209 W 3rd St · Sparta, IL 62286

$19,990

3 bd · 1.0 ba · 1,300 sqft · SingleFamily · 51 Days on market

7,260 sqft lot $15/sqft · 83% below area ↓ 31% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks

This fixer-upper in Sparta is your next prime investment property! Don't miss this opportunity to make this project your own on this charming street. Boasting 3 large bedrooms and a full bath, this property is ready for a complete makeover.

Key facts

• 7,260 sq ft lot
• Listed 51 days

Property features AI

Finance

• Other: Possession at closing; Property located in unincorporated Sparta township; Directions: s st louis st to 3rd st to property
• HOA & community: No master association fee required

Exterior

• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; Estimated living area; Home built approximately 41–50 years ago; Built before 1978
• Construction: Aluminum siding construction; Approximately 41–50 years old
• Exterior features: Lot dimensions about 60 x 121; Lot smaller than 0.25 acre; Aluminum siding

Interior

• Kitchen: Kitchen on the main level (approx. 12 x 16)
• Bedrooms: Master bedroom on the main level (approx. 12 x 14); Bedroom on the main level (approx. 11 x 14); Bedroom on the second level (approx. 10 x 13)
• Bathrooms: 1 full bathroom
• Heating & cooling: Steam heating
• Interior features: Seven total rooms; Unfinished full basement
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($939 rent vs $20k).
• Recommended offer: $19k (3.0% below list) — sets the bar for market timing.
• Cap rate 42.5% vs local median 6.7% in Sparta — 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 58/100 on livability (#1,090 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools F, amenities F.
• Sparta CUSD 140 (town): math 13% / reading 14% proficiency, ranked #535 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 31 active listings in the ZIP; 3 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• Randolph County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($19k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $19,390 (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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 4.70% ✓
• Cap rate: 42.55%
• Cash-on-cash: 129.48%
• DSCR: 6.76
• GRM: 1.8

CMA / ARV

• ARV (median comp): $117,538
• List price: $19,990
• Delta: -82.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 S Market St	0.18mi	3/1.0	1,337 (+3%)	4mo	$147,500	$110	84
515 S Market St	0.17mi	3/1.5	1,326 (+2%)	9mo	$160,000	$121	80
221 W Belmont St	0.11mi	2/0.5 (-1)	1,249 (-4%)	8mo	$185,000	$148	75
316 N St. Louis St	0.53mi	2/1.5 (-1)	1,310 (+1%)	2mo	$169,900	$130	66
207 S Oak St	0.27mi	4/1.0 (+1)	1,392 (+7%)	8mo	$90,000	$65	63
307 W Church St	0.47mi	3/1.0	1,216 (-6%)	8mo	$115,000	$95	60
504 E Main	0.59mi	3/1.0	1,353 (+4%)	14mo	$50,000	$37	54
305 Peggy Ln	0.39mi	3/2.0	1,112 (-14%)	4mo	$125,000	$112	50
505 W Broadway	0.35mi	4/1.0 (+1)	1,425 (+10%)	20mo	$149,000	$105	46
601 N Vine St	0.69mi	3/1.0	1,152 (-11%)	22mo	$60,000	$52	30
700 N James St	0.74mi	3/4.0	1,196 (-8%)	12mo	$70,000	$59	30
407 W Osborne St	0.57mi	4/2.0 (+1)	1,488 (+14%)	17mo	$155,500	$105	26

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

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 7.30×
• Total profit: $35,241
• Equity at exit: $2,981

10-year hold

• IRR: —
• Equity multiple: 15.34×
• Total profit: $80,275
• Equity at exit: $1,728

Cash invested: $5,597 (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 62286

• Home prices YoY: -31.0%
• Active inventory: 31
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $939 medium
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$197
• Net cashflow: $604

Break-even live

Break-even rent $175

Max offer price $19,990

Occupancy floor 31%

Sensitivity live

Price	-10% $618	-5% $611	+0% $604	+5% $597	+10% $590
Rent	-10% $530	-5% $567	+0% $604	+5% $641	+10% $678
Rate	-1.0pp $614	-0.5pp $609	base $604	+0.5pp $599	+1.0pp $593

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: $4,998
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $19,990 Active 51 DOM
2. 2026-06-18
   days on market $19,990 Active 49 DOM
3. 2026-06-17
   days on market $19,990 Active 48 DOM
4. 2026-06-16
   days on market $19,990 Active 47 DOM
5. 2026-06-15
   days on market $19,990 Active 46 DOM
6. 2026-06-13
   days on market $19,990 Active 44 DOM
7. 2026-06-12
   days on market $19,990 Active 43 DOM
8. 2026-06-09
   days on market $19,990 Active 40 DOM
9. 2026-06-08
   days on market $19,990 Active 39 DOM
10. 2026-06-07
    days on market $19,990 Active 38 DOM
11. 2026-06-07
    days on market $19,990 Active 37 DOM
12. 2026-06-04
    days on market $19,990 Active 34 DOM
13. 2026-06-02
    days on market $19,990 Active 33 DOM
14. 2026-06-01
    days on market $19,990 Active 32 DOM
15. 2026-05-31
    days on market $19,990 Active 31 DOM
16. 2026-05-31
    days on market $19,990 Active 30 DOM
17. 2026-05-11
    price $19,990 240-char remark
18. 2026-04-30
    listed $29,000 Active 240-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥106°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: $11,272
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$902
• − Management: −$902
• − Depreciation: −$582
• Taxable income: $7,368
• Est. tax owed @ 24.0%: −$1,768
• After-tax cash flow: $5,479/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: Sparta CUSD 140
• NCES district ID: 1736900
• Math proficiency: 13% ▼ -10.00%
• Reading proficiency: 14% ▼ -13.00%
• Median HH income: $43,992
• Composite: 11.95/100
• National rank: #9668
• State rank: #535 of 620 in IL

Livability — Sparta

• Score: 58/100
• State rank: #1090
• US rank: #20732

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sparta, IL
• City population: 5,482
• Population (ZIP): 5,482

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 31,417 people
• By 2030: 30,519 · -2.9%
• By 2040: 28,841 · -8.2%
• By 2050: 27,150 · -13.6%
• By 2075: 22,569 · -28.2%
• By 2100: 16,584 · -47.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 10% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Serbian 9% Lithuanian 2% Slovak 2%
• Languages at home: 99% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+50.0) · D 24.1% · R 74.1% · Other 1.7%
• 2008→2024 swing: -49.0pp toward R · 2008: -0.9pp · 2024: -50.0pp
• All cycles: 2024: R+50.0 2020: R+50.2 2016: R+46.8 2012: R+17.6 2008: R+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.47%
• Current HPI: 116.6798
• 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

-31.1% since first listed

2 events — show timeline

• 2026-05-11 Price Changed $19,990 MRED as Distributed by MLS Grid
• 2026-04-30 Listed $29,000 MRED as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2024): $1,177 · +4.7% YoY. Source: county tax records.