615 S Central St · Gilman, IL 60938

$80,000

3 bd · 1.0 ba · 1,260 sqft · SingleFamily · 125 Days on market

Built 1886 9,792 sqft lot $63/sqft · 29% below area Est $113k · 29% under

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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 +26.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +8.3/10.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located on a nice lot, in a great location, this house is bigger than it looks. 3 bedrooms, living room, eat-in kitchen, big dining room, laundry/utility room, and a large bathroom. Enclosed front porch. There is a partial basement for utility and storage, with access from interior and exterior. A 2-car garage was added in 2000 and is accessed through the alley. It is 26x30 and has plenty of extra room for storage of outdoor equipment. Windows replaced in 2015; roof and siding 2019. This has been a rental for several years.

Key facts

• Partial basement
• Access from exterior
• Windows replaced

Tags

• ENCLOSED FRONT PORCH
• PARTIAL BASEMENT
• 2 CAR GARAGE
• ACCESS FROM INTERIOR
• ACCESS FROM EXTERIOR
• WINDOWS REPLACED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#912 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools D-, amenities F.
• Iroquois West CUSD 10 (town): math 29% / reading 30% proficiency, ranked #255 of 620 in IL (top 41%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 14 active listings in the ZIP; 14 units permitted in Iroquois County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Iroquois County population projected at -20% 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 $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1886 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 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 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.33% ✓
• Cap rate: 9.47%
• Cash-on-cash: 11.36%
• DSCR: 1.51
• GRM: 6.3

CMA / ARV

• ARV (median comp): $113,173
• List price: $80,000
• Delta: -29.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 S Thomas St	0.11mi	3/1.0	1,144 (-9%)	12mo	$175,000	$153	70
323 N Thomas St	0.65mi	3/1.0	1,209 (-4%)	15mo	$115,000	$95	51
112 N Maple St	0.50mi	3/1.5	1,438 (+14%)	8mo	$42,900	$30	44
532 E 2nd St	0.62mi	2/2.0 (-1)	1,400 (+11%)	15mo	$215,000	$154	31
510 E Front St	0.51mi	2/1.5 (-1)	1,444 (+15%)	21mo	$235,000	$163	28
601 W 3rd St	0.71mi	3/2.0	1,411 (+12%)	20mo	$55,000	$39	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $600
• Equity at exit: $11,928

10-year hold

• IRR: 10.4%
• Equity multiple: 1.81×
• Total profit: $18,163
• Equity at exit: $6,917

Cash invested: $22,400 (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 60938

• Home prices YoY: -16.4%
• Active inventory: 14
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,065 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$176 /mo · $2,115/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $212

Break-even live

Break-even rent $796

Max offer price $80,000

Occupancy floor 75%

Sensitivity live

Price	-10% $257	-5% $235	+0% $212	+5% $189	+10% $167
Rent	-10% $128	-5% $170	+0% $212	+5% $254	+10% $296
Rate	-1.0pp $252	-0.5pp $232	base $212	+0.5pp $191	+1.0pp $170

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $80,000 Active 125 DOM
2. 2026-06-21
   days on market $80,000 Active 124 DOM
3. 2026-06-18
   days on market $80,000 Active 122 DOM
4. 2026-06-17
   days on market $80,000 Active 121 DOM
5. 2026-06-16
   days on market $80,000 Active 120 DOM
6. 2026-06-15
   days on market $80,000 Active 119 DOM
7. 2026-06-13
   days on market $80,000 Active 117 DOM
8. 2026-06-12
   days on market $80,000 Active 116 DOM
9. 2026-06-09
   days on market $80,000 Active 113 DOM
10. 2026-06-08
    days on market $80,000 Active 112 DOM
11. 2026-06-07
    days on market $80,000 Active 111 DOM
12. 2026-06-04
    days on market $80,000 Active 107 DOM
13. 2026-06-02
    days on market $80,000 Active 106 DOM
14. 2026-06-01
    days on market $80,000 Active 105 DOM
15. 2026-05-31
    days on market $80,000 Active 104 DOM
16. 2026-05-31
    days on market $80,000 Active 103 DOM
17. 2026-04-28
    status Active 536-char remark

    Show marketing remark (536 chars)

    Located on a nice lot, in a great location, this house is bigger than it looks. 3 bedrooms, living room, eat-in kitchen, big dining room, laundry/utility room, and a large bathroom. Enclosed front porch. There is a partial basement for utility and storage, with access from interior and exterior. A 2-car garage was added in 2000 and is accessed through the alley. It is 26x30 and has plenty of extra room for storage of outdoor equipment. Windows replaced in 2015; roof and siding 2019. This has been a rental for several years.

18. 2026-04-04
    historical Contingent - Continue to Show 536-char remark

    Show marketing remark (536 chars)

    Located on a nice lot, in a great location, this house is bigger than it looks. 3 bedrooms, living room, eat-in kitchen, big dining room, laundry/utility room, and a large bathroom. Enclosed front porch. There is a partial basement for utility and storage, with access from interior and exterior. A 2-car garage was added in 2000 and is accessed through the alley. It is 26x30 and has plenty of extra room for storage of outdoor equipment. Windows replaced in 2015; roof and siding 2019. This has been a rental for several years.

19. 2026-02-16
    listed $80,000 Active 536-char remark

    Show marketing remark (536 chars)

    Located on a nice lot, in a great location, this house is bigger than it looks. 3 bedrooms, living room, eat-in kitchen, big dining room, laundry/utility room, and a large bathroom. Enclosed front porch. There is a partial basement for utility and storage, with access from interior and exterior. A 2-car garage was added in 2000 and is accessed through the alley. It is 26x30 and has plenty of extra room for storage of outdoor equipment. Windows replaced in 2015; roof and siding 2019. This has been a rental for several years.

ⓘ 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: $2,115 · $176/mo
• Projected year-2 tax: $2,115 · $176/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 17 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,776
• − Mortgage interest: −$4,481
• − Property taxes: −$2,115
• − Insurance: −$400
• − Repairs & maintenance: −$1,022
• − Management: −$1,022
• − Depreciation: −$2,327
• Taxable income: $1,408
• Est. tax owed @ 24.0%: −$338
• After-tax cash flow: $2,206/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: Iroquois West CUSD 10
• NCES district ID: 1720180
• Math proficiency: 29% ▼ -1.00%
• Reading proficiency: 30% ▼ -9.00%
• Median HH income: $47,456
• Composite: 25.55/100
• National rank: #7428
• State rank: #255 of 620 in IL

Livability — Gilman

• Score: 61/100
• State rank: #912
• US rank: #17705

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gilman, IL
• City population: 1,973
• Population (ZIP): 1,973

Population outlook (Iroquois County) Hauer SSP2

• Today (2025): 26,826 people
• By 2030: 25,771 · -3.9%
• By 2040: 23,589 · -12.1%
• By 2050: 21,523 · -19.8%
• By 2075: 17,998 · -32.9%
• By 2100: 14,979 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 19% Two or more races 5%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Iranian 5% Lithuanian 4% Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 85% English-only · Spanish 15%

Political lean MEDSL · Iroquois

• 2024 margin: Solid R (+57.3) · D 20.6% · R 78.0% · Other 1.4%
• 2008→2024 swing: -27.5pp toward R · 2008: -29.8pp · 2024: -57.3pp
• All cycles: 2024: R+57.3 2020: R+56.7 2016: R+56.0 2012: R+44.7 2008: R+29.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.31%
• Current HPI: 164.857
• 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

3 events — show timeline

• 2026-04-28 Relisted — MRED as Distributed by MLS Grid
• 2026-04-04 Contingent — MRED as Distributed by MLS Grid
• 2026-02-16 Listed $80,000 MRED as Distributed by MLS Grid

Property tax history

+1.7%/yr

Latest (2024): $2,115 · +7.2% YoY. Source: county tax records.