209 Mill Stream Dr

Bolingbrook, IL 60440

$292,900D

3 bd · 2.0 ba · 1,462 sqft · Built 1977 · Other · Pending · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,617/mo
• Mortgage (P&I): −$1,536
• Tax + insurance: −$622
• HOA: −$0
• Vac / Maint / Mgmt: −$550
• Net cashflow: $-90/mo
• Annual: $-1,084/yr
• Cap rate: 5.92%
• Cash-on-cash: -1.32%
• DSCR: 0.94
• 1% rule: 0.89%
• Cash to close: $82,012

Investor read

• This is a 3-bed/2.0-bath other listed at $293k.
• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (10.6% below list).
• It's been on market 85 days — a 6% lower offer ($275k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $262k (10.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#199 in IL, #3,692 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: amenities F, health & safety F.
• Valley View CUSD 365U (suburban): math 21% / reading 28% proficiency, ranked #289 of 620 in IL (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Oak View Elem School (math 12% / reading 12%, grade F, #1,403 of 2,056 statewide, top 71%, 685 students, 0% FRL); Brooks Middle School (math 27% / reading 40%, grade F, #214 of 665 statewide, top 32%, 933 students, 0% FRL); Bolingbrook High School (math 23% / reading 29%, grade F, #244 of 693 statewide, top 35%, 3,405 students, 0% FRL) — zoned schools average 0% FRL vs 51% district-wide (51 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.1%/yr); 76 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts; this cycle's ask has dropped $17k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $293k implies a 266% gain — meaningful room to come down on a strong offer.
• Cap rate 5.9% vs local median 4.9% in Bolingbrook — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 34% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?
• 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.