603 E Chestnut St · Gillespie, IL 62033

$50,000

3 bd · 1.5 ba · 1,124 sqft · SingleFamily · 17 Days on market

Built 1940 10,798 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor or Handyman Opportunity! Bring your vision and finishing touches to this promising property. This home is a blank slate and has already seen several major improvements and is ready for completion. The current layout is designed for 3 bedrooms and 1.5 bathrooms, offering plenty of potential for a homeowner or investor. Recent updates include a new roof, black soffit, new windows, and the start of electrical upgrades. New siding has been installed and only requires finishing work. Situated on two lots, the property features a spacious yard with room to enjoy or expand. As an added bonus, many of the building materials already purchased for the renovation will be included with the sal

Key facts

• Spacious yard
• Two lots
• New siding

Tags

• NEW ROOF
• NEW WINDOWS
• NEW SIDING
• SPACIOUS YARD
• TWO LOTS

Property features AI

Exterior

• Utilities: Public water; Public sewer; Electric: Other
• Home design: Single family residence; Residential property
• Construction: Vinyl siding; Architectural shingle roof
• Exterior features: Corner lot; Few trees on the lot

Interior

• Bedrooms: 3 bedrooms total; 2 bedrooms on the main level; 1 bedroom on the upper level
• Bathrooms: 1 full bathroom; 1 half bathroom (main level)
• Heating & cooling: Other heating; Other cooling
• Interior features: One and one-half story layout; Estimated above-grade finished area of 1,124

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($994 rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#261 in IL, #4,848 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute D-, employment F.
• Gillespie CUSD 7 (town): math 14% / reading 20% proficiency, ranked #485 of 620 in IL (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Gillespie High School (math 27% / reading 32%, grade F, #187 of 693 statewide, top 30%, 340 students, 0% FRL) — zoned schools average 0% FRL vs 57% district-wide (57 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 30% at this address vs 17% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Gillespie CUSD 7 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 21 active listings in the ZIP; 70 units permitted in Macoupin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Macoupin County population projected at -27% 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 $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $49,250 (1.5% below list)

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 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?
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 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: 1.99% ✓
• Cap rate: 17.21%
• Cash-on-cash: 39.00%
• DSCR: 2.74
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $131,508
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
422 E Elm St	0.33mi	2/1.0 (-1)	1,140 (+1%)	9mo	$70,000	$61	68
503 Henry St	0.52mi	3/1.0	1,200 (+7%)	5mo	$160,000	$133	58
708 Madison St	0.61mi	3/2.0	1,180 (+5%)	7mo	$149,900	$127	56
422 Henry St	0.47mi	3/1.0	1,100 (-2%)	22mo	$129,000	$117	54
803 S Madison St	0.63mi	3/1.0	1,200 (+7%)	12mo	$21,000	$18	47
708 Springfield Rd	0.60mi	3/1.0	1,200 (+7%)	15mo	$159,000	$133	46
811 Adams St	0.67mi	2/1.0 (-1)	1,000 (-11%)	1mo	$115,000	$115	42
411 W Chestnut St	0.64mi	2/1.0 (-1)	1,092 (-3%)	23mo	$19,900	$18	39
414 W Walnut	0.66mi	2/1.5 (-1)	1,060 (-6%)	20mo	$27,500	$26	38
300 W Maple St	0.64mi	2/1.5 (-1)	1,032 (-8%)	21mo	$124,800	$121	34
211 W Baker St	0.64mi	2/1.0 (-1)	1,010 (-10%)	18mo	$50,000	$50	32
400 E Broadway	0.70mi	2/1.0 (-1)	988 (-12%)	13mo	$124,900	$126	29

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: 35.2%
• Equity multiple: 2.49×
• Total profit: $20,880
• Equity at exit: $7,455

10-year hold

• IRR: 42.0%
• Equity multiple: 4.97×
• Total profit: $55,518
• Equity at exit: $4,323

Cash invested: $14,000 (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 62033

• Home prices YoY: -25.4%
• Active inventory: 21
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $994 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$48 /mo · $571/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $455

Break-even live

Break-even rent $419

Max offer price $50,000

Occupancy floor 49%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $50,000 Active 17 DOM
2. 2026-06-17
   days on market $50,000 Active 16 DOM
3. 2026-06-16
   days on market $50,000 Active 15 DOM
4. 2026-06-15
   days on market $50,000 Active 14 DOM
5. 2026-06-13
   days on market $50,000 Active 12 DOM
6. 2026-06-12
   days on market $50,000 Active 11 DOM
7. 2026-06-09
   days on market $50,000 Active 8 DOM
8. 2026-06-08
   days on market $50,000 Active 7 DOM
9. 2026-06-07
   days on market $50,000 Active 6 DOM
10. 2026-06-05
    days on market $50,000 Active 4 DOM
11. 2026-06-04
    days on market $50,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $50,000 Active 1 DOM

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

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $571 · $48/mo
• Projected year-2 tax: $853 · $71/mo
• Expected delta: +$282/yr (+$23/mo · 49.3%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,934
• − Mortgage interest: −$2,801
• − Property taxes: −$571
• − Insurance: −$250
• − Repairs & maintenance: −$955
• − Management: −$955
• − Depreciation: −$1,455
• Taxable income: $4,947
• Est. tax owed @ 24.0%: −$1,187
• After-tax cash flow: $4,272/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: Gillespie CUSD 7
• NCES district ID: 1716680
• Math proficiency: 14% ▼ -12.00%
• Reading proficiency: 20% ▼ -19.00%
• Median HH income: $41,399
• Composite: 14.59/100
• National rank: #9413
• State rank: #485 of 620 in IL

Livability — Gillespie

• Score: 74/100
• State rank: #261
• US rank: #4848

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gillespie, IL
• Population (ZIP): 4,398

Population outlook (Macoupin County) Hauer SSP2

• Today (2025): 42,867 people
• By 2030: 40,796 · -4.8%
• By 2040: 36,135 · -15.7%
• By 2050: 31,469 · -26.6%
• By 2075: 22,102 · -48.4%
• By 2100: 15,380 · -64.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 6%
• Common ancestry: Slovak 3% Romanian 2% Serbian 1%
• Foreign-born: 0%

Political lean MEDSL · Macoupin

• 2024 margin: Solid R (+39.2) · D 29.4% · R 68.7% · Other 1.9%
• 2008→2024 swing: -49.0pp toward R · 2008: 9.8pp · 2024: -39.2pp
• All cycles: 2024: R+39.2 2020: R+36.5 2016: R+35.0 2012: R+7.0 2008: D+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.59%
• Current HPI: 136.9671
• 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

• 2026-06-01 Listed $50,000 MARIS as Distributed by MLS Grid

Property tax history

-7.1%/yr

Latest (2024): $571 · +1.2% YoY. Source: county tax records.