492 Tyler Ct

Vernon Hills, IL 60061

$260,000D

3 bd · 1.5 ba · 1,200 sqft · Built 1978 · Condo · Coming Soon · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,470/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$265
• Vac / Maint / Mgmt: −$519
• Net cashflow: $-110/mo
• Annual: $-1,325/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.82%
• DSCR: 0.92
• 1% rule: 0.95%
• Cash to close: $72,800

Investor read

• This is a 3-bed/1.5-bath condo listed at $260k.
• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $247k (5.0% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $244k (6.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#97 in IL, #1,577 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F, cost of living F.
• Chsd 128 (suburban): math 60% / reading 63% proficiency, ranked #22 of 620 in IL (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hawthorn Sch of Dual Language (math 27% / reading 27%, grade F, #749 of 2,056 statewide, top 40%, 409 students, 0% FRL); Hawthorn Middle School North (math 37% / reading 43%, grade F, #140 of 665 statewide, top 22%, 623 students, 0% FRL); Vernon Hills High School (math 63% / reading 64%, grade B-, #14 of 693 statewide, top 2%, 1,505 students, 0% FRL).
• Zoned-school proficiency averages 44% at this address vs 62% district-wide (-18 pts) — the specific schools serving this property underperform the Chsd 128 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.3%/yr); 77 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 5.8% vs local median 3.1% in Vernon Hills — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.