426 E 7th St · Mount Carmel, IL 62863

$49,900

2 bd · 1.0 ba · 700 sqft · Other · 14 Days on market

Built 1948 3,120 sqft 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0

Listing remarks

Affordable 2-bedroom, 1-bath home featuring a metal roof, newer furnace, newer walk-in shower, some hardwood flooring, and attractive woodwork. Additional amenities include a carport, detached garage, storage shed, gas water heater, and laundry area. Situated on a 48' x 65' lot with a crawl space foundation. A great opportunity for an owner-occupant or investor.

Key facts

• Hardwood flooring
• Metal roof
• Woodwork

Tags

• METAL ROOF
• NEWER FURNACE
• NEWER WALK-IN SHOWER
• HARDWOOD FLOORING
• WOODWORK
• CARPORT

Property features AI

Finance

• Financial info: Annual property tax noted

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 1 story
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot dimensions approximately 49 ft x 66 ft; Lot includes other/unspecified features

Interior

• Bedrooms: Bedrooms located on main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: 5 total rooms; Crawl space / no basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $50k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($809 rent vs $50k).

Location & tenants

• Location reads 64/100 on livability (#700 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment D-.
• Wabash CUSD 348 (town): math 14% / reading 20% proficiency, ranked #478 of 620 in IL (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mt Carmel Grade School (math 13% / reading 14%, grade F, #1,354 of 2,056 statewide, top 66%, 395 students, 0% FRL); Mt Carmel Junior High School (math 12% / reading 32%, grade F, #389 of 665 statewide, top 60%, 202 students, 0% FRL); Mount Carmel High School (math 17% / reading 17%, grade F, #430 of 693 statewide, top 66%, 466 students, 0% FRL) — zoned schools average 0% FRL vs 41% district-wide (41 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 20 active listings in the ZIP; 2 units permitted in Wabash County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($345 loan paydown + $5k appreciation (10.0% local appreciation)).
• Wabash County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1948 — 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. 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.
5. 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.
6. 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: 1.62% ✓
• Cap rate: 12.53%
• Cash-on-cash: 22.29%
• DSCR: 1.99
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.0%
• Equity multiple: 4.13×
• Total profit: $43,740
• Equity at exit: $44,954

10-year hold

• IRR: 35.4%
• Equity multiple: 9.29×
• Total profit: $115,875
• Equity at exit: $96,945

Cash invested: $13,972 (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 62863

• Home prices YoY: 10.9%
• Active inventory: 20
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $809 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$97 /mo · $1,168/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$170
• Net cashflow: $260

Break-even live

Break-even rent $481

Max offer price $49,900

Occupancy floor 63%

Sensitivity live

Price	-10% $288	-5% $274	+0% $260	+5% $245	+10% $231
Rent	-10% $196	-5% $228	+0% $260	+5% $291	+10% $323
Rate	-1.0pp $285	-0.5pp $272	base $260	+0.5pp $247	+1.0pp $233

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-22
   days on market $49,900 Active 14 DOM
2. 2026-06-21
   days on market $49,900 Active 13 DOM
3. 2026-06-21
   days on market $49,900 Active 12 DOM
4. 2026-06-18
   days on market $49,900 Active 10 DOM
5. 2026-06-17
   days on market $49,900 Active 9 DOM
6. 2026-06-16
   days on market $49,900 Active 8 DOM
7. 2026-06-15
   days on market $49,900 Active 7 DOM
8. 2026-06-13
   days on market $49,900 Active 5 DOM
9. 2026-06-12
   days on market $49,900 Active 4 DOM
10. 2026-06-09
    remarks 364-char remark
11. 2026-06-09
    listed $49,900 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: $1,168 · $97/mo
• Projected year-2 tax: $1,168 · $97/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 4/10 Moderate 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $9,712
• − Mortgage interest: −$2,795
• − Property taxes: −$1,168
• − Insurance: −$250
• − Repairs & maintenance: −$777
• − Management: −$777
• − Depreciation: −$1,452
• Taxable income: $2,493
• Est. tax owed @ 24.0%: −$598
• After-tax cash flow: $2,516/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: Wabash CUSD 348
• NCES district ID: 1740470
• Math proficiency: 14% ▼ -12.00%
• Reading proficiency: 20% ▼ -20.00%
• Median HH income: $45,869
• Composite: 15.01/100
• National rank: #9359
• State rank: #478 of 620 in IL

Livability — Mount Carmel

• Score: 64/100
• State rank: #700
• US rank: #14280

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Carmel, IL
• Population (ZIP): 9,438

Population outlook (Wabash County) Hauer SSP2

• Today (2025): 10,660 people
• By 2030: 10,134 · -4.9%
• By 2040: 9,122 · -14.4%
• By 2050: 8,212 · -23.0%
• By 2075: 6,435 · -39.6%
• By 2100: 4,890 · -54.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2% Asian 1% Black 1%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 2%
• Foreign-born: 2% · South Korea, Canada
• Languages at home: 97% English-only · Spanish 2% Korean 1%

Political lean MEDSL · Wabash

• 2024 margin: Solid R (+53.8) · D 22.3% · R 76.2% · Other 1.5%
• 2008→2024 swing: -40.1pp toward R · 2008: -13.7pp · 2024: -53.8pp
• All cycles: 2024: R+53.8 2020: R+53.2 2016: R+53.6 2012: R+36.8 2008: R+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 27.59%
• Current HPI: 280.61
• 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

1 event — show timeline

• 2026-06-08 Listed $49,900 IRMLS

Property tax history

+15.8%/yr

Latest (2025): $1,168 · +232.8% YoY. Source: county tax records.