38025 N Lee Ave · Pistakee Highlands, IL 60081

$280,000

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 4 Days on market

Built 1974 Est $270k · at est.

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Why this score? — see what drove the F 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 +6.5/30.0
• ARV discount +5.9/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 1% rule +1.7/10.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This spacious 3 bedroom home has been well maintained and ready for you to call home. The property consists of 3 lots with plenty of room to spread out. The contemporary kitchen is complete with SS appliances, solid surface counters, and a casual meal space overlooking the huge deck. There's three nice sized bedrooms that have newer carpet. The walkout lower level has a large family room and recreation room for all the toys. An oversized 2 1/2 car garage with an 8'x16' overhead door is a huge plus. All this is set in a peaceful neighborhood within easy reach of Rt. 12.

Key facts

• 2 garage spots
• Built 1974
• Listed 4 days

Property features AI

Finance

• Other: Fee simple ownership; Property not currently leased; Possession at closing
• HOA & community: No master association fee required

Exterior

• Parking: Detached garage owned with garage door opener; Asphalt and gravel driveway; Total parking for about 4 vehicles; 2 garage spaces
• Utilities: Well water; Septic tank
• Home design: Detached single-family raised ranch; Bi-level / entry level: raised ranch
• Construction: Vinyl siding; Asphalt roof; Concrete perimeter foundation; Built approximately 51–60 years ago; Built before 1978
• Exterior features: Deck; Fire pit; Corner lot; School bus service

Interior

• Kitchen: Eating area with breakfast bar; Custom cabinetry; Double oven; Cooktop; Microwave; Refrigerator
• Bedrooms: Master bedroom on main level (approximately 14 x 11); Bedroom 2 on main level (approximately 12 x 10); Bedroom 3 on main level (approximately 11 x 11)
• Flooring: Laminate (wood laminate in many main and lower-level living areas); Carpet in bedrooms
• Bathrooms: One full bathroom with soaking tub
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: First-floor bedroom; First-floor full bath; Built-in features; Dining room/kitchen combo; Finished walk-out basement with rec/family area; Window screens; Ceiling fan(s)
• Laundry & utility: Laundry room in walkout basement (approximately 12 x 11) with utility sink

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-472 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (29.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (33.0% below list).
• Recommended offer: $187k (33.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#603 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety F.
• Grant Chsd 124 (suburban): math 23% / reading 27% proficiency, ranked #296 of 620 in IL (top 48%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grant Community High School (math 23% / reading 27%, grade F, #247 of 693 statewide, top 36%, 1,837 students, 0% FRL).
• Market conditions: 87 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 948 units permitted in Lake County in 2024 (424 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 19y 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 $187k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,471 (33.0% 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. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-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. 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?
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: 0.67% ✗
• Cap rate: 4.27%
• Cash-on-cash: -7.23%
• DSCR: 0.68
• GRM: 12.4

CMA / ARV

• ARV (on-the-fly): $270,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38073 N Nippersink Dr	0.11mi	3/1.0	1,261 (+7%)	7mo	$210,000	$167	77
37929 N Dewey St	0.09mi	3/1.0	1,103 (-6%)	15mo	$250,000	$227	73
37934 N Lake Vista Ter	0.22mi	3/1.0	1,061 (-10%)	16mo	$217,000	$205	60
37714 N Nippersink Pl	0.32mi	3/1.0	1,000 (-15%)	3mo	$188,000	$188	58
37847 N Watts Ave	0.21mi	3/2.0	1,320 (+12%)	9mo	$243,000	$184	58
704 Livingston St	0.62mi	2/1.0 (-1)	1,220 (+4%)	13mo	$320,000	$262	49
28271 W Stewart Ave	0.66mi	2/2.0 (-1)	1,200 (+2%)	11mo	$405,000	$338	48
6521 Willow St	0.49mi	2/1.0 (-1)	1,056 (-10%)	12mo	$243,000	$230	45
506 Sunrise Dr	0.61mi	3/1.5	1,300 (+10%)	11mo	$221,000	$170	42
5902 Fox Lake Rd	0.58mi	2/1.0 (-1)	1,048 (-11%)	9mo	$250,000	$239	42
5502 Thelen Ave	0.74mi	3/2.0	1,058 (-10%)	11mo	$265,000	$250	35
515 Deerpath Dr	0.65mi	3/1.0	1,008 (-14%)	14mo	$234,800	$233	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -28.9%
• Equity multiple: 0.04×
• Total profit: $-75,422
• Equity at exit: $41,749

10-year hold

• IRR: -28.6%
• Equity multiple: -0.33×
• Total profit: $-104,261
• Equity at exit: $24,209

Cash invested: $78,400 (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 60081

• Home prices YoY: -25.6%
• Active inventory: 87
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $1,875 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$368 /mo · $4,421/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $-472

Break-even live

Break-even rent $2,473

Max offer price $196,542

Occupancy floor —

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
306 Waverly St Unit 1244943P Spring Grove, IL	3.0	1.0	742	$8,714	$11.74	43d	1	0.36mi
87 Maude Ave Unit B Fox Lake, IL	2.0	1.5	1092	$1,700	$1.56	14d	1	1.26mi
6 N Pistakee Lake Rd Fox Lake, IL	2.0	1.0	1500	$1,750	$1.17	1d	1	1.37mi
22 W Grand Ave Fox Lake, IL	2.0	1.0	730	$1,700	$2.33	43d	1	1.39mi
28 Glen Ave Fox Lake, IL	3.0	1.0	1212	$2,300	$1.90	7d	1	1.49mi

Listing history 23 events

1. 2026-05-04
   status Pending
2. 2026-04-28
   listed $280,000 Active
3. 2020-12-11
   soldstatus $187,000
4. 2020-10-30
   soldstatus $187,000 Closed Sale 575-char remark

   Show marketing remark (575 chars)

   This spacious 3 bedroom home has been well maintained and ready for you to call home. The property consists of 3 lots with plenty of room to spread out. The contemporary kitchen is complete with SS appliances, solid surface counters, and a casual meal space overlooking the huge deck. There's three nice sized bedrooms that have newer carpet. The walkout lower level has a large family room and recreation room for all the toys. An oversized 2 1/2 car garage with an 8'x16' overhead door is a huge plus. All this is set in a peaceful neighborhood within easy reach of Rt. 12.

5. 2020-09-25
   status Contingent 575-char remark

   Show marketing remark (575 chars)

   This spacious 3 bedroom home has been well maintained and ready for you to call home. The property consists of 3 lots with plenty of room to spread out. The contemporary kitchen is complete with SS appliances, solid surface counters, and a casual meal space overlooking the huge deck. There's three nice sized bedrooms that have newer carpet. The walkout lower level has a large family room and recreation room for all the toys. An oversized 2 1/2 car garage with an 8'x16' overhead door is a huge plus. All this is set in a peaceful neighborhood within easy reach of Rt. 12.

6. 2020-09-10
   listed $189,900 New 575-char remark

   Show marketing remark (575 chars)

   This spacious 3 bedroom home has been well maintained and ready for you to call home. The property consists of 3 lots with plenty of room to spread out. The contemporary kitchen is complete with SS appliances, solid surface counters, and a casual meal space overlooking the huge deck. There's three nice sized bedrooms that have newer carpet. The walkout lower level has a large family room and recreation room for all the toys. An oversized 2 1/2 car garage with an 8'x16' overhead door is a huge plus. All this is set in a peaceful neighborhood within easy reach of Rt. 12.

7. 2019-11-22
   soldstatus $172,000
8. 2019-11-07
   soldstatus $172,000 Closed Sale 447-char remark

   Show marketing remark (447 chars)

   Spread out in this updated home. Lots of space in and out. Inside you will find a remodeled kitchen with solid surface counters and SS appliances. Newer air cond, water heater, and furnace. Newer well. Brand new siding on the over sized 2 1/2 car garage. 3 lots for all the privacy you could ask for. New deck and some new windows. Walkout lower level with a family rm and rec room. Plenty of room to add a 2nd bath. Make this one yours right now!

9. 2019-09-20
   historical Contingent 447-char remark

   Show marketing remark (447 chars)

   Spread out in this updated home. Lots of space in and out. Inside you will find a remodeled kitchen with solid surface counters and SS appliances. Newer air cond, water heater, and furnace. Newer well. Brand new siding on the over sized 2 1/2 car garage. 3 lots for all the privacy you could ask for. New deck and some new windows. Walkout lower level with a family rm and rec room. Plenty of room to add a 2nd bath. Make this one yours right now!

10. 2019-09-05
    listed $175,000 New 447-char remark

    Show marketing remark (447 chars)

    Spread out in this updated home. Lots of space in and out. Inside you will find a remodeled kitchen with solid surface counters and SS appliances. Newer air cond, water heater, and furnace. Newer well. Brand new siding on the over sized 2 1/2 car garage. 3 lots for all the privacy you could ask for. New deck and some new windows. Walkout lower level with a family rm and rec room. Plenty of room to add a 2nd bath. Make this one yours right now!

11. 2012-09-21
    soldstatus $71,500
12. 2012-08-09
    soldstatus $71,500 Closed Sale
13. 2012-05-17
    status Pending
14. 2012-04-30
    listed $77,500 New
15. 2011-09-29
    historical
16. 2011-03-07
    price Price Change
17. 2011-03-01
    price Price Change
18. 2011-01-21
    price Price Change
19. 2010-10-12
    listed New
20. 2007-11-08
    soldstatus $141,000
21. 2007-10-30
    soldstatus $141,000
22. 2007-10-02
    historical
23. 2007-09-04
    listed $149,000

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

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $4,421 · $368/mo
• Projected year-2 tax: $5,389 · $449/mo
• Expected delta: +$967/yr (+$81/mo · 21.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,497
• − Mortgage interest: −$15,684
• − Property taxes: −$4,421
• − Insurance: −$1,400
• − Repairs & maintenance: −$1,800
• − Management: −$1,800
• − Depreciation: −$8,145
• Taxable loss: −$10,754
• Est. tax savings @ 24.0%: +$2,581
• After-tax cash flow: $-3,088/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: Grant Chsd 124
• NCES district ID: 1717340
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 27% ▼ -7.00%
• Median HH income: $59,450
• Composite: 22.95/100
• National rank: #7989
• State rank: #296 of 620 in IL

Livability — Pistakee Highlands

• Score: 65/100
• State rank: #603
• US rank: #12471

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,117

Population outlook (Lake County) Hauer SSP2

• Today (2025): 700,217 people
• By 2030: 693,290 · -1.0%
• By 2040: 673,588 · -3.8%
• By 2050: 643,556 · -8.1%
• By 2075: 562,792 · -19.6%
• By 2100: 457,715 · -34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3%
• Common ancestry: Romanian 13% Portuguese 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Lake

• 2024 margin: Strong D (+20.8) · D 59.7% · R 38.9% · Other 1.4%
• 2008→2024 swing: +1.1pp toward D · 2008: 19.6pp · 2024: 20.8pp
• All cycles: 2024: D+20.8 2020: D+24.1 2016: D+20.3 2012: D+8.1 2008: D+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.40%
• Current HPI: 239.9614
• Rent YoY: —
• Metro: —
• 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

+87.9% since first listed

23 events — show timeline

• 2026-05-04 Pending — MRED as Distributed by MLS Grid
• 2026-04-28 Listed $280,000 MRED as Distributed by MLS Grid
• 2020-12-11 Sold (Public Records) $187,000 Public Records
• 2020-10-30 Sold (MLS) $187,000 MRED as Distributed by MLS Grid
• 2020-09-25 Pending — MRED as Distributed by MLS Grid
• 2020-09-10 Listed $189,900 MRED as Distributed by MLS Grid
• 2019-11-22 Sold (Public Records) $172,000 Public Records
• 2019-11-07 Sold (MLS) $172,000 MRED as Distributed by MLS Grid
• 2019-09-20 Contingent — MRED as Distributed by MLS Grid
• 2019-09-05 Listed $175,000 MRED as Distributed by MLS Grid
• 2012-09-21 Sold (Public Records) $71,500 Public Records
• 2012-08-09 Sold (MLS) $71,500 MRED as Distributed by MLS Grid
• 2012-05-17 Pending — MRED as Distributed by MLS Grid
• 2012-04-30 Listed $77,500 MRED as Distributed by MLS Grid
• 2011-09-29 Listing Removed — MRED as Distributed by MLS Grid
• 2011-03-07 Price Changed — MRED as Distributed by MLS Grid
• 2011-03-01 Price Changed — MRED as Distributed by MLS Grid
• 2011-01-21 Price Changed — MRED as Distributed by MLS Grid
• 2010-10-12 Listed — MRED as Distributed by MLS Grid
• 2007-11-08 Sold (Public Records) $141,000 Public Records
• 2007-10-30 Sold (MLS) $141,000 MRED as Distributed by MLS Grid
• 2007-10-02 Listing Removed — MRED as Distributed by MLS Grid
• 2007-09-04 Listed $149,000 MRED as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2024): $4,421 · +5.7% YoY. Source: county tax records.