298 Cedar Creek Rd · Carbondale, IL 62958

$65,000

1 bd · 1.0 ba · 858 sqft · SingleFamily public records · 133 Days on market

Built 1929 0.87 ac lot ↓ 19% since listing

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Why this score? — see what drove the B- 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 +27.1/30.0
• DSCR +9.4/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks

Investor Opportunity! This fixer-upper presents an excellent opportunity to add value in a highly sought-after location south of Carbondale, just minutes from Southern Illinois University. The home features 3 bedrooms, 1 bathroom, and sits on a cozy yet spacious lot. With a newer roof and recently installed HVAC system, major mechanical updates are already in place, providing year-round comfort and a strong foundation for renovation. Ideal for investors or buyers looking to customize and maximize potential.

Key facts

• Newer roof
• 0.87 acre lot
• Parking

Tags

• HIGHLY SOUGHT-AFTER LOCATION
• NEWER ROOF
• RECENTLY INSTALLED HVAC SYSTEM

Property features AI

Exterior

• Parking: Gravel parking (no garage)
• Utilities: Public water available; Aerator/Aerobic system
• Home design: Single family residence; Built in 1929; Total building area reported as 1298
• Construction: Shingle roof; Has basement (unfinished)
• Exterior features: Level lot; Lot dimensions approximately 147 x 257

Interior

• Kitchen: Kitchen located on the main level
• Bedrooms: 3 bedrooms (primary on main level; additional bedrooms on upper level and main level); Bedroom sizes include a 12' x 10' main-level bedroom, a 12' x 10' main-level bedroom, and a 9.5' x 9.5' main-level bedroom; Bedrooms include egress windows
• Flooring: Hardwood flooring in one bedroom; Laminate flooring in two bedrooms; Vinyl flooring in the kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air
• Interior features: Unfinished basement; No fireplaces; Central air conditioning

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($839 rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.8% in Carbondale — 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 70/100 on livability (#375 in IL) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: housing C-, crime F, employment F.
• Carbondale Chsd 165 (urban): math 26% / reading 35% proficiency, ranked #279 of 620 in IL (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Unity Point Elem School (math 16% / reading 38%, grade F, #749 of 2,056 statewide, top 40%, 637 students, 0% FRL); Carbondale Comm H S (math 26% / reading 35%, grade F, #175 of 693 statewide, top 26%, 997 students, 0% FRL).
• Market conditions: 33 active listings in the ZIP; 5 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($449 loan paydown + $3k appreciation (4.3% local appreciation)).
• At projected returns (4.3% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 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 1929 — 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 D-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. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 1.29% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.15%
• DSCR: 1.54
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.27% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.8%
• Equity multiple: 2.32×
• Total profit: $24,072
• Equity at exit: $33,990

10-year hold

• IRR: 21.8%
• Equity multiple: 4.52×
• Total profit: $64,072
• Equity at exit: $56,435

Cash invested: $18,200 (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 62958

• Home prices YoY: 3.4%
• Active inventory: 33
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $839 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$111 /mo · $1,330/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $184

Break-even live

Break-even rent $606

Max offer price $65,000

Occupancy floor 73%

Sensitivity live

Price	-10% $221	-5% $203	+0% $184	+5% $166	+10% $147
Rent	-10% $118	-5% $151	+0% $184	+5% $217	+10% $251
Rate	-1.0pp $217	-0.5pp $201	base $184	+0.5pp $167	+1.0pp $150

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $65,000 Active 133 DOM
2. 2026-06-18
   days on market $65,000 Active 132 DOM
3. 2026-06-17
   days on market $65,000 Active 131 DOM
4. 2026-06-16
   days on market $65,000 Active 130 DOM
5. 2026-06-15
   days on market $65,000 Active 129 DOM
6. 2026-06-14
   days on market $65,000 Active 127 DOM
7. 2026-06-13
   days on market $65,000 Active 126 DOM
8. 2026-06-10
   days on market $65,000 Active 124 DOM
9. 2026-06-09
   days on market $65,000 Active 123 DOM
10. 2026-06-08
    days on market $65,000 Active 122 DOM
11. 2026-06-07
    days on market $65,000 Active 121 DOM
12. 2026-06-02
    days on market $65,000 Active 116 DOM
13. 2026-06-01
    days on market $65,000 Active 115 DOM
14. 2026-05-31
    days on market $65,000 Active 114 DOM
15. 2026-05-30
    days on market $65,000 Active 113 DOM
16. 2026-04-21
    price $65,000
17. 2026-03-09
    price $75,000
18. 2026-02-01
    listed $80,000 Active
19. 2025-11-10
    historical
20. 2025-11-09
    historical
21. 2025-09-18
    price
22. 2025-06-06
    price
23. 2025-04-29
    listed Active

ⓘ 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: $1,330 · $111/mo
• Projected year-2 tax: $1,403 · $117/mo
• Expected delta: +$73/yr (+$6/mo · 5.5%)

ⓘ 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 5/10 Major 7 d/yr ≥107°F today · 21 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: $10,071
• − Mortgage interest: −$3,641
• − Property taxes: −$1,330
• − Insurance: −$325
• − Repairs & maintenance: −$806
• − Management: −$806
• − Depreciation: −$1,891
• Taxable income: $1,273
• Est. tax owed @ 24.0%: −$305
• After-tax cash flow: $1,905/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: Carbondale Chsd 165
• NCES district ID: 1708370
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $22,075
• Composite: 23.92/100
• National rank: #7787
• State rank: #279 of 620 in IL

Livability — Carbondale

• Score: 70/100
• State rank: #375
• US rank: #7806

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 22,946
• Population (ZIP): 2,069

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 59,093 people
• By 2030: 59,628 · +0.9%
• By 2040: 59,495 · +0.7%
• By 2050: 58,811 · -0.5%
• By 2075: 57,683 · -2.4%
• By 2100: 55,337 · -6.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Asian 3% Black 3% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Serbian 6% Romanian 3% Scotch-Irish 2%
• Foreign-born: 4% · China
• Languages at home: 96% English-only · Russian/Polish/Slavic 1% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Jackson

• 2024 margin: Toss-up / Even · D 51.0% · R 47.5% · Other 1.4%
• 2008→2024 swing: -18.3pp toward R · 2008: 21.8pp · 2024: 3.5pp
• All cycles: 2024: D+3.5 2020: D+1.3 2016: D+3.0 2012: D+10.3 2008: D+21.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.27%
• Current HPI: 128.5264
• 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

-18.8% since first listed

8 events — show timeline

• 2026-04-21 Price Changed $65,000 RMLSA as Distributed by MLS Grid
• 2026-03-09 Price Changed $75,000 RMLSA as Distributed by MLS Grid
• 2026-02-01 Listed $80,000 RMLSA as Distributed by MLS Grid
• 2025-11-10 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-11-09 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-18 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-06-06 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-04-29 Listed — RMLSA as Distributed by MLS Grid

Property tax history

+1.3%/yr

Latest (2024): $1,330 · +16.8% YoY. Source: county tax records.