305 S Harrison St · Colfax, IL 61728

$104,900

2 bd · 1.0 ba · 1,108 sqft · Other public records · 109 Days on market

Built 1919 7,500 sqft lot ↓ 5% since listing

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Why this score? — see what drove the C- 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 +18.2/30.0
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• DSCR +5.7/10.0
• 1% rule +4.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

Cozy 2 bedroom 1 bathroom ranch in Colfax! Just across the street from Ridgeview schools. Elongated lot with a detached 2 car garage and alley access. Spacious Livingroom, eat-in kitchen, large pantry with vintage pantry shelving/cabinets and prep/utility sink, some replacement windows, and a large 3 seasons porch at the rear of the home. This would be a great starter home or investment property option. Main floor living at it's finest with handicap accessible ramp to the front door and main floor laundry.

Key facts

• Alley access
• Large pantry
• Prep utility sink

Tags

• DETACHED 2 CAR GARAGE
• ALLEY ACCESS
• LARGE PANTRY
• VINTAGE PANTRY SHELVING
• PREP UTILITY SINK
• LARGE 3 SEASONS PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $105k.

Deal economics

• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (5.6% below list).
• Recommended offer: $95k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#529 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment C-, amenities F.
• Ridgeview CUSD 19 (rural): math 13% / reading 13% proficiency, ranked #519 of 620 in IL (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 9 active listings in the ZIP; 247 units permitted in McLean County in 2024 (54 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($725 loan paydown + $4k appreciation (3.6% local appreciation)).
• At projected returns (3.6% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($95k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,459 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 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 1919 — 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. 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.
6. 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.
7. 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: 0.94% ✗
• Cap rate: 7.37%
• Cash-on-cash: 3.83%
• DSCR: 1.17
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.7%
• Equity multiple: 1.75×
• Total profit: $22,054
• Equity at exit: $50,842

10-year hold

• IRR: 14.3%
• Equity multiple: 3.25×
• Total profit: $65,983
• Equity at exit: $81,338

Cash invested: $29,372 (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 61728

• Home prices YoY: 1.9%
• Active inventory: 9
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $990 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$95 /mo · $1,139/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $94

Break-even live

Break-even rent $872

Max offer price $104,900

Occupancy floor 86%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-04
   statusdays on market $104,900 Pending 109 DOM
2. 2026-06-02
   days on market $104,900 Contingent - No Showings 131 DOM
3. 2026-06-01
   days on market $104,900 Contingent - No Showings 130 DOM
4. 2026-05-31
   days on market $104,900 Contingent - No Showings 129 DOM
5. 2026-05-31
   days on market $104,900 Contingent - No Showings 128 DOM
6. 2026-05-11
   historical Contingent - No Showings 511-char remark

   Show marketing remark (511 chars)

   Cozy 2 bedroom 1 bathroom ranch in Colfax! Just across the street from Ridgeview schools. Elongated lot with a detached 2 car garage and alley access. Spacious Livingroom, eat-in kitchen, large pantry with vintage pantry shelving/cabinets and prep/utility sink, some replacement windows, and a large 3 seasons porch at the rear of the home. This would be a great starter home or investment property option. Main floor living at it's finest with handicap accessible ramp to the front door and main floor laundry.

7. 2026-02-26
   price $104,900 511-char remark

   Show marketing remark (511 chars)

   Cozy 2 bedroom 1 bathroom ranch in Colfax! Just across the street from Ridgeview schools. Elongated lot with a detached 2 car garage and alley access. Spacious Livingroom, eat-in kitchen, large pantry with vintage pantry shelving/cabinets and prep/utility sink, some replacement windows, and a large 3 seasons porch at the rear of the home. This would be a great starter home or investment property option. Main floor living at it's finest with handicap accessible ramp to the front door and main floor laundry.

8. 2026-01-22
   listed $109,900 Active 511-char remark

   Show marketing remark (511 chars)

   Cozy 2 bedroom 1 bathroom ranch in Colfax! Just across the street from Ridgeview schools. Elongated lot with a detached 2 car garage and alley access. Spacious Livingroom, eat-in kitchen, large pantry with vintage pantry shelving/cabinets and prep/utility sink, some replacement windows, and a large 3 seasons porch at the rear of the home. This would be a great starter home or investment property option. Main floor living at it's finest with handicap accessible ramp to the front door and main floor laundry.

ⓘ 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: $1,139 · $95/mo
• Projected year-2 tax: $1,760 · $147/mo
• Expected delta: +$621/yr (+$52/mo · 54.5%)

ⓘ 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 3/10 Moderate 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $11,886
• − Mortgage interest: −$5,876
• − Property taxes: −$1,139
• − Insurance: −$524
• − Repairs & maintenance: −$951
• − Management: −$951
• − Depreciation: −$3,052
• Taxable loss: −$607
• Est. tax savings @ 24.0%: +$146
• After-tax cash flow: $1,271/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: Ridgeview CUSD 19
• NCES district ID: 1700109
• Math proficiency: 13% ▼ -9.00%
• Reading proficiency: 13% ▼ -14.00%
• Median HH income: $55,966
• Composite: 12.69/100
• National rank: #9604
• State rank: #519 of 620 in IL

Livability — Colfax

• Score: 67/100
• State rank: #529
• US rank: #10992

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colfax, IL
• Population (ZIP): 1,316

Population outlook (McLean County) Hauer SSP2

• Today (2025): 176,468 people
• By 2030: 178,002 · +0.9%
• By 2040: 178,592 · +1.2%
• By 2050: 177,090 · +0.4%
• By 2075: 173,224 · -1.8%
• By 2100: 158,425 · -10.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 3% Italian 1% Romanian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · McLean

• 2024 margin: Toss-up / Even · D 51.6% · R 46.8% · Other 1.6%
• 2008→2024 swing: +3.7pp toward D · 2008: 1.2pp · 2024: 4.9pp
• All cycles: 2024: D+4.9 2020: D+3.9 2016: R+1.5 2012: R+11.1 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.62%
• Current HPI: 189.5526
• 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

-4.5% since first listed

3 events — show timeline

• 2026-05-11 Contingent — MRED as Distributed by MLS Grid
• 2026-02-26 Price Changed $104,900 MRED as Distributed by MLS Grid
• 2026-01-22 Listed $109,900 MRED as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2023): $1,139 · +9.0% YoY. Source: county tax records.