515 Sterling St E Unit 515SE

Justice, IL 60458

$51,800B-

3 bd · 2.0 ba · 1,056 sqft · Built 2026 · Manufactured · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,810/mo
• Mortgage (P&I): −$272
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$380
• Net cashflow: $1,072/mo
• Annual: $12,862/yr
• Cap rate: 31.12%
• Cash-on-cash: 88.68%
• DSCR: 4.95
• 1% rule: 3.49%
• Cash to close: $14,504

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $52k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $52k).
• It's been on market 35 days — a 3% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $50k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $358 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#268 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, cost of living A; Watch: schools D, amenities F, health & safety F.
• Argo Chsd 217 (suburban): math 20% / reading 20% proficiency, ranked #423 of 620 in IL (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 43 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 31.1% vs local median 3.4% in Justice — 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

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint — Slight discoloration on exterior
• Minor: Landscaping — Some overgrown areas