605 S 24th St · Mount Vernon, IL 62864

$74,500

4 bd · 2.0 ba · 1,356 sqft · Other · 19 Days on market

Built 1935 7,200 sqft lot

---

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 +24.4/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 3 bedroom, 2 bath home with a full basement and an upstairs. This home offers tons of potential, whether you’re looking for yourself or as an income property. It is currently a rental property.

Key facts

• 7,200 sq ft lot
• Built 1935
• Listed 19 days

Property features AI

Finance

• Other: Living area sourced from assessor; Total finished/unfinshed area reported as 832 (assessor); Unfinished basement area reported as 832; Parcel number on record
• HOA & community: No master association fee required

Exterior

• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; Built over 90 years ago; Built before 1978
• Construction: Aluminum siding construction
• Exterior features: Lot approximately 48 x 150; Lot smaller than 0.25 acre; Aluminum siding

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Four bedrooms (master and another bedroom on the main level; two bedrooms on the second level)
• Flooring: Hardwood flooring in two upstairs bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas forced air heating; Window air conditioning units
• Interior features: Seven total rooms; Unfinished full basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $74k.

Deal economics

• At list price, monthly cash flow is $151 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($855 rent vs $74k).
• Recommended offer: $73k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 5.2% in Mount Vernon — 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 69/100 on livability (#413 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Mt Vernon Twp Hsd 201 (town): math 13% / reading 16% proficiency, ranked #532 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 191 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $515 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Jefferson County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 26y ago; this cycle's ask has dropped $7k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $74k implies a 148% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,382 (1.5% below list)

Questions for the listing agent

1. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.15% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.69%
• DSCR: 1.39
• GRM: 7.3

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: -3.1%
• Equity multiple: 0.88×
• Total profit: $-2,429
• Equity at exit: $11,108

10-year hold

• IRR: 6.6%
• Equity multiple: 1.50×
• Total profit: $10,354
• Equity at exit: $6,441

Cash invested: $20,860 (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 62864

• Active inventory: 191
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $855 medium
• Mortgage (P&I): −$391
• Tax from tax record: −$103 /mo · $1,231/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $151

Break-even live

Break-even rent $664

Max offer price $74,500

Occupancy floor 77%

Sensitivity live

Price	-10% $193	-5% $172	+0% $151	+5% $130	+10% $109
Rent	-10% $84	-5% $117	+0% $151	+5% $185	+10% $219
Rate	-1.0pp $189	-0.5pp $170	base $151	+0.5pp $132	+1.0pp $112

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: $18,625
• Closing costs: $2,235
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4100 Willow Spgs Mount Vernon, IL	2.0–3.0	1.0–1.5	847	$855	$1.01	44d	1	1.18mi

Listing history 15 events

1. 2026-06-21
   days on market $74,500 Active 19 DOM
2. 2026-06-18
   days on market $74,500 Active 17 DOM
3. 2026-06-17
   days on market $74,500 Active 16 DOM
4. 2026-06-16
   days on market $74,500 Active 15 DOM
5. 2026-06-15
   days on market $74,500 Active 14 DOM
6. 2026-06-13
   days on market $74,500 Active 12 DOM
7. 2026-06-12
   days on market $74,500 Active 11 DOM
8. 2026-06-09
   days on market $74,500 Active 8 DOM
9. 2026-06-09
   price $74,500 Active 7 DOM
10. 2026-06-08
    days on market $81,500 Active 7 DOM
11. 2026-06-07
    days on market $81,500 Active 6 DOM
12. 2026-06-07
    days on market $81,500 Active 5 DOM
13. 2026-06-04
    days on market $81,500 Active 2 DOM
14. 2026-06-01
    remarks 294-char remark
15. 2026-06-01
    listed $81,500 Active 1 DOM

ⓘ 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: $1,231 · $103/mo
• Projected year-2 tax: $1,461 · $122/mo
• Expected delta: +$230/yr (+$19/mo · 18.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,260
• − Mortgage interest: −$4,173
• − Property taxes: −$1,231
• − Insurance: −$372
• − Repairs & maintenance: −$821
• − Management: −$821
• − Depreciation: −$2,167
• Taxable income: $674
• Est. tax owed @ 24.0%: −$162
• After-tax cash flow: $1,652/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: Mt Vernon Twp Hsd 201
• NCES district ID: 1727360
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 16% ▼ -8.00%
• Median HH income: $38,188
• Composite: 12.22/100
• National rank: #9648
• State rank: #532 of 620 in IL

Livability — Mount Vernon

• Score: 69/100
• State rank: #413
• US rank: #8520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, IL
• Population (ZIP): 23,061

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 36,818 people
• By 2030: 35,764 · -2.9%
• By 2040: 33,649 · -8.6%
• By 2050: 31,557 · -14.3%
• By 2075: 26,055 · -29.2%
• By 2100: 19,237 · -47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 8% Two or more races 6% Hispanic / Latino 3% Asian 1%
• Common ancestry: Romanian 2% Slovak 2% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Jefferson

• 2024 margin: Solid R (+47.8) · D 25.5% · R 73.3% · Other 1.3%
• 2008→2024 swing: -37.0pp toward R · 2008: -10.7pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.1 2016: R+43.2 2012: R+22.9 2008: R+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.64%
• Current HPI: 134.2669
• 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

+263.8% since first listed

18 events — show timeline

• 2026-06-01 Listed $81,500 MRED as Distributed by MLS Grid
• 2023-10-17 Sold (MLS) $30,000 RMLSA as Distributed by MLS Grid
• 2023-10-17 Sold (MLS) $30,000 MRED as Distributed by MLS Grid
• 2023-06-07 Pending — RMLSA as Distributed by MLS Grid
• 2023-06-05 Listed $32,000 RMLSA as Distributed by MLS Grid
• 2023-06-05 Listed $32,000 MRED 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
• 2010-06-28 Sold (MLS) $24,500 RMLSA as Distributed by MLS Grid
• 2010-06-28 Sold (MLS) $24,500 MRED as Distributed by MLS Grid
• 2010-05-07 Listed $26,500 RMLSA as Distributed by MLS Grid
• 2010-05-07 Listed $26,500 MRED as Distributed by MLS Grid
• 2007-12-18 Listing Removed — MRED as Distributed by MLS Grid
• 2007-06-18 Listing Removed — MRED as Distributed by MLS Grid
• 2004-07-29 Sold (MLS) $28,000 RMLSA as Distributed by MLS Grid
• 2004-06-03 Listed $30,000 RMLSA as Distributed by MLS Grid
• 2000-06-09 Sold (MLS) $20,000 RMLSA as Distributed by MLS Grid
• 2000-01-15 Listed $22,400 RMLSA as Distributed by MLS Grid

Property tax history

-1.4%/yr

Latest (2024): $1,231 · +7.5% YoY. Source: county tax records.