ZIP CODE 60623 // CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI // DATA AS OF 2026-09-30
Chicago, IL (60623) Rental Property Cap Rate & Cash Flow Report
Located in Cook County (Chicago, IL), Zip Code 60623 ranks #67 of 500 within this selected sample (87th percentile) with a Zillow ZHVI typical home-value index of $227,958 (+3.8% YoY) and a ZORI observed market rent of $1,581/mo (+4.7% YoY). Requires at least 36.8% down payment at 6.5% interest to reach $0/mo break-even cash flow. This model combines different housing populations; it is not an observed average property return. Costs assume state-average tax, 0.5% annual insurance, 13% reserves and no HOA or management. Figures below follow your edits; this headline describes the original benchmark.
Net Monthly Cash Flow
-$243/mo
Annual: -$2,912/yr
Modeled Cap Rate
4.79%
NOI: $10,921/yr
Cash-on-Cash Return
-5.55%
Cash Needed: $52,430
1% Rule Ratio
0.69%
Gross Yield: 8.32%
Break-Even Rent
$1,860/mo
State Tax: 1.95%/yr
INTERACTIVE PRO-FORMA STATEMENT (ZIP 60623 BENCHMARK)
Edit any value
Purchase Price (ZHVI proxy)
Monthly Gross Rent (ZORI proxy)
Down Payment (%)
Interest Rate (30Y Fixed %)
Annual Property Tax (IL Avg 1.95%)
Annual Home Insurance ($)
Monthly HOA Fee ($)
Monthly Debt Service (P&I)
-$1,153/mo
Monthly Operating Expenses (Tax + Ins + 13% Reserves)
-$671/mo
HISTORICAL ZHVI PRICE VS. ZORI RENT TRAJECTORY (60623)
| Year | ZHVI Value | ZORI Rent | Gross Yield |
|---|---|---|---|
| 2021 | $192,580 | $1,147/mo | 7.15% |
| 2022 | $196,858 | $1,200/mo | 7.31% |
| 2023 | $203,324 | $1,343/mo | 7.93% |
| 2024 | $216,373 | $1,460/mo | 8.10% |
| 2025 | $219,615 | $1,510/mo | 8.25% |
| 2026 | $227,958 | $1,581/mo | 8.32% |
COMPARABLE U.S. RENTAL MARKETS
| Zip / City | Price | Rent | Cap Rate | Cash Flow |
|---|---|---|---|---|
| 60085 Waukegan, IL | $239,587 | $1,710/mo | 5.00% | -$213/mo |
| 60620 Chicago, IL | $182,454 | $1,305/mo | 5.02% | -$160/mo |
| 60609 Chicago, IL | $263,163 | $1,642/mo | 4.06% | -$439/mo |
| 60651 Chicago, IL | $284,370 | $1,751/mo | 3.98% | -$495/mo |
| 60617 Chicago, IL | $180,176 | $1,497/mo | 6.22% | +$23/mo |
| 60632 Chicago, IL | $288,846 | $1,551/mo | 3.16% | -$701/mo |