602 E Lincoln St · Galatia, IL 62935

$40,000

2 bd · 1.0 ba · 1,250 sqft · Other · 179 Days on market

Built 1900 6,171 sqft lot $32/sqft · 31% below area Est $58k · 31% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.3/10.0
• Livability +3.4/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming home located at 602 E Lincoln St in Galatia, IL. This is great for a Renovation and features 1250Sq footage, 2bd/1ba but has room for an addition for a master bed/bath if extending the rear of the home. There is a fireplace in the living room and the lot is next to a well-kept large open area that offers tranquility in a town area. It has recently been serviced for all tree and shrub removal. We have found that a tree had fallen on the rear of the property and is in need of repair. The property is conveniently situated near local amenities and offers a peaceful setting with easy access to everything you need. Don't miss the opportunity.

Key facts

• Peaceful setting
• Large open area
• 6,171 sq ft lot

Tags

• FIREPLACE IN LIVING ROOM
• LARGE OPEN AREA
• TREE AND SHRUB REMOVAL
• PEACEFUL SETTING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $40k.

Deal economics

• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#460 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Galatia CUSD 1 (rural): math 21% / reading 34% proficiency, ranked #557 of 919 in IL (top 61%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Galatia Elem School (math 12% / reading 27%, grade F, #1,054 of 2,056 statewide, top 54%, 170 students, 0% FRL); Galatia Jr High (math 24% / reading 34%, grade F, #256 of 665 statewide, top 41%, 89 students, 0% FRL); Galatia High School (math 10% / reading 10%, grade F, #528 of 693 statewide, top 82%, 108 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 9 active listings in the ZIP.

Forward outlook

• In year one you build about $3k of equity ($277 loan paydown + $3k appreciation (6.5% local appreciation)).
• Saline County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.5% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 179 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 179 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 2.57% ✓
• Cap rate: 23.24%
• Cash-on-cash: 60.53%
• DSCR: 3.69
• GRM: 3.2

CMA / ARV

• ARV (median comp): $58,079
• List price: $40,000
• Delta: -31.13%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

6.55% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 69.0%
• Equity multiple: 5.36×
• Total profit: $48,842
• Equity at exit: $26,543

10-year hold

• IRR: 65.6%
• Equity multiple: 11.28×
• Total profit: $115,184
• Equity at exit: $49,389

Cash invested: $11,200 (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 62935

• Home prices YoY: 5.1%
• Active inventory: 9
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,028 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$20 /mo · $245/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $565

Break-even live

Break-even rent $312

Max offer price $40,000

Occupancy floor 40%

Sensitivity live

Price	-10% $588	-5% $576	+0% $565	+5% $554	+10% $542
Rent	-10% $484	-5% $524	+0% $565	+5% $606	+10% $646
Rate	-1.0pp $585	-0.5pp $575	base $565	+0.5pp $555	+1.0pp $544

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-21
   days on market $40,000 Active 179 DOM
2. 2026-06-21
   days on market $40,000 Active 178 DOM
3. 2026-06-18
   days on market $40,000 Active 176 DOM
4. 2026-06-17
   days on market $40,000 Active 175 DOM
5. 2026-06-16
   days on market $40,000 Active 174 DOM
6. 2026-06-15
   days on market $40,000 Active 173 DOM
7. 2026-06-13
   days on market $40,000 Active 171 DOM
8. 2026-06-12
   days on market $40,000 Active 170 DOM
9. 2026-06-09
   days on market $40,000 Active 167 DOM
10. 2026-06-08
    days on market $40,000 Active 166 DOM
11. 2026-06-07
    days on market $40,000 Active 165 DOM
12. 2026-06-04
    days on market $40,000 Active 161 DOM
13. 2026-06-02
    days on market $40,000 Active 160 DOM
14. 2026-06-01
    days on market $40,000 Active 159 DOM
15. 2026-05-31
    days on market $40,000 Active 158 DOM
16. 2026-05-31
    days on market $40,000 Active 157 DOM
17. 2026-02-05
    price $40,000
18. 2026-01-20
    status Active
19. 2026-01-14
    historical
20. 2026-01-08
    status Active
21. 2026-01-07
    historical
22. 2026-01-06
    status Active
23. 2026-01-06
    historical
24. 2026-01-05
    historical
25. 2025-09-23
    price
26. 2025-09-04
    price
27. 2025-09-04
    price
28. 2025-08-31
    price
29. 2025-07-26
    price
30. 2025-06-16
    price
31. 2025-05-31
    price
32. 2025-05-05
    listed Active

ⓘ 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: $245 · $20/mo
• Projected year-2 tax: $577 · $48/mo
• Expected delta: +$331/yr (+$28/mo · 135.2%)

ⓘ 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 5/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,331
• − Mortgage interest: −$2,241
• − Property taxes: −$245
• − Insurance: −$200
• − Repairs & maintenance: −$987
• − Management: −$987
• − Depreciation: −$1,164
• Taxable income: $6,509
• Est. tax owed @ 24.0%: −$1,562
• After-tax cash flow: $5,217/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: Galatia CUSD 1
• NCES district ID: 1716020
• Math proficiency: 21% ▲ 4.00%
• Reading proficiency: 34% ▲ 8.00%
• Median HH income: $43,648
• Composite: 26.43/100
• National rank: #12647
• State rank: #557 of 919 in IL

Livability — Galatia

• Score: 68/100
• State rank: #460
• US rank: #9547

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galatia, IL
• Population (ZIP): 2,246

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Black 1%
• Common ancestry: Italian 3% Polish 3% Romanian 2%
• Languages at home: 99% English-only · Spanish 1%

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: ▲ 6.55%
• Current HPI: 134.5157
• 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

16 events — show timeline

• 2026-02-05 Price Changed $40,000 MRED as Distributed by MLS Grid
• 2026-01-20 Relisted — MRED as Distributed by MLS Grid
• 2026-01-14 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-08 Relisted — MRED as Distributed by MLS Grid
• 2026-01-07 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-06 Relisted — MRED as Distributed by MLS Grid
• 2026-01-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-23 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-09-04 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-09-04 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-08-31 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-07-26 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-06-16 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-05-31 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-05-05 Listed — RMLSA as Distributed by MLS Grid

Property tax history

-7.8%/yr

Latest (2024): $245 · -67.5% YoY. Source: county tax records.