203 E Water St · London Mills, IL 61544

$64,900

2 bd · 2.0 ba · 1,256 sqft · SingleFamily public records · 51 Days on market

Built 1885 9,856 sqft lot $52/sqft · at area comps Est $109k · 40% under ↓ 13% 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 +8.9/10.0
• Schools +3.7/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

So much space and potential in this centrally located London Mills home! This home features 2+ bedrooms and two full baths. The main floor features a large formal dining room and oversized living room with tall ceilings. There's an adjacent piano room/den, main floor full bath and a huge family room with woodburning stove. Conveniently situated next to the dining room is the galley style eat-in kitchen with appliances that remain. Convenient main floor laundry. The enclosed back porch has the access to the basement and crawl space. Upstairs you will find a great storage room or potential home office, a mostly renovated bathroom, second bedroom and a huge primary bedroom with attached nurser

Key facts

• Enclosed back porch
• Formal dining room
• Piano room

Tags

• FORMAL DINING ROOM
• OVERSIZED LIVING ROOM
• PIANO ROOM
• WOODBURNING STOVE
• GALLEY STYLE EAT-IN KITCHEN
• ENCLOSED BACK PORCH

Property features AI

Exterior

• Parking: Detached carport/garage with gravel parking; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Built in 1885; Rubber and shingle roof; Crawl space and full unfinished basement
• Exterior features: Level lot; Lot dimensions approximately 154 x 64

Interior

• Kitchen: Kitchen on main level; Refrigerator included
• Bedrooms: 2 bedrooms (upper level bedrooms; egress windows in bedrooms); Primary bedroom includes a den off primary (additional connected room)
• Flooring: Vinyl flooring in kitchen, laundry and some rooms; Laminate flooring in some upper-level rooms; Carpet in living room, family room, dining room and other areas
• Bathrooms: 2 full bathrooms
• Heating & cooling: Propane heating with forced air; Propane rented; Electric water heater; Window unit(s) for cooling
• Interior features: Ceiling fan(s); One fireplace
• Laundry & utility: Main-level laundry room; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $395 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#1,101 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime D, amenities F, commute F.
• Spoon River Valley CUSD 4 (rural): math 35% / reading 45% proficiency, ranked #314 of 919 in IL (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spoon River Valley Sr High Sch (math 30% / reading 30%, grade F, #179 of 693 statewide, top 27%, 73 students, 0% FRL) — zoned schools average 0% FRL vs 35% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 1 active listings in the ZIP; 14 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($449 loan paydown + $5k appreciation (7.9% local appreciation)).
• Fulton County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.9% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.60% ✓
• Cap rate: 13.60%
• Cash-on-cash: 26.10%
• DSCR: 2.16
• GRM: 5.2

CMA / ARV

• ARV (median comp): $108,956
• List price: $64,900
• Delta: -40.43%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 W South St	0.38mi	3/2.0 (+1)	1,324 (+5%)	19mo	$89,900	$68	52

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

Projected returns pro-forma

7.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.5%
• Equity multiple: 3.83×
• Total profit: $51,369
• Equity at exit: $48,735

10-year hold

• IRR: 36.3%
• Equity multiple: 8.17×
• Total profit: $130,326
• Equity at exit: $96,200

Cash invested: $18,172 (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 61544

• Home prices YoY: 5.0%
• Active inventory: 1
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,037 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$56 /mo · $675/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $395

Break-even live

Break-even rent $536

Max offer price $64,900

Occupancy floor 57%

Sensitivity live

Price	-10% $432	-5% $414	+0% $395	+5% $377	+10% $358
Rent	-10% $313	-5% $354	+0% $395	+5% $436	+10% $477
Rate	-1.0pp $428	-0.5pp $412	base $395	+0.5pp $378	+1.0pp $361

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $64,900 Active 51 DOM
2. 2026-06-18
   days on market $64,900 Active 49 DOM
3. 2026-06-17
   days on market $64,900 Active 48 DOM
4. 2026-06-16
   days on market $64,900 Active 47 DOM
5. 2026-06-15
   days on market $64,900 Active 46 DOM
6. 2026-06-13
   days on market $64,900 Active 44 DOM
7. 2026-06-12
   days on market $64,900 Active 43 DOM
8. 2026-06-09
   days on market $64,900 Active 40 DOM
9. 2026-06-08
   days on market $64,900 Active 39 DOM
10. 2026-06-07
    days on market $64,900 Active 38 DOM
11. 2026-06-05
    days on market $64,900 Active 36 DOM
12. 2026-06-04
    pricedays on market $64,900 Active 34 DOM
13. 2026-06-02
    days on market $75,000 Active 33 DOM
14. 2026-06-01
    days on market $75,000 Active 32 DOM
15. 2026-05-31
    days on market $75,000 Active 31 DOM
16. 2026-05-31
    days on market $75,000 Active 30 DOM
17. 2026-04-30
    listed $75,000 Active 1014-char remark

ⓘ 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: $675 · $56/mo
• Projected year-2 tax: $1,074 · $90/mo
• Expected delta: +$399/yr (+$33/mo · 59.1%)

ⓘ 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 ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,438
• − Mortgage interest: −$3,635
• − Property taxes: −$675
• − Insurance: −$324
• − Repairs & maintenance: −$995
• − Management: −$995
• − Depreciation: −$1,888
• Taxable income: $3,925
• Est. tax owed @ 24.0%: −$942
• After-tax cash flow: $3,800/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: Spoon River Valley CUSD 4
• NCES district ID: 1736960
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 45% ▲ 5.00%
• Median HH income: $51,341
• Composite: 37.03/100
• National rank: #9073
• State rank: #314 of 919 in IL

Livability — London Mills

• Score: 58/100
• State rank: #1101
• US rank: #20873

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: London Mills, IL
• Population (ZIP): 815

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 33,356 people
• By 2030: 32,144 · -3.6%
• By 2040: 29,518 · -11.5%
• By 2050: 26,775 · -19.7%
• By 2075: 19,972 · -40.1%
• By 2100: 13,580 · -59.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Slovak 5% Lithuanian 4% Serbian 2%

Political lean MEDSL · Fulton

• 2024 margin: Strong R (+23.8) · D 37.1% · R 60.9% · Other 2.0%
• 2008→2024 swing: -45.2pp toward R · 2008: 21.3pp · 2024: -23.8pp
• All cycles: 2024: R+23.8 2020: R+20.1 2016: R+15.1 2012: D+11.1 2008: D+21.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.87%
• Current HPI: 166.8572
• 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

-13.5% since first listed

2 events — show timeline

• 2026-06-03 Price Changed $64,900 RMLSA as Distributed by MLS Grid
• 2026-04-30 Listed $75,000 RMLSA as Distributed by MLS Grid

Property tax history

+12.5%/yr

Latest (2024): $675 · +13.4% YoY. Source: county tax records.