2208 Cherry Ridge Dr · Joliet, IL 60586

$292,900

3 bd · 1.5 ba · 1,744 sqft · SingleFamily public records · 43 Days on market

Built 2001 7,840 sqft lot $168/sqft · 19% below area Est $376k · 22% under $17/mo HOA · 1% of rent

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +14.3/30.0
• 1% rule +4.8/10.0
• DSCR +4.4/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfect 2 Story Home in a Quiet Cul de Sac. Lovely Fenced Yard with huge deck ideal for entertaining. This home offers a spacious open concept Layout. Great location, with walking distance to bike trail/path and much more. Well maintained.

Key facts

• 7,840 sq ft lot
• 2 garage spots
• Built 2001

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $293k.

Deal economics

• At list price, monthly cash flow is $55 ($664/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 $288k (1.7% below list).
• Recommended offer: $284k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 4.8% in Joliet — 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 78/100 on livability (#153 in IL, #2,772 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A; Watch: amenities C-, health & safety C-.
• Plainfield SD 202 (suburban): math 25% / reading 32% proficiency, ranked #213 of 620 in IL (top 34%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Ridge Elementary School (math 17% / reading 28%, grade F, #934 of 2,056 statewide, top 46%, 501 students, 0% FRL); Drauden Point Middle School (math 17% / reading 29%, grade F, #377 of 665 statewide, top 58%, 688 students, 0% FRL); Plainfield South High School (math 21% / reading 25%, grade F, #312 of 693 statewide, top 46%, 2,411 students, 0% FRL) — zoned schools average 0% FRL vs 17% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 114 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).

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.
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($284k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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 $209k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $284,113 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.81%
• DSCR: 1.04
• GRM: 8.5

CMA / ARV

• ARV (median comp): $375,610
• List price: $292,900
• Delta: -22.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2310 Gray Hawk Dr	0.17mi	3/2.5	1,754 (+1%)	7mo	$405,000	$231	81
6302 Meadow Ridge Dr	0.38mi	3/1.5	1,758 (+1%)	8mo	$335,000	$191	75
25011 W Ann Ct	0.40mi	3/3.5	1,791 (+3%)	2mo	$385,000	$215	67
6510 Jack Rogers Ln	0.71mi	3/1.5	1,792 (+3%)	2mo	$360,000	$201	61
1902 Westmore Grove Dr	0.74mi	3/2.5	1,753 (+0%)	1mo	$360,000	$205	60
6512 Jack Rogers Ln	0.73mi	3/2.0	1,792 (+3%)	1mo	$365,000	$204	58
2006 Westmore Grove Dr	0.62mi	3/2.5	1,694 (-3%)	8mo	$330,000	$195	55
2509 Ruth Fitzgerald Dr	0.71mi	3/2.0	1,792 (+3%)	9mo	$285,000	$159	53
1891 Westmore Grove Dr	0.73mi	3/2.5	1,694 (-3%)	6mo	$385,000	$227	52
2033 Ridge Moor Dr	0.46mi	3/2.5	1,563 (-10%)	8mo	$308,000	$197	51
2110 Wynham Lakes Ct	0.54mi	3/2.0	1,968 (+13%)	1mo	$385,000	$196	50
2117 Wesmere Lakes Dr	0.62mi	4/2.5 (+1)	1,920 (+10%)	2mo	$395,000	$206	44

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 · 4.29% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.51×
• Total profit: $-39,989
• Equity at exit: $43,672

10-year hold

• IRR: -2.3%
• Equity multiple: 0.83×
• Total profit: $-13,669
• Equity at exit: $25,325

Cash invested: $82,012 (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 60586

• Home prices YoY: -33.7%
• Rents YoY: 4.3%
• Active inventory: 114
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,880 high
• Mortgage (P&I): −$1,536
• Tax from tax record: −$545 /mo · $6,541/yr
• Insurance: −$122
• HOA: −$17
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $55

Break-even live

Break-even rent $2,810

Max offer price $292,900

Occupancy floor 93%

Sensitivity live

Price	-10% $221	-5% $138	+0% $55	+5% $-28	+10% $-110
Rent	-10% $-172	-5% $-58	+0% $55	+5% $169	+10% $283
Rate	-1.0pp $203	-0.5pp $130	base $55	+0.5pp $-21	+1.0pp $-98

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: $73,225
• Closing costs: $8,787
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2529 Stonybrook Dr Plainfield, IL	3.0	2.5	1382	$2,550	$1.85	12d	1	0.72mi
5440 Sugarloaf Ct Plainfield, IL	3.0	2.5	1684	$2,595	$1.54	45d	1	0.92mi
2808 River Bend Ln Plainfield, IL	3.0	2.5	1748	$2,800	$1.60	45d	1	1.00mi
2914 Frank Turk Dr Plainfield, IL	4.0	2.0	1792	$2,800	$1.56	45d	1	1.09mi
6906 Townsend Blvd Plainfield, IL	3.0	2.0	1528	$2,700	$1.77	20d	1	1.12mi
2105 Three Forks Dr Plainfield, IL	3.0	2.0	1528	$2,631	$1.72	0d	1	1.16mi
5117 Woodmere Ct Plainfield, IL	3.0	2.5	1728	$3,500	$2.03	4d	1	1.39mi
2625 Canyon Dr Unit 2625 Plainfield, IL	3.0	2.5	1280	$2,495	$1.95	45d	1	1.40mi
7211 Bradley Dr Plainfield, IL	3.0	1.5	1316	$2,399	$1.82	20d	1	1.43mi
7211 Bradley Dr Plainfield, IL	3.0	1.5	1316	$2,299	$1.75	45d	1	1.43mi
7211 Bradley Dr Plainfield, IL	4.0	1.5	1316	$2,399	$1.82	17d	1	1.43mi
2745 Canyon Dr Plainfield, IL	2.0	1.5	1280	$2,500	$1.95	17d	1	1.44mi
2745 Canyon Dr Plainfield, IL	2.0	1.5	1280	$2,650	$2.07	45d	1	1.44mi

HOA detail

• Monthly dues: $17 · $204/yr

Listing history 27 events

1. 2026-06-10
   status $292,900 Pending 43 DOM
2. 2026-06-09
   days on market $292,900 Active 43 DOM
3. 2026-06-08
   days on market $292,900 Active 42 DOM
4. 2026-06-07
   days on market $292,900 Active 41 DOM
5. 2026-06-04
   days on market $292,900 Active 38 DOM
6. 2026-06-03
   days on market $292,900 Active 37 DOM
7. 2026-06-02
   days on market $292,900 Active 36 DOM
8. 2026-06-01
   days on market $292,900 Active 35 DOM
9. 2026-05-31
   days on market $292,900 Active 34 DOM
10. 2026-05-18
    price $298,900 213-char remark
11. 2026-04-27
    listed $305,000 Active 213-char remark
12. 2018-12-11
    soldstatus $209,000
13. 2018-11-19
    soldstatus $209,000 Closed Sale 239-char remark

    Show marketing remark (239 chars)

    Perfect 2 Story Home in a Quiet Cul de Sac. Lovely Fenced Yard with huge deck ideal for entertaining. This home offers a spacious open concept Layout. Great location, with walking distance to bike trail/path and much more. Well maintained.

14. 2018-08-21
    historical Contingent 239-char remark

    Show marketing remark (239 chars)

    Perfect 2 Story Home in a Quiet Cul de Sac. Lovely Fenced Yard with huge deck ideal for entertaining. This home offers a spacious open concept Layout. Great location, with walking distance to bike trail/path and much more. Well maintained.

15. 2018-08-06
    listed $209,900 New 239-char remark

    Show marketing remark (239 chars)

    Perfect 2 Story Home in a Quiet Cul de Sac. Lovely Fenced Yard with huge deck ideal for entertaining. This home offers a spacious open concept Layout. Great location, with walking distance to bike trail/path and much more. Well maintained.

16. 2018-07-20
    historical
17. 2018-07-17
    listed New
18. 2016-04-11
    soldstatus $145,230 Closed Sale
19. 2016-01-10
    status Pending
20. 2015-12-22
    listed $141,000 New
21. 2012-11-16
    soldstatus $165,000
22. 2012-11-07
    soldstatus $165,000 Closed Sale
23. 2012-10-06
    status Pending
24. 2012-09-06
    historical Contingent
25. 2012-08-29
    price $169,000 Price Change
26. 2012-06-19
    listed $175,900 New
27. 2005-03-16
    soldstatus $186,000

ⓘ 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: $6,541 · $545/mo
• Projected year-2 tax: $6,595 · $550/mo
• Expected delta: +$54/yr (+$5/mo · 0.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,563
• − Mortgage interest: −$16,407
• − Property taxes: −$6,541
• − Insurance: −$1,464
• − Repairs & maintenance: −$2,765
• − Management: −$2,765
• − HOA: −$204
• − Depreciation: −$8,521
• Taxable loss: −$4,104
• Est. tax savings @ 24.0%: +$985
• After-tax cash flow: $1,649/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: Plainfield SD 202
• NCES district ID: 1731740
• Math proficiency: 25% ▼ -16.00%
• Reading proficiency: 32% ▼ -14.00%
• Median HH income: $90,706
• Composite: 28.83/100
• National rank: #6653
• State rank: #213 of 620 in IL

Livability — Joliet

• Score: 78/100
• State rank: #153
• US rank: #2772

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Joliet, IL
• County: Will County · 412,448 people
• City population: 68,632
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 47,834
• Household income: $131,637
• Rent vs Own: 8.5% rent · 91.5% own
• Severe rent burden: 178.0

Population outlook (Will County) Hauer SSP2

• Today (2025): 705,368 people
• By 2030: 708,154 · +0.4%
• By 2040: 702,692 · -0.4%
• By 2050: 680,249 · -3.6%
• By 2075: 611,990 · -13.2%
• By 2100: 516,215 · -26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Hispanic / Latino 22% Two or more races 12% Black 11% Asian 4%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Romanian 11% Italian 2% Iranian 1%
• Foreign-born: 11% · Canada, China
• Languages at home: 81% English-only · Spanish 12% Other Indo-European 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Will

• 2024 margin: Toss-up / Even · D 50.1% · R 48.5% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 13.2pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+8.3 2016: D+5.7 2012: D+3.7 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.85%
• Current HPI: 208.2858
• Rent YoY: ▲ 4.29%
• 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

+57.5% since first listed

20 events — show timeline

• 2026-06-09 Pending — MRED as Distributed by MLS Grid
• 2026-05-26 Price Changed $292,900 MRED as Distributed by MLS Grid
• 2026-05-18 Price Changed $298,900 MRED as Distributed by MLS Grid
• 2026-04-27 Listed $305,000 MRED as Distributed by MLS Grid
• 2018-12-11 Sold (Public Records) $209,000 Public Records
• 2018-11-19 Sold (MLS) $209,000 MRED as Distributed by MLS Grid
• 2018-08-21 Contingent — MRED as Distributed by MLS Grid
• 2018-08-06 Listed $209,900 MRED as Distributed by MLS Grid
• 2018-07-20 Listing Removed — MRED as Distributed by MLS Grid
• 2018-07-17 Listed — MRED as Distributed by MLS Grid
• 2016-04-11 Sold (MLS) $145,230 MRED as Distributed by MLS Grid
• 2016-01-10 Pending — MRED as Distributed by MLS Grid
• 2015-12-22 Listed $141,000 MRED as Distributed by MLS Grid
• 2012-11-16 Sold (Public Records) $165,000 Public Records
• 2012-11-07 Sold (MLS) $165,000 MRED as Distributed by MLS Grid
• 2012-10-06 Pending — MRED as Distributed by MLS Grid
• 2012-09-06 Contingent — MRED as Distributed by MLS Grid
• 2012-08-29 Price Changed $169,000 MRED as Distributed by MLS Grid
• 2012-06-19 Listed $175,900 MRED as Distributed by MLS Grid
• 2005-03-16 Sold (Public Records) $186,000 Public Records

Property tax history

+2.1%/yr

Latest (2024): $6,541 · +4.6% YoY. Source: county tax records.