9507 Kelvin Ln #2331

Schiller Park, IL 60176

$150,000D

1 bd · 1.0 ba · 700 sqft · Built 1964 · Condo · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,483/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$126
• HOA: −$230
• Vac / Maint / Mgmt: −$311
• Net cashflow: $28/mo
• Annual: $341/yr
• Cap rate: 6.52%
• Cash-on-cash: 0.81%
• DSCR: 1.04
• 1% rule: 0.99%
• Cash to close: $42,000

Investor read

• This is a 1-bed/1.0-bath condo listed at $150k.
• At list price, monthly cash flow is $28 ($341/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (1.1% below list).
• It's been on market 66 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#147 in IL, #2,716 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living B+; Watch: amenities D+, schools D-.
• Leyden Chsd 212 (suburban): math 15% / reading 20% proficiency, ranked #451 of 620 in IL (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 21 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• 3 sale attempts since 8y 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 $65k; list at $150k implies a 131% gain — meaningful room to come down on a strong offer.
• Cap rate 6.5% vs local median 3.1% in Schiller 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

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-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?