3855 E Chestnut St · Kankakee, IL 60901

$99,000

4 bd · 2.0 ba · 1,600 sqft · Other · 116 Days on market

0.28 ac lot $62/sqft · 62% below area ↓ 21% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming single-family home in East Kankakee with room to make it your own. Located on a quiet residential street, this property sits on an oversized approx. 0.28-acre lot, offering ample outdoor space. The home features a functional floor plan and solid bones. With some cosmetic updates, there is excellent potential to personalize and build equity. A standout feature is the separate 26x30 insulated structure with electricity, ideal for hobbies, a workshop, storage, or additional workspace. Conveniently located near schools, shopping, and downtown Kankakee.

Key facts

• Near schools
• Near shopping
• Near downtown

Tags

• OVERSIZED LOT
• SEPARATE INSULATED STRUCTURE
• NEAR SCHOOLS
• NEAR SHOPPING
• NEAR DOWNTOWN

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $99k.

Deal economics

• At list price, monthly cash flow is $673 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 5.8% in Kankakee — 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 62/100 on livability (#832 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Kankakee SD 111 (urban): math 6% / reading 13% proficiency, ranked #584 of 620 in IL (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.4%/yr); 114 active listings in the ZIP; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).
• This rent runs 35% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 1.73% ✓
• Cap rate: 14.44%
• Cash-on-cash: 29.11%
• DSCR: 2.30
• GRM: 4.8

CMA / ARV

• ARV (median comp): $261,037
• List price: $99,000
• Delta: -62.07%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.38% rent growth · sell at horizon

5-year hold

• IRR: 25.1%
• Equity multiple: 2.05×
• Total profit: $29,233
• Equity at exit: $14,761

10-year hold

• IRR: 33.7%
• Equity multiple: 4.28×
• Total profit: $90,915
• Equity at exit: $8,560

Cash invested: $27,720 (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 60901

• Home prices YoY: -32.5%
• Rents YoY: 4.4%
• Active inventory: 114
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,717 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $673

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 56%

Sensitivity live

Price	-10% $741	-5% $707	+0% $673	+5% $638	+10% $604
Rent	-10% $537	-5% $605	+0% $673	+5% $740	+10% $808
Rate	-1.0pp $722	-0.5pp $698	base $673	+0.5pp $647	+1.0pp $621

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $99,000 Active 116 DOM
2. 2026-06-18
   days on market $99,000 Active 115 DOM
3. 2026-06-17
   days on market $99,000 Active 114 DOM
4. 2026-06-16
   days on market $99,000 Active 113 DOM
5. 2026-06-15
   days on market $99,000 Active 112 DOM
6. 2026-06-14
   days on market $99,000 Active 110 DOM
7. 2026-06-13
   days on market $99,000 Active 109 DOM
8. 2026-06-10
   days on market $99,000 Active 107 DOM
9. 2026-06-09
   days on market $99,000 Active 106 DOM
10. 2026-06-08
    days on market $99,000 Active 105 DOM
11. 2026-06-07
    days on market $99,000 Active 104 DOM
12. 2026-06-03
    days on market $99,000 Active 100 DOM
13. 2026-06-02
    days on market $99,000 Active 99 DOM
14. 2026-06-01
    days on market $99,000 Active 98 DOM
15. 2026-05-31
    days on market $99,000 Active 97 DOM
16. 2026-05-30
    days on market $99,000 Active 96 DOM
17. 2026-04-27
    price $110,000 563-char remark

    Show marketing remark (563 chars)

    Charming single-family home in East Kankakee with room to make it your own. Located on a quiet residential street, this property sits on an oversized approx. 0.28-acre lot, offering ample outdoor space. The home features a functional floor plan and solid bones. With some cosmetic updates, there is excellent potential to personalize and build equity. A standout feature is the separate 26x30 insulated structure with electricity, ideal for hobbies, a workshop, storage, or additional workspace. Conveniently located near schools, shopping, and downtown Kankakee.

18. 2026-03-24
    price $130,000 563-char remark

    Show marketing remark (563 chars)

    Charming single-family home in East Kankakee with room to make it your own. Located on a quiet residential street, this property sits on an oversized approx. 0.28-acre lot, offering ample outdoor space. The home features a functional floor plan and solid bones. With some cosmetic updates, there is excellent potential to personalize and build equity. A standout feature is the separate 26x30 insulated structure with electricity, ideal for hobbies, a workshop, storage, or additional workspace. Conveniently located near schools, shopping, and downtown Kankakee.

19. 2026-03-09
    price $140,000 563-char remark

    Show marketing remark (563 chars)

    Charming single-family home in East Kankakee with room to make it your own. Located on a quiet residential street, this property sits on an oversized approx. 0.28-acre lot, offering ample outdoor space. The home features a functional floor plan and solid bones. With some cosmetic updates, there is excellent potential to personalize and build equity. A standout feature is the separate 26x30 insulated structure with electricity, ideal for hobbies, a workshop, storage, or additional workspace. Conveniently located near schools, shopping, and downtown Kankakee.

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

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 ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,608
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$1,649
• − Management: −$1,649
• − Depreciation: −$2,880
• Taxable income: $6,905
• Est. tax owed @ 24.0%: −$1,657
• After-tax cash flow: $6,413/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: Kankakee SD 111
• NCES district ID: 1720760
• Math proficiency: 6% ▼ -7.00%
• Reading proficiency: 13% ▼ -6.00%
• Median HH income: $37,968
• Composite: 8.03/100
• National rank: #9921
• State rank: #584 of 620 in IL

Livability — Kankakee

• Score: 62/100
• State rank: #832
• US rank: #16432

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kankakee County · 61,801 people
• City population: 33,128
• Metro: Kankakee, IL
• Population (ZIP): 33,128
• Household income: $58,309
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1317.0

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 30% Hispanic / Latino 19% Two or more races 7%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.12%
• Current HPI: 190.8755
• Rent YoY: ▲ 4.38%
• Metro: Kankakee, IL
• 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

-21.4% since first listed

3 events — show timeline

• 2026-04-27 Price Changed $110,000 MRED as Distributed by MLS Grid
• 2026-03-24 Price Changed $130,000 MRED as Distributed by MLS Grid
• 2026-03-09 Price Changed $140,000 MRED as Distributed by MLS Grid

Property tax history

+15.3%/yr

Latest (2024): $5,488 · +6.8% YoY. Source: county tax records.