1507 S 51st Ave · Cicero, IL 60804

$289,900

5 bd · 3.0 ba · 1,920 sqft · MultiFamily public records · 81 Days on market

Built 1920 Est $390k · 26% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.1/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Multiple Offers Received- H & B due April 5th by 4pm. Unlock the potential for this building featuring 4 units, full basement and 2 car garage. It is conveniently located near public transportation, schools and right next to the park. Schedule your showing today. Per the town of Cicero this 4-unit property is zoned as a two unit. Property to be de-converted by buyer post-closing. Sold AS IS and buyer to be responsible with the village requests.

Key facts

• Near schools
• Next to the park
• Full basement

Tags

• FULL BASEMENT
• 2 CAR GARAGE
• PUBLIC TRANSPORTATION
• NEAR SCHOOLS
• NEXT TO THE PARK

Property features AI

Finance

• Other: 4 units in the building
• Financial info: Special service area: No

Exterior

• Parking: Detached garage providing 2 garage spaces (2 total parking spaces)
• Utilities: Water from Lake Michigan / public; Public sewer
• Home design: Two- to four-unit building; Fee simple ownership; Originally built over 100 years ago; Not rebuilt or rehabbed
• Construction: Vinyl siding; Built before 1978
• Exterior features: Lot less than 0.25 acre; Lot dimensions approximate 3,150

Interior

• Kitchen: Each unit includes a stove and refrigerator
• Bedrooms: 6 bedrooms total; Unit breakdown: two 1-bedroom units and two 2-bedroom units (units located on 1st and 2nd floors)
• Bathrooms: 4 full bathrooms total; Each unit has 1 full bathroom
• Heating & cooling: Natural gas heating
• Interior features: 14 total rooms; Unfinished full basement
• Laundry & utility: Tenants pay electric

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $290k).
• Recommended offer: $273k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 4.5% 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.

Location & tenants

• 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: Liberty Elem School (math 8% / reading 8%, grade F, #1,627 of 2,056 statewide, top 81%, 462 students, 0% FRL); Unity Jr High School (math 6% / reading 10%, grade F, #608 of 665 statewide, top 92%, 2,054 students, 0% FRL); J Sterling Morton East High Sch (math 7% / reading 11%, grade F, #580 of 693 statewide, top 84%, 3,445 students, 0% FRL).
• Market conditions: Rents rising (+2.4%/yr); 109 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $4,784/mo this rent would consume 81% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $81k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $290k implies a 665% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $272,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 1.65% ✓
• Cap rate: 12.61%
• Cash-on-cash: 22.57%
• DSCR: 2.00
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $389,760
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1909 S 55th Ct	0.71mi	4/3.0 (-1)	1,850 (-4%)	16mo	$375,000	$203	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.43% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 1.59×
• Total profit: $47,776
• Equity at exit: $43,225

10-year hold

• IRR: 23.1%
• Equity multiple: 2.93×
• Total profit: $156,681
• Equity at exit: $25,065

Cash invested: $81,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 43 Moderately Tenant-Leaning
• State Illinois: 43 Moderately Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Chicago RTLO is among the strongest tenant ordinances in the Midwest; downstate is more landlord-friendly.

Methodology + full state rankings →

ZIP-level market 60804

• Rents YoY: 2.4%
• Active inventory: 109
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $4,784 medium
• Mortgage (P&I): −$1,520
• Tax from tax record: −$611 /mo · $7,336/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,005
• Net cashflow: $1,527

Break-even live

Break-even rent $2,851

Max offer price $289,900

Occupancy floor 63%

Sensitivity live

Price	-10% $1,691	-5% $1,609	+0% $1,527	+5% $1,445	+10% $1,363
Rent	-10% $1,149	-5% $1,338	+0% $1,527	+5% $1,716	+10% $1,905
Rate	-1.0pp $1,673	-0.5pp $1,601	base $1,527	+0.5pp $1,452	+1.0pp $1,375

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,784
Total (4 units)			$4,784

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1310 S 49th Ave Cicero, IL	4.0	3.0	2400	$2,650	$1.10	15d	1	0.34mi

Listing history 19 events

1. 2026-06-21
   days on market $289,900 Active 81 DOM
2. 2026-06-18
   days on market $289,900 Active 78 DOM
3. 2026-06-17
   days on market $289,900 Active 77 DOM
4. 2026-06-16
   days on market $289,900 Active 76 DOM
5. 2026-06-15
   days on market $289,900 Active 75 DOM
6. 2026-06-13
   pricestatusdays on market $289,900 Active 73 DOM
7. 2026-06-09
   days on market $320,000 Temporarily No Showings 69 DOM
8. 2026-06-08
   days on market $320,000 Temporarily No Showings 68 DOM
9. 2026-06-08
   status $320,000 Temporarily No Showings 67 DOM
10. 2026-06-07
    days on market $320,000 Active 67 DOM
11. 2026-06-04
    days on market $320,000 Active 64 DOM
12. 2026-06-03
    days on market $320,000 Active 63 DOM
13. 2026-06-02
    days on market $320,000 Active 62 DOM
14. 2026-06-01
    days on market $320,000 Active 61 DOM
15. 2026-05-31
    days on market $320,000 Active 60 DOM
16. 2026-05-21
    status Active
17. 2026-04-10
    historical Contingent - Continue to Show
18. 2026-04-01
    listed $320,000 Active
19. 1983-07-01
    soldstatus $37,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $7,336 · $611/mo
• Projected year-2 tax: $7,336 · $611/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,408
• − Mortgage interest: −$16,239
• − Property taxes: −$7,336
• − Insurance: −$1,450
• − Repairs & maintenance: −$4,593
• − Management: −$4,593
• − Depreciation: −$8,433
• Taxable income: $14,765
• Est. tax owed @ 24.0%: −$3,544
• After-tax cash flow: $14,780/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: J S Morton Hsd 201
• NCES district ID: 1726880
• Math proficiency: 9% ▲ 1.00%
• Reading proficiency: 14% ▼ -1.00%
• Median HH income: $48,698
• Composite: 10.73/100
• National rank: #9768
• State rank: #557 of 620 in IL

Livability — Cicero

• Score: 82/100
• State rank: #77
• US rank: #1276

Category grades

Amenities B Commute A+ Cost of living A+ Crime C+ Employment B- Housing A+ Health & safety B- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cicero, IL
• County: Cook County · 4,486,803 people
• City population: 82,797
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 82,797
• Household income: $70,842
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 2178.0

Population outlook (Cook County) Hauer SSP2

• Today (2025): 5,347,519 people
• By 2030: 5,357,703 · +0.2%
• By 2040: 5,324,924 · -0.4%
• By 2050: 5,230,762 · -2.2%
• By 2075: 4,785,735 · -10.5%
• By 2100: 4,188,836 · -21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (89%)
• Race & ethnicity: Hispanic / Latino 89% Two or more races 17% White 7% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 80% Puerto Rican 3%
• Common ancestry: Romanian 2%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 18% English-only · Spanish 80%

Political lean MEDSL · Cook

• 2024 margin: Solid D (+42.0) · D 70.4% · R 28.4% · Other 1.2%
• 2008→2024 swing: -11.4pp toward R · 2008: 53.4pp · 2024: 42.0pp
• All cycles: 2024: D+42.0 2020: D+50.3 2016: D+53.0 2012: D+49.4 2008: D+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -165.38%
• Current HPI: 262.83
• Rent YoY: ▲ 2.43%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• State GDP YoY: ▲ 1.59%
• F500 in state: 60

Industry mix (Fortune 500 HQ in IL)

Industry	F500 HQs	Revenue
▸Insurance	4	$201B
▸Consumer Goods	4	$87B
▸Industrial Machinery	3	$64B
▸Healthcare	2	$55B
▸Retail / Pharmacy	1	$148B
▸Agriculture / Food	1	$86B

Price history

+744.3% since first listed

4 events — show timeline

• 2026-05-21 Relisted — MRED as Distributed by MLS Grid
• 2026-04-10 Contingent — MRED as Distributed by MLS Grid
• 2026-04-01 Listed $320,000 MRED as Distributed by MLS Grid
• 1983-07-01 Sold (Public Records) $37,900 Public Records

Property tax history

+5.2%/yr

Latest (2023): $7,336 · +41.2% YoY. Source: county tax records.