201 E May St · Joy, IL 61260

$49,900

3 bd · 1.0 ba · 1,000 sqft · SingleFamily · 160 Days on market

Built 1897 6,098 sqft lot $50/sqft · 37% below area Est $79k · 37% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks

Cute move-in ready home priced below assessed value. All new electrical service into the house with new receptacles and outlets 2025. Also in 2025 house painted throughout. New flooring in bathroom and both bedrooms upstairs 2025 Other updates include living room and laundry windows 2018.

Key facts

• Living room windows
• New flooring
• New receptacles

Tags

• NEW ELECTRICAL SERVICE
• NEW RECEPTACLES
• NEW OUTLETS
• HOUSE PAINTED
• NEW FLOORING
• LIVING ROOM WINDOWS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($963 rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#1,026 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety D+, schools F, crime D-.
• Mercer County School District 404 (town): math 14% / reading 24% proficiency, ranked #439 of 620 in IL (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 5 active listings in the ZIP; 15 units permitted in Mercer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($345 loan paydown + $2k appreciation (4.2% local appreciation)).
• Mercer County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $28k; list at $50k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 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 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.93% ✓
• Cap rate: 14.49%
• Cash-on-cash: 29.27%
• DSCR: 2.30
• GRM: 4.3

CMA / ARV

• ARV (median comp): $79,250
• List price: $49,900
• Delta: -37.03%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 E Liberty St St	0.32mi	2/1.0 (-1)	1,090 (+9%)	4mo	$76,000	$70	62
202 N Washington St	0.36mi	2/1.0 (-1)	896 (-10%)	1mo	$78,500	$88	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 37.2%
• Equity multiple: 3.21×
• Total profit: $30,932
• Equity at exit: $25,793

10-year hold

• IRR: 36.2%
• Equity multiple: 6.45×
• Total profit: $76,082
• Equity at exit: $42,585

Cash invested: $13,972 (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 61260

• Home prices YoY: 4.7%
• Active inventory: 5
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $963 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$137 /mo · $1,647/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $341

Break-even live

Break-even rent $531

Max offer price $49,900

Occupancy floor 60%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-09
   statusdays on market $49,900 Pending 160 DOM
2. 2026-06-08
   days on market $49,900 Active 159 DOM
3. 2026-06-07
   days on market $49,900 Active 158 DOM
4. 2026-06-04
   days on market $49,900 Active 154 DOM
5. 2026-06-02
   days on market $49,900 Active 153 DOM
6. 2026-06-01
   days on market $49,900 Active 152 DOM
7. 2026-05-31
   days on market $49,900 Active 151 DOM
8. 2026-05-31
   days on market $49,900 Active 150 DOM
9. 2026-03-10
   price $49,900
10. 2026-01-26
    status Active
11. 2026-01-16
    status Pending
12. 2026-01-14
    historical
13. 2026-01-08
    status Active
14. 2026-01-06
    historical
15. 2026-01-05
    historical
16. 2025-12-12
    listed Active
17. 2018-07-11
    soldstatus $28,000

ⓘ 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: $1,647 · $137/mo
• Projected year-2 tax: $1,647 · $137/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,553
• − Mortgage interest: −$2,795
• − Property taxes: −$1,647
• − Insurance: −$250
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$1,452
• Taxable income: $3,561
• Est. tax owed @ 24.0%: −$855
• After-tax cash flow: $3,235/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: Mercer County School District 404
• NCES district ID: 1701395
• Math proficiency: 14% ▼ -5.00%
• Reading proficiency: 24% ▼ -9.00%
• Median HH income: $46,980
• Composite: 16.76/100
• National rank: #9158
• State rank: #439 of 620 in IL

Livability — Joy

• Score: 59/100
• State rank: #1026
• US rank: #19594

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Joy, IL
• Population (ZIP): 635

Population outlook (Mercer County) Hauer SSP2

• Today (2025): 14,595 people
• By 2030: 13,846 · -5.1%
• By 2040: 12,335 · -15.5%
• By 2050: 10,893 · -25.4%
• By 2075: 8,238 · -43.6%
• By 2100: 6,111 · -58.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 2%
• Common ancestry: Portuguese 2% Serbian 2% English 2%
• Foreign-born: 1% · Canada, Dominican Republic
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Mercer

• 2024 margin: Strong R (+27.1) · D 35.4% · R 62.5% · Other 2.2%
• 2008→2024 swing: -39.0pp toward R · 2008: 11.9pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+24.0 2016: R+20.7 2012: D+7.4 2008: D+11.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.17%
• Current HPI: 93.1494
• 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

+78.2% since first listed

9 events — show timeline

• 2026-03-10 Price Changed $49,900 MRED as Distributed by MLS Grid
• 2026-01-26 Relisted — MRED as Distributed by MLS Grid
• 2026-01-16 Pending — MRED as Distributed by MLS Grid
• 2026-01-14 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-08 Relisted — MRED as Distributed by MLS Grid
• 2026-01-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-12 Listed — RMLSA as Distributed by MLS Grid
• 2018-07-11 Sold (Public Records) $28,000 Public Records

Property tax history

+5.0%/yr

Latest (2024): $1,647 · +13.1% YoY. Source: county tax records.