728 W Parish St · Harrisburg, IL 62946

$35,000

2 bd · 1.0 ba · 1,372 sqft · Other · 94 Days on market

Built 1950 6,969 sqft lot $26/sqft · 55% below area

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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 +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bedroom 1 bath home on a corner lot located near the park. 2 car attached garage and the home has a metal roof. Good sized rooms, plenty of cabinet space in the kitchen and double vanity in the bathroom. Home is currently rented for $850 a month making it great investment opportunity or to make your own!

Key facts

• Double vanity
• Metal roof
• Near the park

Tags

• CORNER LOT
• NEAR THE PARK
• METAL ROOF
• PLENTY OF CABINET SPACE
• DOUBLE VANITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $35k.

Deal economics

• At list price, monthly cash flow is $592 ($7k/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: $32k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.6% vs local median 5.1% in Harrisburg — 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 72/100 on livability (#309 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, commute F, employment F.
• Harrisburg CUSD 3 (town): math 5% / reading 25% proficiency, ranked #521 of 620 in IL (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 73 active listings in the ZIP.

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.
• Saline County population projected at -16% 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 94 days — a 9% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $5k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $31,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 3.08% ✓
• Cap rate: 26.59%
• Cash-on-cash: 72.48%
• DSCR: 4.22
• GRM: 2.7

CMA / ARV

• ARV (median comp): $77,194
• List price: $35,000
• Delta: -54.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 72.2%
• Equity multiple: 4.27×
• Total profit: $32,056
• Equity at exit: $5,219

10-year hold

• IRR: 76.1%
• Equity multiple: 8.81×
• Total profit: $76,571
• 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 62946

• Active inventory: 73
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,079 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$63 /mo · $752/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $592

Break-even live

Break-even rent $330

Max offer price $35,000

Occupancy floor 40%

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 32 events

1. 2026-06-18
   days on market $35,000 Active 94 DOM
2. 2026-06-17
   days on market $35,000 Active 93 DOM
3. 2026-06-16
   days on market $35,000 Active 92 DOM
4. 2026-06-15
   days on market $35,000 Active 91 DOM
5. 2026-06-13
   days on market $35,000 Active 89 DOM
6. 2026-06-12
   days on market $35,000 Active 88 DOM
7. 2026-06-09
   days on market $35,000 Active 85 DOM
8. 2026-06-08
   days on market $35,000 Active 84 DOM
9. 2026-06-07
   days on market $35,000 Active 83 DOM
10. 2026-06-07
    days on market $35,000 Active 82 DOM
11. 2026-06-04
    days on market $35,000 Active 79 DOM
12. 2026-06-03
    price $35,000 Active 78 DOM
13. 2026-06-02
    days on market $40,000 Active 78 DOM
14. 2026-06-01
    days on market $40,000 Active 77 DOM
15. 2026-05-31
    days on market $40,000 Active 76 DOM
16. 2026-05-31
    days on market $40,000 Active 75 DOM
17. 2026-03-16
    listed $40,000 Active 307-char remark

    Show marketing remark (307 chars)

    2 bedroom 1 bath home on a corner lot located near the park. 2 car attached garage and the home has a metal roof. Good sized rooms, plenty of cabinet space in the kitchen and double vanity in the bathroom. Home is currently rented for $850 a month making it great investment opportunity or to make your own!

18. 2025-11-19
    historical $900
19. 2025-11-09
    price $900
20. 2025-10-16
    price $950
21. 2025-10-16
    listed $900
22. 2025-02-09
    historical $900
23. 2025-01-16
    listed $900
24. 2024-10-03
    historical
25. 2024-10-03
    historical
26. 2024-06-24
    listed Active
27. 2023-02-24
    soldstatus $25,000
28. 2023-02-24
    soldstatus $25,000 Closed
29. 2023-01-19
    historical Under Contract
30. 2023-01-12
    listed $30,000
31. 2023-01-12
    listed $30,000 Active
32. 2021-08-06
    historical

ⓘ 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: $752 · $63/mo
• Projected year-2 tax: $773 · $64/mo
• Expected delta: +$21/yr (+$2/mo · 2.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $12,952
• − Mortgage interest: −$1,961
• − Property taxes: −$752
• − Insurance: −$175
• − Repairs & maintenance: −$1,036
• − Management: −$1,036
• − Depreciation: −$1,018
• Taxable income: $6,974
• Est. tax owed @ 24.0%: −$1,674
• After-tax cash flow: $5,429/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: Harrisburg CUSD 3
• NCES district ID: 1718270
• Math proficiency: 5% ▼ -5.00%
• Reading proficiency: 25% ▼ -9.00%
• Median HH income: $38,717
• Composite: 12.61/100
• National rank: #9613
• State rank: #521 of 620 in IL

Livability — Harrisburg

• Score: 72/100
• State rank: #309
• US rank: #6073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrisburg, IL
• Population (ZIP): 11,465

Population outlook (Saline County) Hauer SSP2

• Today (2025): 23,915 people
• By 2030: 23,262 · -2.7%
• By 2040: 21,775 · -8.9%
• By 2050: 20,098 · -16.0%
• By 2075: 15,234 · -36.3%
• By 2100: 10,302 · -56.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 3%
• Common ancestry: Italian 2% Slovak 2% Serbian 2%
• Foreign-born: 0%

Political lean MEDSL · Saline

• 2024 margin: Solid R (+49.0) · D 24.8% · R 73.8% · Other 1.3%
• 2008→2024 swing: -40.1pp toward R · 2008: -8.9pp · 2024: -49.0pp
• All cycles: 2024: R+49.0 2020: R+47.9 2016: R+50.7 2012: R+29.0 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.20%
• Current HPI: 102.6962
• 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

+33.3% since first listed

16 events — show timeline

• 2026-03-16 Listed $40,000 RMLSA as Distributed by MLS Grid
• 2025-11-19 Rental Removed $900 REDFIN
• 2025-11-09 Price Changed $900 REDFIN
• 2025-10-16 Price Changed $950 REDFIN
• 2025-10-16 Listed for Rent $900 REDFIN
• 2025-02-09 Rental Removed $900 REDFIN
• 2025-01-16 Listed for Rent $900 REDFIN
• 2024-10-03 Listing Removed — RMLSA as Distributed by MLS Grid
• 2024-10-03 Listing Removed — MRED as Distributed by MLS Grid
• 2024-06-24 Listed — RMLSA as Distributed by MLS Grid
• 2023-02-24 Sold (MLS) $25,000 RMLSA as Distributed by MLS Grid
• 2023-02-24 Sold (MLS) $25,000 MRED as Distributed by MLS Grid
• 2023-01-19 Contingent — RMLSA as Distributed by MLS Grid
• 2023-01-12 Listed $30,000 RMLSA as Distributed by MLS Grid
• 2023-01-12 Listed $30,000 MRED as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid

Property tax history

-11.3%/yr

Latest (2024): $752 · -28.8% YoY. Source: county tax records.