241 W Washington St

Oswego, IL 60543

$285,000D

3 bd · 1.5 ba · 1,501 sqft · Built 2004 · Condo · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,785/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$583
• HOA: −$140
• Vac / Maint / Mgmt: −$585
• Net cashflow: $-17/mo
• Annual: $-208/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.26%
• DSCR: 0.99
• 1% rule: 0.98%
• Cash to close: $79,800

Investor read

• This is a 3-bed/1.5-bath condo listed at $285k.
• At list price, monthly cash flow is $-17 ($-208/yr) — negative.
• To cash-flow at today's rent, offer at most $282k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (2.3% below list).
• It's been on market 55 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $276k (3.0% below list) — sets the bar for market timing.
• 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.
• Location reads 81/100 on livability (#83 in IL, #1,366 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• CUSD 308 (suburban): math 29% / reading 34% proficiency, ranked #179 of 620 in IL (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Fox Chase Elementary School (math 27% / reading 34%, grade F, #644 of 2,056 statewide, top 31%, 634 students, 0% FRL); Thompson Jr High School (math 21% / reading 28%, grade F, #332 of 665 statewide, top 55%, 840 students, 0% FRL); Oswego High School (math 29% / reading 36%, grade F, #152 of 693 statewide, top 22%, 2,901 students, 0% FRL) — zoned schools average 0% FRL vs 20% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.5%/yr); 298 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 706 units permitted in Kendall County in 2024 (263 in 5+ unit buildings).
• Kendall County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 3y 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.
• Cap rate 6.2% vs local median 3.9% in Oswego — 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?
• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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 B-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.