224 156th St · Calumet City, IL 60409

$219,000

2 bd · 1.0 ba · 671 sqft · SingleFamily public records · 188 Days on market

Built 1927 3,049 sqft lot

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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 +7.9/30.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• 1% rule +1.5/10.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

THREE SINGLE FAMILY HOMES ON TWO LOTS! CONTACT LIST BROKER FOR PREFERRED LENDER. EACH 2 BEDS 1 BATH WITH UNFINISHED BASEMENT OR ATTIC SPACE FOR EXPANSION. RENTS UP TO $1800 PER UNIT - LIVE RENT FREE IN ONE! TWO CAR PARKING IN FRONT AND POSSIBILITY TO PARK TWO MORE CARS IN THE REAR. MODERN KITCHENS AND BATHS.

Key facts

• 3,049 sq ft lot
• 2 parking spots
• Built 1927

Property features AI

Finance

• Other: 3 units in the building; No rehab or rebuild reported
• Financial info: No special service area; Tax exemptions: Homeowner

Exterior

• Parking: Off-street parking (2 total spaces)
• Utilities: Water from Lake Michigan; Public sewer
• Home design: Two- to four-unit building; Fee simple ownership; Vinyl siding
• Construction: Building age approximately 91–100 years; Built before 1978
• Exterior features: Lot dimensions approximately 100 x 125; Lot smaller than 0.25 acre; Lake Michigan water source; Public sewer

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Forced air; Baseboard
• Interior features: 5 total rooms; Unfinished full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $219k.

Deal economics

• At list price, monthly cash flow is $-236 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (19.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (34.6% below list).
• Recommended offer: $143k (34.6% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 8.3% in Calumet City — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 71/100 on livability (#330 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools F, crime D-.
• Thornton Fractional Twp Hsd 215 (suburban): math 9% / reading 13% proficiency, ranked #563 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.2%/yr); 196 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 6,272 units permitted in Cook County in 2024 (4,658 in 5+ unit buildings).
• This rent runs 31% of the median local income ($55k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $31k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $114k; list at $219k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $143,215 (34.6% 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 188 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 D 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. 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?
9. 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.
10. 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.
11. 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: 0.65% ✗
• Cap rate: 5.00%
• Cash-on-cash: -4.62%
• DSCR: 0.79
• GRM: 12.7

CMA / ARV

• ARV (on-the-fly): $119,438
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 Mackinaw Ave	0.71mi	2/1.0	768 (+14%)	22mo	$137,000	$178	25

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 · 6.17% rent growth · sell at horizon

5-year hold

• IRR: -21.1%
• Equity multiple: 0.25×
• Total profit: $-45,885
• Equity at exit: $32,654

10-year hold

• IRR: -9.2%
• Equity multiple: 0.36×
• Total profit: $-38,960
• Equity at exit: $18,935

Cash invested: $61,320 (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 60409

• Home prices YoY: -27.6%
• Rents YoY: 6.2%
• Active inventory: 196
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,432 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$128 /mo · $1,534/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $-236

Break-even live

Break-even rent $1,731

Max offer price $177,279

Occupancy floor —

Sensitivity live

Price	-10% $-112	-5% $-174	+0% $-236	+5% $-298	+10% $-360
Rent	-10% $-349	-5% $-293	+0% $-236	+5% $-180	+10% $-123
Rate	-1.0pp $-126	-0.5pp $-180	base $-236	+0.5pp $-293	+1.0pp $-351

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5950 Hohman Ave Unit 416 Hammond, IN	1.0	1.0	550	$1,095	$1.99	7d	1	0.64mi
5231 Hohman Ave Hammond, IN	1.0	1.0	565	$1,937	$3.43	0d	16	0.66mi
122 Sibley St Hammond, IN	1.0	1.0	550	$1,150	$2.09	0d	1	0.67mi
5945 Hyslop Pl Unit 204 Hammond, IN	1.0	1.0	700	$1,195	$1.71	25d	1	0.71mi
237 Highland St Unit 401 Hammond, IN	1.0	1.0	500	$1,020	$2.04	25d	1	0.77mi
634 Sibley Blvd Calumet City, IL	1.0–2.0	1.0	710	$1,450	$2.04	5d	2	0.78mi
230 Wildwood Rd Unit 103 Hammond, IN	1.0	1.0	750	$1,295	$1.73	25d	1	0.98mi

Listing history 26 events

1. 2026-06-21
   days on market $219,000 Active 188 DOM
2. 2026-06-18
   days on market $219,000 Active 185 DOM
3. 2026-06-17
   days on market $219,000 Active 184 DOM
4. 2026-06-16
   days on market $219,000 Active 183 DOM
5. 2026-06-15
   days on market $219,000 Active 182 DOM
6. 2026-06-13
   days on market $219,000 Active 180 DOM
7. 2026-06-09
   days on market $219,000 Active 176 DOM
8. 2026-06-08
   days on market $219,000 Active 175 DOM
9. 2026-06-07
   days on market $219,000 Active 174 DOM
10. 2026-06-04
    days on market $219,000 Active 171 DOM
11. 2026-06-03
    days on market $219,000 Active 170 DOM
12. 2026-06-02
    days on market $219,000 Active 169 DOM
13. 2026-06-01
    days on market $219,000 Active 168 DOM
14. 2026-05-31
    days on market $219,000 Active 167 DOM
15. 2026-02-02
    price $219,000
16. 2026-01-10
    price $225,000
17. 2025-12-16
    listed $250,000 Active
18. 2022-01-03
    soldstatus $114,000
19. 2021-11-05
    status Active Under Contract
20. 2021-10-09
    status Active
21. 2021-10-05
    status Active Under Contract
22. 2021-09-16
    listed Active
23. 2021-08-10
    status Pending
24. 2021-07-16
    historical
25. 2021-06-03
    listed New
26. 2006-05-24
    soldstatus $125,000

ⓘ 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: $1,534 · $128/mo
• Projected year-2 tax: $3,253 · $271/mo
• Expected delta: +$1,718/yr (+$143/mo · 112.0%)

ⓘ 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) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 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: $17,186
• − Mortgage interest: −$12,267
• − Property taxes: −$1,534
• − Insurance: −$1,095
• − Repairs & maintenance: −$1,375
• − Management: −$1,375
• − Depreciation: −$6,371
• Taxable loss: −$6,832
• Est. tax savings @ 24.0%: +$1,640
• After-tax cash flow: $-1,195/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: Thornton Fractional Twp Hsd 215
• NCES district ID: 1738940
• Math proficiency: 9% ▼ -3.00%
• Reading proficiency: 13% ▼ -3.00%
• Median HH income: $48,207
• Composite: 10.27/100
• National rank: #9793
• State rank: #563 of 620 in IL

Livability — Calumet City

• Score: 71/100
• State rank: #330
• US rank: #6552

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calumet City, IL
• County: Cook County · 4,486,803 people
• City population: 35,100
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 35,100
• Household income: $55,369
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 2415.0

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: Predominantly Black (74%)
• Race & ethnicity: Black 74% Hispanic / Latino 15% White 7% Two or more races 4%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 83% English-only · Spanish 14%

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: ▼ -75.01%
• Current HPI: 197.2137
• Rent YoY: ▲ 6.17%
• 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

+75.2% since first listed

12 events — show timeline

• 2026-02-02 Price Changed $219,000 MRED as Distributed by MLS Grid
• 2026-01-10 Price Changed $225,000 MRED as Distributed by MLS Grid
• 2025-12-16 Listed $250,000 MRED as Distributed by MLS Grid
• 2022-01-03 Sold (Public Records) $114,000 Public Records
• 2021-11-05 Pending — MRED as Distributed by MLS Grid
• 2021-10-09 Relisted — MRED as Distributed by MLS Grid
• 2021-10-05 Pending — MRED as Distributed by MLS Grid
• 2021-09-16 Listed — MRED as Distributed by MLS Grid
• 2021-08-10 Pending — MRED as Distributed by MLS Grid
• 2021-07-16 Listing Removed — MRED as Distributed by MLS Grid
• 2021-06-03 Listed — MRED as Distributed by MLS Grid
• 2006-05-24 Sold (Public Records) $125,000 Public Records

Property tax history

-0.5%/yr

Latest (2023): $1,534 · +9.5% YoY. Source: county tax records.