265 E Central St · Farmington, IL 61531

$54,900

2 bd · 1.0 ba · 1,002 sqft · Other · 62 Days on market

Built 1924 0.36 ac lot

---

Why this score? — see what drove the B- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bedroom, 1 bath bungalow on deep lot, needs some TLC. Great possible investment property.

Key facts

• 0.36 acre lot
• Parking
• Built 1924

Property features AI

Finance

• Other: Property located in the Steenburg subdivision; Listing status: Active Under Contract
• HOA & community: No association fees

Exterior

• Parking: Gravel parking (no garage)
• Utilities: Public water; Public sewer
• Home design: Single-family home; Built in 1924
• Construction: Shingle roof
• Exterior features: Level lot; Shed(s); Paved road access

Interior

• Kitchen: Kitchen with vinyl flooring
• Bedrooms: 2 bedrooms (main level and upper level) — primary bedroom ~13 x 10, second bedroom ~11 x 7; Additional finished spaces on lower level and an extra level
• Flooring: Carpet in living areas and bedrooms; Vinyl in kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Gas water heater
• Interior features: Partial basement; Replacement windows; No fireplaces

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $55k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($902 rent vs $55k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#835 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: amenities F, commute F, employment D-.
• Farmington Central CUSD 265 (rural): math 23% / reading 29% proficiency, ranked #293 of 620 in IL (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Farmington Central High Sch (math 17% / reading 17%, grade F, #430 of 693 statewide, top 66%, 375 students, 0% FRL) — zoned schools average 0% FRL vs 32% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 13 active listings in the ZIP; 14 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fulton County population projected at -20% 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 $15k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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.
• Current owner paid $12k; list at $55k implies a 358% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $51,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — 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: 1.64% ✓
• Cap rate: 13.74%
• Cash-on-cash: 26.59%
• DSCR: 2.18
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 20.4%
• Equity multiple: 1.83×
• Total profit: $12,805
• Equity at exit: $8,186

10-year hold

• IRR: 28.6%
• Equity multiple: 3.54×
• Total profit: $39,120
• Equity at exit: $4,747

Cash invested: $15,372 (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 61531

• Active inventory: 13
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $902 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$61 /mo · $733/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $341

Break-even live

Break-even rent $471

Max offer price $54,900

Occupancy floor 57%

Sensitivity live

Price	-10% $372	-5% $356	+0% $341	+5% $325	+10% $310
Rent	-10% $269	-5% $305	+0% $341	+5% $376	+10% $412
Rate	-1.0pp $368	-0.5pp $355	base $341	+0.5pp $326	+1.0pp $312

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-16
   historical Under Contract
2. 2026-03-26
   listed $54,900 Active
3. 2024-12-16
   historical
4. 2024-10-30
   price
5. 2024-10-01
   price
6. 2024-09-10
   price
7. 2024-08-27
   price
8. 2024-08-06
   listed Active
9. 2012-08-03
   soldstatus $12,000
10. 2012-08-02
    soldstatus $12,000 91-char remark

    Show marketing remark (91 chars)

    2 bedroom, 1 bath bungalow on deep lot, needs some TLC. Great possible investment property.

11. 2012-06-07
    listed $24,900 91-char remark

    Show marketing remark (91 chars)

    2 bedroom, 1 bath bungalow on deep lot, needs some TLC. Great possible investment property.

ⓘ 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: $733 · $61/mo
• Projected year-2 tax: $990 · $82/mo
• Expected delta: +$256/yr (+$21/mo · 35.0%)

ⓘ 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 ≥104°F today · 18 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,822
• − Mortgage interest: −$3,075
• − Property taxes: −$733
• − Insurance: −$274
• − Repairs & maintenance: −$866
• − Management: −$866
• − Depreciation: −$1,597
• Taxable income: $3,411
• Est. tax owed @ 24.0%: −$819
• After-tax cash flow: $3,269/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: Farmington Central CUSD 265
• NCES district ID: 1700044
• Math proficiency: 23% ▼ -8.00%
• Reading proficiency: 29% ▼ -11.00%
• Median HH income: $54,785
• Composite: 23.33/100
• National rank: #7914
• State rank: #293 of 620 in IL

Livability — Farmington

• Score: 62/100
• State rank: #835
• US rank: #16471

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington, IL
• Population (ZIP): 3,018

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 (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Iranian 4% Portuguese 3% Slovak 3%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 0%

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: ▼ -62.69%
• Current HPI: 116.0611
• 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

+120.5% since first listed

11 events — show timeline

• 2026-04-16 Contingent — RMLSA as Distributed by MLS Grid
• 2026-03-26 Listed $54,900 RMLSA as Distributed by MLS Grid
• 2024-12-16 Listing Removed — RMLSA as Distributed by MLS Grid
• 2024-10-30 Price Changed — RMLSA as Distributed by MLS Grid
• 2024-10-01 Price Changed — RMLSA as Distributed by MLS Grid
• 2024-09-10 Price Changed — RMLSA as Distributed by MLS Grid
• 2024-08-27 Price Changed — RMLSA as Distributed by MLS Grid
• 2024-08-06 Listed — RMLSA as Distributed by MLS Grid
• 2012-08-03 Sold (Public Records) $12,000 Public Records
• 2012-08-02 Sold (MLS) $12,000 RMLSA as Distributed by MLS Grid
• 2012-06-07 Listed $24,900 RMLSA as Distributed by MLS Grid

Property tax history

+8.0%/yr

Latest (2024): $733 · -2.6% YoY. Source: county tax records.