1860 Sherman Ave Unit 5NW · Evanston, IL 60201

$209,900

2 bd · 1.0 ba · 1,067 sqft · Condo · 67 Days on market

Built 1946 $1207/mo HOA · 39% of rent

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Why this score? — see what drove the D 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).

• 1% rule +9.6/10.0
• Cash flow +7.7/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just starting out?? This very affordable apartment in a GREAT LOCATION comes with all furniture included! Lovely, private balcony views of courtyard & flower gardens! Huge LR/DR combo with several options for seating arrangements. Two nice sized BRs (one furnished as a den/study with built-in desk & bookcases). Efficient kitchen has many cabinets. A surprising abundance of closets throughout. This spacious unit provides privacy & convenience. Located near EVERYTHING: Downtown Evanston shops & restaurants, Farmers' Market, Evanston Public Library, Northwestern University, Public transportation, Lake Michigan. Assessment includes real estate taxes, building maintenance & management, plus all utilities except phone, cable, & internet. Coin laundry & storage cage in basement. Leased parking available on a wait-list basis. No rentals. No dogs. Cats allowed. Financing allowed with 20% min. down payment. Estate sale could use some updating. Being sold "as is." Estate is in Trust. No disclosures.

Key facts

• Brand new kitchen
• Secured parking lot
• $1,207 HOA

Tags

• BRAND NEW KITCHEN
• SPA INSPIRED BATHROOM
• CUSTOM DESIGNED CLOSETS
• SECURED PARKING LOT
• SHORT STROLL FROM LOCAL SHOPS
• SHORT STROLL FROM EATERIES

Property features AI

Finance

• Other: Part of a building with 132 units; Living area is estimated; Directions: SW corner of Sherman & Emerson. Enter courtyard between 1856 & 1866; 1860 at SW corner of courtyard.
• Financial info: Special service area: No
• HOA & community: Monthly association fee; Association covers heat, air conditioning, water, electricity, gas, taxes, insurance, security, clubhouse, exterior maintenance, lawn care, trash (scavenger) and snow removal; Association amenities include bike room/trails, coin laundry, elevators, storage and service elevator(s); Manager off-site; Pets allowed (cats OK, number limit applies)

Exterior

• Parking: No parking details provided
• Security: Security included in association services
• Utilities: Water from Lake Michigan; Public sewer; Electric with circuit breakers
• Home design: Attached single (courtyard) property; Co-op ownership; Entry on level 5; Commuter bus and commuter train access nearby
• Construction: Brick construction; Built before 1978 (older building — approx. 71–80 years old)
• Exterior features: Patio; Balcony; Common grounds; Landscaped grounds

Interior

• Kitchen: Galley kitchen on main level (15 x 7) with tile flooring; Range; Refrigerator
• Bedrooms: Master bedroom on main level (11 x 16) with blinds/window treatments and wood laminate flooring; Second bedroom on main level (13 x 10) with blinds/window treatments and wood laminate flooring; Additional bedrooms listed (no details provided)
• Flooring: Wood laminate flooring in living room, dining area, bedrooms and other listed rooms; Tile flooring in kitchen
• Bathrooms: One full bathroom
• Heating & cooling: Radiant heating; Radiant floor heating; Wall-mounted cooling unit(s)
• Interior features: Elevator; Storage; Built-in features; Drapes; 6 total rooms
• Laundry & utility: Laundry in a common area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $210k.

Deal economics

• At list price, monthly cash flow is $-239 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (16.5% below list).
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $175k (16.5% below list) — sets the bar for cash-flow.
• Cap rate 4.9% vs local median 3.0% 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: Dewey Elem School (math 52% / reading 47%, grade D, #182 of 2,056 statewide, top 10%, 345 students, 0% FRL); Nichols Middle School (math 35% / reading 36%, grade F, #188 of 665 statewide, top 28%, 650 students, 0% FRL); 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); 107 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 41% 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 $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $80k; list at $210k implies a 161% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent; built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,258 (16.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.46% ✓
• Cap rate: 4.92%
• Cash-on-cash: -4.89%
• DSCR: 0.78
• GRM: 5.7

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: -20.0%
• Equity multiple: 0.28×
• Total profit: $-42,414
• Equity at exit: $31,297

10-year hold

• IRR: -6.2%
• Equity multiple: 0.53×
• Total profit: $-27,506
• Equity at exit: $18,148

Cash invested: $58,772 (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: 107
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $3,061 high
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,148/yr
• Insurance: −$87
• HOA: −$1,207
• Vacancy / Maint / Mgmt: −$643
• Net cashflow: $-239

Break-even live

Break-even rent $3,364

Max offer price $175,258

Occupancy floor —

Sensitivity live

Price	-10% $-94	-5% $-167	+0% $-239	+5% $-312	+10% $-384
Rent	-10% $-481	-5% $-360	+0% $-239	+5% $-118	+10% $2
Rate	-1.0pp $-134	-0.5pp $-186	base $-239	+0.5pp $-294	+1.0pp $-349

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
810 Clark St Evanston, IL	1.0–2.0	1.0	800	$2,560	$3.20	26d	1	0.09mi
716 Clark St Unit 3N Evanston, IL	3.0	1.0	900	$3,550	$3.94	26d	1	0.10mi
716 Clark St Unit 1S Evanston, IL	3.0	2.0	920	$3,895	$4.23	26d	1	0.10mi
1706 Sherman Ave Evanston, IL	3.0	1.0–2.5	1188	$4,667	$3.93	0d	9	0.14mi
1930 Sherman Ave Unit 1S Evanston, IL	3.0	1.0	1500	$3,000	$2.00	26d	1	0.16mi
807 Church St #404 Evanston, IL	1.0	1.0	830	$2,250	$2.71	19d	1	0.16mi
1720 Maple Ave #820 Evanston, IL	2.0	2.0	1323	$3,100	$2.34	24d	1	0.19mi
1720 Maple Ave Evanston, IL	1.0–2.0	1.0–2.0	1186	$3,100	$2.61	26d	2	0.20mi
1720 Maple Ave Evanston, IL	1.0–2.0	1.0–2.0	1011	$3,100	$3.06	1d	2	0.20mi
807 Davis St Evanston, IL	2.0	1.0–2.0	1161	$4,000	$3.45	1d	2	0.24mi
1727 Oak Ave Evanston, IL	1.0–2.0	1.0–2.0	865	$5,045	$5.83	0d	7	0.25mi
807 Davis St #1811 Evanston, IL	2.0	2.0	1271	$4,500	$3.54	12d	1	0.27mi
807 Davis St #1307 Evanston, IL	2.0	2.0	1278	$3,950	$3.09	24d	1	0.27mi
1715 Chicago Ave Evanston, IL	3.0	1.0–2.5	1267	$5,088	$4.01	0d	34	0.28mi
1630 Chicago Ave Evanston, IL	2.0	1.0–2.0	826	$4,099	$4.96	1d	36	0.29mi
1720 Oak Ave #406 Evanston, IL	1.0	1.0	805	$2,250	$2.80	24d	1	0.29mi
1720 Oak Ave #201 Evanston, IL	2.0	2.0	1323	$4,000	$3.02	20d	1	0.29mi
810 Simpson St Evanston, IL	2.0	1.0	1000	$2,600	$2.60	26d	1	0.32mi
1590 Elmwood Ave Evanston, IL	2.0	2.0	1278	$4,435	$3.47	1d	1	0.33mi
1590 Elmwood Ave Evanston, IL	1.0	1.0	751	$2,960	$3.94	26d	1	0.33mi
1590 Elmwood Ave Evanston, IL	2.0	2.0	1097	$4,105	$3.74	19d	1	0.33mi
1717 Ridge Ave Evanston, IL	3.0	1.0–2.0	876	$3,781	$4.31	0d	19	0.34mi
1717 Ridge Ave Unit 814 Evanston, IL	2.0	2.0	1189	$3,819	$3.21	26d	1	0.34mi
1121 Church St Evanston, IL	2.0	1.5	1100	$1,815	$1.65	5d	3	0.34mi
1834 Ridge Ave #121 Evanston, IL	1.0	1.0	900	$2,057	$2.29	1d	1	0.35mi
1616 Hinman Ave Evanston, IL	3.0	2.0	1200	$3,450	$2.88	5d	3	0.37mi
1627 Ridge Ave Evanston, IL	1.0	1.0	700	$1,315	$1.88	9d	1	0.37mi
1615 Ridge Ave Evanston, IL	2.0–4.0	1.0–2.0	1318	$1,795	$1.36	9d	5	0.38mi
1125 Davis St Evanston, IL	3.0–4.0	1.0–3.0	1475	$2,895	$1.96	0d	6	0.40mi
1570 Oak Ave Evanston, IL	2.0	1.0–2.0	712	$1,990	$2.79	9d	6	0.42mi
1516 Hinman Ave Evanston, IL	1.0–2.0	2.0	1095	$2,400	$2.19	26d	2	0.43mi
1908 Asbury Ave Unit 1 Evanston, IL	2.0	1.0	1240	$2,300	$1.85	26d	1	0.45mi
2129 Ridge Ave Evanston, IL	2.0–3.0	1.0	897	$2,195	$2.45	14d	6	0.45mi
2200 Sherman Ave Evanston, IL	2.0	1.0	895	$2,195	$2.45	9d	1	0.45mi
1509 Oak Ave Unit 2N Evanston, IL	2.0	1.0	850	$1,750	$2.06	24d	1	0.46mi
2145 Ridge Ave Unit 3A Evanston, IL	2.0	1.0	1200	$2,500	$2.08	26d	1	0.47mi
1327 Church St Unit CH Evanston, IL	2.0	1.0	957	$2,250	$2.35	1d	1	0.51mi
1454 Oak Ave Unit G Evanston, IL	1.0	1.0	700	$1,625	$2.32	26d	1	0.52mi
2213 Ridge Ave Evanston, IL	2.0	1.0	820	$1,935	$2.36	5d	1	0.52mi
1111 Lake St Evanston, IL	2.0	1.0	1000	$2,295	$2.29	20d	1	0.54mi

HOA detail condo

• Monthly dues: $1,207 · $14,484/yr
• Likely covers: internetcable
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-03
   status Pending
2. 2026-04-10
   historical Contingent - Continue to Show
3. 2026-02-25
   listed $209,900 Active
4. 2023-08-30
   soldstatus $80,500 Closed 1042-char remark

   Show marketing remark (1042 chars)

   Just starting out?? This very affordable apartment in a GREAT LOCATION comes with all furniture included! Lovely, private balcony views of courtyard & flower gardens! Huge LR/DR combo with several options for seating arrangements. Two nice sized BRs (one furnished as a den/study with built-in desk & bookcases). Efficient kitchen has many cabinets. A surprising abundance of closets throughout. This spacious unit provides privacy & convenience. Located near EVERYTHING: Downtown Evanston shops & restaurants, Farmers' Market, Evanston Public Library, Northwestern University, Public transportation, Lake Michigan. Assessment includes real estate taxes, building maintenance & management, plus all utilities except phone, cable, & internet. Coin laundry & storage cage in basement. Leased parking available on a wait-list basis. No rentals. No dogs. Cats allowed. Financing allowed with 20% min. down payment. Estate sale could use some updating. Being sold "as is." Estate is in Trust. No disclosures.

5. 2023-07-07
   historical Contingent - Continue to Show 1042-char remark

   Show marketing remark (1042 chars)

   Just starting out?? This very affordable apartment in a GREAT LOCATION comes with all furniture included! Lovely, private balcony views of courtyard & flower gardens! Huge LR/DR combo with several options for seating arrangements. Two nice sized BRs (one furnished as a den/study with built-in desk & bookcases). Efficient kitchen has many cabinets. A surprising abundance of closets throughout. This spacious unit provides privacy & convenience. Located near EVERYTHING: Downtown Evanston shops & restaurants, Farmers' Market, Evanston Public Library, Northwestern University, Public transportation, Lake Michigan. Assessment includes real estate taxes, building maintenance & management, plus all utilities except phone, cable, & internet. Coin laundry & storage cage in basement. Leased parking available on a wait-list basis. No rentals. No dogs. Cats allowed. Financing allowed with 20% min. down payment. Estate sale could use some updating. Being sold "as is." Estate is in Trust. No disclosures.

6. 2023-06-12
   listed $82,500 Active 1042-char remark

   Show marketing remark (1042 chars)

   Just starting out?? This very affordable apartment in a GREAT LOCATION comes with all furniture included! Lovely, private balcony views of courtyard & flower gardens! Huge LR/DR combo with several options for seating arrangements. Two nice sized BRs (one furnished as a den/study with built-in desk & bookcases). Efficient kitchen has many cabinets. A surprising abundance of closets throughout. This spacious unit provides privacy & convenience. Located near EVERYTHING: Downtown Evanston shops & restaurants, Farmers' Market, Evanston Public Library, Northwestern University, Public transportation, Lake Michigan. Assessment includes real estate taxes, building maintenance & management, plus all utilities except phone, cable, & internet. Coin laundry & storage cage in basement. Leased parking available on a wait-list basis. No rentals. No dogs. Cats allowed. Financing allowed with 20% min. down payment. Estate sale could use some updating. Being sold "as is." Estate is in Trust. No disclosures.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,732
• − Mortgage interest: −$11,758
• − Property taxes: −$3,148
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,939
• − Management: −$2,939
• − HOA: −$14,484
• − Depreciation: −$6,106
• Taxable loss: −$5,691
• Est. tax savings @ 24.0%: +$1,366
• After-tax cash flow: $-1,507/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: 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

+154.4% since first listed

6 events — show timeline

• 2026-05-03 Pending — MRED as Distributed by MLS Grid
• 2026-04-10 Contingent — MRED as Distributed by MLS Grid
• 2026-02-25 Listed $209,900 MRED as Distributed by MLS Grid
• 2023-08-30 Sold (MLS) $80,500 MRED as Distributed by MLS Grid
• 2023-07-07 Contingent — MRED as Distributed by MLS Grid
• 2023-06-12 Listed $82,500 MRED as Distributed by MLS Grid