612 Mechanic St · Alton, IL 62002

$139,000

2 bd · 1.0 ba · 1,594 sqft · MultiFamily public records · 226 Days on market

Built 1901 7,200 sqft lot $87/sqft · 44% above area Est $97k · 44% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Investment Opportunity – 4-Unit Multi-Family Property. Each unit features 1 bedroom and 1 bathroom, offering comfortable and efficient living spaces. This property has a strong rental history, with 3 of the 4 units currently occupied by long-term tenants. The vacant unit presents an opportunity for owner-occupancy or to set a new rental rate at current market values. Centrally situated, tenants enjoy convenient access to shopping and dining, making it a desirable location for renters.

Key facts

• Convenient access
• Vacant unit
• 7,200 sq ft lot

Tags

• MULTI-FAMILY PROPERTY
• STRONG RENTAL HISTORY
• VACANT UNIT
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $139k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $412/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.5% vs local median 6.4% in Alton — 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 64/100 on livability (#701 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, schools F, crime F.
• Alton CUSD 11 (suburban): math 12% / reading 13% proficiency, ranked #544 of 620 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.2%/yr); 169 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $3,313/mo this rent would consume 65% of the median local household income ($61k/yr) (locally 960% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Madison County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 226 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $139k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 226 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.38% ✓
• Cap rate: 20.52%
• Cash-on-cash: 50.80%
• DSCR: 3.26
• GRM: 3.5

CMA / ARV

• ARV (median comp): $96,722
• List price: $139,000
• Delta: 43.71%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 54.2%
• Equity multiple: 3.57×
• Total profit: $99,980
• Equity at exit: $20,725

10-year hold

• IRR: 61.3%
• Equity multiple: 8.76×
• Total profit: $302,101
• Equity at exit: $12,018

Cash invested: $38,920 (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 62002

• Home prices YoY: -33.6%
• Rents YoY: 8.2%
• Active inventory: 169
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $3,313 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$183 /mo · $2,193/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$696
• Net cashflow: $1,648

Break-even live

Break-even rent $1,227

Max offer price $139,000

Occupancy floor 45%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,312
Total (4 units)			$3,313

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1106 George St Unit 1106 Alton, IL	3.0	1.5	1750	$1,196	$0.68	3d	1	0.33mi

Listing history 21 events

1. 2026-06-18
   days on market $139,000 Active 226 DOM
2. 2026-06-17
   days on market $139,000 Active 225 DOM
3. 2026-06-16
   days on market $139,000 Active 224 DOM
4. 2026-06-15
   days on market $139,000 Active 223 DOM
5. 2026-06-13
   days on market $139,000 Active 221 DOM
6. 2026-06-09
   days on market $139,000 Active 217 DOM
7. 2026-06-08
   days on market $139,000 Active 216 DOM
8. 2026-06-07
   days on market $139,000 Active 215 DOM
9. 2026-06-03
   days on market $139,000 Active 211 DOM
10. 2026-06-02
    days on market $139,000 Active 210 DOM
11. 2026-06-01
    days on market $139,000 Active 209 DOM
12. 2026-05-31
    days on market $139,000 Active 208 DOM
13. 2026-02-25
    price $139,000 496-char remark

    Show marketing remark (496 chars)

    Investment Opportunity – 4-Unit Multi-Family Property. Each unit features 1 bedroom and 1 bathroom, offering comfortable and efficient living spaces. This property has a strong rental history, with 3 of the 4 units currently occupied by long-term tenants. The vacant unit presents an opportunity for owner-occupancy or to set a new rental rate at current market values. Centrally situated, tenants enjoy convenient access to shopping and dining, making it a desirable location for renters.

14. 2026-02-24
    status Active 496-char remark

    Show marketing remark (496 chars)

    Investment Opportunity – 4-Unit Multi-Family Property. Each unit features 1 bedroom and 1 bathroom, offering comfortable and efficient living spaces. This property has a strong rental history, with 3 of the 4 units currently occupied by long-term tenants. The vacant unit presents an opportunity for owner-occupancy or to set a new rental rate at current market values. Centrally situated, tenants enjoy convenient access to shopping and dining, making it a desirable location for renters.

15. 2026-02-12
    status Pending 496-char remark

    Show marketing remark (496 chars)

    Investment Opportunity – 4-Unit Multi-Family Property. Each unit features 1 bedroom and 1 bathroom, offering comfortable and efficient living spaces. This property has a strong rental history, with 3 of the 4 units currently occupied by long-term tenants. The vacant unit presents an opportunity for owner-occupancy or to set a new rental rate at current market values. Centrally situated, tenants enjoy convenient access to shopping and dining, making it a desirable location for renters.

16. 2026-02-02
    price $149,000 496-char remark

    Show marketing remark (496 chars)

    Investment Opportunity – 4-Unit Multi-Family Property. Each unit features 1 bedroom and 1 bathroom, offering comfortable and efficient living spaces. This property has a strong rental history, with 3 of the 4 units currently occupied by long-term tenants. The vacant unit presents an opportunity for owner-occupancy or to set a new rental rate at current market values. Centrally situated, tenants enjoy convenient access to shopping and dining, making it a desirable location for renters.

17. 2025-10-23
    listed $159,000 Active 496-char remark

    Show marketing remark (496 chars)

    Investment Opportunity – 4-Unit Multi-Family Property. Each unit features 1 bedroom and 1 bathroom, offering comfortable and efficient living spaces. This property has a strong rental history, with 3 of the 4 units currently occupied by long-term tenants. The vacant unit presents an opportunity for owner-occupancy or to set a new rental rate at current market values. Centrally situated, tenants enjoy convenient access to shopping and dining, making it a desirable location for renters.

18. 2020-02-24
    soldstatus $60,000
19. 2020-02-14
    soldstatus Closed 205-char remark

    Show marketing remark (205 chars)

    Portfolio package. Sale of home contingent upon purchase of 6 other properties. See attached list. Seller will sell portfolio of 18 properties bundled at $450,000.00 See attached list. 4 1 bedroom units.

20. 2020-01-07
    status Pending 205-char remark

    Show marketing remark (205 chars)

    Portfolio package. Sale of home contingent upon purchase of 6 other properties. See attached list. Seller will sell portfolio of 18 properties bundled at $450,000.00 See attached list. 4 1 bedroom units.

21. 2019-12-10
    listed $65,000 Active 205-char remark

    Show marketing remark (205 chars)

    Portfolio package. Sale of home contingent upon purchase of 6 other properties. See attached list. Seller will sell portfolio of 18 properties bundled at $450,000.00 See attached list. 4 1 bedroom units.

ⓘ 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: $2,193 · $183/mo
• Projected year-2 tax: $2,674 · $223/mo
• Expected delta: +$481/yr (+$40/mo · 21.9%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,756
• − Mortgage interest: −$7,786
• − Property taxes: −$2,193
• − Insurance: −$695
• − Repairs & maintenance: −$3,180
• − Management: −$3,180
• − Depreciation: −$4,044
• Taxable income: $18,677
• Est. tax owed @ 24.0%: −$4,482
• After-tax cash flow: $15,289/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: Alton CUSD 11
• NCES district ID: 1703600
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 13% ▼ -10.00%
• Median HH income: $46,257
• Composite: 11.34/100
• National rank: #9710
• State rank: #544 of 620 in IL

Livability — Alton

• Score: 64/100
• State rank: #701
• US rank: #14289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alton, IL
• County: Madison County · 189,064 people
• City population: 29,543
• Metro: St. Louis, MO-IL
• Population (ZIP): 29,543
• Household income: $61,414
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 960.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 6% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.43%
• Current HPI: 194.7313
• Rent YoY: ▲ 8.24%
• Metro: St. Louis, MO-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

+113.8% since first listed

9 events — show timeline

• 2026-02-25 Price Changed $139,000 MARIS as Distributed by MLS Grid
• 2026-02-24 Relisted — MARIS as Distributed by MLS Grid
• 2026-02-12 Pending — MARIS as Distributed by MLS Grid
• 2026-02-02 Price Changed $149,000 MARIS as Distributed by MLS Grid
• 2025-10-23 Listed $159,000 MARIS as Distributed by MLS Grid
• 2020-02-24 Sold (Public Records) $60,000 Public Records
• 2020-02-14 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2020-01-07 Pending — MARIS as Distributed by MLS Grid
• 2019-12-10 Listed $65,000 MARIS as Distributed by MLS Grid

Property tax history

+2.4%/yr

Latest (2024): $2,193 · +6.4% YoY. Source: county tax records.