405 23rd Pl · Decatur, IL 62521

$64,500

2 bd · 1.0 ba · 928 sqft · SingleFamily · 2 Days on market

Built 1923 6,250 sqft lot Est $45k · 45% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 405 23rd Place, a cozy and inviting bungalow tucked into one of Decatur’s most convenient pockets. This home greets you with a relaxing covered front porch, perfect for slow mornings, evening conversations, or simply watching the neighborhood go by. Inside, you’ll find the classic warmth and character that make bungalows so beloved — comfortable living spaces, timeless details, and a layout that feels instantly like home. What truly sets this location apart is its access to some of Decatur’s best-loved spots. You’re just minutes from the Devon Theatre, the scenic paths and water views of Lake Decatur, and the iconic local flavor of Krekel’s. Wh

Key facts

• Covered front porch
• 6,250 sq ft lot
• Garage

Tags

• COVERED FRONT PORCH
• ACCESS TO DECATUR SPOTS
• MINUTES FROM DEVON THEATRE
• SCENIC PATHS AND WATER VIEWS

Property features AI

Exterior

• Parking: Attached garage (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels / 2 stories
• Construction: Vinyl siding; Shingle roof; Full unfinished basement
• Exterior features: Front porch; Concrete driveway/road surface

Interior

• Kitchen: Oven; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Gas water heater; Fireplace (1)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $64k.

Deal economics

• At list price, monthly cash flow is $277 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($915 rent vs $64k).
• Cap rate 11.4% vs local median 7.0% in Decatur — 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 59/100 on livability (#1,076 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Decatur SD 61 (urban): math 3% / reading 6% proficiency, ranked #605 of 620 in IL (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Stephen Decatur Middle School (math 0% / reading 5%, grade F, #658 of 665 statewide, top 99%, 459 students, 0% FRL); Eisenhower High School (math 2% / reading 8%, grade F, #614 of 693 statewide, top 95%, 934 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 193 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 92% of comp listings sitting > 30 days — soft ceiling on asking rent; 63 units permitted in Macon County in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($66k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $446 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Macon County population projected at -24% 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 $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,500

Questions for the listing agent

1. Built in 1923 — 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 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.42% ✓
• Cap rate: 11.44%
• Cash-on-cash: 18.40%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $44,544
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2150 E Clay St	0.22mi	2/1.0	864 (-7%)	3mo	$49,000	$57	76
2353 E Hendrix St	0.12mi	2/1.0	832 (-10%)	3mo	$67,500	$81	74
815 S 21st St	0.49mi	2/1.0	956 (+3%)	1mo	$33,000	$35	72
1958 E Main St	0.42mi	3/1.0 (+1)	909 (-2%)	1mo	$30,000	$33	71
2432 E Main St	0.32mi	2/1.0	819 (-12%)	4mo	$50,000	$61	62
1714 Lawrence St	0.57mi	2/1.0	867 (-7%)	1mo	$33,000	$38	62
1705 North St	0.69mi	2/1.0	892 (-4%)	1mo	$33,000	$37	61
1536 E Main St	0.69mi	2/1.0	972 (+5%)	1mo	$35,000	$36	59
1872 Shady Crest St	0.66mi	3/1.0 (+1)	947 (+2%)	4mo	$25,000	$26	58
1739 E Johns Ave	0.53mi	2/1.0	834 (-10%)	2mo	$40,000	$48	57
1901 Indiana Ct	0.72mi	3/1.0 (+1)	888 (-4%)	3mo	$68,000	$77	52
2915 E Main St	0.67mi	1/1.0 (-1)	827 (-11%)	2mo	$83,000	$100	44

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: 10.1%
• Equity multiple: 1.40×
• Total profit: $7,196
• Equity at exit: $9,617

10-year hold

• IRR: 19.2%
• Equity multiple: 2.61×
• Total profit: $29,029
• Equity at exit: $5,577

Cash invested: $18,060 (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 62521

• Home prices YoY: -9.0%
• Active inventory: 193
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $915 high
• Mortgage (P&I): −$338
• Tax est. 1.5%: −$81 /mo · $968/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$192
• Net cashflow: $277

Break-even live

Break-even rent $564

Max offer price $64,500

Occupancy floor 65%

Sensitivity live

Price	-10% $321	-5% $299	+0% $277	+5% $255	+10% $232
Rent	-10% $205	-5% $241	+0% $277	+5% $313	+10% $349
Rate	-1.0pp $309	-0.5pp $293	base $277	+0.5pp $260	+1.0pp $243

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: $16,125
• Closing costs: $1,935
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2448 E Wood St Decatur, IL	3.0	1.0	800	$995	$1.24	15d	1	0.31mi
2032 E North St Decatur, IL	2.0	1.0	754	$900	$1.19	45d	1	0.56mi
1718 E Cantrell St Decatur, IL	3.0	2.0	900	$1,000	$1.11	45d	1	0.66mi
249 N 17th St Decatur, IL	3.0	2.0	700	$995	$1.42	45d	1	0.67mi
165 S East Ave Unit NA Decatur, IL	2.0	1.0	850	$800	$0.94	45d	1	0.74mi
1455 E Whitmer St Decatur, IL	2.0	1.0	1050	$915	$0.87	45d	1	0.79mi
698 S Stone St Decatur, IL	2.0	1.0	900	$795	$0.88	45d	1	0.82mi
1304 E Lawrence St Decatur, IL	2.0	1.0	850	$850	$1.00	45d	1	0.87mi
1245 Sedgwick St Decatur, IL	2.0	1.0	1055	$895	$0.85	45d	1	0.87mi
1237 E Johns Ave Decatur, IL	2.0	1.0	1000	$895	$0.90	45d	1	0.88mi
347 N Stone St Decatur, IL	2.0	1.0	850	$875	$1.03	45d	1	0.89mi
803 E Whitmer St Decatur, IL	3.0	1.0	900	$935	$1.04	45d	1	1.27mi
759 E Lawrence St Decatur, IL	3.0	1.0	1080	$695	$0.64	45d	1	1.27mi

Listing history 3 events

1. 2026-06-07
   statusdays on market $64,500 Pending 2 DOM
2. 2026-06-05
   remarks 663-char remark
3. 2026-06-05
   listed $64,500 Active 1 DOM

ⓘ 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 3/10 Moderate 7 d/yr ≥106°F today · 19 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,976
• − Mortgage interest: −$3,613
• − Property taxes: −$968
• − Insurance: −$322
• − Repairs & maintenance: −$878
• − Management: −$878
• − Depreciation: −$1,876
• Taxable income: $2,441
• Est. tax owed @ 24.0%: −$586
• After-tax cash flow: $2,737/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: Decatur SD 61
• NCES district ID: 1711850
• Math proficiency: 3% ▼ -4.00%
• Reading proficiency: 6% ▼ -6.00%
• Median HH income: $38,864
• Composite: 3.99/100
• National rank: #10059
• State rank: #605 of 620 in IL

Livability — Decatur

• Score: 59/100
• State rank: #1076
• US rank: #20533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IL
• County: Macon County · 78,333 people
• City population: 78,333
• Metro: Decatur, IL
• Population (ZIP): 32,665
• Household income: $66,337
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 640.0

Population outlook (Macon County) Hauer SSP2

• Today (2025): 99,568 people
• By 2030: 94,973 · -4.6%
• By 2040: 85,250 · -14.4%
• By 2050: 75,920 · -23.8%
• By 2075: 55,962 · -43.8%
• By 2100: 36,468 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 17% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 0%

Political lean MEDSL · Macon

• 2024 margin: R (+18.9) · D 39.8% · R 58.7% · Other 1.4%
• 2008→2024 swing: -20.0pp toward R · 2008: 1.1pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+17.7 2016: R+18.1 2012: R+5.2 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.96%
• Current HPI: 180.9274
• Rent YoY: —
• Metro: Decatur, IL
• 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

1 event — show timeline

• 2026-06-03 Listed $64,500 CIBR