35700 N Cedar · Fox Lake, IL 60020

$185,000

1 bd · 1.5 ba · 1,003 sqft · SingleFamily · 128 Days on market

Built 1923 Fair condition Est $174k · 7% over

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Why this score? — see what drove the D 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 +17.6/30.0
• DSCR +5.5/10.0
• 1% rule +4.7/10.0
• ARV discount +4.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +2.3/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Escape to your own private waterfront paradise on Cedar Island, nestled on beautiful Pistakee Lake and part of the renowned Chain O'Lakes. Accessible only by boat, this unique property offers unmatched peace, privacy, and breathtaking panoramic views from sunrise to sunset. Step inside and instantly embrace the charm of true "Lake Life. " The cozy open-concept living and dining areas are perfect for gathering, while inviting bedrooms capture refreshing lake breezes. A charming fireplace adds warmth and character, making the cottage just as enjoyable on cool evenings as it is during sunny summer days. Relax on the front lawn or unwind in the screened-in porch with your morning coff

Key facts

• Screened-in porch
• Charming fireplace
• Inviting bedrooms

Tags

• PRIVATE WATERFRONT PARADISE
• BREATHTAKING PANORAMIC VIEWS
• COZY OPEN-CONCEPT LIVING
• INVITING BEDROOMS
• CHARMING FIREPLACE
• SCREENED-IN PORCH

Property features AI

Finance

• Other: Parcel number 05161010110000
• HOA & community: No master association fees required

Exterior

• Utilities: Well water; Septic sewer
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; More than 100 years old; Not rebuilt or recently rehabbed
• Construction: Vinyl siding exterior
• Exterior features: Property is on the northeast side of Cedar Island on Pistakee Lake; Located in a flood zone; Waterfront property

Interior

• Kitchen: Vinyl flooring in kitchen; Kitchen located on main level
• Bedrooms: 1 bedroom (master bedroom on second level); Additional bedrooms listed (Bedroom 2, Bedroom 3, Bedroom 4)
• Flooring: Vinyl flooring in living room, dining room, and kitchen
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating; Window air conditioning units
• Interior features: 5 total rooms; One fireplace located in the family room
• Laundry & utility: Main-level laundry room (approx. 5 x 5)

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath single-family listed at $185k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (2.6% below list).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#247 in IL, #4,462 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: amenities D+, 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: 77 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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

• It's been on market 128 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1923 — 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. 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?
8. 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.
9. 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.
10. 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: 0.97% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.35%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $173,519
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54 Hillcrest Ave	0.27mi	2/1.0 (+1)	1,008 (+0%)	1mo	$239,900	$238	78
13 Highview Ave	0.19mi	2/1.0 (+1)	1,152 (+15%)	11mo	$170,000	$148	51
11 S Lake Ave	0.37mi	2/1.0 (+1)	1,140 (+14%)	4mo	$189,900	$167	50
25 S York St	0.15mi	2/1.0 (+1)	1,128 (+12%)	20mo	$150,000	$133	48
91 Lippincott Rd	0.69mi	2/1.0 (+1)	1,100 (+10%)	1mo	$190,000	$173	44
10 Cross St	0.68mi	2/1.0 (+1)	1,040 (+4%)	19mo	$185,000	$178	40
38 Lippincott Rd	0.56mi	2/2.0 (+1)	1,152 (+15%)	3mo	$270,000	$234	39
17 Arlington Rd	0.65mi	2/1.0 (+1)	872 (-13%)	7mo	$110,000	$126	35
20 N Pistakee Lake Rd	0.75mi	2/1.0 (+1)	905 (-10%)	20mo	$205,000	$227	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.60×
• Total profit: $-20,729
• Equity at exit: $27,584

10-year hold

• IRR: -1.7%
• Equity multiple: 0.88×
• Total profit: $-6,065
• Equity at exit: $15,995

Cash invested: $51,800 (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 60020

• Home prices YoY: -30.7%
• Active inventory: 77
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,802 medium
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $145

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 87%

Sensitivity live

Price	-10% $273	-5% $209	+0% $145	+5% $81	+10% $17
Rent	-10% $2	-5% $74	+0% $145	+5% $216	+10% $287
Rate	-1.0pp $238	-0.5pp $192	base $145	+0.5pp $97	+1.0pp $48

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
59 Mariner Ln Fox Lake, IL	2.0	1.5	1152	$1,975	$1.71	0d	1	0.56mi
22 W Grand Ave Fox Lake, IL	2.0	1.0	730	$1,700	$2.33	44d	1	0.70mi
6 N Pistakee Lake Rd Fox Lake, IL	2.0	1.0	1500	$1,750	$1.17	0d	1	0.77mi
87 Maude Ave Unit B Fox Lake, IL	2.0	1.5	1092	$1,700	$1.56	16d	1	0.78mi

Listing history 15 events

1. 2026-06-21
   days on market $185,000 Active 128 DOM
2. 2026-06-18
   days on market $185,000 Active 125 DOM
3. 2026-06-17
   days on market $185,000 Active 124 DOM
4. 2026-06-16
   days on market $185,000 Active 123 DOM
5. 2026-06-15
   days on market $185,000 Active 122 DOM
6. 2026-06-13
   days on market $185,000 Active 120 DOM
7. 2026-06-09
   days on market $185,000 Active 116 DOM
8. 2026-06-08
   days on market $185,000 Active 115 DOM
9. 2026-06-07
   days on market $185,000 Active 114 DOM
10. 2026-06-04
    days on market $185,000 Active 111 DOM
11. 2026-06-03
    days on market $185,000 Active 110 DOM
12. 2026-06-02
    days on market $185,000 Active 109 DOM
13. 2026-06-01
    days on market $185,000 Active 108 DOM
14. 2026-05-31
    days on market $185,000 Active 107 DOM
15. 2026-02-13
    listed $185,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $21,620
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$1,730
• − Management: −$1,730
• − Depreciation: −$5,382
• Taxable loss: −$1,284
• Est. tax savings @ 24.0%: +$308
• After-tax cash flow: $2,046/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.

Condition & rehab AI · 7 photos

Fair 45/100 Moderate rehab

This waterfront property offers a good starting point with a good roof and exterior, but requires some interior updates and maintenance to maximize its value.

Repairs flagged

• Minor Kitchen countertops — Cluttered and worn
• Minor Bathroom organization — Cluttered and disorganized

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Deep clean and organize interior — Improves livability and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · Cluttered and worn	Minor	$500–3,000
Bathroom organization · Cluttered and disorganized	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Deep clean and organize interior — Improves livability and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Fox Lake

• Score: 74/100
• State rank: #247
• US rank: #4462

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fox Lake, IL
• City population: 10,846
• Population (ZIP): 10,846

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 (80%)
• Race & ethnicity: White 80% Hispanic / Latino 12% Two or more races 10% Black 3%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Romanian 15% Portuguese 2% Italian 2%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 6% Russian/Polish/Slavic 3% Other Indo-European 1%

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: ▼ -97.19%
• Current HPI: 219.6301
• 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

1 event — show timeline

• 2026-02-13 Listed $185,000 MRED as Distributed by MLS Grid