304 N Market St · Topeka, IL 61567

$79,000

3 bd · 1.0 ba · 1,374 sqft · SingleFamily · 5 Days on market

Built 1892 2.00 ac lot Est $85k · 7% 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 +30.0/30.0
• ARV discount +10.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.0/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks MLS

This property located in Topeka, IL offers 2 bedrooms and 1 bath. It also has a woodburning fire place to cozy up to on cold winter nights, as well as 12 x 16 shed and a 10 x 10 shed. This home is located in a great school district for kids.

Key facts

• Nearly two acres
• Entire city block
• Expansive yard

Tags

• DETACHED TWO-CAR GARAGE
• EXPANSIVE YARD
• ENTIRE CITY BLOCK
• NEARLY TWO ACRES
• MATURE TREES
• OPEN GREEN SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).

Location & tenants

• Location reads 53/100 on livability (#1,289 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime D, amenities F, commute F.
• Midwest Central CUSD 191 (rural): math 19% / reading 23% proficiency, ranked #398 of 620 in IL (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Midwest Central High School (math 8% / reading 12%, grade F, #567 of 693 statewide, top 83%, 252 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 2 active listings in the ZIP; 7 units permitted in Mason County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($546 loan paydown + $2k appreciation (3.0% local appreciation)).
• Mason County population projected at -30% 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 ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago 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.
• Current owner paid $62k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,000

Questions for the listing agent

1. Built in 1892 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.66% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.57%
• DSCR: 2.14
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $85,188
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 N Market St	0.00mi	3/1.0	1,374 (0%)	0mo	$85,000	$62	100

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: 31.6%
• Equity multiple: 2.79×
• Total profit: $39,564
• Equity at exit: $35,522

10-year hold

• IRR: 32.0%
• Equity multiple: 5.47×
• Total profit: $98,829
• Equity at exit: $54,743

Cash invested: $22,120 (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 61567

• Active inventory: 2
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,308 medium
• Mortgage (P&I): −$414
• Tax from tax record: −$115 /mo · $1,380/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $471

Break-even live

Break-even rent $712

Max offer price $79,000

Occupancy floor 59%

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-27
   status Pending
2. 2026-04-22
   listed $79,000 Active
3. 2023-08-23
   soldstatus $62,000 Closed 241-char remark

   Show marketing remark (241 chars)

   This property located in Topeka, IL offers 2 bedrooms and 1 bath. It also has a woodburning fire place to cozy up to on cold winter nights, as well as 12 x 16 shed and a 10 x 10 shed. This home is located in a great school district for kids.

4. 2023-08-23
   soldstatus $62,000

   Show marketing remark (241 chars)

   This property located in Topeka, IL offers 2 bedrooms and 1 bath. It also has a woodburning fire place to cozy up to on cold winter nights, as well as 12 x 16 shed and a 10 x 10 shed. This home is located in a great school district for kids.

5. 2023-07-14
   status Pending 241-char remark

   Show marketing remark (241 chars)

   This property located in Topeka, IL offers 2 bedrooms and 1 bath. It also has a woodburning fire place to cozy up to on cold winter nights, as well as 12 x 16 shed and a 10 x 10 shed. This home is located in a great school district for kids.

6. 2023-06-08
   price $65,000 241-char remark

   Show marketing remark (241 chars)

   This property located in Topeka, IL offers 2 bedrooms and 1 bath. It also has a woodburning fire place to cozy up to on cold winter nights, as well as 12 x 16 shed and a 10 x 10 shed. This home is located in a great school district for kids.

7. 2022-12-07
   listed $74,000 Active 241-char remark

   Show marketing remark (241 chars)

   This property located in Topeka, IL offers 2 bedrooms and 1 bath. It also has a woodburning fire place to cozy up to on cold winter nights, as well as 12 x 16 shed and a 10 x 10 shed. This home is located in a great school district for kids.

ⓘ 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: $1,380 · $115/mo
• Projected year-2 tax: $1,587 · $132/mo
• Expected delta: +$207/yr (+$17/mo · 15.0%)

ⓘ 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 ≥105°F today · 19 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: $15,699
• − Mortgage interest: −$4,425
• − Property taxes: −$1,380
• − Insurance: −$395
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$2,298
• Taxable income: $4,689
• Est. tax owed @ 24.0%: −$1,125
• After-tax cash flow: $4,530/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: Midwest Central CUSD 191
• NCES district ID: 1743962
• Math proficiency: 19% ▼ -5.00%
• Reading proficiency: 23% ▼ -6.00%
• Median HH income: $52,499
• Composite: 18.97/100
• National rank: #8852
• State rank: #398 of 620 in IL

Livability — Topeka

• Score: 53/100
• State rank: #1289
• US rank: #24385

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Topeka, IL
• Population (ZIP): 541

Population outlook (Mason County) Hauer SSP2

• Today (2025): 12,087 people
• By 2030: 11,283 · -6.7%
• By 2040: 9,766 · -19.2%
• By 2050: 8,421 · -30.3%
• By 2075: 5,785 · -52.1%
• By 2100: 3,888 · -67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Russian 6% Serbian 4% Lithuanian 3%

Political lean MEDSL · Mason

• 2024 margin: Solid R (+42.2) · D 27.8% · R 70.1% · Other 2.1%
• 2008→2024 swing: -48.1pp toward R · 2008: 5.9pp · 2024: -42.2pp
• All cycles: 2024: R+42.2 2020: R+39.5 2016: R+31.8 2012: R+6.3 2008: D+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+6.8% since first listed

7 events — show timeline

• 2026-04-27 Pending — RMLSA as Distributed by MLS Grid
• 2026-04-22 Listed $79,000 RMLSA as Distributed by MLS Grid
• 2023-08-23 Sold (Public Records) $62,000 Public Records
• 2023-08-23 Sold (MLS) $62,000 RMLSA as Distributed by MLS Grid
• 2023-07-14 Pending — RMLSA as Distributed by MLS Grid
• 2023-06-08 Price Changed $65,000 RMLSA as Distributed by MLS Grid
• 2022-12-07 Listed $74,000 RMLSA as Distributed by MLS Grid

Property tax history

+8.3%/yr

Latest (2024): $1,380 · -23.1% YoY. Source: county tax records.