202 N Washington St · Joy, IL 61260

$75,000

2 bd · 1.0 ba · 896 sqft · SingleFamily public records · 13 Days on market

Built 1959 7,187 sqft lot Est $79k · at est.

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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 +19.8/30.0
• ARV discount +9.7/15.0
• Appreciation +7.1/10.0
• 1% rule +6.4/10.0
• DSCR +6.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks MLS

This ranch style 2 bedroom, 1 bath home is calling your name! It's just the right size with a 15 x 12 living room, great sized bedrooms and main floor laundry for easy living. You'll also love having a privacy fenced yard with a spacious deck on the back to enjoy any of your outdoor activities. You have plenty of storage space with a usable basement and storage shed that will stay with the property. With taxes under $550.00 annually, this is the way to go! Per previous MLS - furnace and water heater 2016, privacy fence and deck 2015.

Key facts

• 7,187 sq ft lot
• 2 parking spots
• Built 1959

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $89 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($853 rent vs $75k).

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+, crime D-, amenities F.
• 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.
• Zoned schools: Mercer County Jr High School (math 17% / reading 29%, grade F, #377 of 665 statewide, top 58%, 299 students, 0% FRL); Mercer County High School (math 17% / reading 22%, grade F, #397 of 693 statewide, top 61%, 404 students, 0% FRL) — zoned schools average 0% FRL vs 37% district-wide (37 pts lower); this property's tenant base skews higher-income than the district average.
• 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 $4k of equity ($519 loan paydown + $3k 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 $21k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 22y ago; this cycle's ask is 16% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $65k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.14% ✓
• Cap rate: 7.72%
• Cash-on-cash: 5.09%
• DSCR: 1.23
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $78,848
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 N Washington St	0.00mi	2/1.0	896 (0%)	1mo	$78,500	$88	99

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: 15.3%
• Equity multiple: 1.93×
• Total profit: $19,506
• Equity at exit: $38,767

10-year hold

• IRR: 16.2%
• Equity multiple: 3.67×
• Total profit: $56,003
• Equity at exit: $64,006

Cash invested: $21,000 (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: 7.3×

Monthly cashflow live

• Estimated rent: $853 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$160 /mo · $1,925/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $89

Break-even live

Break-even rent $740

Max offer price $75,000

Occupancy floor 85%

Sensitivity live

Price	-10% $132	-5% $110	+0% $89	+5% $68	+10% $47
Rent	-10% $22	-5% $55	+0% $89	+5% $123	+10% $157
Rate	-1.0pp $127	-0.5pp $108	base $89	+0.5pp $70	+1.0pp $50

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-04-08
   status Pending
2. 2021-09-24
   soldstatus $64,900 539-char remark

   Show marketing remark (539 chars)

   This ranch style 2 bedroom, 1 bath home is calling your name! It's just the right size with a 15 x 12 living room, great sized bedrooms and main floor laundry for easy living. You'll also love having a privacy fenced yard with a spacious deck on the back to enjoy any of your outdoor activities. You have plenty of storage space with a usable basement and storage shed that will stay with the property. With taxes under $550.00 annually, this is the way to go! Per previous MLS - furnace and water heater 2016, privacy fence and deck 2015.

3. 2021-09-24
   soldstatus $64,900 539-char remark

   Show marketing remark (539 chars)

   This ranch style 2 bedroom, 1 bath home is calling your name! It's just the right size with a 15 x 12 living room, great sized bedrooms and main floor laundry for easy living. You'll also love having a privacy fenced yard with a spacious deck on the back to enjoy any of your outdoor activities. You have plenty of storage space with a usable basement and storage shed that will stay with the property. With taxes under $550.00 annually, this is the way to go! Per previous MLS - furnace and water heater 2016, privacy fence and deck 2015.

4. 2021-09-24
   soldstatus $64,900

   Show marketing remark (539 chars)

   This ranch style 2 bedroom, 1 bath home is calling your name! It's just the right size with a 15 x 12 living room, great sized bedrooms and main floor laundry for easy living. You'll also love having a privacy fenced yard with a spacious deck on the back to enjoy any of your outdoor activities. You have plenty of storage space with a usable basement and storage shed that will stay with the property. With taxes under $550.00 annually, this is the way to go! Per previous MLS - furnace and water heater 2016, privacy fence and deck 2015.

5. 2021-08-06
   historical
6. 2021-08-06
   historical
7. 2021-07-09
   listed $64,900 539-char remark

   Show marketing remark (539 chars)

   This ranch style 2 bedroom, 1 bath home is calling your name! It's just the right size with a 15 x 12 living room, great sized bedrooms and main floor laundry for easy living. You'll also love having a privacy fenced yard with a spacious deck on the back to enjoy any of your outdoor activities. You have plenty of storage space with a usable basement and storage shed that will stay with the property. With taxes under $550.00 annually, this is the way to go! Per previous MLS - furnace and water heater 2016, privacy fence and deck 2015.

8. 2021-07-09
   listed $64,900 539-char remark

   Show marketing remark (539 chars)

   This ranch style 2 bedroom, 1 bath home is calling your name! It's just the right size with a 15 x 12 living room, great sized bedrooms and main floor laundry for easy living. You'll also love having a privacy fenced yard with a spacious deck on the back to enjoy any of your outdoor activities. You have plenty of storage space with a usable basement and storage shed that will stay with the property. With taxes under $550.00 annually, this is the way to go! Per previous MLS - furnace and water heater 2016, privacy fence and deck 2015.

9. 2016-09-28
   soldstatus $55,000
10. 2016-09-26
    soldstatus $55,000
11. 2016-09-26
    soldstatus $55,000
12. 2016-08-15
    listed $57,900
13. 2016-08-15
    listed $57,900
14. 2014-06-30
    soldstatus $47,900
15. 2014-06-30
    soldstatus $47,900
16. 2014-06-30
    soldstatus $47,900
17. 2014-06-30
    soldstatus $47,900
18. 2013-12-04
    listed $47,900
19. 2013-12-04
    listed $47,900
20. 2013-06-03
    listed $47,900
21. 2006-03-31
    soldstatus $50,750
22. 2006-03-31
    soldstatus $50,750
23. 2006-03-31
    soldstatus $50,750
24. 2006-01-01
    listed $54,900
25. 2006-01-01
    listed $54,900
26. 2004-12-28
    soldstatus $6,900
27. 2004-12-28
    soldstatus $6,900
28. 2004-11-30
    listed $6,900
29. 2004-11-30
    listed $6,900
30. 2000-03-09
    historical

ⓘ 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: $1,925 · $160/mo
• Projected year-2 tax: $1,925 · $160/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: $10,239
• − Mortgage interest: −$4,201
• − Property taxes: −$1,925
• − Insurance: −$375
• − Repairs & maintenance: −$819
• − Management: −$819
• − Depreciation: −$2,182
• Taxable loss: −$82
• Est. tax savings @ 24.0%: +$20
• After-tax cash flow: $1,089/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

+840.6% since first listed

30 events — show timeline

• 2026-04-08 Pending — MRED as Distributed by MLS Grid
• 2021-09-24 Sold (Public Records) $64,900 Public Records
• 2021-09-24 Sold (MLS) $64,900 RMLSA as Distributed by MLS Grid
• 2021-09-24 Sold (MLS) $64,900 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
• 2021-07-09 Listed $64,900 RMLSA as Distributed by MLS Grid
• 2021-07-09 Listed $64,900 MRED as Distributed by MLS Grid
• 2016-09-28 Sold (Public Records) $55,000 Public Records
• 2016-09-26 Sold (MLS) $55,000 RMLSA as Distributed by MLS Grid
• 2016-09-26 Sold (MLS) $55,000 MRED as Distributed by MLS Grid
• 2016-08-15 Listed $57,900 RMLSA as Distributed by MLS Grid
• 2016-08-15 Listed $57,900 MRED as Distributed by MLS Grid
• 2014-06-30 Sold (Public Records) $47,900 Public Records
• 2014-06-30 Sold (MLS) $47,900 RMLSA as Distributed by MLS Grid
• 2014-06-30 Sold (MLS) $47,900 RMLSA as Distributed by MLS Grid
• 2014-06-30 Sold (MLS) $47,900 MRED as Distributed by MLS Grid
• 2013-12-04 Listed $47,900 RMLSA as Distributed by MLS Grid
• 2013-12-04 Listed $47,900 MRED as Distributed by MLS Grid
• 2013-06-03 Listed $47,900 RMLSA as Distributed by MLS Grid
• 2006-03-31 Sold (Public Records) $50,750 Public Records
• 2006-03-31 Sold (MLS) $50,750 RMLSA as Distributed by MLS Grid
• 2006-03-31 Sold (MLS) $50,750 RMLSA as Distributed by MLS Grid
• 2006-01-01 Listed $54,900 RMLSA as Distributed by MLS Grid
• 2006-01-01 Listed $54,900 RMLSA as Distributed by MLS Grid
• 2004-12-28 Sold (MLS) $6,900 RMLSA as Distributed by MLS Grid
• 2004-12-28 Sold (MLS) $6,900 RMLSA as Distributed by MLS Grid
• 2004-11-30 Listed $6,900 RMLSA as Distributed by MLS Grid
• 2004-11-30 Listed $6,900 RMLSA as Distributed by MLS Grid
• 2000-03-09 Listing Removed — MRED as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2024): $1,925 · +12.5% YoY. Source: county tax records.