17654 Pennsylvania Ct #207

Orland Park, IL 60467

$320,000C

2 bd · 2.0 ba · 1,400 sqft · Built 1998 · Condo · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,800/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$621
• HOA: −$198
• Vac / Maint / Mgmt: −$798
• Net cashflow: $505/mo
• Annual: $6,058/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.76%
• DSCR: 1.30
• 1% rule: 1.19%
• Cash to close: $89,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $320k.
• At list price, monthly cash flow is $505 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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: 119 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).
• 2 sale attempts 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.
• Cap rate 8.2% vs local median 4.3% 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 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.