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Rare opportunity to own a unique income-producing property featuring two separate homes situated on one oversized lot in the growing community of Elwood, Illinois. Previously tenant occupied with monthly rents totaling approximately $3,650, this versatile property presents an excellent opportunity for investors, multi-generational living, or owner-occupants looking to generate additional rental income. Both residences offer separate living spaces with endless possibilities for long-term rentals, related living arrangements, or future value-add potential. The expansive lot provides additional outdoor space, parking flexibility, storage opportunities, and room to further enhance the property over time. Whether you are an experienced investor looking to expand your portfolio or a buyer searching for a property with built-in income potential, this is a rare chance to secure a high-demand asset in a steadily developing market. Located in the heart of Elwood, this property offers the charm of small-town living while still providing convenient access to major transportation routes including I-55, Route 53, and nearby intermodal and logistics hubs that continue to fuel job growth throughout the area. Elwood has become increasingly attractive due to its proximity to Joliet, strong industrial employment centers, and continued economic development while still maintaining a quieter residential atmosphere. Residents enjoy nearby parks, local restaurants, schools, shopping, and quick access to surrounding suburbs. The property is also positioned near the CenterPoint Intermodal Center, one of the largest inland ports in North America, bringing continued employment opportunities and long-term growth potential to the surrounding area. With increasing demand for rental housing in Will County and strong commuter accessibility, this property offers both immediate cash flow potential and long-term upside. Whether you choose to rent both homes, live in one while leasing the other, or hold as a long-term investment, opportunities like this are difficult to find. Property is being sold as-is. Buyer and buyer's agent to verify all information including zoning, room sizes, rental income, and intended use.
| DAYS ON MARKET | 15 | LAST UPDATED | 6/4/2026 |
|---|---|---|---|
| YEAR BUILT | 0 | COMMUNITY | Elwood |
| COUNTY | Will | STATUS | Active |
| PROPERTY TYPE(S) | Single Family |
| PRICE HISTORY | |
| Prior to Jun 4, '26 | $340,000 |
|---|---|
| Jun 4, '26 - Today | $325,000 |
| ADDITIONAL DETAILS | |
| AIR | None |
|---|---|
| AREA | Elwood |
| BASEMENT | None |
| CONSTRUCTION | Vinyl Siding |
| HEAT | Forced Air, Natural Gas |
| LOT | 0.37 acre(s) |
| LOT DIMENSIONS | 156 x 103 |
| SEWER | Public Sewer |
| TAXES | 3331 |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listed with Avenue Properties Chicago
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The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Copyright 2026 MRED. All rights reserved.
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Copyright 2026 MRED. All rights reserved.
This IDX solution is (c) Diverse Solutions 2026.