9808 Mill Dr W Unit 2B · Palos Park, IL 60464

$339,000

3 bd · 2.0 ba · 1,750 sqft · Condo · 55 Days on market

Built 1987 $299/mo HOA · 8% 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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +6.4/10.0
• Livability +4.1/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity! Here is your chance to own a meticulously maintained 2nd floor condo in Palos Park! This unit offers 2 bedrooms, 2 full bathrooms, 1 car garage, and in unit laundry. There is also an additional living room that could be used as an additional bedroom/office. Kitchen provides stainless steel appliances. Close to shopping, dining, and interstate access. Call today to schedule your private showing!

Key facts

• Modernized bathrooms
• Remodeled condo
• $299 HOA

Tags

• REMODELED CONDO
• HIGH-QUALITY FINISHES
• STYLISH KITCHEN CABINETRY
• MODERNIZED BATHROOMS
• HIGH-EFFICIENCY FURNACE
• IN-UNIT LAUNDRY APPLIANCES

Property features AI

Finance

• Other: Tax exemptions: Homeowner, Senior, Senior Freeze
• HOA & community: Monthly association fee of $299; Association covers insurance, exterior maintenance, lawn care, garbage (scavenger) and snow removal; Manager off-site (Monday through Friday); Pets allowed (cats and dogs), max pet weight 25 lbs

Exterior

• Parking: Attached garage (1 car, owned)
• Utilities: Public water; Public sewer
• Home design: Attached single condo; Entry level: 2
• Construction: Brick construction; Building age: 31–40 years; 4-unit building
• Exterior features: Common lot/grounds; School bus service; Interstate access

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Stainless steel appliances
• Bedrooms: 3 bedrooms (all on main level); Master bedroom on main level with full bath
• Flooring: Engineered hardwood in living room, kitchen, dining room and bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 6 total rooms; Foyer; Enclosed balcony; Walk-in closet; Dining area (combo); Family room
• Laundry & utility: Laundry in unit; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $339k.

Deal economics

• At list price, monthly cash flow is $532 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $339k).
• Recommended offer: $329k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 1.3% in Palos 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.

Location & tenants

• Location reads 82/100 on livability (#79 in IL, #1,280 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: health & safety D+, amenities F, cost of living F.
• 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.
• Market conditions: 31 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 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 $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $225k; list at $339k implies a 51% gain — meaningful room to come down on a strong offer.

Recommended offer $328,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.14% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.73%
• DSCR: 1.30
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-20,845
• Equity at exit: $50,546

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $26,230
• Equity at exit: $29,311

Cash invested: $94,920 (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 60464

• Home prices YoY: -31.9%
• Active inventory: 31
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,881 medium
• Mortgage (P&I): −$1,778
• Tax from tax record: −$316 /mo · $3,786/yr
• Insurance: −$141
• HOA: −$299
• Vacancy / Maint / Mgmt: −$815
• Net cashflow: $532

Break-even live

Break-even rent $3,207

Max offer price $339,000

Occupancy floor 81%

Sensitivity live

Price	-10% $724	-5% $628	+0% $532	+5% $437	+10% $341
Rent	-10% $226	-5% $379	+0% $532	+5% $686	+10% $839
Rate	-1.0pp $703	-0.5pp $619	base $532	+0.5pp $445	+1.0pp $355

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: $84,750
• Closing costs: $10,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9510 140th St Orland Park, IL	1.0–3.0	1.0–2.5	1364	$3,881	$2.85	0d	5	1.39mi

HOA detail condo

• Monthly dues: $299 · $3,588/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   days on market $339,000 Active 55 DOM
2. 2026-06-18
   days on market $339,000 Active 52 DOM
3. 2026-06-17
   days on market $339,000 Active 51 DOM
4. 2026-06-16
   days on market $339,000 Active 50 DOM
5. 2026-06-15
   days on market $339,000 Active 49 DOM
6. 2026-06-13
   days on market $339,000 Active 47 DOM
7. 2026-06-09
   days on market $339,000 Active 43 DOM
8. 2026-06-08
   days on market $339,000 Active 42 DOM
9. 2026-06-07
   days on market $339,000 Active 41 DOM
10. 2026-06-04
    days on market $339,000 Active 38 DOM
11. 2026-06-03
    pricedays on market $339,000 Active 37 DOM
12. 2026-06-02
    days on market $344,000 Active 36 DOM
13. 2026-06-01
    days on market $344,000 Active 35 DOM
14. 2026-05-31
    days on market $344,000 Active 34 DOM
15. 2026-05-18
    price $344,000
16. 2026-04-27
    listed $349,000 Active
17. 2025-03-14
    soldstatus $225,000
18. 2025-03-07
    soldstatus $225,000 Closed 416-char remark

    Show marketing remark (416 chars)

    Great opportunity! Here is your chance to own a meticulously maintained 2nd floor condo in Palos Park! This unit offers 2 bedrooms, 2 full bathrooms, 1 car garage, and in unit laundry. There is also an additional living room that could be used as an additional bedroom/office. Kitchen provides stainless steel appliances. Close to shopping, dining, and interstate access. Call today to schedule your private showing!

19. 2025-01-18
    historical Contingent - Continue to Show 416-char remark

    Show marketing remark (416 chars)

    Great opportunity! Here is your chance to own a meticulously maintained 2nd floor condo in Palos Park! This unit offers 2 bedrooms, 2 full bathrooms, 1 car garage, and in unit laundry. There is also an additional living room that could be used as an additional bedroom/office. Kitchen provides stainless steel appliances. Close to shopping, dining, and interstate access. Call today to schedule your private showing!

20. 2025-01-13
    price $234,900 416-char remark

    Show marketing remark (416 chars)

    Great opportunity! Here is your chance to own a meticulously maintained 2nd floor condo in Palos Park! This unit offers 2 bedrooms, 2 full bathrooms, 1 car garage, and in unit laundry. There is also an additional living room that could be used as an additional bedroom/office. Kitchen provides stainless steel appliances. Close to shopping, dining, and interstate access. Call today to schedule your private showing!

21. 2024-11-23
    listed $244,900 Active 416-char remark

    Show marketing remark (416 chars)

    Great opportunity! Here is your chance to own a meticulously maintained 2nd floor condo in Palos Park! This unit offers 2 bedrooms, 2 full bathrooms, 1 car garage, and in unit laundry. There is also an additional living room that could be used as an additional bedroom/office. Kitchen provides stainless steel appliances. Close to shopping, dining, and interstate access. Call today to schedule your private showing!

ⓘ 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: $3,786 · $316/mo
• Projected year-2 tax: $5,741 · $478/mo
• Expected delta: +$1,954/yr (+$163/mo · 51.6%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,572
• − Mortgage interest: −$18,989
• − Property taxes: −$3,786
• − Insurance: −$1,695
• − Repairs & maintenance: −$3,726
• − Management: −$3,726
• − HOA: −$3,588
• − Depreciation: −$9,862
• Taxable income: $1,200
• Est. tax owed @ 24.0%: −$288
• After-tax cash flow: $6,101/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: Cons Hsd 230
• NCES district ID: 1708400
• Math proficiency: 35% ▼ -8.00%
• Reading proficiency: 39% ▼ -6.00%
• Median HH income: $73,953
• Composite: 34.29/100
• National rank: #5244
• State rank: #146 of 620 in IL

Livability — Palos Park

• Score: 82/100
• State rank: #79
• US rank: #1280

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,889

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 White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 5% Asian 5% Two or more races 5% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 18% Iranian 2% Slovak 1%
• Foreign-born: 14% · Canada
• Languages at home: 80% English-only · Russian/Polish/Slavic 7% Other Indo-European 5% Spanish 4%

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: ▼ -93.16%
• Current HPI: 199.0881
• 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

Price history

+40.5% since first listed

7 events — show timeline

• 2026-05-18 Price Changed $344,000 MRED as Distributed by MLS Grid
• 2026-04-27 Listed $349,000 MRED as Distributed by MLS Grid
• 2025-03-14 Sold (Public Records) $225,000 Public Records
• 2025-03-07 Sold (MLS) $225,000 MRED as Distributed by MLS Grid
• 2025-01-18 Contingent — MRED as Distributed by MLS Grid
• 2025-01-13 Price Changed $234,900 MRED as Distributed by MLS Grid
• 2024-11-23 Listed $244,900 MRED as Distributed by MLS Grid

Property tax history

+2.7%/yr

Latest (2023): $3,786 · +47.4% YoY. Source: county tax records.