2802 E Lincoln St · Bloomington, IL 61704

$110,500

2 bd · 1.0 ba · 909 sqft · Condo · 1 Days on market

Built 1978

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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 +15.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• DSCR +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully remodeled condo. New Paint and flooring in 2026. New trim, windows, bathroom in 2016. Kitchen has white cabinets, corian tops, backsplash, stainless appliances, vinyl plank flooring. Nice covered porch area for relaxing and entertaining. Covered Parking. Secure building. Close to State Farm and Constitution Trail.

Key facts

• Covered parking
• Secure building
• Covered porch area

Tags

• REMODELED CONDO
• COVERED PORCH AREA
• COVERED PARKING
• SECURE BUILDING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $42 ($504/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 6.7% vs local median 5.4% in Bloomington — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 77/100 on livability (#161 in IL, #2,987 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities C-, commute F.
• Bloomington SD 87 (urban): math 14% / reading 19% proficiency, ranked #476 of 620 in IL (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.2%/yr); 15 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 247 units permitted in McLean County in 2024 (54 in 5+ unit buildings).
• This rent is only 14% of the median local income ($95k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $764 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $12k; list at $110k implies a 821% gain — meaningful room to come down on a strong offer.

Recommended offer $110,500

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 6.75%
• Cash-on-cash: 1.63%
• DSCR: 1.07
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.18% rent growth · sell at horizon

5-year hold

• IRR: -14.7%
• Equity multiple: 0.48×
• Total profit: $-16,080
• Equity at exit: $16,476

10-year hold

• IRR: -7.4%
• Equity multiple: 0.55×
• Total profit: $-13,986
• Equity at exit: $9,554

Cash invested: $30,940 (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 61704

• Home prices YoY: -23.2%
• Rents YoY: 2.2%
• Active inventory: 15
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,117 high
• Mortgage (P&I): −$579
• Tax from tax record: −$52 /mo · $623/yr
• Insurance: −$46
• HOA est. from 2 same-building comps: −$163
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $42

Break-even live

Break-even rent $1,064

Max offer price $110,500

Occupancy floor 91%

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: $27,625
• Closing costs: $3,315
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
802 Arcadia Dr Bloomington, IL	2.0	1.0	823	$985	$1.20	44d	1	0.14mi
716 Arcadia Dr Apt 13 Bloomington, IL	2.0	1.0	660	$995	$1.51	21d	1	0.19mi
712 Arcadia Dr Unit 2 Bloomington, IL	2.0	1.0	720	$849	$1.18	44d	1	0.24mi
712 Arcadia Dr Unit 3 Bloomington, IL	2.0	1.0	720	$925	$1.28	44d	1	0.24mi
9 Willedrob Rd Unit 4 Bloomington, IL	2.0	1.0	870	$899	$1.03	44d	1	0.38mi
5 Willedrob Rd Unit 18 Bloomington, IL	2.0	1.0	920	$965	$1.05	21d	1	0.42mi
5 Willedrob Rd Apt 15 Bloomington, IL	2.0	1.0	920	$1,015	$1.10	21d	1	0.42mi
6 Willedrob Rd Apt 11 Bloomington, IL	2.0	1.0	920	$965	$1.05	21d	1	0.43mi
6 Willedrob Rd Unit 12 Bloomington, IL	2.0	1.0	920	$1,015	$1.10	21d	1	0.43mi
8 Ross Dr Unit 105 Bloomington, IL	2.0	1.5	820	$1,099	$1.34	21d	1	0.46mi
8 Ross Dr Apt 209 Bloomington, IL	2.0	1.5	820	$1,149	$1.40	44d	1	0.46mi
8 Ross Dr Apt 301 Bloomington, IL	2.0	1.0	820	$1,025	$1.25	21d	1	0.46mi
2213 Peirce Ave Apt 2 Bloomington, IL	1.0	1.0	565	$875	$1.55	44d	1	0.50mi
305 S Prospect Rd Unit 3 Bloomington, IL	2.0	1.0	670	$875	$1.31	21d	1	0.59mi
1008 Arlene Ct Apt 7 Bloomington, IL	2.0	2.0	1025	$1,399	$1.36	44d	1	0.85mi
1410 Croxton Ave Bloomington, IL	2.0	1.0	866	$1,005	$1.16	44d	1	1.13mi
3102 E Hamilton Rd Bloomington, IL	2.0	1.0–2.0	836	$1,931	$2.31	44d	59	1.18mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 1 events

1. 1997-04-01
   soldstatus $12,000

ⓘ 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: $623 · $52/mo
• Projected year-2 tax: $1,566 · $130/mo
• Expected delta: +$943/yr (+$79/mo · 151.4%)

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

Taxation est. · year 1

• Rental income: $13,404
• − Mortgage interest: −$6,190
• − Property taxes: −$623
• − Insurance: −$552
• − Repairs & maintenance: −$1,072
• − Management: −$1,072
• − HOA: −$1,956
• − Depreciation: −$3,215
• Taxable loss: −$1,276
• Est. tax savings @ 24.0%: +$306
• After-tax cash flow: $810/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: Bloomington SD 87
• NCES district ID: 1706480
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 19% ▼ -7.00%
• Median HH income: $50,544
• Composite: 15.05/100
• National rank: #9351
• State rank: #476 of 620 in IL

Livability — Bloomington

• Score: 77/100
• State rank: #161
• US rank: #2987

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bloomington, IL
• County: McLean County · 126,490 people
• City population: 72,415
• Metro: Bloomington, IL
• Population (ZIP): 37,279
• Household income: $95,027
• Rent vs Own: 33.2% rent · 66.8% own
• Severe rent burden: 486.0

Population outlook (McLean County) Hauer SSP2

• Today (2025): 176,468 people
• By 2030: 178,002 · +0.9%
• By 2040: 178,592 · +1.2%
• By 2050: 177,090 · +0.4%
• By 2075: 173,224 · -1.8%
• By 2100: 158,425 · -10.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 13% Black 7% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 2% Romanian 2% Portuguese 2%
• Foreign-born: 14% · Canada, China
• Languages at home: 85% English-only · Other Asian/Pacific 5% Other Indo-European 4% Spanish 4%

Political lean MEDSL · McLean

• 2024 margin: Toss-up / Even · D 51.6% · R 46.8% · Other 1.6%
• 2008→2024 swing: +3.7pp toward D · 2008: 1.2pp · 2024: 4.9pp
• All cycles: 2024: D+4.9 2020: D+3.9 2016: R+1.5 2012: R+11.1 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.75%
• Current HPI: 190.9547
• Rent YoY: ▲ 2.18%
• Metro: Bloomington, IL
• 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

1 event — show timeline

• 1997-04-01 Sold (Public Records) $12,000 Public Records

Property tax history

+1.8%/yr

Latest (2023): $623 · +21.8% YoY. Source: county tax records.