1095-1097 E Merchant St · Kankakee, IL 60901

$195,000

4 bd · 2.0 ba · — sqft · MultiFamily · 46 Days on market

Built 1890 8,178 sqft lot Est $286k · 32% under

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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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Fantastic Investment Opportunity in Kankakee! This remodeled 2-unit building is ideal for investors or those seeking a multi-family living option. The property includes a spacious 3-bedroom, 1-bathroom unit and a well-designed 2-bedroom, 1-bathroom unit, both featuring modern finishes and thoughtful upgrades. Each unit is equipped with its own laundry facilities, providing added convenience for residents. Both apartments offer comfortable living spaces with access to front and back porches, making them highly desirable for tenants. A sidewalk leads to a detached 2-car garage, offering plenty of parking and storage options. Conveniently located near local amenities, this property has the pot

Key facts

• Laundry facilities
• Thoughtful upgrades
• Modern finishes

Tags

• REMODELED 2-UNIT BUILDING
• MULTI-FAMILY LIVING OPTION
• MODERN FINISHES
• THOUGHTFUL UPGRADES
• LAUNDRY FACILITIES
• FRONT AND BACK PORCHES

Property features AI

Finance

• Other: School bus service and commuter bus access; close to interstate access
• Financial info: Property is a two-unit investment: first-floor unit rents for $1,400/month with $2,100 security deposit; second-floor unit currently vacant; Tenants are month-to-month
• HOA & community: No special service area

Exterior

• Parking: Detached garage (2 garage spaces, 2 parking spaces total); Garage owned
• Utilities: Public water; Public sewer; Natural gas heating
• Home design: Two-to-four unit building (2 units total); Over 100 years old; Fee simple ownership
• Construction: Vinyl siding exterior; Asphalt roof; Built before 1978
• Exterior features: Lot roughly 58 x 141; Less than 0.25 acre

Interior

• Kitchen: Both units include stove, refrigerator and microwave
• Bedrooms: Five bedrooms total (three-bedroom unit on first floor; two-bedroom unit on second floor)
• Bathrooms: Two full bathrooms total (one full bath in each unit)
• Interior features: Nine total rooms; Unfinished full basement; Sidewalks, street lights and paved streets in the neighborhood
• Laundry & utility: Tenant pays electric and gas (for each unit)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive. Per door: $222/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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); 115 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).
• At $2,269/mo this rent would consume 47% of the median local household income ($58k/yr) (locally 1317% 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 $1k of loan paydown is wiped out by about $6k 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 $55k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y 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.
• Current owner paid $50k; list at $195k implies a 290% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.16% ✓
• Cap rate: 9.03%
• Cash-on-cash: 9.78%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (median comp): $286,181
• List price: $195,000
• Delta: -31.86%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1019 E Bourbonnais St	0.28mi	4/2.0	—	6mo	$100,000	—	69
263 N Wildwood Ave	0.24mi	4/2.0	—	9mo	$70,000	—	69
229 S Sibley Ave	0.11mi	5/3.0 (+1)	—	6mo	$10,000	—	68
361 S Nelson Ave	0.38mi	4/2.0	—	4mo	$152,500	—	66
381 S Nelson Ave	0.38mi	4/2.0	—	4mo	$152,500	—	66
529 S Indiana Ave	0.58mi	4/2.0	—	1mo	$135,000	—	60
653 E River St	0.46mi	3/2.0 (-1)	—	6mo	$100,000	—	56
464 E Station St	0.44mi	4/3.0	—	10mo	$120,000	—	55
370 E Court St	0.49mi	4/2.5	—	14mo	$137,000	—	51
357-359 E Hickory St	0.54mi	4/3.0	—	11mo	$157,000	—	49
363-365 E Hickory St	0.53mi	4/4.0	—	8mo	$230,000	—	48
671 N Chicago Ave	0.66mi	4/2.0	—	12mo	$145,000	—	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-34
• Equity at exit: $29,075

10-year hold

• IRR: 11.0%
• Equity multiple: 1.92×
• Total profit: $50,077
• Equity at exit: $16,860

Cash invested: $54,600 (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: 115
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $2,269 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $445

Break-even live

Break-even rent $1,706

Max offer price $195,000

Occupancy floor 75%

Sensitivity live

Price	-10% $580	-5% $512	+0% $445	+5% $378	+10% $310
Rent	-10% $266	-5% $355	+0% $445	+5% $535	+10% $624
Rate	-1.0pp $543	-0.5pp $495	base $445	+0.5pp $394	+1.0pp $343

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,270
Total (2 units)			$2,269

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
294 N Greenwood Ave Unit 1 Kankakee, IL	3.0	1.0	—	$1,200	—	44d	1	0.35mi
744 S Elm Ave Kankakee, IL	4.0	2.0	1200	$1,575	$1.31	44d	1	0.52mi
200 N Crestlane Dr Unit 103 Kankakee, IL	3.0	1.0	—	$1,338	—	44d	1	0.98mi
932 S Washington Ave Kankakee, IL	4.0	1.5	2000	$1,500	$0.75	44d	1	1.05mi
220 Tedmark Ct Unit 4 Kankakee, IL	3.0	1.5	500	$1,200	$2.40	44d	1	1.35mi

Listing history 33 events

1. 2026-06-19
   days on market $195,000 Active 46 DOM
2. 2026-06-18
   days on market $195,000 Active 45 DOM
3. 2026-06-17
   days on market $195,000 Active 44 DOM
4. 2026-06-16
   days on market $195,000 Active 43 DOM
5. 2026-06-15
   days on market $195,000 Active 42 DOM
6. 2026-06-14
   days on market $195,000 Active 40 DOM
7. 2026-06-13
   days on market $195,000 Active 39 DOM
8. 2026-06-10
   days on market $195,000 Active 37 DOM
9. 2026-06-09
   days on market $195,000 Active 36 DOM
10. 2026-06-08
    days on market $195,000 Active 35 DOM
11. 2026-06-07
    days on market $195,000 Active 34 DOM
12. 2026-06-03
    days on market $195,000 Active 30 DOM
13. 2026-06-02
    days on market $195,000 Active 29 DOM
14. 2026-06-01
    days on market $195,000 Active 28 DOM
15. 2026-05-31
    days on market $195,000 Active 27 DOM
16. 2026-05-30
    days on market $195,000 Active 26 DOM
17. 2026-05-04
    listed $195,000 Active 874-char remark
18. 2025-10-02
    historical
19. 2025-09-03
    listed Active
20. 2025-04-11
    historical
21. 2024-11-25
    listed Active
22. 2024-03-08
    soldstatus $50,000 Closed
23. 2024-02-23
    historical Contingent - Continue to Show
24. 2024-02-03
    status Active
25. 2024-01-03
    status Pending
26. 2023-10-17
    price $65,000
27. 2023-07-24
    price $70,000
28. 2023-04-22
    listed $79,000 Active
29. 2018-10-29
    historical
30. 2018-07-22
    price
31. 2018-02-13
    listed New
32. 2004-06-11
    soldstatus $52,000
33. 2003-11-23
    listed $59,900

ⓘ 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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,228
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$975
• − Repairs & maintenance: −$2,178
• − Management: −$2,178
• − Depreciation: −$5,673
• Taxable income: $2,376
• Est. tax owed @ 24.0%: −$570
• After-tax cash flow: $4,769/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

• Census place: Kankakee, IL
• 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

+225.5% since first listed

17 events — show timeline

• 2026-05-04 Listed $195,000 MRED as Distributed by MLS Grid
• 2025-10-02 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-03 Listed — MRED as Distributed by MLS Grid
• 2025-04-11 Listing Removed — MRED as Distributed by MLS Grid
• 2024-11-25 Listed — MRED as Distributed by MLS Grid
• 2024-03-08 Sold (MLS) $50,000 MRED as Distributed by MLS Grid
• 2024-02-23 Contingent — MRED as Distributed by MLS Grid
• 2024-02-03 Relisted — MRED as Distributed by MLS Grid
• 2024-01-03 Pending — MRED as Distributed by MLS Grid
• 2023-10-17 Price Changed $65,000 MRED as Distributed by MLS Grid
• 2023-07-24 Price Changed $70,000 MRED as Distributed by MLS Grid
• 2023-04-22 Listed $79,000 MRED as Distributed by MLS Grid
• 2018-10-29 Listing Removed — MRED as Distributed by MLS Grid
• 2018-07-22 Price Changed — MRED as Distributed by MLS Grid
• 2018-02-13 Listed — MRED as Distributed by MLS Grid
• 2004-06-11 Sold (MLS) $52,000 MRED as Distributed by MLS Grid
• 2003-11-23 Listed $59,900 MRED as Distributed by MLS Grid