1609 S 22nd St · Herrin, IL 62948

$299,900

8 bd · 4.0 ba · 5,080 sqft · MultiFamily · 68 Days on market

Built 1972 Good condition Est $284k · 5% over ↓ 43% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +5.1/15.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Unlock the potential of this exceptional multi-unit investment opportunity, ready for its next owner to step in and start generating passive income from day one! This well-maintained apartment complex features four identical 2 bed, 1 bath units, offering consistency in layout and ease of management. Each unit provides comfortable living spaces that appeal to long-term tenants, helping ensure steady occupancy. A major bonus is the lifetime warranty on the metal roof, giving peace of mind and reducing future maintenance concerns. Tenants also enjoy access to a shared downstairs laundry area equipped with two units—creating an additional stream of income for the savvy investor. The basement also houses the mechanicals and tons of storage to stay organized and efficient. Situated on a spacious lot, this property offers room for expansion with the potential to build an additional complex, maximizing your return and growing your portfolio. Whether you're a seasoned investor or just getting started, this is a rare opportunity to scale your income with a property that has both immediate cash flow and future upside. Motivated seller is ready to pass the torch—don’t miss your chance to capitalize on this promising investment! Call today for a showing before its spoken for.

Key facts

• Tons of storage
• Room for expansion
• 10 parking spots

Tags

• TONS OF STORAGE
• ROOM FOR EXPANSION

Property features AI

Finance

• Other: Property offered for sale only; Parcel number available (not shown)
• Financial info: Gross income: $96,600 per year; Total monthly income: $8,075; Gross rent multiplier (GRM): 6.47; Tax year 2024 (tax amount not included per instructions)
• HOA & community: HOA/community details not provided

Exterior

• Parking: 22 parking spaces (total)
• Security: Security details not provided
• Utilities: Electric on separate meters; Water/sewer expense listed (monthly): $1,500
• Home design: Multi-family property (5+ units); 11 total dwelling units
• Construction: Brick and vinyl siding exterior; Built after 1978 (not built before 1978)
• Exterior features: Lot dimensions: 370 x 470

Interior

• Kitchen: 1 dishwasher
• Bedrooms: 11 total units (bedroom counts per unit not provided)
• Flooring: Flooring details not provided
• Bathrooms: Bathroom details not provided
• Heating & cooling: Central air; Window unit(s) (10 total window AC units)
• Interior features: Central air and window AC units
• Laundry & utility: 8 washers; 8 dryers

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $300k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $702/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $282k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 8.5% in Herrin — 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.

Location & tenants

• Location reads 64/100 on livability (#667 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: schools D, crime D-, amenities F.
• Herrin CUSD 4 (suburban): math 22% / reading 27% proficiency, ranked #364 of 620 in IL (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 91 active listings in the ZIP; 130 units permitted in Williamson County in 2024 (5 in 5+ unit buildings).

Forward outlook

• 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y ago 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.

Recommended offer $281,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 11.91%
• Cash-on-cash: 20.06%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $284,480
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1609 S 22nd St	0.00mi	8/4.0	5,080 (0%)	0mo	$283,750	$56	100

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: 12.2%
• Equity multiple: 1.49×
• Total profit: $40,857
• Equity at exit: $44,716

10-year hold

• IRR: 21.2%
• Equity multiple: 2.80×
• Total profit: $150,947
• Equity at exit: $25,930

Cash invested: $83,972 (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 62948

• Home prices YoY: -34.1%
• Active inventory: 91
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $4,400 medium
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$924
• Net cashflow: $1,403

Break-even live

Break-even rent $2,623

Max offer price $299,900

Occupancy floor 63%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$4,400
Total (2 units)			$4,400

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-09
   days on market $299,900 Under Contract 68 DOM
2. 2026-06-08
   days on market $299,900 Under Contract 67 DOM
3. 2026-06-07
   days on market $299,900 Under Contract 66 DOM
4. 2026-06-03
   days on market $299,900 Under Contract 62 DOM
5. 2026-06-02
   days on market $299,900 Under Contract 61 DOM
6. 2026-06-01
   days on market $299,900 Under Contract 60 DOM
7. 2026-05-31
   days on market $299,900 Under Contract 59 DOM
8. 2026-05-30
   days on market $299,900 Under Contract 58 DOM
9. 2026-05-24
   listed Contingent - Continue to Show
10. 2026-05-24
    listed Contingent - Continue to Show
11. 2026-05-22
    listed Contingent - Continue to Show
12. 2026-04-17
    historical Under Contract 1301-char remark

    Show marketing remark (1301 chars)

    Unlock the potential of this exceptional multi-unit investment opportunity, ready for its next owner to step in and start generating passive income from day one! This well-maintained apartment complex features four identical 2 bed, 1 bath units, offering consistency in layout and ease of management. Each unit provides comfortable living spaces that appeal to long-term tenants, helping ensure steady occupancy. A major bonus is the lifetime warranty on the metal roof, giving peace of mind and reducing future maintenance concerns. Tenants also enjoy access to a shared downstairs laundry area equipped with two units—creating an additional stream of income for the savvy investor. The basement also houses the mechanicals and tons of storage to stay organized and efficient. Situated on a spacious lot, this property offers room for expansion with the potential to build an additional complex, maximizing your return and growing your portfolio. Whether you're a seasoned investor or just getting started, this is a rare opportunity to scale your income with a property that has both immediate cash flow and future upside. Motivated seller is ready to pass the torch—don’t miss your chance to capitalize on this promising investment! Call today for a showing before its spoken for.

13. 2026-04-02
    listed $299,900 Active 1301-char remark

    Show marketing remark (1301 chars)

    Unlock the potential of this exceptional multi-unit investment opportunity, ready for its next owner to step in and start generating passive income from day one! This well-maintained apartment complex features four identical 2 bed, 1 bath units, offering consistency in layout and ease of management. Each unit provides comfortable living spaces that appeal to long-term tenants, helping ensure steady occupancy. A major bonus is the lifetime warranty on the metal roof, giving peace of mind and reducing future maintenance concerns. Tenants also enjoy access to a shared downstairs laundry area equipped with two units—creating an additional stream of income for the savvy investor. The basement also houses the mechanicals and tons of storage to stay organized and efficient. Situated on a spacious lot, this property offers room for expansion with the potential to build an additional complex, maximizing your return and growing your portfolio. Whether you're a seasoned investor or just getting started, this is a rare opportunity to scale your income with a property that has both immediate cash flow and future upside. Motivated seller is ready to pass the torch—don’t miss your chance to capitalize on this promising investment! Call today for a showing before its spoken for.

14. 2026-02-25
    soldstatus $530,000 Closed
15. 2026-02-25
    soldstatus $530,000 Closed
16. 2026-02-25
    soldstatus $530,000 Closed
17. 2026-02-25
    soldstatus $530,000 Closed
18. 2026-01-08
    historical Contingent - Continue to Show
19. 2026-01-07
    historical
20. 2026-01-06
    historical
21. 2026-01-06
    historical Contingent - Continue to Show
22. 2026-01-05
    historical
23. 2026-01-02
    historical Contingent - Continue to Show
24. 2026-01-02
    status Pending
25. 2025-11-17
    listed Active
26. 2025-01-01
    historical
27. 2024-12-31
    historical
28. 2024-08-09
    price
29. 2024-02-16
    status Active
30. 2024-02-16
    historical
31. 2024-02-16
    historical
32. 2024-02-16
    historical
33. 2024-02-15
    listed Active
34. 2024-02-15
    listed Active
35. 2021-08-06
    historical
36. 2021-08-06
    historical
37. 2021-08-06
    historical
38. 2021-08-06
    historical
39. 2017-09-20
    historical
40. 2015-06-24
    historical

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

Taxation est. · year 1

• Rental income: $52,800
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,224
• − Management: −$4,224
• − Depreciation: −$8,724
• Taxable income: $12,831
• Est. tax owed @ 24.0%: −$3,079
• After-tax cash flow: $13,762/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 · 1 photo

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with minimal maintenance required. Landscaping improvements and painting can significantly enhance its curb appeal and rental value.

Value-add opportunities

• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more tenants.
• Both Painting exterior and interior — Fresh paint can improve the home's appearance and attract more tenants.
• Rental HVAC maintenance — A well-maintained HVAC system ensures comfort and reduces energy costs for tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more tenants. ↑
• Both Painting exterior and interior — Fresh paint can improve the home's appearance and attract more tenants. ↑
• Rental HVAC maintenance — A well-maintained HVAC system ensures comfort and reduces energy costs for tenants. ↑

ⓘ 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: Herrin CUSD 4
• NCES district ID: 1718810
• Math proficiency: 22% ▼ -11.00%
• Reading proficiency: 27% ▼ -17.00%
• Median HH income: $38,824
• Composite: 20.56/100
• National rank: #8558
• State rank: #364 of 620 in IL

Livability — Herrin

• Score: 64/100
• State rank: #667
• US rank: #13670

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 12,728
• Population (ZIP): 12,728

Population outlook (Williamson County) Hauer SSP2

• Today (2025): 69,553 people
• By 2030: 70,090 · +0.8%
• By 2040: 70,345 · +1.1%
• By 2050: 69,394 · -0.2%
• By 2075: 63,590 · -8.6%
• By 2100: 51,154 · -26.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Black 5% Hispanic / Latino 4% Native American 1%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Williamson

• 2024 margin: Solid R (+38.8) · D 30.0% · R 68.8% · Other 1.3%
• 2008→2024 swing: -24.0pp toward R · 2008: -14.8pp · 2024: -38.8pp
• All cycles: 2024: R+38.8 2020: R+37.3 2016: R+41.2 2012: R+25.0 2008: R+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.82%
• Current HPI: 131.1617
• 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

-43.4% since first listed

32 events — show timeline

• 2026-05-24 Listed — MRED as Distributed by MLS Grid
• 2026-05-24 Listed — MRED as Distributed by MLS Grid
• 2026-05-22 Listed — MRED as Distributed by MLS Grid
• 2026-04-17 Contingent — RMLSA as Distributed by MLS Grid
• 2026-04-02 Listed $299,900 RMLSA as Distributed by MLS Grid
• 2026-02-25 Sold (MLS) $530,000 MRED as Distributed by MLS Grid
• 2026-02-25 Sold (MLS) $530,000 MRED as Distributed by MLS Grid
• 2026-02-25 Sold (MLS) $530,000 MRED as Distributed by MLS Grid
• 2026-02-25 Sold (MLS) $530,000 MRED as Distributed by MLS Grid
• 2026-01-08 Contingent — MRED as Distributed by MLS Grid
• 2026-01-07 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-01-06 Contingent — MRED as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-02 Contingent — MRED as Distributed by MLS Grid
• 2026-01-02 Pending — MRED as Distributed by MLS Grid
• 2025-11-17 Listed — RMLSA as Distributed by MLS Grid
• 2025-01-01 Listing Removed — RMLSA as Distributed by MLS Grid
• 2024-12-31 Listing Removed — MRED as Distributed by MLS Grid
• 2024-08-09 Price Changed — RMLSA as Distributed by MLS Grid
• 2024-02-16 Relisted — RMLSA as Distributed by MLS Grid
• 2024-02-16 Listing Removed — RMLSA as Distributed by MLS Grid
• 2024-02-16 Listing Removed — MRED as Distributed by MLS Grid
• 2024-02-16 Listing Removed — RMLSA as Distributed by MLS Grid
• 2024-02-15 Listed — RMLSA as Distributed by MLS Grid
• 2024-02-15 Listed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2017-09-20 Listing Removed — MRED as Distributed by MLS Grid
• 2015-06-24 Listing Removed — MRED as Distributed by MLS Grid