1609 Illini Dr

New Lenox, IL 60451

$199,900B

4 bd · 2.0 ba · 2,100 sqft · Built — · Other · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,000/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$798
• HOA: −$0
• Vac / Maint / Mgmt: −$840
• Net cashflow: $1,313/mo
• Annual: $15,761/yr
• Cap rate: 14.18%
• Cash-on-cash: 28.16%
• DSCR: 2.25
• 1% rule: 2.00%
• Cash to close: $55,972

Investor read

• This is a 4-bed/2.0-bath other listed at $200k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• It's been on market 26 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• 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.
• Location reads 79/100 on livability (#127 in IL, #2,348 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, amenities D, commute F.
• Lincoln Way Chsd 210 (suburban): math 44% / reading 49% proficiency, ranked #60 of 620 in IL (top 10%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spencer Pointe (math 62% / reading 42%, grade C-, #148 of 2,056 statewide, top 8%, 492 students, 0% FRL); Alex M Martino Jr High School (math 42% / reading 45%, grade D, #101 of 665 statewide, top 16%, 574 students, 0% FRL); Lincoln-Way Central High School (math 45% / reading 49%, grade D-, #53 of 693 statewide, top 8%, 1,962 students, 0% FRL).
• Watch-outs: property tax is 4.3% of price.
• Market conditions: 188 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 2 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.2% vs local median 1.7% in New Lenox — 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

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.