513 E Liberty Dr

Wheaton, IL 60187

$299,000C

2 bd · 1.0 ba · 746 sqft · Built 1900 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,153/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$431
• HOA: −$0
• Vac / Maint / Mgmt: −$662
• Net cashflow: $492/mo
• Annual: $5,904/yr
• Cap rate: 8.27%
• Cash-on-cash: 7.05%
• DSCR: 1.31
• 1% rule: 1.05%
• Cash to close: $83,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $299k.
• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• It's been on market 17 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• 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 86/100 on livability (#17 in IL, #374 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D+, health & safety D+, cost of living F.
• CUSD 200 (suburban): math 43% / reading 44% proficiency, ranked #78 of 620 in IL (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lowell Elem School (math 47% / reading 47%, grade D-, #219 of 2,056 statewide, top 12%, 257 students, 0% FRL); Franklin Middle School (math 38% / reading 49%, grade D, #101 of 665 statewide, top 16%, 575 students, 0% FRL); Wheaton North High School (math 50% / reading 52%, grade D+, #41 of 693 statewide, top 6%, 1,871 students, 0% FRL) — zoned schools average 0% FRL vs 23% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.6%/yr); 45 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,378 units permitted in DuPage County in 2024 (594 in 5+ unit buildings).
• 3 sale attempts 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 $238k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.3% vs local median 3.7% in Wheaton — 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.
• This rent runs 32% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.