1346 N Division St · Morris, IL 60450

$109,000

3 bd · 1.0 ba · 1,193 sqft · SingleFamily public records · 4 Days on market

Built 1905 0.25 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fixer upper/ Handy Man Special! Conveniently located right off Route 47 in Morris, this property is ready for some TLC. Featuring 3 beds, 1 bath, and around 1,150 Sq. Feet of potential rehabbed space. New roof in 2025, Water heater 2025. Central ductwork, and a central air furnace in the Cellar area. If you are looking for a great single family rental, and/or investment opportunity in our growing area, don't pass this up! The parcel itself is a deep lot; Aprox 243 Ft. Deep. .. Plenty of back yard space! Contact your favorite agent today to schedule a showing!

Key facts

• Central ductwork
• Back yard space
• Deep lot

Tags

• NEW ROOF
• WATER HEATER
• CENTRAL DUCTWORK
• CENTRAL AIR FURNACE
• DEEP LOT
• BACK YARD SPACE

Property features AI

Finance

• Other: Lot dimensions approximately 243 x 46 (lot estimated .25–.49 acre); Living area source: assessor; Directions: turn west into gravel driveway off Rt. 47
• HOA & community: No master association fee required

Exterior

• Parking: Gravel parking for 2 vehicles
• Utilities: Public water; Public sewer; 100 amp electric service
• Home design: Detached single-family home; One-story; Fee simple ownership; Property over 100 years old; Built before 1978
• Construction: Aluminum siding; Asphalt roof; Block foundation
• Exterior features: School bus service

Interior

• Kitchen: Kitchen on the main level (12 x 13)
• Bedrooms: 3 bedrooms (all on the main level); Master bedroom on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heat
• Interior features: 5 total rooms; Cellar (partial)
• Laundry & utility: Main-level laundry (4 x 5); Gas and electric dryer hookups

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Cap rate 11.0% vs local median 3.5% in Morris — 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 74/100 on livability (#248 in IL, #4,532 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Morris Chsd 101 (town): math 30% / reading 31% proficiency, ranked #230 of 620 in IL (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morris Community High School (math 30% / reading 31%, grade F, #175 of 693 statewide, top 26%, 946 students, 0% FRL).
• Market conditions: 100 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 84 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Grundy County population projected to shrink 9% 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 $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,000

Questions for the listing agent

1. Built in 1905 — 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. 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.
4. 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.
5. 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: 1.46% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.73%
• DSCR: 1.74
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $255,302
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1238 Wauponsee St	0.26mi	4/1.5 (+1)	1,120 (-6%)	1mo	$239,900	$214	70
1264 Wauponsee St	0.24mi	3/1.5	1,274 (+7%)	8mo	$230,000	$181	69
1122 Grant St	0.30mi	3/1.0	1,274 (+7%)	9mo	$230,000	$181	68
822 Douglas St	0.62mi	3/2.0	1,208 (+1%)	0mo	$260,822	$216	65
1429 Water St	0.23mi	3/1.0	1,040 (-13%)	4mo	$222,000	$213	65
327 Robinson Dr	0.23mi	3/1.0	1,040 (-13%)	8mo	$225,000	$216	61
809 Douglas St	0.63mi	3/2.0	1,212 (+2%)	5mo	$256,000	$211	60
750 E Benton St	0.62mi	3/2.0	1,245 (+4%)	7mo	$263,000	$211	54
1038 Kiersted St	0.32mi	3/2.0	1,340 (+12%)	10mo	$300,000	$224	52
511 Armstrong St	0.43mi	4/2.0 (+1)	1,321 (+11%)	2mo	$285,000	$216	51
831 Douglas St	0.67mi	2/1.0 (-1)	1,100 (-8%)	2mo	$201,000	$183	49
744 E Benton St	0.61mi	3/1.0	1,040 (-13%)	3mo	$227,250	$219	47

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: 7.9%
• Equity multiple: 1.31×
• Total profit: $9,504
• Equity at exit: $16,252

10-year hold

• IRR: 17.2%
• Equity multiple: 2.42×
• Total profit: $43,461
• Equity at exit: $9,424

Cash invested: $30,520 (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 60450

• Active inventory: 100
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,593 high
• Mortgage (P&I): −$572
• Tax from tax record: −$216 /mo · $2,597/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $425

Break-even live

Break-even rent $1,055

Max offer price $109,000

Occupancy floor 68%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
714 E Jackson St Unit 1 Morris, IL	2.0	1.0	868	$1,700	$1.96	1d	1	0.72mi
416 1/2 W Jackson St Morris, IL	3.0	1.0	1230	$1,600	$1.30	18d	1	0.75mi
2405 Ashland Cir Unit 9 Morris, IL	2.0	1.0	900	$1,400	$1.56	3d	1	0.99mi
2405 Ashland Cir Morris, IL	2.0	1.0	900	$1,400	$1.56	1d	1	0.99mi
241 Ottawa Bend Dr Morris, IL	2.0	1.0	900	$1,425	$1.58	15d	1	1.18mi

Listing history 4 events

1. 2026-06-08
   statusdays on market $109,000 Pending 4 DOM
2. 2026-06-07
   days on market $109,000 Active 3 DOM
3. 2026-06-04
   remarks 571-char remark
4. 2026-06-04
   listed $109,000 Active 1 DOM

ⓘ 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: $2,597 · $216/mo
• Projected year-2 tax: $2,597 · $216/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 16 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: $19,122
• − Mortgage interest: −$6,106
• − Property taxes: −$2,597
• − Insurance: −$545
• − Repairs & maintenance: −$1,530
• − Management: −$1,530
• − Depreciation: −$3,171
• Taxable income: $3,643
• Est. tax owed @ 24.0%: −$874
• After-tax cash flow: $4,230/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: Morris Chsd 101
• NCES district ID: 1726640
• Math proficiency: 30% ▼ -12.00%
• Reading proficiency: 31% ▼ -6.00%
• Median HH income: $57,178
• Composite: 27.31/100
• National rank: #6995
• State rank: #230 of 620 in IL

Livability — Morris

• Score: 74/100
• State rank: #248
• US rank: #4532

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morris, IL
• County: Grundy County · 20,783 people
• City population: 20,783
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 20,783
• Household income: $81,777
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 722.0

Population outlook (Grundy County) Hauer SSP2

• Today (2025): 50,716 people
• By 2030: 50,218 · -1.0%
• By 2040: 48,599 · -4.2%
• By 2050: 46,212 · -8.9%
• By 2075: 40,033 · -21.1%
• By 2100: 32,966 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 10% Romanian 7% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Grundy

• 2024 margin: Strong R (+29.6) · D 34.5% · R 64.0% · Other 1.5%
• 2008→2024 swing: -31.3pp toward R · 2008: 1.7pp · 2024: -29.6pp
• All cycles: 2024: R+29.6 2020: R+25.8 2016: R+23.6 2012: R+9.0 2008: D+1.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -144.59%
• Current HPI: 159.5402
• Rent YoY: —
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

• 2026-06-04 Listed $109,000 MRED as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2024): $2,597 · +5.9% YoY. Source: county tax records.