308 E Mulberry St · Watseka, IL 60970

$125,000

3 bd · 2.5 ba · 1,960 sqft · SingleFamily · 341 Days on market

Built 1862 10,454 sqft lot $64/sqft · 9% below area Est $137k · 9% under

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Why this score? — see what drove the C- 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 +17.1/30.0
• ARV discount +11.6/15.0
• Appreciation +5.7/10.0
• DSCR +5.3/10.0
• 1% rule +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Love vintage charm? This 2-story Victorian gem in Watseka is packed with personality! Featuring 3 comfy bedrooms, 2.5 baths, and just under 2,000 sq ft, there's plenty of room to stretch out. The spacious backyard is ready for BBQs and pool parties with an awesome above-ground pool. Come for the character, stay for the fun - this one's a must-see!

Key facts

• Spacious backyard
• Above-ground pool
• 0.24 acre lot

Tags

• SPACIOUS BACKYARD
• ABOVE-GROUND POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (7.5% below list).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% vs local median 3.5% in Watseka — 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 63/100 on livability (#811 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools D, amenities F, commute F.
• Iroquois County CUSD 9 (rural): math 18% / reading 35% proficiency, ranked #316 of 620 in IL (top 51%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 39 active listings in the ZIP; 14 units permitted in Iroquois County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($864 loan paydown + $2k appreciation (1.3% local appreciation)).
• Iroquois County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 341 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $45k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1862 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 341 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 1862 — 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. 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: 0.93% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.97%
• DSCR: 1.13
• GRM: 9.0

CMA / ARV

• ARV (median comp): $137,477
• List price: $125,000
• Delta: -9.08%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
460 S Ralph St	0.27mi	3/2.0	2,014 (+3%)	1mo	$169,000	$84	80
426 E Locust St	0.16mi	3/2.0	1,911 (-2%)	11mo	$190,000	$99	78
319 S 3rd St	0.22mi	4/2.0 (+1)	1,904 (-3%)	9mo	$189,900	$100	70
601 E Porter Ave	0.46mi	3/1.5	1,914 (-2%)	3mo	$135,000	$71	68
447 S Ralph St	0.23mi	3/1.5	1,774 (-10%)	3mo	$189,500	$107	67
550 E Mulberry St	0.27mi	3/2.0	1,824 (-7%)	14mo	$190,500	$104	63
712 E Grant St	0.64mi	4/2.5 (+1)	1,943 (-1%)	10mo	$188,000	$97	56
704 E Ash St	0.56mi	3/2.0	1,820 (-7%)	7mo	$149,950	$82	55
622 S Belmont Ave	0.40mi	3/1.5	1,762 (-10%)	10mo	$150,000	$85	52
465 E Ash St	0.36mi	4/2.0 (+1)	1,686 (-14%)	5mo	$97,000	$58	49
911 E Locust St	0.59mi	4/2.0 (+1)	1,754 (-10%)	2mo	$175,000	$100	47
704 E Sycamore St	0.64mi	3/1.0	1,795 (-8%)	10mo	$125,000	$70	42

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

Projected returns pro-forma

1.33% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.4%
• Equity multiple: 1.28×
• Total profit: $9,878
• Equity at exit: $44,833

10-year hold

• IRR: 9.5%
• Equity multiple: 2.19×
• Total profit: $41,690
• Equity at exit: $61,286

Cash invested: $35,000 (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 60970

• Home prices YoY: 0.9%
• Active inventory: 39
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,156 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$119 /mo · $1,432/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $87

Break-even live

Break-even rent $1,047

Max offer price $125,000

Occupancy floor 88%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $125,000 Active 341 DOM
2. 2026-06-17
   days on market $125,000 Active 340 DOM
3. 2026-06-16
   days on market $125,000 Active 339 DOM
4. 2026-06-15
   days on market $125,000 Active 338 DOM
5. 2026-06-14
   days on market $125,000 Active 336 DOM
6. 2026-06-10
   days on market $125,000 Active 333 DOM
7. 2026-06-09
   days on market $125,000 Active 332 DOM
8. 2026-06-08
   days on market $125,000 Active 331 DOM
9. 2026-06-07
   days on market $125,000 Active 330 DOM
10. 2026-06-03
    days on market $125,000 Active 326 DOM
11. 2026-06-02
    days on market $125,000 Active 325 DOM
12. 2026-06-01
    days on market $125,000 Active 324 DOM
13. 2026-05-31
    days on market $125,000 Active 323 DOM
14. 2026-05-30
    days on market $125,000 Active 322 DOM
15. 2026-03-25
    price $125,000 349-char remark

    Show marketing remark (349 chars)

    Love vintage charm? This 2-story Victorian gem in Watseka is packed with personality! Featuring 3 comfy bedrooms, 2.5 baths, and just under 2,000 sq ft, there's plenty of room to stretch out. The spacious backyard is ready for BBQs and pool parties with an awesome above-ground pool. Come for the character, stay for the fun - this one's a must-see!

16. 2025-11-19
    price $135,000 349-char remark

    Show marketing remark (349 chars)

    Love vintage charm? This 2-story Victorian gem in Watseka is packed with personality! Featuring 3 comfy bedrooms, 2.5 baths, and just under 2,000 sq ft, there's plenty of room to stretch out. The spacious backyard is ready for BBQs and pool parties with an awesome above-ground pool. Come for the character, stay for the fun - this one's a must-see!

17. 2025-09-08
    price $149,900 349-char remark

    Show marketing remark (349 chars)

    Love vintage charm? This 2-story Victorian gem in Watseka is packed with personality! Featuring 3 comfy bedrooms, 2.5 baths, and just under 2,000 sq ft, there's plenty of room to stretch out. The spacious backyard is ready for BBQs and pool parties with an awesome above-ground pool. Come for the character, stay for the fun - this one's a must-see!

18. 2025-08-09
    price $159,900 349-char remark

    Show marketing remark (349 chars)

    Love vintage charm? This 2-story Victorian gem in Watseka is packed with personality! Featuring 3 comfy bedrooms, 2.5 baths, and just under 2,000 sq ft, there's plenty of room to stretch out. The spacious backyard is ready for BBQs and pool parties with an awesome above-ground pool. Come for the character, stay for the fun - this one's a must-see!

19. 2025-07-12
    listed $169,900 Active 349-char remark

    Show marketing remark (349 chars)

    Love vintage charm? This 2-story Victorian gem in Watseka is packed with personality! Featuring 3 comfy bedrooms, 2.5 baths, and just under 2,000 sq ft, there's plenty of room to stretch out. The spacious backyard is ready for BBQs and pool parties with an awesome above-ground pool. Come for the character, stay for the fun - this one's a must-see!

20. 2006-05-31
    soldstatus $89,900 1044-char remark

    Show marketing remark (1044 chars)

    .. .. This absolutely and architectually charming 3 bdrm. . (2.5 bath) VICTORIAN. . has beautiful gingerbread trim on the exterior of the home which is: cream/burgundy/green (painted 3+ yrs. ago). .. Open living area (includes: LR, dining area, sit-in bay windowed-library area/fireplace. .). .. large kitchen. .. BEAUTIFUL OAK staircase to 2nd floor. .. 3 upstairs bdrms. Master has bath/porch off sleeping area. .. . (Some wood plank-type flooring. .. ) Master bdrm. .with bath. .. .. 2ND FLOOR HAS TWO full bath upstairs!!!. . Woodburning fireplace has ornate tile accents & oak woodwork. . Home has the quaint charm of a golden oldie. NEW BOILER. .. Partial basement. /attached garage. .. .. . Deep yard. Plenty of periwinkle walkways. . Come visit. .. . It'd be a terrific home to polish up and decorate!!!!!! * IF you want a delightful period home---this one is knocking at your door!Owners wish to sell "as is". .. but, if you can renovate---visit this outstanding Victorian on tree-d lined old-town street. ..

21. 2006-05-01
    soldstatus $89,900
22. 2005-01-17
    listed $89,900 1044-char remark

    Show marketing remark (1044 chars)

    .. .. This absolutely and architectually charming 3 bdrm. . (2.5 bath) VICTORIAN. . has beautiful gingerbread trim on the exterior of the home which is: cream/burgundy/green (painted 3+ yrs. ago). .. Open living area (includes: LR, dining area, sit-in bay windowed-library area/fireplace. .). .. large kitchen. .. BEAUTIFUL OAK staircase to 2nd floor. .. 3 upstairs bdrms. Master has bath/porch off sleeping area. .. . (Some wood plank-type flooring. .. ) Master bdrm. .with bath. .. .. 2ND FLOOR HAS TWO full bath upstairs!!!. . Woodburning fireplace has ornate tile accents & oak woodwork. . Home has the quaint charm of a golden oldie. NEW BOILER. .. Partial basement. /attached garage. .. .. . Deep yard. Plenty of periwinkle walkways. . Come visit. .. . It'd be a terrific home to polish up and decorate!!!!!! * IF you want a delightful period home---this one is knocking at your door!Owners wish to sell "as is". .. but, if you can renovate---visit this outstanding Victorian on tree-d lined old-town street. ..

ⓘ 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: $1,432 · $119/mo
• Projected year-2 tax: $2,135 · $178/mo
• Expected delta: +$703/yr (+$59/mo · 49.1%)

ⓘ 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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $13,876
• − Mortgage interest: −$7,002
• − Property taxes: −$1,432
• − Insurance: −$625
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$3,636
• Taxable loss: −$1,039
• Est. tax savings @ 24.0%: +$249
• After-tax cash flow: $1,289/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: Iroquois County CUSD 9
• NCES district ID: 1720170
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 35% ▼ -8.00%
• Median HH income: $38,590
• Composite: 22.14/100
• National rank: #8171
• State rank: #316 of 620 in IL

Livability — Watseka

• Score: 63/100
• State rank: #811
• US rank: #15998

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watseka, IL
• Population (ZIP): 5,965

Population outlook (Iroquois County) Hauer SSP2

• Today (2025): 26,826 people
• By 2030: 25,771 · -3.9%
• By 2040: 23,589 · -12.1%
• By 2050: 21,523 · -19.8%
• By 2075: 17,998 · -32.9%
• By 2100: 14,979 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Lithuanian 6% Iranian 3% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Tagalog/Filipino 1%

Political lean MEDSL · Iroquois

• 2024 margin: Solid R (+57.3) · D 20.6% · R 78.0% · Other 1.4%
• 2008→2024 swing: -27.5pp toward R · 2008: -29.8pp · 2024: -57.3pp
• All cycles: 2024: R+57.3 2020: R+56.7 2016: R+56.0 2012: R+44.7 2008: R+29.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.33%
• Current HPI: 156.8
• 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

+39.0% since first listed

8 events — show timeline

• 2026-03-25 Price Changed $125,000 MRED as Distributed by MLS Grid
• 2025-11-19 Price Changed $135,000 MRED as Distributed by MLS Grid
• 2025-09-08 Price Changed $149,900 MRED as Distributed by MLS Grid
• 2025-08-09 Price Changed $159,900 MRED as Distributed by MLS Grid
• 2025-07-12 Listed $169,900 MRED as Distributed by MLS Grid
• 2006-05-31 Sold (MLS) $89,900 MRED as Distributed by MLS Grid
• 2006-05-01 Sold (Public Records) $89,900 Public Records
• 2005-01-17 Listed $89,900 MRED as Distributed by MLS Grid

Property tax history

-3.6%/yr

Latest (2024): $1,432 · -47.1% YoY. Source: county tax records.