2410 S 60th Ct

Cicero, IL 60804

$389,900D

3 bd · 3.0 ba · 1,203 sqft · Built 1954 · MultiFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,594/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$689
• HOA: −$0
• Vac / Maint / Mgmt: −$755
• Net cashflow: $105/mo
• Annual: $1,264/yr
• Cap rate: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• 1% rule: 0.92%
• Cash to close: $109,172

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $390k.
• At list price, monthly cash flow is $105 ($1k/yr) — positive. Per door: $35/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $359k (7.8% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $359k (7.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#77 in IL, #1,276 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• J S Morton Hsd 201 (suburban): math 9% / reading 14% proficiency, ranked #557 of 620 in IL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: J Sterling Morton East High Sch (math 7% / reading 11%, grade F, #580 of 693 statewide, top 84%, 3,445 students, 0% FRL).
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.4%/yr); 103 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Current owner paid $170k; list at $390k implies a 129% gain — meaningful room to come down on a strong offer.
• Cap rate 6.6% vs local median 4.6% in Cicero — 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.
• At $3,594/mo this rent would consume 61% of the median local household income ($71k/yr) (locally 2178% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.