331 Illinois · Salem, IL 62881

$147,900

3 bd · 1.5 ba · 1,786 sqft · SingleFamily · 28 Days on market

Built 1960 0.94 ac lot Est $195k · 24% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.1/30.0
• DSCR +4.3/10.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home has that fabulous, unable to be replicated, sweet 1960's solid, heavy, quality build feel. Featuring Bedford stone and a HUGE open living area. Walk-in shower, new kitchen cabinets, 2 car attached garage and large detached garage, concrete drive. Large front porch for people watching, oversize, deep backyard with plenty of room for garden, pool, swing-set, trampoline or all four!

Key facts

• Large front porch
• Open living area
• New kitchen cabinets

Tags

• OPEN LIVING AREA
• WALK-IN SHOWER
• NEW KITCHEN CABINETS
• LARGE FRONT PORCH
• OVERSIZE BACKYARD

Property features AI

Finance

• Financial info: Special service area not required
• HOA & community: No master association fee required

Exterior

• Parking: Attached and detached garage space; Four garage spaces total; Room for up to 10 vehicles
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; One-story; Fee simple ownership; Built before 1978 (aged 61–70 years)
• Construction: Stone construction
• Exterior features: Lot dimensions approximately 126 x 324

Interior

• Kitchen: Kitchen on the main level (11 x 12) with other-type flooring
• Bedrooms: Master bedroom on the main level (13 x 12) with laminate flooring; Bedroom 2 on the main level (13 x 11) with laminate flooring; Bedroom 3 on the main level (13 x 11) with laminate flooring
• Flooring: Laminate flooring in living areas and bedrooms; Vinyl flooring in laundry
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Six total rooms; Crawl space basement
• Laundry & utility: Main-level laundry (12 x 6) with vinyl flooring

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $22 ($258/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 $127k (14.1% below list).
• Recommended offer: $127k (14.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#467 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Salem Chsd 600 (town): math 25% / reading 30% proficiency, ranked #571 of 919 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Salem Community High School (math 22% / reading 17%, grade F, #397 of 693 statewide, top 61%, 732 students, 0% FRL).
• Market conditions: 48 active listings in the ZIP; 2 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Marion County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y 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.

Recommended offer $127,008 (14.1% below list)

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.86% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $194,674
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 N Indiana Ave	0.10mi	2/2.0 (-1)	1,840 (+3%)	8mo	$170,000	$92	76
301 S Castle St	0.41mi	3/1.0	1,603 (-10%)	6mo	$98,700	$62	56
307 S Pruyn St	0.33mi	3/1.0	2,005 (+12%)	8mo	$140,000	$70	56
620 W Allmon St	0.39mi	3/2.0	1,561 (-13%)	10mo	$170,000	$109	50
914 Meadow Ln	0.47mi	3/2.0	1,584 (-11%)	12mo	$175,000	$110	48
1110 N Franklin St	0.59mi	3/1.5	1,521 (-15%)	2mo	$182,500	$120	46
506 Willow Pl	0.40mi	3/2.0	1,546 (-13%)	21mo	$174,000	$113	40
1110 Meadow Ln	0.53mi	3/1.5	1,518 (-15%)	14mo	$155,000	$102	39
111 Hawthorn Estates Rd	0.71mi	4/2.0 (+1)	2,010 (+12%)	3mo	$225,000	$112	37
1158 N Franklin St	0.67mi	4/2.5 (+1)	2,002 (+12%)	14mo	$214,000	$107	28

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: -15.3%
• Equity multiple: 0.45×
• Total profit: $-22,601
• Equity at exit: $22,052

10-year hold

• IRR: -6.8%
• Equity multiple: 0.57×
• Total profit: $-17,937
• Equity at exit: $12,788

Cash invested: $41,412 (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 62881

• Home prices YoY: -28.0%
• Active inventory: 48
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,270 medium
• Mortgage (P&I): −$776
• Tax from tax record: −$145 /mo · $1,735/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $22

Break-even live

Break-even rent $1,243

Max offer price $147,900

Occupancy floor 93%

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: $36,975
• Closing costs: $4,437
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $147,900 Active 28 DOM
2. 2026-06-17
   days on market $147,900 Active 27 DOM
3. 2026-06-16
   days on market $147,900 Active 26 DOM
4. 2026-06-15
   days on market $147,900 Active 25 DOM
5. 2026-06-13
   days on market $147,900 Active 23 DOM
6. 2026-06-12
   days on market $147,900 Active 22 DOM
7. 2026-06-09
   days on market $147,900 Active 19 DOM
8. 2026-06-09
   days on marketlisting id $147,900 Active 18 DOM
9. 2026-06-08
   days on market $147,900 Active 81 DOM
10. 2026-06-07
    days on market $147,900 Active 80 DOM
11. 2026-06-07
    days on market $147,900 Active 79 DOM
12. 2026-06-04
    days on market $147,900 Active 76 DOM
13. 2026-06-02
    days on market $147,900 Active 75 DOM
14. 2026-06-01
    days on market $147,900 Active 74 DOM
15. 2026-05-31
    days on market $147,900 Active 73 DOM
16. 2026-05-31
    days on market $147,900 Active 72 DOM
17. 2026-05-21
    listed $147,900 Active 392-char remark

    Show marketing remark (392 chars)

    This home has that fabulous, unable to be replicated, sweet 1960's solid, heavy, quality build feel. Featuring Bedford stone and a HUGE open living area. Walk-in shower, new kitchen cabinets, 2 car attached garage and large detached garage, concrete drive. Large front porch for people watching, oversize, deep backyard with plenty of room for garden, pool, swing-set, trampoline or all four!

18. 2026-05-04
    status Active
19. 2026-05-03
    historical
20. 2026-05-02
    status Active
21. 2026-04-30
    historical
22. 2026-04-27
    price $147,900
23. 2026-03-16
    listed $157,900 Active
24. 2021-06-14
    soldstatus $155,000
25. 2021-06-08
    soldstatus $155,000 306-char remark

    Show marketing remark (306 chars)

    A beautiful home on a well desired street! Don't miss out on this well maintained 3 bedroom 1 1/2 bath home with a large living room open to the dining room. New flooring throughout most of home. 2 car attached garage along with a 1 car detached garage with workshop area. All of this on 3/4 +/- acres.

26. 2021-06-08
    soldstatus $155,000 306-char remark

    Show marketing remark (306 chars)

    A beautiful home on a well desired street! Don't miss out on this well maintained 3 bedroom 1 1/2 bath home with a large living room open to the dining room. New flooring throughout most of home. 2 car attached garage along with a 1 car detached garage with workshop area. All of this on 3/4 +/- acres.

27. 2021-05-04
    listed $149,000 306-char remark

    Show marketing remark (306 chars)

    A beautiful home on a well desired street! Don't miss out on this well maintained 3 bedroom 1 1/2 bath home with a large living room open to the dining room. New flooring throughout most of home. 2 car attached garage along with a 1 car detached garage with workshop area. All of this on 3/4 +/- acres.

28. 2021-05-04
    listed $149,000 306-char remark

    Show marketing remark (306 chars)

    A beautiful home on a well desired street! Don't miss out on this well maintained 3 bedroom 1 1/2 bath home with a large living room open to the dining room. New flooring throughout most of home. 2 car attached garage along with a 1 car detached garage with workshop area. All of this on 3/4 +/- acres.

ⓘ 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: $1,735 · $145/mo
• Projected year-2 tax: $2,546 · $212/mo
• Expected delta: +$811/yr (+$68/mo · 46.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,241
• − Mortgage interest: −$8,285
• − Property taxes: −$1,735
• − Insurance: −$740
• − Repairs & maintenance: −$1,219
• − Management: −$1,219
• − Depreciation: −$4,303
• Taxable loss: −$2,260
• Est. tax savings @ 24.0%: +$542
• After-tax cash flow: $801/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: Salem Chsd 600
• NCES district ID: 1735190
• Math proficiency: 25% ▲ 10.00%
• Reading proficiency: 30% ▲ 5.00%
• Median HH income: $39,305
• Composite: 26.04/100
• National rank: #12738
• State rank: #571 of 919 in IL

Livability — Salem

• Score: 68/100
• State rank: #467
• US rank: #9634

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, IL
• City population: 11,218
• Population (ZIP): 11,218

Population outlook (Marion County) Hauer SSP2

• Today (2025): 36,071 people
• By 2030: 34,598 · -4.1%
• By 2040: 31,754 · -12.0%
• By 2050: 28,912 · -19.8%
• By 2075: 22,527 · -37.5%
• By 2100: 16,455 · -54.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Black 3% Two or more races 2%
• Common ancestry: Romanian 2% Italian 2% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+49.5) · D 24.6% · R 74.1% · Other 1.4%
• 2008→2024 swing: -47.5pp toward R · 2008: -2.0pp · 2024: -49.5pp
• All cycles: 2024: R+49.5 2020: R+46.6 2016: R+44.9 2012: R+19.2 2008: R+2.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.16%
• Current HPI: 162.55
• 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

-0.7% since first listed

12 events — show timeline

• 2026-05-21 Listed $147,900 MARIS as Distributed by MLS Grid
• 2026-05-04 Relisted — MRED as Distributed by MLS Grid
• 2026-05-03 Listing Removed — MRED as Distributed by MLS Grid
• 2026-05-02 Relisted — MRED as Distributed by MLS Grid
• 2026-04-30 Listing Removed — MRED as Distributed by MLS Grid
• 2026-04-27 Price Changed $147,900 MRED as Distributed by MLS Grid
• 2026-03-16 Listed $157,900 MRED as Distributed by MLS Grid
• 2021-06-14 Sold (Public Records) $155,000 Public Records
• 2021-06-08 Sold (MLS) $155,000 RMLSA as Distributed by MLS Grid
• 2021-06-08 Sold (MLS) $155,000 MRED as Distributed by MLS Grid
• 2021-05-04 Listed $149,000 RMLSA as Distributed by MLS Grid
• 2021-05-04 Listed $149,000 MRED as Distributed by MLS Grid

Property tax history

-0.1%/yr

Latest (2024): $1,735 · -6.9% YoY. Source: county tax records.