1606 & 1608 W Faust St · Marion, IL 62959

$114,900

3 bd · 1.0 ba · 1,332 sqft · Other · 183 Days on market

Built 1955 0.58 ac lot $86/sqft · 7% below area Est $123k · 7% under

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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 +28.4/30.0
• ARV discount +10.5/15.0
• DSCR +10.0/10.0
• 1% rule +6.6/10.0
• Rent growth +4.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Much potential with this 3-bedroom bungalow, nestled in an older established neighborhood. Featuring a spacious, quality built 2-car detached garage, with ample workspace, this property is perfect for hobbyists, mechanics, or anyone in need of extra room for projects. The home needs work, but has some newer features. Outside, an additional lot expands your possibilities, complete with a mobile home that has been vacant for several years. A unique opportunity for renovation, storage, or redevelopment. Whether you're looking for a cozy home or an investment with lots of potential, this property is ready for you to make it your own! Schedule your showing today and explore everything this prope

Key facts

• Additional lot
• Unique opportunity
• Detached garage

Tags

• DETACHED GARAGE
• ADDITIONAL LOT
• UNIQUE OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $115k.

Deal economics

• At list price, monthly cash flow is $372 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 4.0% in Marion — 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 61/100 on livability (#896 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, schools F, crime F.
• Marion CUSD 2 (urban): math 20% / reading 31% proficiency, ranked #317 of 620 in IL (top 51%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+8.4%/yr); 226 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 10.18%
• Cash-on-cash: 13.88%
• DSCR: 1.62
• GRM: 7.2

CMA / ARV

• ARV (median comp): $123,094
• List price: $114,900
• Delta: -6.66%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.37×
• Total profit: $12,057
• Equity at exit: $17,132

10-year hold

• IRR: 21.8%
• Equity multiple: 3.26×
• Total profit: $72,779
• Equity at exit: $9,934

Cash invested: $32,172 (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 62959

• Rents YoY: 8.4%
• Active inventory: 226
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,329 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$27 /mo · $327/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $372

Break-even live

Break-even rent $858

Max offer price $114,900

Occupancy floor 67%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 W Central St Marion, IL	2.0	2.0	1175	$1,175	$1.00	43d	1	0.12mi

Listing history 28 events

1. 2026-06-19
   days on market $114,900 Active 183 DOM
2. 2026-06-18
   days on market $114,900 Active 182 DOM
3. 2026-06-17
   days on market $114,900 Active 181 DOM
4. 2026-06-16
   days on market $114,900 Active 180 DOM
5. 2026-06-15
   days on market $114,900 Active 179 DOM
6. 2026-06-14
   days on market $114,900 Active 177 DOM
7. 2026-06-13
   days on market $114,900 Active 176 DOM
8. 2026-06-10
   days on market $114,900 Active 174 DOM
9. 2026-06-09
   days on market $114,900 Active 173 DOM
10. 2026-06-09
    days on market $114,900 Active 172 DOM
11. 2026-06-07
    days on market $114,900 Active 171 DOM
12. 2026-06-05
    days on market $114,900 Active 168 DOM
13. 2026-06-03
    days on market $114,900 Active 167 DOM
14. 2026-06-02
    days on market $114,900 Active 166 DOM
15. 2026-06-01
    days on market $114,900 Active 165 DOM
16. 2026-05-31
    days on market $114,900 Active 164 DOM
17. 2026-05-30
    days on market $114,900 Active 163 DOM
18. 2026-05-14
    price $114,900
19. 2026-01-08
    status Active
20. 2026-01-07
    historical
21. 2026-01-06
    status Active
22. 2026-01-05
    historical
23. 2025-12-09
    status Active
24. 2025-12-09
    historical
25. 2025-12-05
    historical
26. 2025-08-22
    price
27. 2025-07-24
    price
28. 2025-06-09
    listed Active

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

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $327 · $27/mo
• Projected year-2 tax: $1,468 · $122/mo
• Expected delta: +$1,140/yr (+$95/mo · 348.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,947
• − Mortgage interest: −$6,436
• − Property taxes: −$327
• − Insurance: −$574
• − Repairs & maintenance: −$1,276
• − Management: −$1,276
• − Depreciation: −$3,343
• Taxable income: $2,715
• Est. tax owed @ 24.0%: −$652
• After-tax cash flow: $3,814/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.

Schools (NCES district)

• District: Marion CUSD 2
• NCES district ID: 1724600
• Math proficiency: 20% ▼ -11.00%
• Reading proficiency: 31% ▼ -11.00%
• Median HH income: $46,221
• Composite: 22.07/100
• National rank: #8189
• State rank: #317 of 620 in IL

Livability — Marion

• Score: 61/100
• State rank: #896
• US rank: #17434

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, IL
• County: Williamson County · 38,451 people
• City population: 27,793
• Metro: Carbondale-Marion, IL
• Population (ZIP): 27,793
• Household income: $71,063
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 763.0

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 (87%)
• Race & ethnicity: White 87% Black 5% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1% Other Indo-European 1%

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: ▼ -76.41%
• Current HPI: 137.5955
• Rent YoY: ▲ 8.40%
• Metro: Carbondale-Marion, IL
• 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

11 events — show timeline

• 2026-05-14 Price Changed $114,900 MRED as Distributed by MLS Grid
• 2026-01-08 Relisted — MRED as Distributed by MLS Grid
• 2026-01-07 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-06 Relisted — MRED as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-09 Relisted — RMLSA as Distributed by MLS Grid
• 2025-12-09 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-12-05 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-08-22 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-07-24 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-06-09 Listed — RMLSA as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $327 · +13.2% YoY. Source: county tax records.