1585 Ridge Ave #410 · Evanston, IL 60201

$177,000

2 bd · 1.0 ba · 1,100 sqft · Condo · 57 Days on market

Built 1949 Good condition $931/mo HOA

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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).

• Cash flow +14.3/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• DSCR +4.3/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +3.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Sophisticated and spacious two bedrooms, one bath co-op apartment in downtown Evanston! HEATED GARAGE PARKING INCLUDED. Elevator building with additional freight elevator. Lovely renovated kitchen with tons of storage and pantry cabinet. Unit 410 features include: two bedrooms, one bath large closets, hardwood floors, newer replacement windows, large rooms, remodeled kitchen with dishwasher, pantry, built-in AC units, storage unit. Bathroom is solid condition. Common area service closet just outside kitchen door with large utility sink! Fantastic location only . 03 miles from Davis METRA and CTA Davis Purple Line, Target, AMC Theatres and dozens restaraunts, cafes and services. Close to th

Key facts

• Renovated kitchen
• Close to lakefront
• Storage unit

Tags

• HEATED GARAGE PARKING
• ELEVATOR BUILDING
• RENOVATED KITCHEN
• STORAGE UNIT
• UTILITY SINK
• CLOSE TO LAKEFRONT

Property features AI

Finance

• Other: Part of a building with 80 units; Subdivision: Ridge Davis Coop; Directions: Southeast corner of Ridge & Davis
• HOA & community: Monthly association fee ($931) covering heat, water, electricity, gas, taxes, insurance, exterior maintenance, lawn care, scavenger, and snow removal; Association amenities include coin laundry, storage, on-site manager/engineer, service elevators, and security door locks; Manager off-site; No pets allowed

Exterior

• Parking: Attached garage (1 garage space, 1 total parking space)
• Security: Security door locks (building amenity)
• Utilities: Lake Michigan water source; Public sewer; Electric with circuit breakers
• Home design: Attached single (co-op) in a high-rise (7+ stories); Entry level: 3rd floor; Commuter bus and commuter train nearby
• Construction: Brick construction; Built 71–80 years ago; Property built before 1978
• Exterior features: Landscaped grounds; Common grounds

Interior

• Kitchen: Pantry-closet; Range; Microwave; Dishwasher; Refrigerator; Vinyl flooring in kitchen
• Bedrooms: Master bedroom on main level (17 x 11) with blinds and parquet flooring; Second bedroom on main level (14 x 10) with blinds and parquet flooring; Two additional bedrooms listed
• Flooring: Hardwood throughout (parquet in main living areas and bedrooms); Vinyl in kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Baseboard heat; Wall cooling unit(s)
• Interior features: Elevator; Storage space; Built-in bookcases; 5 rooms total
• Laundry & utility: Laundry room

🏢 Co-op / cooperative unit. The $177,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $177k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $32 ($386/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $177k).
• Recommended offer: $172k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 2.9% in Evanston — 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 85/100 on livability (#26 in IL, #464 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Evanston Twp Hsd 202 (urban): math 47% / reading 52% proficiency, ranked #54 of 620 in IL (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Evanston Twp High School (math 47% / reading 52%, grade D, #44 of 693 statewide, top 7%, 3,691 students, 0% FRL).
• Market conditions: Rents rising fast (+4.9%/yr); 102 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 37% of the median local income ($91k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent; built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $171,690 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.56% ✓
• Cap rate: 6.51%
• Cash-on-cash: 0.78%
• DSCR: 1.03
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.93% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.59×
• Total profit: $-20,544
• Equity at exit: $26,391

10-year hold

• IRR: 2.6%
• Equity multiple: 1.21×
• Total profit: $10,621
• Equity at exit: $15,304

Cash invested: $49,560 (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 60201

• Rents YoY: 4.9%
• Active inventory: 102
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,768 high
• Mortgage (P&I): −$928
• Tax est. 1.5%: −$221 /mo · $2,655/yr
• Insurance: −$74
• HOA: −$931
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $32

Break-even live

Break-even rent $2,727

Max offer price $177,000

Occupancy floor 94%

Sensitivity live

Price	-10% $154	-5% $93	+0% $32	+5% $-29	+10% $-90
Rent	-10% $-187	-5% $-77	+0% $32	+5% $141	+10% $251
Rate	-1.0pp $121	-0.5pp $77	base $32	+0.5pp $-14	+1.0pp $-60

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: $44,250
• Closing costs: $5,310
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1125 Davis St Evanston, IL	3.0–4.0	1.0–3.0	1475	$2,895	$1.96	7d	6	0.03mi
1570 Oak Ave Evanston, IL	2.0	1.0–2.0	712	$1,990	$2.79	8d	6	0.05mi
1615 Ridge Ave Evanston, IL	2.0–4.0	1.0–2.0	1318	$1,795	$1.36	8d	5	0.06mi
1627 Ridge Ave Evanston, IL	1.0	1.0	700	$1,315	$1.88	8d	1	0.09mi
1121 Church St Evanston, IL	2.0	1.5	1100	$1,815	$1.65	4d	3	0.13mi
1720 Oak Ave #406 Evanston, IL	1.0	1.0	805	$2,250	$2.80	22d	1	0.16mi
1720 Oak Ave #201 Evanston, IL	2.0	2.0	1323	$4,000	$3.02	19d	1	0.16mi
1717 Ridge Ave Evanston, IL	3.0	1.0–2.0	876	$3,781	$4.31	2d	24	0.17mi
1717 Ridge Ave Unit 814 Evanston, IL	2.0	2.0	1189	$3,819	$3.21	25d	1	0.17mi
1509 Oak Ave Unit 2N Evanston, IL	2.0	1.0	850	$1,750	$2.06	22d	1	0.17mi
1454 Oak Ave Unit G Evanston, IL	1.0	1.0	700	$1,625	$2.32	25d	1	0.18mi
1590 Elmwood Ave Evanston, IL	1.0	1.0	751	$2,960	$3.94	25d	1	0.18mi
1590 Elmwood Ave Evanston, IL	2.0	2.0	1097	$4,105	$3.74	18d	1	0.18mi
1727 Oak Ave Evanston, IL	1.0–2.0	1.0–2.0	865	$5,045	$5.83	0d	7	0.18mi
1111 Lake St Evanston, IL	2.0	1.0	1000	$2,295	$2.29	19d	1	0.19mi
1720 Maple Ave Evanston, IL	1.0–2.0	1.0–2.0	1186	$3,100	$2.61	25d	2	0.22mi
1327 Church St Unit CH Evanston, IL	2.0	1.0	957	$2,300	$2.40	25d	1	0.22mi
1720 Maple Ave #820 Evanston, IL	2.0	2.0	1323	$3,100	$2.34	22d	1	0.23mi
807 Davis St #1811 Evanston, IL	2.0	2.0	1271	$4,500	$3.54	11d	1	0.28mi
807 Davis St #1307 Evanston, IL	2.0	2.0	1278	$3,950	$3.09	22d	1	0.28mi
807 Church St #404 Evanston, IL	1.0	1.0	830	$2,250	$2.71	18d	1	0.30mi
1706 Sherman Ave Evanston, IL	3.0	1.0–2.5	1188	$4,667	$3.93	0d	9	0.34mi
1406 Elmwood Ave Evanston, IL	1.0–2.0	1.0	846	$2,075	$2.45	4d	1	0.34mi
810 Clark St Evanston, IL	1.0–2.0	1.0	800	$2,560	$3.20	25d	1	0.34mi
1311 Oak Ave Apt 3W Evanston, IL	2.0	1.0	900	$2,295	$2.55	25d	1	0.37mi
1031 Dempster St Unit 3E Evanston, IL	1.0	1.0	700	$1,795	$2.56	25d	1	0.40mi
716 Clark St Unit 1S Evanston, IL	3.0	2.0	920	$3,895	$4.23	25d	1	0.40mi
716 Clark St Unit 3N Evanston, IL	3.0	1.0	900	$3,550	$3.94	25d	1	0.40mi
1908 Asbury Ave Unit 1 Evanston, IL	2.0	1.0	1240	$2,300	$1.85	25d	1	0.41mi
1630 Chicago Ave Evanston, IL	2.0	1.0–2.0	826	$4,099	$4.96	3d	34	0.42mi
1838 Ashland Ave Unit 1F Evanston, IL	2.0	1.0	900	$2,100	$2.33	25d	1	0.44mi
1400 Chicago Ave Evanston, IL	1.0	1.0	550	$1,650	$3.00	4d	6	0.46mi
1516 Hinman Ave Evanston, IL	1.0–2.0	2.0	1095	$2,400	$2.19	25d	2	0.49mi
1326 Chicago Ave Unit 404 Evanston, IL	2.0	2.0	1135	$2,800	$2.47	8d	1	0.49mi
1715 Chicago Ave Evanston, IL	3.0	1.0–2.5	1267	$5,078	$4.01	2d	23	0.50mi
1235 Elmwood Ave Evanston, IL	1.0	1.0	950	$1,895	$1.99	21d	1	0.50mi
1616 Hinman Ave Evanston, IL	3.0	2.0	1200	$3,450	$2.88	4d	3	0.51mi
1930 Sherman Ave Unit 1S Evanston, IL	3.0	1.0	1500	$3,000	$2.00	25d	1	0.53mi
1002 Crain St Unit 1 Evanston, IL	3.0	2.0	1100	$3,795	$3.45	25d	1	0.55mi
916 Crain St Unit 3 Evanston, IL	2.0	1.0	900	$3,095	$3.44	16d	1	0.55mi

HOA detail condo

• Monthly dues: $931 · $11,172/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   status $177,000 Pending 57 DOM
2. 2026-06-17
   days on market $177,000 Contingent - No Showings 57 DOM
3. 2026-06-16
   days on market $177,000 Contingent - No Showings 56 DOM
4. 2026-06-15
   days on market $177,000 Contingent - No Showings 55 DOM
5. 2026-06-13
   days on market $177,000 Contingent - No Showings 53 DOM
6. 2026-06-09
   days on market $177,000 Contingent - No Showings 49 DOM
7. 2026-06-08
   days on market $177,000 Contingent - No Showings 48 DOM
8. 2026-06-07
   days on market $177,000 Contingent - No Showings 47 DOM
9. 2026-06-04
   days on market $177,000 Contingent - No Showings 44 DOM
10. 2026-06-03
    days on market $177,000 Contingent - No Showings 43 DOM
11. 2026-06-02
    days on market $177,000 Contingent - No Showings 42 DOM
12. 2026-06-01
    days on market $177,000 Contingent - No Showings 41 DOM
13. 2026-05-31
    days on market $177,000 Contingent - No Showings 40 DOM
14. 2026-05-19
    historical Contingent - No Showings
15. 2026-04-21
    listed $177,000 Active
16. 2026-04-21
    historical
17. 2026-03-14
    listed Active

ⓘ 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 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,210
• − Mortgage interest: −$9,915
• − Property taxes: −$2,655
• − Insurance: −$885
• − Repairs & maintenance: −$2,657
• − Management: −$2,657
• − HOA: −$11,172
• − Depreciation: −$5,149
• Taxable loss: −$1,879
• Est. tax savings @ 24.0%: +$451
• After-tax cash flow: $837/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.

Condition & rehab AI · 6 photos

Good 75/100 Cosmetic rehab

This well-maintained, renovated two-bedroom co-op apartment in Evanston offers a good investment opportunity with minimal repairs needed.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Evanston Twp Hsd 202
• NCES district ID: 1714490
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $72,672
• Composite: 44.52/100
• National rank: #2794
• State rank: #54 of 620 in IL

Livability — Evanston

• Score: 85/100
• State rank: #26
• US rank: #464

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Evanston, IL
• County: Cook County · 4,486,803 people
• City population: 76,085
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 43,744
• Household income: $90,545
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 2996.0

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 0.58)
• Race & ethnicity: White 62% Black 12% Two or more races 11% Hispanic / Latino 11% Asian 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Romanian 5% Scotch-Irish 3% Italian 2%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 5% Chinese 4% Other Indo-European 3%

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: ▼ -298.75%
• Current HPI: 176.2844
• Rent YoY: ▲ 4.93%
• 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

4 events — show timeline

• 2026-05-19 Contingent — MRED as Distributed by MLS Grid
• 2026-04-21 Listing Removed — MRED as Distributed by MLS Grid
• 2026-04-21 Listed $177,000 MRED as Distributed by MLS Grid
• 2026-03-14 Listed — MRED as Distributed by MLS Grid