17766 Rosewood Dr

Lansing, IL 60438

$675,000B-

18 bd · 9.0 ba · 6,048 sqft · Built 1974 · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,334/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,125
• HOA: −$0
• Vac / Maint / Mgmt: −$1,960
• Net cashflow: $2,709/mo
• Annual: $32,509/yr
• Cap rate: 11.11%
• Cash-on-cash: 17.20%
• DSCR: 1.77
• 1% rule: 1.38%
• Cash to close: $189,000

Investor read

• This is a 6 × 3.0-bed/1.5-bath units multifamily listed at $675k. Condition is rated good.
• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $452/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $675k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#296 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, health & safety D+, amenities F.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Oak Glen Elem School (math 12% / reading 17%, grade F, #1,278 of 2,056 statewide, top 65%, 529 students, 0% FRL); Memorial Jr High School (math 9% / reading 20%, grade F, #517 of 665 statewide, top 79%, 860 students, 0% FRL); Thornton Fractnl So High School (math 11% / reading 14%, grade F, #504 of 693 statewide, top 73%, 1,927 students, 0% FRL).
• Market conditions: 136 active listings in the ZIP; solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $189k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.1% vs local median 5.9% in Lansing — 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 $9,334/mo this rent would consume 148% of the median local household income ($76k/yr) (locally 830% 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 1974 — 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 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.