401 W 3rd Ave · Monmouth, IL 61462

$59,500

2 bd · 1.0 ba · 872 sqft · SingleFamily · 128 Days on market

Built 1900 4,884 sqft lot $68/sqft · 21% below area Est $76k · 21% under

---

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 +28.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2 bedroom home sits on a corner lot. it includes a living room, den, kitchen, dinging nook, and full bath. The 1980 garage is 22' X 23'. Call for your showing! The home is currently rented.

Key facts

• Kitchen
• Living room
• Full bath

Tags

• CORNER LOT
• LIVING ROOM
• DEN
• KITCHEN
• DINING NOOK
• FULL BATH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $201 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($853 rent vs $60k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#372 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, employment D, schools D-.
• Monmouth-Roseville CUSD 238 (town): math 10% / reading 21% proficiency, ranked #511 of 620 in IL (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 13 active listings in the ZIP; 43 units permitted in Warren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $411 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Warren County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.43% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.49%
• DSCR: 1.64
• GRM: 5.8

CMA / ARV

• ARV (median comp): $75,566
• List price: $59,500
• Delta: -21.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 E 1st Ave	0.38mi	1/1.0 (-1)	864 (-1%)	6mo	$65,000	$75	70
228 S C St	0.11mi	1/1.0 (-1)	976 (+12%)	9mo	$36,500	$37	63
502 E Clinton Ave	0.69mi	2/1.0	884 (+1%)	22mo	$80,000	$90	48

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: 5.0%
• Equity multiple: 1.19×
• Total profit: $3,225
• Equity at exit: $8,872

10-year hold

• IRR: 14.5%
• Equity multiple: 2.17×
• Total profit: $19,517
• Equity at exit: $5,144

Cash invested: $16,660 (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 61462

• Home prices YoY: -22.1%
• Active inventory: 13
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $853 medium
• Mortgage (P&I): −$312
• Tax from tax record: −$136 /mo · $1,629/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $201

Break-even live

Break-even rent $598

Max offer price $59,500

Occupancy floor 71%

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: $14,875
• Closing costs: $1,785
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $59,500 Active 128 DOM
2. 2026-06-17
   days on market $59,500 Active 127 DOM
3. 2026-06-16
   days on market $59,500 Active 126 DOM
4. 2026-06-15
   days on market $59,500 Active 125 DOM
5. 2026-06-13
   days on market $59,500 Active 123 DOM
6. 2026-06-12
   days on market $59,500 Active 122 DOM
7. 2026-06-09
   days on market $59,500 Active 119 DOM
8. 2026-06-08
   days on market $59,500 Active 118 DOM
9. 2026-06-07
   days on market $59,500 Active 117 DOM
10. 2026-06-07
    pricedays on market $59,500 Active 116 DOM
11. 2026-06-04
    days on market $62,500 Active 113 DOM
12. 2026-06-02
    days on market $62,500 Active 112 DOM
13. 2026-06-01
    days on market $62,500 Active 111 DOM
14. 2026-05-31
    days on market $62,500 Active 110 DOM
15. 2026-05-31
    days on market $62,500 Active 109 DOM
16. 2026-03-03
    price $62,500 198-char remark

    Show marketing remark (198 chars)

    This 2 bedroom home sits on a corner lot. it includes a living room, den, kitchen, dinging nook, and full bath. The 1980 garage is 22' X 23'. Call for your showing! The home is currently rented.

17. 2026-02-10
    listed $65,000 Active 198-char remark

    Show marketing remark (198 chars)

    This 2 bedroom home sits on a corner lot. it includes a living room, den, kitchen, dinging nook, and full bath. The 1980 garage is 22' X 23'. Call for your showing! The home is currently rented.

18. 2023-11-01
    historical
19. 2023-01-22
    historical
20. 2023-01-22
    listed Active
21. 2023-01-22
    listed Active
22. 2021-08-06
    historical
23. 2003-12-12
    soldstatus $44,500

ⓘ 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: $1,629 · $136/mo
• Projected year-2 tax: $1,629 · $136/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,234
• − Mortgage interest: −$3,333
• − Property taxes: −$1,629
• − Insurance: −$298
• − Repairs & maintenance: −$819
• − Management: −$819
• − Depreciation: −$1,731
• Taxable income: $1,607
• Est. tax owed @ 24.0%: −$386
• After-tax cash flow: $2,029/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: Monmouth-Roseville CUSD 238
• NCES district ID: 1700320
• Math proficiency: 10% ▼ -6.00%
• Reading proficiency: 21% ▼ -8.00%
• Median HH income: $40,228
• Composite: 13.21/100
• National rank: #9552
• State rank: #511 of 620 in IL

Livability — Monmouth

• Score: 70/100
• State rank: #372
• US rank: #7739

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monmouth, IL
• City population: 10,640
• Population (ZIP): 10,640

Population outlook (Warren County) Hauer SSP2

• Today (2025): 17,168 people
• By 2030: 16,771 · -2.3%
• By 2040: 15,988 · -6.9%
• By 2050: 15,471 · -9.9%
• By 2075: 15,053 · -12.3%
• By 2100: 14,513 · -15.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 16% Two or more races 5% Black 4% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Lithuanian 3% Slovak 2% Romanian 2%
• Foreign-born: 9% · Canada, Philippines, United Kingdom
• Languages at home: 85% English-only · Spanish 10% Other Asian/Pacific 2% French/Haitian/Cajun 2%

Political lean MEDSL · Warren

• 2024 margin: Strong R (+25.1) · D 36.5% · R 61.6% · Other 1.9%
• 2008→2024 swing: -33.2pp toward R · 2008: 8.1pp · 2024: -25.1pp
• All cycles: 2024: R+25.1 2020: R+20.0 2016: R+16.7 2012: D+5.8 2008: D+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.51%
• Current HPI: 139.0562
• 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

+40.4% since first listed

8 events — show timeline

• 2026-03-03 Price Changed $62,500 RMLSA as Distributed by MLS Grid
• 2026-02-10 Listed $65,000 RMLSA as Distributed by MLS Grid
• 2023-11-01 Listing Removed — RMLSA as Distributed by MLS Grid
• 2023-01-22 Listing Removed — RMLSA as Distributed by MLS Grid
• 2023-01-22 Listed — RMLSA as Distributed by MLS Grid
• 2023-01-22 Listed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2003-12-12 Sold (Public Records) $44,500 Public Records

Property tax history

+2.8%/yr

Latest (2024): $1,629 · +4.9% YoY. Source: county tax records.