3028 Hh Rd · Waterloo, IL 62298

$200,000

2 bd · 2.0 ba · 1,512 sqft · SingleFamily public records · 96 Days on market

Built 1959 8.56 ac lot $132/sqft · 19% below area Est $246k · 19% under ↓ 10% since listing

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +12.2/30.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• DSCR +3.6/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a project that actually pays off? This 3-bedroom bungalow sits on 8 prime acres in Waterloo and is ready for a complete transformation. Whether you’re looking to strip it to the studs for a modern farmhouse renovation or clear the site for a brand-new build, this much land in this location is a rare find. Forget the tiny subdivision lots—here you have the space to breathe, grow, and create. The property offers a wooded perimeter and plenty of room for a massive shop or barn. Don't miss your chance on this one!

Key facts

• 8.56 acre lot
• Built 1959
• Listed 96 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-40 ($-474/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (18.8% below list).
• Recommended offer: $162k (18.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 2.9% in Waterloo — 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 81/100 on livability (#87 in IL, #1,409 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, schools A-; Watch: amenities D, health & safety F.
• Waterloo CUSD 5 (town): math 38% / reading 46% proficiency, ranked #109 of 620 in IL (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 72 active listings in the ZIP; 62 units permitted in Monroe County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1959 — 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 $162,440 (18.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.81% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.85%
• DSCR: 0.96
• GRM: 10.3

CMA / ARV

• ARV (median comp): $246,184
• List price: $200,000
• Delta: -18.76%
• Verdict: UNDERPRICED
• Comps: 8 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -17.7%
• Equity multiple: 0.38×
• Total profit: $-34,938
• Equity at exit: $29,821

10-year hold

• IRR: -9.8%
• Equity multiple: 0.40×
• Total profit: $-33,714
• Equity at exit: $17,292

Cash invested: $56,000 (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 62298

• Active inventory: 72
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,624 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$191 /mo · $2,288/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $-40

Break-even live

Break-even rent $1,674

Max offer price $193,018

Occupancy floor 97%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-04
   price $225,000 540-char remark

   Show marketing remark (540 chars)

   Looking for a project that actually pays off? This 3-bedroom bungalow sits on 8 prime acres in Waterloo and is ready for a complete transformation. Whether you’re looking to strip it to the studs for a modern farmhouse renovation or clear the site for a brand-new build, this much land in this location is a rare find. Forget the tiny subdivision lots—here you have the space to breathe, grow, and create. The property offers a wooded perimeter and plenty of room for a massive shop or barn. Don't miss your chance on this one!

2. 2026-02-23
   listed $250,000 Active 540-char remark

   Show marketing remark (540 chars)

   Looking for a project that actually pays off? This 3-bedroom bungalow sits on 8 prime acres in Waterloo and is ready for a complete transformation. Whether you’re looking to strip it to the studs for a modern farmhouse renovation or clear the site for a brand-new build, this much land in this location is a rare find. Forget the tiny subdivision lots—here you have the space to breathe, grow, and create. The property offers a wooded perimeter and plenty of room for a massive shop or barn. Don't miss your chance on this one!

3. 2026-02-20
   historical $250,000 540-char remark

   Show marketing remark (540 chars)

   Looking for a project that actually pays off? This 3-bedroom bungalow sits on 8 prime acres in Waterloo and is ready for a complete transformation. Whether you’re looking to strip it to the studs for a modern farmhouse renovation or clear the site for a brand-new build, this much land in this location is a rare find. Forget the tiny subdivision lots—here you have the space to breathe, grow, and create. The property offers a wooded perimeter and plenty of room for a massive shop or barn. Don't miss your chance on this one!

ⓘ 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: $2,288 · $191/mo
• Projected year-2 tax: $3,414 · $284/mo
• Expected delta: +$1,126/yr (+$94/mo · 49.2%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $19,493
• − Mortgage interest: −$11,203
• − Property taxes: −$2,288
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,559
• − Management: −$1,559
• − Depreciation: −$5,818
• Taxable loss: −$3,935
• Est. tax savings @ 24.0%: +$944
• After-tax cash flow: $470/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: Waterloo CUSD 5
• NCES district ID: 1741070
• Math proficiency: 38% ▼ -18.00%
• Reading proficiency: 46% ▼ -15.00%
• Median HH income: $68,468
• Composite: 37.89/100
• National rank: #4317
• State rank: #109 of 620 in IL

Livability — Waterloo

• Score: 81/100
• State rank: #87
• US rank: #1409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,907

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 35,776 people
• By 2030: 36,437 · +1.8%
• By 2040: 36,967 · +3.3%
• By 2050: 36,310 · +1.5%
• By 2075: 34,133 · -4.6%
• By 2100: 28,857 · -19.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 1%
• Foreign-born: 1% · South Korea, Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Monroe

• 2024 margin: Solid R (+36.3) · D 31.0% · R 67.3% · Other 1.7%
• 2008→2024 swing: -25.6pp toward R · 2008: -10.7pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+35.7 2016: R+37.2 2012: R+26.9 2008: R+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.48%
• Current HPI: 163.6536
• 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

-10.0% since first listed

3 events — show timeline

• 2026-05-04 Price Changed $225,000 MARIS as Distributed by MLS Grid
• 2026-02-23 Listed $250,000 MARIS as Distributed by MLS Grid
• 2026-02-20 Coming Soon $250,000 MARIS as Distributed by MLS Grid

Property tax history

-0.7%/yr

Latest (2024): $2,288 · -2.1% YoY. Source: county tax records.