1112 & 1112 1/2 Butler St · Morris, IL 60450

$118,000

2 bd · 1.0 ba · — sqft · MultiFamily · 474 Days on market

5,000 sqft lot ↓ 21% 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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Livability +3.7/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

GREAT INVESTMENT - TWO MOBILE HOMES ON ONE LOT. OWNER MOVED OUT OF STATE. FRESHLY PAINTED EXTERIOR AND NEW UNDERSKIRTING INSTALLED. TENANTS RESPONSIBLE FOR ALL UTILITIES AND TAKE CARE OF GRASS AND SNOW EACH HOME IS 2 BEDROOMS 1 BATH. REAR UNIT ACCESS FROM ALLEY WITH PARKING SPACE. FRONT UNIT HAS ON STREET PARKING. NEED 48 HOURS NOTICE FOR SHOWINGS. REAR MOBILE HOME NEEDS REHAB AND MOST OF THE EQUIPMENT AND MATERIALS NEEDED ARE INCLUDED IN THE PRICE. SEE ADDITIONAL INFORMATION.

Key facts

• 5,000 sq ft lot
• 2 parking spots
• Listed 474 days

Property features AI

Finance

• Financial info: Annual tax (2024): $1,713.28; No special service area
• HOA & community: Land lease: Yes

Exterior

• Parking: Total of 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Mobile home (double wide, 14 x 58); Fee simple ownership
• Construction: Aluminum siding; Not built before 1978
• Exterior features: Lot dimensions approximately 50 x 100

Interior

• Kitchen: Kitchen 14 x 12 with vinyl flooring
• Bedrooms: 2 bedrooms (one is labeled Master Bedroom); Second bedroom 14 x 12
• Flooring: Carpet in living room and bedrooms; Vinyl in kitchen and laundry
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating
• Interior features: Four total rooms; School bus service available
• Laundry & utility: Main-level laundry 5 x 8 with vinyl flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $118k.

Deal economics

• At list price, monthly cash flow is $288 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $118k).
• Recommended offer: $104k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.5% in Morris — 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 74/100 on livability (#248 in IL, #4,532 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Morris Chsd 101 (town): math 30% / reading 31% proficiency, ranked #230 of 620 in IL (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morris Community High School (math 30% / reading 31%, grade F, #175 of 693 statewide, top 26%, 946 students, 0% FRL).
• Market conditions: 100 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 84 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $816 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Grundy County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 474 days — a 12% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $32k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $103,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 474 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 9.23%
• Cash-on-cash: 10.47%
• DSCR: 1.47
• GRM: 7.0

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: -0.6%
• Equity multiple: 0.98×
• Total profit: $-734
• Equity at exit: $17,594

10-year hold

• IRR: 9.1%
• Equity multiple: 1.70×
• Total profit: $23,095
• Equity at exit: $10,202

Cash invested: $33,040 (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 60450

• Active inventory: 100
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,397 high
• Mortgage (P&I): −$619
• Tax est. 1.5%: −$148 /mo · $1,770/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $288

Break-even live

Break-even rent $1,032

Max offer price $118,000

Occupancy floor 74%

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
714 E Jackson St Unit 1 Morris, IL	2.0	1.0	868	$1,700	$1.96	1d	1	0.55mi
416 1/2 W Jackson St Morris, IL	3.0	1.0	1230	$1,600	$1.30	18d	1	0.69mi
320 George St Morris, IL	1.0	1.0	721	$1,050	$1.46	43d	1	0.72mi
1807 Lisbon Rd Unit C Morris, IL	1.0	1.0	—	$1,200	—	24d	1	0.77mi
2405 Ashland Cir Unit 9 Morris, IL	2.0	1.0	900	$1,400	$1.56	3d	1	1.17mi
2405 Ashland Cir Morris, IL	2.0	1.0	900	$1,400	$1.56	1d	1	1.17mi
241 Ottawa Bend Dr Morris, IL	2.0	1.0	900	$1,425	$1.58	15d	1	1.18mi

Listing history 22 events

1. 2026-06-18
   days on market $118,000 Active 474 DOM
2. 2026-06-17
   days on market $118,000 Active 473 DOM
3. 2026-06-16
   days on market $118,000 Active 472 DOM
4. 2026-06-15
   days on market $118,000 Active 471 DOM
5. 2026-06-13
   days on market $118,000 Active 469 DOM
6. 2026-06-13
   days on market $118,000 Active 468 DOM
7. 2026-06-09
   days on market $118,000 Active 465 DOM
8. 2026-06-08
   days on market $118,000 Active 464 DOM
9. 2026-06-07
   days on market $118,000 Active 463 DOM
10. 2026-06-04
    days on market $118,000 Active 460 DOM
11. 2026-06-03
    days on market $118,000 Active 459 DOM
12. 2026-06-02
    days on market $118,000 Active 458 DOM
13. 2026-06-01
    days on market $118,000 Active 457 DOM
14. 2026-05-31
    days on market $118,000 Active 456 DOM
15. 2025-10-15
    price $118,000
16. 2025-06-16
    price $130,000
17. 2025-06-16
    status Temporarily No Showings
18. 2025-03-07
    historical
19. 2024-11-19
    price $139,900
20. 2024-11-18
    historical
21. 2024-10-14
    listed $150,000 Active
22. 2024-10-14
    listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $16,767
• − Mortgage interest: −$6,610
• − Property taxes: −$1,770
• − Insurance: −$590
• − Repairs & maintenance: −$1,341
• − Management: −$1,341
• − Depreciation: −$3,433
• Taxable income: $1,682
• Est. tax owed @ 24.0%: −$404
• After-tax cash flow: $3,057/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: Morris Chsd 101
• NCES district ID: 1726640
• Math proficiency: 30% ▼ -12.00%
• Reading proficiency: 31% ▼ -6.00%
• Median HH income: $57,178
• Composite: 27.31/100
• National rank: #6995
• State rank: #230 of 620 in IL

Livability — Morris

• Score: 74/100
• State rank: #248
• US rank: #4532

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morris, IL
• County: Grundy County · 20,783 people
• City population: 20,783
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 20,783
• Household income: $81,777
• Rent vs Own: 35.1% rent · 64.9% own
• Severe rent burden: 722.0

Population outlook (Grundy County) Hauer SSP2

• Today (2025): 50,716 people
• By 2030: 50,218 · -1.0%
• By 2040: 48,599 · -4.2%
• By 2050: 46,212 · -8.9%
• By 2075: 40,033 · -21.1%
• By 2100: 32,966 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 10% Romanian 7% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Grundy

• 2024 margin: Strong R (+29.6) · D 34.5% · R 64.0% · Other 1.5%
• 2008→2024 swing: -31.3pp toward R · 2008: 1.7pp · 2024: -29.6pp
• All cycles: 2024: R+29.6 2020: R+25.8 2016: R+23.6 2012: R+9.0 2008: D+1.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -144.59%
• Current HPI: 159.5402
• Rent YoY: —
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

-21.3% since first listed

8 events — show timeline

• 2025-10-15 Price Changed $118,000 MRED as Distributed by MLS Grid
• 2025-06-16 Price Changed $130,000 MRED as Distributed by MLS Grid
• 2025-06-16 Relisted — MRED as Distributed by MLS Grid
• 2025-03-07 Listing Removed — MRED as Distributed by MLS Grid
• 2024-11-19 Price Changed $139,900 MRED as Distributed by MLS Grid
• 2024-11-18 Listing Removed — MRED as Distributed by MLS Grid
• 2024-10-14 Listed — MRED as Distributed by MLS Grid
• 2024-10-14 Listed $150,000 MRED as Distributed by MLS Grid