202 S State St · Annawan, IL 61234

$62,000

3 bd · 1.0 ba · 1,532 sqft · SingleFamily public records · 26 Days on market

Built 1907 9,583 sqft lot Est $123k · 49% under ↓ 7% since listing

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Why this score? — see what drove the A 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.2/10.0
• Livability +3.4/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Turn of the Century charm on corner lot in Annawan. Close to schools and shops. Recently updated exterior. Inside has lots of living space, hardwood floors. Perfect opportunity to renovate interior to original splendor.

Key facts

• Large corner lot
• 9,583 sq ft lot
• 2 garage spots

Tags

• LARGE CORNER LOT

Property features AI

Finance

• Other: Living area reported from assessor; Approximately 1,532 total finished square feet; total finished/unfinished about 1,994 with 462 unfinished basement
• HOA & community: No master association fees required

Exterior

• Parking: Detached garage (garage owned); Gravel parking; Total 2 parking spaces (2 garage spaces)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; Two-story; Fee simple ownership
• Construction: Wood siding; Asphalt roof; Stone foundation; Built over 100 years ago; Property not rebuilt or rehabbed
• Exterior features: Corner lot; Level lot; Lot dimensions approximately 64 x 150 x 64 x 150

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Three bedrooms (Master bedroom on second floor, two additional bedrooms on second floor)
• Bathrooms: One full bathroom
• Heating & cooling: Steam heating; Window air conditioning units
• Interior features: Five total rooms; Crawl space basement
• Laundry & utility: Main-level laundry room (6 x 8)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $61k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#540 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Annawan CUSD 226 (rural): math 30% / reading 35% proficiency, ranked #429 of 919 in IL (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Annawan Grade School (math 27% / reading 32%, grade F, #658 of 2,056 statewide, top 35%, 247 students, 0% FRL); Annawan High School (math 30% / reading 10%, grade F, #357 of 693 statewide, top 54%, 105 students, 0% FRL) — zoned schools average 0% FRL vs 22% district-wide (22 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 4 active listings in the ZIP; 32 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($429 loan paydown + $5k appreciation (8.4% local appreciation)).
• Henry County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, 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 26 days — a 2% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago 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: property tax is 3.7% of price; built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,070 (1.5% below list)

Questions for the listing agent

1. Built in 1907 — 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 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?
5. 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.
6. 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.
7. 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: 1.92% ✓
• Cap rate: 14.01%
• Cash-on-cash: 27.56%
• DSCR: 2.23
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $122,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 S State St	0.03mi	3/1.5	1,642 (+7%)	10mo	$135,000	$82	76
108 S Main St	0.09mi	4/1.5 (+1)	1,392 (-9%)	1mo	$145,000	$104	72
208 N Depot St	0.28mi	3/2.0	1,618 (+6%)	5mo	$180,000	$111	69
409 S Depot St	0.27mi	2/1.5 (-1)	1,496 (-2%)	12mo	$105,000	$70	66
409 S Depot St	0.27mi	2/1.5 (-1)	1,496 (-2%)	12mo	$105,000	$70	66
200 S Main St	0.08mi	3/2.0	1,714 (+12%)	10mo	$130,000	$76	64
200 S Main St	0.08mi	3/2.0	1,714 (+12%)	10mo	$130,000	$76	64
402 W Pritchard St	0.27mi	3/3.0	1,418 (-7%)	17mo	$128,500	$91	53
402 W Pritchard St	0.27mi	3/3.0	1,418 (-7%)	17mo	$128,500	$91	53
309 W North Ave	0.30mi	2/1.0 (-1)	1,705 (+11%)	12mo	$132,000	$77	52
505 S Depot St	0.32mi	3/2.0	1,694 (+11%)	19mo	$136,000	$80	48
505 S Depot St	0.32mi	3/2.0	1,694 (+11%)	19mo	$136,000	$80	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.6%
• Equity multiple: 4.03×
• Total profit: $52,521
• Equity at exit: $48,699

10-year hold

• IRR: 37.9%
• Equity multiple: 8.71×
• Total profit: $133,787
• Equity at exit: $98,231

Cash invested: $17,360 (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 61234

• Home prices YoY: 4.8%
• Active inventory: 4
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,188 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$189 /mo · $2,270/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $399

Break-even live

Break-even rent $684

Max offer price $62,000

Occupancy floor 61%

Sensitivity live

Price	-10% $434	-5% $416	+0% $399	+5% $381	+10% $364
Rent	-10% $305	-5% $352	+0% $399	+5% $446	+10% $493
Rate	-1.0pp $430	-0.5pp $414	base $399	+0.5pp $383	+1.0pp $366

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $62,000 Active 26 DOM
2. 2026-06-18
   days on market $62,000 Active 23 DOM
3. 2026-06-17
   days on market $62,000 Active 22 DOM
4. 2026-06-16
   days on market $62,000 Active 21 DOM
5. 2026-06-15
   days on market $62,000 Active 20 DOM
6. 2026-06-13
   days on market $62,000 Active 18 DOM
7. 2026-06-13
   days on market $62,000 Active 17 DOM
8. 2026-06-09
   days on market $62,000 Active 14 DOM
9. 2026-06-08
   days on market $62,000 Active 13 DOM
10. 2026-06-07
    days on market $62,000 Active 12 DOM
11. 2026-06-05
    days on market $62,000 Active 9 DOM
12. 2026-06-03
    days on market $62,000 Active 8 DOM
13. 2026-06-02
    days on market $62,000 Active 7 DOM
14. 2026-06-01
    days on market $62,000 Active 6 DOM
15. 2026-05-31
    days on market $62,000 Active 5 DOM
16. 2026-05-25
    listed $62,000 Active
17. 2026-01-21
    historical Contingent - Continue to Show
18. 2026-01-14
    historical
19. 2026-01-08
    historical Contingent - Continue to Show
20. 2026-01-05
    historical
21. 2025-12-15
    historical Under Contract
22. 2025-12-09
    historical
23. 2025-12-09
    historical
24. 2025-10-30
    listed Active
25. 2008-04-18
    soldstatus $64,000 219-char remark

    Show marketing remark (219 chars)

    Turn of the Century charm on corner lot in Annawan. Close to schools and shops. Recently updated exterior. Inside has lots of living space, hardwood floors. Perfect opportunity to renovate interior to original splendor.

26. 2008-04-18
    soldstatus $64,000 219-char remark

    Show marketing remark (219 chars)

    Turn of the Century charm on corner lot in Annawan. Close to schools and shops. Recently updated exterior. Inside has lots of living space, hardwood floors. Perfect opportunity to renovate interior to original splendor.

27. 2007-10-23
    listed $66,900 219-char remark

    Show marketing remark (219 chars)

    Turn of the Century charm on corner lot in Annawan. Close to schools and shops. Recently updated exterior. Inside has lots of living space, hardwood floors. Perfect opportunity to renovate interior to original splendor.

28. 2007-10-23
    listed $66,900 219-char remark

    Show marketing remark (219 chars)

    Turn of the Century charm on corner lot in Annawan. Close to schools and shops. Recently updated exterior. Inside has lots of living space, hardwood floors. Perfect opportunity to renovate interior to original splendor.

ⓘ 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: $2,270 · $189/mo
• Projected year-2 tax: $2,270 · $189/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 ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,261
• − Mortgage interest: −$3,473
• − Property taxes: −$2,270
• − Insurance: −$310
• − Repairs & maintenance: −$1,141
• − Management: −$1,141
• − Depreciation: −$1,804
• Taxable income: $4,122
• Est. tax owed @ 24.0%: −$989
• After-tax cash flow: $3,795/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: Annawan CUSD 226
• NCES district ID: 1703810
• Math proficiency: 30% ▲ 10.00%
• Reading proficiency: 35% ▲ 10.00%
• Median HH income: $53,191
• Composite: 31.3/100
• National rank: #11233
• State rank: #429 of 919 in IL

Livability — Annawan

• Score: 67/100
• State rank: #540
• US rank: #11163

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Annawan, IL
• Population (ZIP): 1,213

Population outlook (Henry County) Hauer SSP2

• Today (2025): 47,376 people
• By 2030: 45,920 · -3.1%
• By 2040: 42,829 · -9.6%
• By 2050: 39,606 · -16.4%
• By 2075: 31,848 · -32.8%
• By 2100: 23,503 · -50.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: English 17% Slovak 2% Iranian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 98% English-only · Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Henry

• 2024 margin: Strong R (+24.5) · D 36.8% · R 61.3% · Other 1.9%
• 2008→2024 swing: -32.2pp toward R · 2008: 7.7pp · 2024: -24.5pp
• All cycles: 2024: R+24.5 2020: R+21.4 2016: R+21.2 2012: D+3.1 2008: D+7.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.38%
• Current HPI: 183.2465
• 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

-7.3% since first listed

13 events — show timeline

• 2026-05-25 Listed $62,000 MRED as Distributed by MLS Grid
• 2026-01-21 Contingent — MRED as Distributed by MLS Grid
• 2026-01-14 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-08 Contingent — MRED as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-15 Contingent — RMLSA as Distributed by MLS Grid
• 2025-12-09 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-12-09 Listing Removed — MRED as Distributed by MLS Grid
• 2025-10-30 Listed — RMLSA as Distributed by MLS Grid
• 2008-04-18 Sold (MLS) $64,000 RMLSA as Distributed by MLS Grid
• 2008-04-18 Sold (MLS) $64,000 MRED as Distributed by MLS Grid
• 2007-10-23 Listed $66,900 RMLSA as Distributed by MLS Grid
• 2007-10-23 Listed $66,900 MRED as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2024): $2,270 · +4.6% YoY. Source: county tax records.