228 N Reader St · Mounds, IL 62964

$9,900

2 bd · 2.0 ba · 1,053 sqft · SingleFamily public records · 71 Days on market

Built 1930 0.35 ac lot $9/sqft · 58% below area

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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
• Appreciation +5.0/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.2/10.0

Listing remarks MLS

Submit Offers via Auction dot com or via Listing Agent. Nice big 3 bedroom 2 bath home on large corner double lot. needs roof repair from fallen tree limb. Priced to sell. Exterior showing (curb viewing) only. NO inside showings available, no more inside pictures available. No contingencies will be accepted. Cash sale only. Sold "where is and as is" No Survey or Keys Provided. Interior Access for Home Inspections Will Not Be Granted. Listing Information May Not Be Accurate. Buyers Must Do Their Own Due Diligence to Verify Number of Beds, Baths, Square Footage, Room Sizes, Lot Size & Any Other Property Details. Photos, Marketing Comments, and Due Diligence Items are Provided for Guidance Purposes Only. By Making an Offer on This Property, the Buyer Represents They Have Independently Verified All Information and Have Made the Decision to Make an Offer Based Upon Their Own Investigation.

Key facts

• 0.35 acre lot
• Built 1930
• Listed 70 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $684 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($945 rent vs $10k).
• Recommended offer: $9k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 51/100 on livability (#1,326 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Meridian CUSD 101 (rural): math 2% / reading 2% proficiency, ranked #618 of 620 in IL (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 86% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 6 active listings in the ZIP.

Forward outlook

• In year one you build about $365 of equity ($68 loan paydown + $297 appreciation (3.0% local appreciation)).
• Pulaski County population projected at -38% 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($9k) 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: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $9,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 9.55% ✓
• Cap rate: 89.26%
• Cash-on-cash: 296.29%
• DSCR: 14.18
• GRM: 0.9

CMA / ARV

• ARV (median comp): $23,512
• List price: $9,900
• Delta: -57.89%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 S Spencer St	0.20mi	2/1.0	1,000 (-5%)	5mo	$59,000	$59	74
115 North Blanche	0.34mi	2/1.0	1,092 (+4%)	15mo	$6,900	$6	61

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: —
• Equity multiple: 17.16×
• Total profit: $44,796
• Equity at exit: $4,451

10-year hold

• IRR: —
• Equity multiple: 36.49×
• Total profit: $98,391
• Equity at exit: $6,860

Cash invested: $2,772 (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 62964

• Active inventory: 6
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $945 medium
• Mortgage (P&I): −$52
• Tax from tax record: −$6 /mo · $77/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $684

Break-even live

Break-even rent $79

Max offer price $9,900

Occupancy floor 23%

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: $2,475
• Closing costs: $297
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $9,900 Active 71 DOM
2. 2026-06-17
   days on market $9,900 Active 70 DOM
3. 2026-06-16
   days on market $9,900 Active 69 DOM
4. 2026-06-15
   days on market $9,900 Active 68 DOM
5. 2026-06-13
   days on market $9,900 Active 66 DOM
6. 2026-06-12
   days on market $9,900 Active 65 DOM
7. 2026-06-09
   days on market $9,900 Active 62 DOM
8. 2026-06-08
   days on market $9,900 Active 61 DOM
9. 2026-06-07
   days on market $9,900 Active 60 DOM
10. 2026-06-07
    days on market $9,900 Active 59 DOM
11. 2026-06-04
    days on market $9,900 Active 56 DOM
12. 2026-06-02
    days on market $9,900 Active 55 DOM
13. 2026-06-01
    days on market $9,900 Active 54 DOM
14. 2026-05-31
    days on market $9,900 Active 53 DOM
15. 2026-05-31
    days on market $9,900 Active 52 DOM
16. 2026-04-08
    historical

    Show marketing remark (911 chars)

    Submit Offers via Auction dot com or via Listing Agent. Nice big 3 bedroom 2 bath home on large corner double lot. needs roof repair from fallen tree limb. Priced to sell. Exterior showing (curb viewing) only. NO inside showings available, no more inside pictures available. No contingencies will be accepted. Cash sale only. Sold "where is and as is" No Survey or Keys Provided. Interior Access for Home Inspections Will Not Be Granted. Listing Information May Not Be Accurate. Buyers Must Do Their Own Due Diligence to Verify Number of Beds, Baths, Square Footage, Room Sizes, Lot Size & Any Other Property Details. Photos, Marketing Comments, and Due Diligence Items are Provided for Guidance Purposes Only. By Making an Offer on This Property, the Buyer Represents They Have Independently Verified All Information and Have Made the Decision to Make an Offer Based Upon Their Own Investigation.

17. 2026-04-08
    listed $9,900 Active 911-char remark

    Show marketing remark (911 chars)

    Submit Offers via Auction dot com or via Listing Agent. Nice big 3 bedroom 2 bath home on large corner double lot. needs roof repair from fallen tree limb. Priced to sell. Exterior showing (curb viewing) only. NO inside showings available, no more inside pictures available. No contingencies will be accepted. Cash sale only. Sold "where is and as is" No Survey or Keys Provided. Interior Access for Home Inspections Will Not Be Granted. Listing Information May Not Be Accurate. Buyers Must Do Their Own Due Diligence to Verify Number of Beds, Baths, Square Footage, Room Sizes, Lot Size & Any Other Property Details. Photos, Marketing Comments, and Due Diligence Items are Provided for Guidance Purposes Only. By Making an Offer on This Property, the Buyer Represents They Have Independently Verified All Information and Have Made the Decision to Make an Offer Based Upon Their Own Investigation.

18. 2026-01-01
    listed Active

ⓘ 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: $77 · $6/mo
• Projected year-2 tax: $151 · $13/mo
• Expected delta: +$74/yr (+$6/mo · 96.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,345
• − Mortgage interest: −$555
• − Property taxes: −$77
• − Insurance: −$50
• − Repairs & maintenance: −$908
• − Management: −$908
• − Depreciation: −$288
• Taxable income: $8,561
• Est. tax owed @ 24.0%: −$2,055
• After-tax cash flow: $6,159/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: Meridian CUSD 101
• NCES district ID: 1726970
• Math proficiency: 2% ▼ -9.50%
• Reading proficiency: 2% ▼ -12.50%
• Median HH income: $30,833
• Composite: 1.58/100
• National rank: #10106
• State rank: #618 of 620 in IL

Livability — Mounds

• Score: 51/100
• State rank: #1326
• US rank: #25291

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mounds, IL
• Population (ZIP): 1,028

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 4,927 people
• By 2030: 4,542 · -7.8%
• By 2040: 3,752 · -23.8%
• By 2050: 3,081 · -37.5%
• By 2075: 1,982 · -59.8%
• By 2100: 1,365 · -72.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (85%)
• Race & ethnicity: Black 85% White 12% Two or more races 2%
• Common ancestry: Serbian 1% Slovak 1%
• Foreign-born: 0%

Political lean MEDSL · Pulaski

• 2024 margin: Solid R (+34.2) · D 32.4% · R 66.6% · Other 1.1%
• 2008→2024 swing: -35.6pp toward R · 2008: 1.4pp · 2024: -34.2pp
• All cycles: 2024: R+34.2 2020: R+30.7 2016: R+31.0 2012: R+5.8 2008: D+1.4

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

3 events — show timeline

• 2026-04-08 Listed $9,900 MRED as Distributed by MLS Grid
• 2026-04-08 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-01 Listed — MRED as Distributed by MLS Grid

Property tax history

-10.4%/yr

Latest (2024): $77 · +4.5% YoY. Source: county tax records.