419 E 22nd St · Chicago Heights, IL 60411

$364,000

6 bd · 2.0 ba · 1,920 sqft · MultiFamily public records · 53 Days on market

Built 1916 6,250 sqft lot

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Why this score? — see what drove the D 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 +16.9/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• 1% rule +4.4/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

There are no remarks available.

Key facts

• Hard wood floors
• Stainless appliances
• Unfinished basement

Tags

• UPDATED MULTI FAMILY
• HARD WOOD FLOORS
• GRANITE COUNTER TOPS
• STAINLESS APPLIANCES
• UNFINISHED BASEMENT
• WASHER AND DRYER HOOKUP

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $364k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/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 $343k (5.9% below list).
• Recommended offer: $343k (5.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#339 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F, amenities F.
• Bloom Twp Hsd 206 (suburban): math 8% / reading 9% proficiency, ranked #591 of 620 in IL (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Chicago Heights Middle School (math 9% / reading 24%, grade F, #482 of 665 statewide, top 73%, 940 students, 0% FRL); Bloom High School (math 7% / reading 8%, grade F, #589 of 693 statewide, top 86%, 1,737 students, 0% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 224 active listings in the ZIP; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At $3,427/mo this rent would consume 66% of the median local household income ($62k/yr) (locally 1714% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($353k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $3.38M (90%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $364k implies a 709% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $342,700 (5.9% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is F 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 7.09%
• Cash-on-cash: 2.83%
• DSCR: 1.13
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.48% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.69×
• Total profit: $-31,237
• Equity at exit: $54,274

10-year hold

• IRR: 5.4%
• Equity multiple: 1.46×
• Total profit: $47,340
• Equity at exit: $31,472

Cash invested: $101,920 (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 60411

• Home prices YoY: -33.9%
• Rents YoY: 6.5%
• Active inventory: 224
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $3,427 medium
• Mortgage (P&I): −$1,909
• Tax from tax record: −$406 /mo · $4,878/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$720
• Net cashflow: $240

Break-even live

Break-even rent $3,123

Max offer price $364,000

Occupancy floor 88%

Sensitivity live

Price	-10% $446	-5% $343	+0% $240	+5% $137	+10% $34
Rent	-10% $-30	-5% $105	+0% $240	+5% $376	+10% $511
Rate	-1.0pp $424	-0.5pp $333	base $240	+0.5pp $146	+1.0pp $50

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,426
Total (2 units)			$3,427

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: $91,000
• Closing costs: $10,920
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $364,000 Active 53 DOM
2. 2026-06-18
   days on market $364,000 Active 50 DOM
3. 2026-06-17
   days on market $364,000 Active 49 DOM
4. 2026-06-16
   days on market $364,000 Active 48 DOM
5. 2026-06-15
   days on market $364,000 Active 47 DOM
6. 2026-06-13
   days on market $364,000 Active 45 DOM
7. 2026-06-13
   days on market $364,000 Active 44 DOM
8. 2026-06-09
   days on market $364,000 Active 41 DOM
9. 2026-06-08
   days on market $364,000 Active 40 DOM
10. 2026-06-07
    pricedays on market $364,000 Active 39 DOM
11. 2026-06-04
    days on market $374,900 Active 36 DOM
12. 2026-06-03
    days on market $374,900 Active 35 DOM
13. 2026-06-02
    days on market $374,900 Active 34 DOM
14. 2026-06-01
    days on market $374,900 Active 33 DOM
15. 2026-05-31
    days on market $374,900 Active 32 DOM
16. 2026-04-30
    price $374,900
17. 2026-04-28
    listed $3,749,000 Active
18. 2023-11-15
    soldstatus $45,000
19. 2023-11-06
    soldstatus $45,000 Closed 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

20. 2023-08-16
    status Pending 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

21. 2023-07-19
    price $53,000 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

22. 2023-07-09
    listed $65,000 Active 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

ⓘ 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: $4,878 · $406/mo
• Projected year-2 tax: $6,570 · $548/mo
• Expected delta: +$1,693/yr (+$141/mo · 34.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,124
• − Mortgage interest: −$20,390
• − Property taxes: −$4,878
• − Insurance: −$1,820
• − Repairs & maintenance: −$3,290
• − Management: −$3,290
• − Depreciation: −$10,589
• Taxable loss: −$3,132
• Est. tax savings @ 24.0%: +$752
• After-tax cash flow: $3,636/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: Bloom Twp Hsd 206
• NCES district ID: 1706420
• Math proficiency: 8% ▼ -3.00%
• Reading proficiency: 9% ▼ -8.00%
• Median HH income: $39,795
• Composite: 7.4/100
• National rank: #9952
• State rank: #591 of 620 in IL

Livability — Chicago Heights

• Score: 71/100
• State rank: #339
• US rank: #6836

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chicago Heights, IL
• County: Cook County · 4,486,803 people
• City population: 52,175
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 52,175
• Household income: $62,073
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 1714.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 49% Hispanic / Latino 26% White 19% Two or more races 11%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 4% Portuguese 1% Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 1% Other Indo-European 1%

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: ▼ -108.75%
• Current HPI: 212.4058
• Rent YoY: ▲ 6.48%
• 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

+476.8% since first listed

7 events — show timeline

• 2026-04-30 Price Changed $374,900 MRED as Distributed by MLS Grid
• 2026-04-28 Listed $3,749,000 MRED as Distributed by MLS Grid
• 2023-11-15 Sold (Public Records) $45,000 Public Records
• 2023-11-06 Sold (MLS) $45,000 MRED as Distributed by MLS Grid
• 2023-08-16 Pending — MRED as Distributed by MLS Grid
• 2023-07-19 Price Changed $53,000 MRED as Distributed by MLS Grid
• 2023-07-09 Listed $65,000 MRED as Distributed by MLS Grid

Property tax history

+7.2%/yr

Latest (2023): $4,878 · +4.4% YoY. Source: county tax records.