1103 S Forums Ct

Wheeling, IL 60090

$1,130,000C+

11 bd · 6.0 ba · 6,585 sqft · Built 1975 · MultiFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,318/mo
• Mortgage (P&I): −$5,926
• Tax + insurance: −$1,996
• HOA: −$0
• Vac / Maint / Mgmt: −$2,797
• Net cashflow: $2,599/mo
• Annual: $31,189/yr
• Cap rate: 9.05%
• Cash-on-cash: 9.86%
• DSCR: 1.44
• 1% rule: 1.18%
• Cash to close: $316,400

Investor read

• This is a 11-bed/6.0-bath multifamily listed at $1.13M.
• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.13M).
• It's been on market 21 days — a 2% lower offer ($1.11M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.11M (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#335 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: schools F, amenities F, health & safety F.
• Township Hsd 214 (suburban): math 42% / reading 45% proficiency, ranked #103 of 620 in IL (top 17%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.8%/yr); 62 active listings in the ZIP; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• Cap rate 9.1% vs local median 3.8% in Wheeling — 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 $13,318/mo this rent would consume 187% of the median local household income ($85k/yr) (locally 1325% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1975 — 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?
• 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.