1008 3rd St · Lincoln, IL 62656

$19,900

2 bd · 1.5 ba · 892 sqft · Other · 91 Days on market

Built 1912 8,804 sqft lot ↓ 34% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Calling all investors! Opportunity awaits with this fixer-upper situated on a corner lot in Lincoln! This property offers a fantastic layout with tons of potential for the right buyer ready to roll up their sleeves. Originally designed as a 3-bedroom home, one bedroom was later combined to create a larger front bedroom that now features its own private half bath. The primary bedroom includes a full bathroom that is also accessible from the common areas of the home, along with a spacious 6X8 walk-in closet (please use extreme caution when accessing this room). In total, the home offers two bedrooms with an excellent floor plan that maximizes space and 1.5 bathrooms. You will find a large liv

Key facts

• Private half bath
• Full bathroom
• Walk-in closet

Tags

• CORNER LOT
• LARGER FRONT BEDROOM
• PRIVATE HALF BATH
• FULL BATHROOM
• WALK-IN CLOSET
• LARGE LIVING ROOM

Property features AI

Exterior

• Parking: Detached garage with 1 garage space; Garage workshop (additional room)
• Utilities: Public water; Public sewer; Gas water heater (heating/utility)
• Home design: Single family residence; Built in 1912; 892 building area
• Construction: Shingle roof; Partial basement (unfinished)
• Exterior features: Corner lot

Interior

• Kitchen: No appliances listed
• Bedrooms: 2 bedrooms (both on main level)
• Flooring: Other flooring throughout
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Partial, unfinished basement; No fireplaces; No listed appliances
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath other listed at $20k.

Deal economics

• At list price, monthly cash flow is $523 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($837 rent vs $20k).
• Recommended offer: $18k (9.0% below list) — sets the bar for market timing.
• Cap rate 37.9% vs local median 4.1% in Lincoln — 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 67/100 on livability (#509 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D+, amenities F, commute F.
• Lincoln Chsd 404 (town): math 21% / reading 27% proficiency, ranked #367 of 620 in IL (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 78 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10 units permitted in Logan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 of value loss. Plan a longer hold.
• Logan County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($18k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $18,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — 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 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.20% ✓
• Cap rate: 37.85%
• Cash-on-cash: 112.71%
• DSCR: 6.01
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.41×
• Total profit: $30,120
• Equity at exit: $2,967

10-year hold

• IRR: —
• Equity multiple: 13.42×
• Total profit: $69,199
• Equity at exit: $1,721

Cash invested: $5,572 (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 62656

• Active inventory: 78
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $837 medium
• Mortgage (P&I): −$104
• Tax est. 1.5%: −$25 /mo · $298/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $523

Break-even live

Break-even rent $174

Max offer price $19,900

Occupancy floor 32%

Sensitivity live

Price	-10% $537	-5% $530	+0% $523	+5% $516	+10% $510
Rent	-10% $457	-5% $490	+0% $523	+5% $556	+10% $589
Rate	-1.0pp $533	-0.5pp $528	base $523	+0.5pp $518	+1.0pp $513

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1455 Castle Manor Dr Lincoln, IL	1.0–2.0	1.0	835	$845	$1.01	44d	1	0.90mi
1103 N State St Lincoln, IL	1.0–3.0	1.0–2.0	996	$825	$0.83	21d	1	1.17mi

Listing history 9 events

1. 2026-06-07
   statusdays on market $19,900 Pending 91 DOM
2. 2026-06-04
   days on market $19,900 Active 90 DOM
3. 2026-06-02
   days on market $19,900 Active 89 DOM
4. 2026-06-01
   days on market $19,900 Active 88 DOM
5. 2026-05-31
   days on market $19,900 Active 87 DOM
6. 2026-05-31
   days on market $19,900 Active 86 DOM
7. 2026-05-13
   price $19,900
8. 2026-04-15
   price $25,000
9. 2026-03-05
   listed $30,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,038
• − Mortgage interest: −$1,115
• − Property taxes: −$298
• − Insurance: −$100
• − Repairs & maintenance: −$803
• − Management: −$803
• − Depreciation: −$579
• Taxable income: $6,341
• Est. tax owed @ 24.0%: −$1,522
• After-tax cash flow: $4,758/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: Lincoln Chsd 404
• NCES district ID: 1723050
• Math proficiency: 21% ▼ -9.00%
• Reading proficiency: 27% ▼ -8.00%
• Median HH income: $41,489
• Composite: 20.4/100
• National rank: #8590
• State rank: #367 of 620 in IL

Livability — Lincoln

• Score: 67/100
• State rank: #509
• US rank: #10514

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lincoln, IL
• City population: 18,364
• Population (ZIP): 18,364

Population outlook (Logan County) Hauer SSP2

• Today (2025): 28,066 people
• By 2030: 27,370 · -2.5%
• By 2040: 26,078 · -7.1%
• By 2050: 24,908 · -11.3%
• By 2075: 22,504 · -19.8%
• By 2100: 19,226 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Logan

• 2024 margin: Solid R (+41.5) · D 28.2% · R 69.8% · Other 2.0%
• 2008→2024 swing: -24.6pp toward R · 2008: -16.9pp · 2024: -41.5pp
• All cycles: 2024: R+41.5 2020: R+39.8 2016: R+40.1 2012: R+32.1 2008: R+16.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -181.45%
• Current HPI: 133.9499
• 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

-33.7% since first listed

3 events — show timeline

• 2026-05-13 Price Changed $19,900 RMLSA as Distributed by MLS Grid
• 2026-04-15 Price Changed $25,000 RMLSA as Distributed by MLS Grid
• 2026-03-05 Listed $30,000 RMLSA as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2024): $2,015 · +4.7% YoY. Source: county tax records.