 unit building with immense curb appeal! Building has detached 2 car garage, unfinished basement ready for your ideas. Rooms are spacious and sunny. Each bedroom has double closets. Convenient eat in kitchens with ample storage and counter space. Minutes away from Shopping Mall & Multiple Highways nearby for an easy commute! See Lead paint disclosure , property owned by HUD, insurability is , subject to appraisal, HUD homes are sold as is, equal housing opportunity, seller may contribute up to 3% for buyers closing costs. HUD makes no representations or warranties as to the condition of the property

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1972

Property features AI

Finance

• Financial info: Special service area: No

Exterior

• Parking: Detached garage owned (2 garage spaces, 2 parking spaces total)
• Utilities: Water source: Lake Michigan; Public sewer
• Home design: Two-to-four unit building (duplex with two units); Fee simple ownership; Built before 1978
• Construction: Brick construction; Estimated age 51–60 years
• Exterior features: Lot dimensions approximately 39 x 123; Lot smaller than 0.25 acre

Interior

• Kitchen: No appliances listed
• Bedrooms: 6 bedrooms total (two 3‑bed units)
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Natural gas heating
• Interior features: 12 total rooms; Full unfinished basement
• Laundry & utility: No tenant-paid utilities listed

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.1% 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 Twp Hsd 205 (suburban): math 7% / reading 8% proficiency, ranked #594 of 620 in IL (top 96%) — 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; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $2,421/mo this rent would consume 52% 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 $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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.

Recommended offer $118,278 (1.5% below list)

Questions for the listing agent

1. Built in 1972 — 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: 2.02% ✓
• Cap rate: 17.12%
• Cash-on-cash: 38.66%
• DSCR: 2.72
• GRM: 4.1

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: 38.4%
• Equity multiple: 2.71×
• Total profit: $57,530
• Equity at exit: $17,904

10-year hold

• IRR: 46.4%
• Equity multiple: 6.17×
• Total profit: $173,972
• Equity at exit: $10,382

Cash invested: $33,622 (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: 4.1×

Monthly cashflow live

• Estimated rent: $2,421 medium
• Mortgage (P&I): −$630
• Tax est. 1.5%: −$150 /mo · $1,801/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $1,083

Break-even live

Break-even rent $1,050

Max offer price $120,080

Occupancy floor 50%

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: $30,020
• Closing costs: $3,602
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-13
   statusdays on market $120,080 Pending 24 DOM
2. 2026-06-09
   days on market $120,080 Auction 21 DOM
3. 2026-06-08
   days on market $120,080 Auction 20 DOM
4. 2026-06-07
   days on market $120,080 Auction 19 DOM
5. 2026-06-04
   days on market $120,080 Auction 16 DOM
6. 2026-06-03
   days on market $120,080 Auction 15 DOM
7. 2026-06-02
   days on market $120,080 Auction 14 DOM
8. 2026-06-01
   days on market $120,080 Auction 13 DOM
9. 2026-05-31
   days on market $120,080 Auction 12 DOM
10. 2026-05-19
    historical
11. 2026-05-19
    listed $120,080 Auction
12. 2024-04-16
    soldstatus $150,000 Closed 642-char remark

    Show marketing remark (642 chars)

    A dream come true! Brick 2 unit building with immense curb appeal! Building has detached 2 car garage, unfinished basement ready for your ideas. Rooms are spacious and sunny. Each bedroom has double closets. Convenient eat in kitchens with ample storage and counter space. Minutes away from Shopping Mall & Multiple Highways nearby for an easy commute! See Lead paint disclosure , property owned by HUD, insurability is , subject to appraisal, HUD homes are sold as is, equal housing opportunity, seller may contribute up to 3% for buyers closing costs. HUD makes no representations or warranties as to the condition of the property

13. 2023-11-29
    status Pending 642-char remark

    Show marketing remark (642 chars)

    A dream come true! Brick 2 unit building with immense curb appeal! Building has detached 2 car garage, unfinished basement ready for your ideas. Rooms are spacious and sunny. Each bedroom has double closets. Convenient eat in kitchens with ample storage and counter space. Minutes away from Shopping Mall & Multiple Highways nearby for an easy commute! See Lead paint disclosure , property owned by HUD, insurability is , subject to appraisal, HUD homes are sold as is, equal housing opportunity, seller may contribute up to 3% for buyers closing costs. HUD makes no representations or warranties as to the condition of the property

14. 2023-10-31
    price $193,500 642-char remark

    Show marketing remark (642 chars)

    A dream come true! Brick 2 unit building with immense curb appeal! Building has detached 2 car garage, unfinished basement ready for your ideas. Rooms are spacious and sunny. Each bedroom has double closets. Convenient eat in kitchens with ample storage and counter space. Minutes away from Shopping Mall & Multiple Highways nearby for an easy commute! See Lead paint disclosure , property owned by HUD, insurability is , subject to appraisal, HUD homes are sold as is, equal housing opportunity, seller may contribute up to 3% for buyers closing costs. HUD makes no representations or warranties as to the condition of the property

15. 2023-09-27
    status Active 642-char remark

    Show marketing remark (642 chars)

    A dream come true! Brick 2 unit building with immense curb appeal! Building has detached 2 car garage, unfinished basement ready for your ideas. Rooms are spacious and sunny. Each bedroom has double closets. Convenient eat in kitchens with ample storage and counter space. Minutes away from Shopping Mall & Multiple Highways nearby for an easy commute! See Lead paint disclosure , property owned by HUD, insurability is , subject to appraisal, HUD homes are sold as is, equal housing opportunity, seller may contribute up to 3% for buyers closing costs. HUD makes no representations or warranties as to the condition of the property

16. 2023-07-19
    status Pending 642-char remark

    Show marketing remark (642 chars)

    A dream come true! Brick 2 unit building with immense curb appeal! Building has detached 2 car garage, unfinished basement ready for your ideas. Rooms are spacious and sunny. Each bedroom has double closets. Convenient eat in kitchens with ample storage and counter space. Minutes away from Shopping Mall & Multiple Highways nearby for an easy commute! See Lead paint disclosure , property owned by HUD, insurability is , subject to appraisal, HUD homes are sold as is, equal housing opportunity, seller may contribute up to 3% for buyers closing costs. HUD makes no representations or warranties as to the condition of the property

17. 2023-07-03
    listed $215,000 Active 642-char remark

    Show marketing remark (642 chars)

    A dream come true! Brick 2 unit building with immense curb appeal! Building has detached 2 car garage, unfinished basement ready for your ideas. Rooms are spacious and sunny. Each bedroom has double closets. Convenient eat in kitchens with ample storage and counter space. Minutes away from Shopping Mall & Multiple Highways nearby for an easy commute! See Lead paint disclosure , property owned by HUD, insurability is , subject to appraisal, HUD homes are sold as is, equal housing opportunity, seller may contribute up to 3% for buyers closing costs. HUD makes no representations or warranties as to the condition of the property

18. 2017-11-28
    soldstatus $145,000 Closed Sale
19. 2017-11-27
    soldstatus $145,000
20. 2017-08-31
    historical Contingent
21. 2017-08-17
    price $149,900
22. 2017-07-07
    listed $155,000 New
23. 1990-07-12
    soldstatus $123,000

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,057
• − Mortgage interest: −$6,726
• − Property taxes: −$1,801
• − Insurance: −$600
• − Repairs & maintenance: −$2,325
• − Management: −$2,325
• − Depreciation: −$3,493
• Taxable income: $11,787
• Est. tax owed @ 24.0%: −$2,829
• After-tax cash flow: $10,168/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 Twp Hsd 205
• NCES district ID: 1738970
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 8% ▼ -2.00%
• Median HH income: $43,392
• Composite: 6.92/100
• National rank: #9976
• State rank: #594 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

-2.4% since first listed

14 events — show timeline

• 2026-05-19 Listed $120,080 MRED as Distributed by MLS Grid
• 2026-05-19 Listing Removed — MRED as Distributed by MLS Grid
• 2024-04-16 Sold (MLS) $150,000 MRED as Distributed by MLS Grid
• 2023-11-29 Pending — MRED as Distributed by MLS Grid
• 2023-10-31 Price Changed $193,500 MRED as Distributed by MLS Grid
• 2023-09-27 Relisted — MRED as Distributed by MLS Grid
• 2023-07-19 Pending — MRED as Distributed by MLS Grid
• 2023-07-03 Listed $215,000 MRED as Distributed by MLS Grid
• 2017-11-28 Sold (MLS) $145,000 MRED as Distributed by MLS Grid
• 2017-11-27 Sold (Public Records) $145,000 Public Records
• 2017-08-31 Contingent — MRED as Distributed by MLS Grid
• 2017-08-17 Price Changed $149,900 MRED as Distributed by MLS Grid
• 2017-07-07 Listed $155,000 MRED as Distributed by MLS Grid
• 1990-07-12 Sold (Public Records) $123,000 Public Records

Property tax history

+4.4%/yr

Latest (2023): $13,541 · +29.1% YoY. Source: county tax records.