910 Cynthia Ln

Lake in the Hills, IL 60156

$350,000C-

2 bd · 2.5 ba · 1,796 sqft · Built 1997 · MultiFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,673/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$645
• HOA: −$0
• Vac / Maint / Mgmt: −$771
• Net cashflow: $421/mo
• Annual: $5,052/yr
• Cap rate: 7.74%
• Cash-on-cash: 5.16%
• DSCR: 1.23
• 1% rule: 1.05%
• Cash to close: $98,000

Investor read

• This is a 2-bed/2.5-bath multifamily listed at $350k.
• At list price, monthly cash flow is $421 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• It's been on market 42 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.
• 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 78/100 on livability (#152 in IL, #2,759 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• CUSD 300 (suburban): math 24% / reading 27% proficiency, ranked #261 of 620 in IL (top 42%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lake In The Hills Elem School (math 17% / reading 17%, grade F, #1,141 of 2,056 statewide, top 59%, 495 students, 0% FRL); Harry D Jacobs High School (math 31% / reading 40%, grade F, #121 of 693 statewide, top 18%, 2,080 students, 0% FRL) — zoned schools average 0% FRL vs 37% district-wide (37 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.7%/yr); 47 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,595 units permitted in McHenry County in 2024 (485 in 5+ unit buildings).
• McHenry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $230k; list at $350k implies a 52% gain — meaningful room to come down on a strong offer.
• Cap rate 7.7% vs local median 4.2% in Lake in the Hills — 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.
• This rent runs 38% of the median local income ($117k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.