2912 Old Glenview Rd

Wilmette, IL 60091

$524,999C

4 bd · 2.0 ba · 1,752 sqft · Built 1956 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,087/mo
• Mortgage (P&I): −$2,753
• Tax + insurance: −$919
• HOA: −$0
• Vac / Maint / Mgmt: −$1,068
• Net cashflow: $347/mo
• Annual: $4,158/yr
• Cap rate: 7.08%
• Cash-on-cash: 2.83%
• DSCR: 1.13
• 1% rule: 0.97%
• Cash to close: $147,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $525k.
• At list price, monthly cash flow is $347 ($4k/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 $509k (3.1% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $509k (3.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#43 in IL, #892 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• New Trier Twp Hsd 203 (suburban): math 76% / reading 80% proficiency, ranked #2 of 620 in IL (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Romona Elem School (math 67% / reading 52%, grade B-, #68 of 2,056 statewide, top 4%, 504 students, 0% FRL); Wilmette Junior High School (math 57% / reading 62%, grade B, #23 of 665 statewide, top 3%, 798 students, 0% FRL); New Trier Township H S Northfield (923 students, 0% FRL).
• Zoned-school proficiency averages 60% at this address vs 78% district-wide (-18 pts) — the specific schools serving this property underperform the New Trier Twp Hsd 203 average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 81 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Cap rate 7.1% vs local median 1.8% in Wilmette — 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 32% of the median local income ($190k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1956 — 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 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?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.