724 Park Ave · Mount Vernon, IL 62864

$35,000

3 bd · 2.0 ba · 1,152 sqft · SingleFamily · 51 Days on market

Built 1910 Poor condition 10,000 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
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +1.2/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

3 bedroom, 2 bath home offering great potential for investors or buyers looking for a fixer-upper opportunity. Property is being sold as-is and will require repairs and updates, but features a solid layout ready to be brought back to life. Ideal for renovation, rental investment, or a project home for the right buyer.

Key facts

• 0.23 acre lot
• Parking
• Built 1910

Property features AI

Finance

• Other: Fee simple ownership; School bus service available; Possession at closing
• HOA & community: No master association fee required

Exterior

• Parking: One parking space total; Gravel parking, off-alley access and side driveway
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; One-story
• Construction: More than 100 years old; Built before 1978
• Exterior features: 50 x 200 lot dimensions; Lot less than 0.25 acre; Aluminum siding

Interior

• Kitchen: Galley-style kitchen; Range; Refrigerator
• Bedrooms: Three bedrooms on the main level (including a master bedroom with a full bath)
• Flooring: Hardwood flooring in living room, dining room and master bedroom; Vinyl flooring in laundry room; Other flooring in additional bedrooms and kitchen
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Six total rooms; Separate dining room; Crawl space basement
• Laundry & utility: Main-level laundry room (vinyl flooring)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $35k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $731 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Cap rate 31.4% vs local median 5.2% in Mount Vernon — 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 69/100 on livability (#413 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Mt Vernon Twp Hsd 201 (town): math 13% / reading 16% proficiency, ranked #532 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mount Vernon High School (math 13% / reading 16%, grade F, #479 of 693 statewide, top 71%, 1,210 students, 0% FRL).
• Market conditions: 191 active listings in the ZIP; 6 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Jefferson County population projected at -14% 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.52% ✓
• Cap rate: 31.36%
• Cash-on-cash: 89.52%
• DSCR: 4.98
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $105,984
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
823 N 10th St	0.25mi	3/1.0	1,216 (+6%)	0mo	$90,500	$74	75
400 N 8th St	0.44mi	2/1.0 (-1)	1,156 (+0%)	0mo	$89,900	$78	70
817 N 6th St	0.16mi	3/1.5	1,288 (+12%)	4mo	$85,000	$66	68
507 N 12th St	0.64mi	3/1.0	1,140 (-1%)	1mo	$115,000	$101	64
1003 Warren Ave	0.28mi	2/1.0 (-1)	1,056 (-8%)	3mo	$123,000	$116	61
719 Harrison	0.62mi	3/1.0	1,132 (-2%)	9mo	$92,500	$82	57
1126 Oakland Ave	0.45mi	3/1.0	1,296 (+12%)	2mo	$135,000	$104	53
500 N 8th St	0.39mi	2/1.0 (-1)	1,056 (-8%)	13mo	$89,900	$85	48
500 N 8th St	0.39mi	2/1.0 (-1)	1,056 (-8%)	13mo	$89,900	$85	48
625 N 12th St	0.66mi	3/2.0	1,300 (+13%)	2mo	$119,900	$92	46
1420 N 17th St	0.68mi	3/1.0	1,028 (-11%)	9mo	$120,000	$117	39
623 N 12th St	0.66mi	2/1.0 (-1)	1,296 (+12%)	16mo	$129,000	$100	26

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: 90.2%
• Equity multiple: 5.17×
• Total profit: $40,910
• Equity at exit: $5,219

10-year hold

• IRR: 93.1%
• Equity multiple: 10.76×
• Total profit: $95,657
• Equity at exit: $3,026

Cash invested: $9,800 (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 62864

• Active inventory: 191
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,232 medium
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $731

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 36%

Sensitivity live

Price	-10% $755	-5% $743	+0% $731	+5% $719	+10% $707
Rent	-10% $634	-5% $682	+0% $731	+5% $780	+10% $828
Rate	-1.0pp $749	-0.5pp $740	base $731	+0.5pp $722	+1.0pp $713

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-06
   status Pending
2. 2026-04-11
   status Active
3. 2026-03-27
   historical Contingent - Continue to Show
4. 2026-03-16
   listed $35,000 Active

ⓘ 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 4/10 Moderate 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,779
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − Depreciation: −$1,018
• Taxable income: $8,736
• Est. tax owed @ 24.0%: −$2,097
• After-tax cash flow: $6,676/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This fixer-upper requires extensive repairs and updates to bring it up to a livable condition. The property has potential for significant value increase with proper renovations.

Repairs flagged

• Major Broken steps — Structural damage
• Major Weathered siding — Aesthetic and potential water damage
• Major Damaged flooring — Safety hazard and aesthetic issue
• Major Exposed drywall — Structural integrity and safety risk
• Major Old appliances — Safety and efficiency concerns
• Major Exposed plumbing — Safety and functionality concerns
• Major Old windows — Safety and energy efficiency concerns

Value-add opportunities

• Both New flooring — Improves aesthetics and safety
• Both New appliances — Enhances functionality and appeal
• Both New windows — Improves safety, energy efficiency, and aesthetics
• Both Landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Broken steps · Structural damage	Major	$15,000–50,000
Weathered siding · Aesthetic and potential water damage	Major	$15,000–50,000
Damaged flooring · Safety hazard and aesthetic issue	Major	$15,000–50,000
Exposed drywall · Structural integrity and safety risk	Major	$15,000–50,000
Old appliances · Safety and efficiency concerns	Major	$15,000–50,000
Exposed plumbing · Safety and functionality concerns	Major	$15,000–50,000
Old windows · Safety and energy efficiency concerns	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both New flooring — Improves aesthetics and safety ↑
• Both New appliances — Enhances functionality and appeal ↑
• Both New windows — Improves safety, energy efficiency, and aesthetics ↑
• Both Landscaping — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mt Vernon Twp Hsd 201
• NCES district ID: 1727360
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 16% ▼ -8.00%
• Median HH income: $38,188
• Composite: 12.22/100
• National rank: #9648
• State rank: #532 of 620 in IL

Livability — Mount Vernon

• Score: 69/100
• State rank: #413
• US rank: #8520

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, IL
• Population (ZIP): 23,061

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 36,818 people
• By 2030: 35,764 · -2.9%
• By 2040: 33,649 · -8.6%
• By 2050: 31,557 · -14.3%
• By 2075: 26,055 · -29.2%
• By 2100: 19,237 · -47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 8% Two or more races 6% Hispanic / Latino 3% Asian 1%
• Common ancestry: Romanian 2% Slovak 2% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Jefferson

• 2024 margin: Solid R (+47.8) · D 25.5% · R 73.3% · Other 1.3%
• 2008→2024 swing: -37.0pp toward R · 2008: -10.7pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.1 2016: R+43.2 2012: R+22.9 2008: R+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.64%
• Current HPI: 134.2669
• 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

4 events — show timeline

• 2026-05-06 Pending — MRED as Distributed by MLS Grid
• 2026-04-11 Relisted — MRED as Distributed by MLS Grid
• 2026-03-27 Contingent — MRED as Distributed by MLS Grid
• 2026-03-16 Listed $35,000 MRED as Distributed by MLS Grid