217 N Market St · Golconda, IL 62938-9998

$19,875

3 bd · None ba · 1,190 sqft · SingleFamily · 145 Days on market

Built 1910 8,712 sqft lot $17/sqft · 34% below area Est $30k · 34% under

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Why this score? — see what drove the C- 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 +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

Have you been on the lookout for a major restoration project? Here is your chance! Located in downtown Golconda right next to the Ohio river where Decatur meets Market Street, the view from this lot is breathtaking. This two-story structure sits on a .20-acre corner lot with views of the Golconda Marina and Shawnee National Forest. This historical building is adjacent to the Sheriff’s office and is looking for someone to put the time and work into completely renovating or tearing down parts of the original structure for rebuilding. Structure is built with classical Italianate features reminiscent of the Ohio River Era. The architecture suggests it was built circa 1860s-1880s. There is a period addition from 1910 on the main floor that expands the original building, providing plenty of room for renovations. Although aged, this solid brick construction provides a great foundation for transformation into a historical residence, offices or mixed-use space for plenty of projects. Historical character is all around this building with distinctive bracketed cornice and segmented arch windows with brick voussoirs. With all its beauty may come some challenges, but this could be a restoration project of a lifetime for the passionate preservationist who values Southern Illinois history! Gutted interior meaning no power or water throughout the home which will require comprehensive renovation. This is your chance to preserve Golconda’s architectural heritage & restore a historic building!

Key facts

• Prime corner lot
• Historic golconda
• 8,712 sq ft lot

Tags

• ITALIANATE BRICK BUILDING
• HISTORIC GOLCONDA
• PRIME CORNER LOT
• VIEWS OF GOLCONDA MARINA
• SOLID BRICK CONSTRUCTION
• EXCEPTIONAL FOUNDATION

What this means for you Summary

Snapshot

• This is a 3-bed/?-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $558 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($861 rent vs $20k).
• Recommended offer: $17k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#920 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Pope County CUD 1 (rural): math 9% / reading 25% proficiency, ranked #492 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby.

Forward outlook

• In year one you build about $733 of equity ($137 loan paydown + $596 appreciation (3.0% local appreciation)).
• Pope County population projected at -21% 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 145 days — a 12% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $17,490 (12.0% below list)

Questions for the listing agent

1. It's been on market 145 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 1910 — 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. 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.
7. 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.
8. 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: 4.33% ✓
• Cap rate: 39.96%
• Cash-on-cash: 120.25%
• DSCR: 6.35
• GRM: 1.9

CMA / ARV

• ARV (median comp): $30,263
• List price: $19,875
• Delta: -34.33%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 7.81×
• Total profit: $37,916
• Equity at exit: $8,937

10-year hold

• IRR: —
• Equity multiple: 16.31×
• Total profit: $85,209
• Equity at exit: $13,772

Cash invested: $5,565 (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 62938-9998

• Active inventory: 1
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $861 medium
• Mortgage (P&I): −$104
• Tax from tax record: −$10 /mo · $120/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $558

Break-even live

Break-even rent $155

Max offer price $19,875

Occupancy floor 30%

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: $4,969
• Closing costs: $596
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
223 E Clara St Golconda, IL	2.0	1.0	900	$861	$0.96	43d	1	0.38mi

Listing history 23 events

1. 2026-06-18
   days on market $19,875 Active 145 DOM
2. 2026-06-17
   days on market $19,875 Active 144 DOM
3. 2026-06-16
   days on market $19,875 Active 143 DOM
4. 2026-06-15
   days on market $19,875 Active 142 DOM
5. 2026-06-13
   days on market $19,875 Active 140 DOM
6. 2026-06-12
   days on market $19,875 Active 139 DOM
7. 2026-06-09
   days on market $19,875 Active 136 DOM
8. 2026-06-08
   days on market $19,875 Active 135 DOM
9. 2026-06-07
   days on market $19,875 Active 134 DOM
10. 2026-06-07
    days on market $19,875 Active 133 DOM
11. 2026-06-04
    days on market $19,875 Active 130 DOM
12. 2026-06-02
    days on market $19,875 Active 129 DOM
13. 2026-06-01
    days on market $19,875 Active 128 DOM
14. 2026-05-31
    days on market $19,875 Active 127 DOM
15. 2026-05-31
    days on market $19,875 Active 126 DOM
16. 2026-01-28
    historical
17. 2026-01-20
    status Active
18. 2026-01-14
    historical
19. 2026-01-08
    status Active
20. 2026-01-06
    historical
21. 2026-01-05
    historical
22. 2025-10-23
    listed Active
23. 2025-10-22
    listed $19,875 Active 1515-char remark

    Show marketing remark (1515 chars)

    Have you been on the lookout for a major restoration project? Here is your chance! Located in downtown Golconda right next to the Ohio river where Decatur meets Market Street, the view from this lot is breathtaking. This two-story structure sits on a .20-acre corner lot with views of the Golconda Marina and Shawnee National Forest. This historical building is adjacent to the Sheriff’s office and is looking for someone to put the time and work into completely renovating or tearing down parts of the original structure for rebuilding. Structure is built with classical Italianate features reminiscent of the Ohio River Era. The architecture suggests it was built circa 1860s-1880s. There is a period addition from 1910 on the main floor that expands the original building, providing plenty of room for renovations. Although aged, this solid brick construction provides a great foundation for transformation into a historical residence, offices or mixed-use space for plenty of projects. Historical character is all around this building with distinctive bracketed cornice and segmented arch windows with brick voussoirs. With all its beauty may come some challenges, but this could be a restoration project of a lifetime for the passionate preservationist who values Southern Illinois history! Gutted interior meaning no power or water throughout the home which will require comprehensive renovation. This is your chance to preserve Golconda’s architectural heritage & restore a historic building!

ⓘ 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: $120 · $10/mo
• Projected year-2 tax: $286 · $24/mo
• Expected delta: +$165/yr (+$14/mo · 137.6%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major 73% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $10,332
• − Mortgage interest: −$1,113
• − Property taxes: −$120
• − Insurance: −$99
• − Repairs & maintenance: −$827
• − Management: −$827
• − Depreciation: −$578
• Taxable income: $6,768
• Est. tax owed @ 24.0%: −$1,624
• After-tax cash flow: $5,068/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: Pope County CUD 1
• NCES district ID: 1732280
• Math proficiency: 9% ▼ -9.00%
• Reading proficiency: 25% ▼ -12.00%
• Median HH income: $39,354
• Composite: 14.35/100
• National rank: #9439
• State rank: #492 of 620 in IL

Livability — Golconda

• Score: 61/100
• State rank: #920
• US rank: #17824

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Golconda, IL

Population outlook (Pope County) Hauer SSP2

• Today (2025): 4,108 people
• By 2030: 3,980 · -3.1%
• By 2040: 3,640 · -11.4%
• By 2050: 3,259 · -20.7%
• By 2075: 2,518 · -38.7%
• By 2100: 2,195 · -46.6%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

8 events — show timeline

• 2026-01-28 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-20 Relisted — 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
• 2025-10-23 Listed — RMLSA as Distributed by MLS Grid
• 2025-10-22 Listed $19,875 RMLSA as Distributed by MLS Grid

Property tax history

-9.9%/yr

Latest (2024): $120 · -2.4% YoY. Source: county tax records.