704 S 8th St · Petersburg, IL 62675

$20,000

2 bd · 1.0 ba · 1,248 sqft · Other public records · 8 Days on market

Built 1940 8,250 sqft lot

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Looking for a project?! You're in the right place! This corner lot offers opportunity for your vision to come to reality! Breathe life back into the pre-existing home, tear down and rebuild, or simply utilize the 2 car detached garage for all of your recreational needs. Priced based upon lot & garage value to leave room for the next buyer to take the next step with this large corner lot property located in sought after Petersburg!

Key facts

• Corner lot
• 8,250 sq ft lot
• 2 garage spots

Tags

• CORNER LOT
• 2 CAR DETACHED GARAGE
• LARGE CORNER LOT PROPERTY

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1940
• Construction: Not new construction
• Exterior features: Shingle roof; Corner lot (125' x 66')

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Two bedrooms on the main level (each approx. 12' x 10')
• Flooring: Other flooring
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Full, unfinished basement; No fireplaces; Egress windows in bedrooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $20k.

Deal economics

• At list price, monthly cash flow is $683 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).

Location & tenants

• Location reads 68/100 on livability (#451 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Porta CUSD 202 (town): math 16% / reading 29% proficiency, ranked #363 of 620 in IL (top 58%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 41 active listings in the ZIP; 9 units permitted in Menard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• Menard County population projected at -17% 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $20,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 5.20% ✓
• Cap rate: 47.29%
• Cash-on-cash: 146.41%
• DSCR: 7.51
• GRM: 1.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 8.19×
• Total profit: $40,291
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 17.28×
• Total profit: $91,182
• Equity at exit: $1,729

Cash invested: $5,600 (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 62675

• Home prices YoY: -29.6%
• Active inventory: 41
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,040 medium
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $683

Break-even live

Break-even rent $175

Max offer price $20,000

Occupancy floor 29%

Sensitivity live

Price	-10% $697	-5% $690	+0% $683	+5% $676	+10% $669
Rent	-10% $601	-5% $642	+0% $683	+5% $724	+10% $765
Rate	-1.0pp $693	-0.5pp $688	base $683	+0.5pp $678	+1.0pp $673

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $20,000 Active 8 DOM
2. 2026-06-18
   days on market $20,000 Active 6 DOM
3. 2026-06-17
   days on market $20,000 Active 5 DOM
4. 2026-06-16
   days on market $20,000 Active 4 DOM
5. 2026-06-15
   days on market $20,000 Active 3 DOM
6. 2026-06-13
   remarks 436-char remark
7. 2026-06-13
   listed $20,000 Active 1 DOM

ⓘ 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 3/10 Moderate 7 d/yr ≥106°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,478
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$998
• − Management: −$998
• − Depreciation: −$582
• Taxable income: $8,379
• Est. tax owed @ 24.0%: −$2,011
• After-tax cash flow: $6,188/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: Porta CUSD 202
• NCES district ID: 1731410
• Math proficiency: 16% ▼ -9.00%
• Reading proficiency: 29% ▼ -9.00%
• Median HH income: $57,294
• Composite: 20.63/100
• National rank: #8544
• State rank: #363 of 620 in IL

Livability — Petersburg

• Score: 68/100
• State rank: #451
• US rank: #9281

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: Petersburg, IL
• Population (ZIP): 5,981

Population outlook (Menard County) Hauer SSP2

• Today (2025): 11,894 people
• By 2030: 11,493 · -3.4%
• By 2040: 10,675 · -10.2%
• By 2050: 9,861 · -17.1%
• By 2075: 8,334 · -29.9%
• By 2100: 6,799 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 5% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Menard

• 2024 margin: Solid R (+41.5) · D 28.6% · R 70.0% · Other 1.4%
• 2008→2024 swing: -26.6pp toward R · 2008: -14.9pp · 2024: -41.5pp
• All cycles: 2024: R+41.5 2020: R+39.4 2016: R+37.7 2012: R+30.1 2008: R+14.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.68%
• Current HPI: 142.2551
• 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

1 event — show timeline

• 2026-06-07 Listed $20,000 RMLSA as Distributed by MLS Grid

Property tax history

+10.7%/yr

Latest (2024): $2,483 · +3.3% YoY. Source: county tax records.