203 N Oak St · Herscher, IL 60941

$79,999

3 bd · 2.0 ba · 1,260 sqft · Other · 23 Days on market

Built 1912 6,969 sqft lot $63/sqft · 59% below area ↓ 25% since listing

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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 +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Explore the potential at 203 North Oak Street in Herscher, IL! This 3-bedroom, 2-bathroom home offers 1,260 square feet of living space and sits on a 0.16-acre lot. Perfect for investors or buyers ready to bring their vision to life, this property provides an excellent opportunity to renovate and make it your own. While it needs work, the home's layout and location make it a fantastic investment or starter project. Don't miss this chance to create something special-

Key facts

• 6,969 sq ft lot
• 2 garage spots
• Built 1912

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $356 ($4k/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: $79k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#440 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, health & safety C-, amenities F.
• Herscher CUSD 2 (rural): math 32% / reading 32% proficiency, ranked #202 of 620 in IL (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 21 active listings in the ZIP; 145 units permitted in Kankakee County in 2024 (5 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.
• Kankakee County population projected at -19% 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 ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 12y ago; this cycle's ask has dropped $30k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $80k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,799 (1.5% below list)

Questions for the listing agent

1. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 1.64% ✓
• Cap rate: 11.63%
• Cash-on-cash: 19.06%
• DSCR: 1.85
• GRM: 5.1

CMA / ARV

• ARV (median comp): $197,322
• List price: $79,999
• Delta: -56.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.0%
• Equity multiple: 1.44×
• Total profit: $9,801
• Equity at exit: $11,928

10-year hold

• IRR: 20.1%
• Equity multiple: 2.70×
• Total profit: $38,121
• 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 60941

• Home prices YoY: -16.1%
• Active inventory: 21
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,313 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$229 /mo · $2,743/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $356

Break-even live

Break-even rent $863

Max offer price $79,999

Occupancy floor 68%

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 50 events

1. 2026-06-19
   days on market $79,999 Active 23 DOM
2. 2026-06-18
   days on market $79,999 Active 22 DOM
3. 2026-06-17
   days on market $79,999 Active 21 DOM
4. 2026-06-16
   days on market $79,999 Active 20 DOM
5. 2026-06-15
   days on market $79,999 Active 19 DOM
6. 2026-06-14
   days on market $79,999 Active 17 DOM
7. 2026-06-13
   days on market $79,999 Active 16 DOM
8. 2026-06-10
   pricedays on market $79,999 Active 14 DOM
9. 2026-06-09
   days on market $84,999 Active 13 DOM
10. 2026-06-08
    days on market $84,999 Active 12 DOM
11. 2026-06-07
    days on market $84,999 Active 11 DOM
12. 2026-06-05
    days on market $84,999 Active 8 DOM
13. 2026-06-03
    days on market $84,999 Active 7 DOM
14. 2026-06-02
    days on market $84,999 Active 6 DOM
15. 2026-06-01
    days on market $84,999 Active 5 DOM
16. 2026-05-31
    days on market $84,999 Active 4 DOM
17. 2026-05-30
    days on market $84,999 Active 3 DOM
18. 2026-05-19
    price $84,999 470-char remark

    Show marketing remark (470 chars)

    Explore the potential at 203 North Oak Street in Herscher, IL! This 3-bedroom, 2-bathroom home offers 1,260 square feet of living space and sits on a 0.16-acre lot. Perfect for investors or buyers ready to bring their vision to life, this property provides an excellent opportunity to renovate and make it your own. While it needs work, the home's layout and location make it a fantastic investment or starter project. Don't miss this chance to create something special-

19. 2026-04-23
    price $89,999 470-char remark

    Show marketing remark (470 chars)

    Explore the potential at 203 North Oak Street in Herscher, IL! This 3-bedroom, 2-bathroom home offers 1,260 square feet of living space and sits on a 0.16-acre lot. Perfect for investors or buyers ready to bring their vision to life, this property provides an excellent opportunity to renovate and make it your own. While it needs work, the home's layout and location make it a fantastic investment or starter project. Don't miss this chance to create something special-

20. 2026-04-07
    price $94,900 470-char remark

    Show marketing remark (470 chars)

    Explore the potential at 203 North Oak Street in Herscher, IL! This 3-bedroom, 2-bathroom home offers 1,260 square feet of living space and sits on a 0.16-acre lot. Perfect for investors or buyers ready to bring their vision to life, this property provides an excellent opportunity to renovate and make it your own. While it needs work, the home's layout and location make it a fantastic investment or starter project. Don't miss this chance to create something special-

21. 2025-12-30
    status Active 470-char remark

    Show marketing remark (470 chars)

    Explore the potential at 203 North Oak Street in Herscher, IL! This 3-bedroom, 2-bathroom home offers 1,260 square feet of living space and sits on a 0.16-acre lot. Perfect for investors or buyers ready to bring their vision to life, this property provides an excellent opportunity to renovate and make it your own. While it needs work, the home's layout and location make it a fantastic investment or starter project. Don't miss this chance to create something special-

22. 2025-12-15
    status Pending 470-char remark

    Show marketing remark (470 chars)

    Explore the potential at 203 North Oak Street in Herscher, IL! This 3-bedroom, 2-bathroom home offers 1,260 square feet of living space and sits on a 0.16-acre lot. Perfect for investors or buyers ready to bring their vision to life, this property provides an excellent opportunity to renovate and make it your own. While it needs work, the home's layout and location make it a fantastic investment or starter project. Don't miss this chance to create something special-

23. 2025-11-26
    listed $110,000 Active 470-char remark

    Show marketing remark (470 chars)

    Explore the potential at 203 North Oak Street in Herscher, IL! This 3-bedroom, 2-bathroom home offers 1,260 square feet of living space and sits on a 0.16-acre lot. Perfect for investors or buyers ready to bring their vision to life, this property provides an excellent opportunity to renovate and make it your own. While it needs work, the home's layout and location make it a fantastic investment or starter project. Don't miss this chance to create something special-

24. 2025-08-06
    historical
25. 2025-08-06
    status Active
26. 2025-06-03
    status Pending
27. 2025-03-18
    listed Active
28. 2021-08-20
    historical
29. 2021-07-21
    price
30. 2021-06-23
    price
31. 2021-05-24
    price
32. 2021-05-05
    listed New
33. 2019-04-03
    historical Contingent
34. 2019-04-03
    historical
35. 2019-03-15
    listed New
36. 2019-03-14
    historical
37. 2019-03-08
    price
38. 2019-01-15
    price
39. 2018-11-28
    price
40. 2018-10-23
    price
41. 2018-09-12
    listed New
42. 2018-08-28
    historical
43. 2018-07-25
    listed New
44. 2017-03-11
    historical
45. 2017-01-12
    listed New
46. 2017-01-12
    historical
47. 2016-09-16
    price
48. 2016-08-05
    price
49. 2016-07-13
    price
50. 2016-06-14
    price

ⓘ 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: $2,743 · $229/mo
• Projected year-2 tax: $2,743 · $229/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,756
• − Mortgage interest: −$4,481
• − Property taxes: −$2,743
• − Insurance: −$400
• − Repairs & maintenance: −$1,260
• − Management: −$1,260
• − Depreciation: −$2,327
• Taxable income: $3,284
• Est. tax owed @ 24.0%: −$788
• After-tax cash flow: $3,482/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: Herscher CUSD 2
• NCES district ID: 1718840
• Math proficiency: 32% ▲ 2.00%
• Reading proficiency: 32% ▼ -10.00%
• Median HH income: $69,778
• Composite: 29.76/100
• National rank: #6435
• State rank: #202 of 620 in IL

Livability — Herscher

• Score: 69/100
• State rank: #440
• US rank: #9007

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Herscher, IL
• Population (ZIP): 1,603

Population outlook (Kankakee County) Hauer SSP2

• Today (2025): 105,479 people
• By 2030: 101,792 · -3.5%
• By 2040: 93,479 · -11.4%
• By 2050: 85,061 · -19.4%
• By 2075: 67,314 · -36.2%
• By 2100: 52,439 · -50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 1% Two or more races 1%
• Common ancestry: Lithuanian 10% Romanian 5% Portuguese 4%
• Foreign-born: 0%

Political lean MEDSL · Kankakee

• 2024 margin: Strong R (+20.8) · D 38.7% · R 59.5% · Other 1.8%
• 2008→2024 swing: -25.4pp toward R · 2008: 4.6pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.5 2016: R+13.3 2012: R+3.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -34.49%
• Current HPI: 180.2725
• 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

-25.0% since first listed

40 events — show timeline

• 2026-05-19 Price Changed $84,999 MRED as Distributed by MLS Grid
• 2026-04-23 Price Changed $89,999 MRED as Distributed by MLS Grid
• 2026-04-07 Price Changed $94,900 MRED as Distributed by MLS Grid
• 2025-12-30 Relisted — MRED as Distributed by MLS Grid
• 2025-12-15 Pending — MRED as Distributed by MLS Grid
• 2025-11-26 Listed $110,000 MRED as Distributed by MLS Grid
• 2025-08-06 Listing Removed — MRED as Distributed by MLS Grid
• 2025-08-06 Relisted — MRED as Distributed by MLS Grid
• 2025-06-03 Pending — MRED as Distributed by MLS Grid
• 2025-03-18 Listed — MRED as Distributed by MLS Grid
• 2021-08-20 Listing Removed — MRED as Distributed by MLS Grid
• 2021-07-21 Price Changed — MRED as Distributed by MLS Grid
• 2021-06-23 Price Changed — MRED as Distributed by MLS Grid
• 2021-05-24 Price Changed — MRED as Distributed by MLS Grid
• 2021-05-05 Listed — MRED as Distributed by MLS Grid
• 2019-04-03 Contingent — MRED as Distributed by MLS Grid
• 2019-04-03 Listing Removed — MRED as Distributed by MLS Grid
• 2019-03-15 Listed — MRED as Distributed by MLS Grid
• 2019-03-14 Listing Removed — MRED as Distributed by MLS Grid
• 2019-03-08 Price Changed — MRED as Distributed by MLS Grid
• 2019-01-15 Price Changed — MRED as Distributed by MLS Grid
• 2018-11-28 Price Changed — MRED as Distributed by MLS Grid
• 2018-10-23 Price Changed — MRED as Distributed by MLS Grid
• 2018-09-12 Listed — MRED as Distributed by MLS Grid
• 2018-08-28 Listing Removed — MRED as Distributed by MLS Grid
• 2018-07-25 Listed — MRED as Distributed by MLS Grid
• 2017-03-11 Listing Removed — MRED as Distributed by MLS Grid
• 2017-01-12 Listed — MRED as Distributed by MLS Grid
• 2017-01-12 Listing Removed — MRED as Distributed by MLS Grid
• 2016-09-16 Price Changed — MRED as Distributed by MLS Grid
• 2016-08-05 Price Changed — MRED as Distributed by MLS Grid
• 2016-07-13 Price Changed — MRED as Distributed by MLS Grid
• 2016-06-14 Price Changed — MRED as Distributed by MLS Grid
• 2016-03-18 Listed — MRED as Distributed by MLS Grid
• 2015-04-24 Sold (MLS) $44,650 MRED as Distributed by MLS Grid
• 2015-04-01 Pending — MRED as Distributed by MLS Grid
• 2015-03-11 Price Changed $82,596 MRED as Distributed by MLS Grid
• 2015-02-10 Price Changed $91,773 MRED as Distributed by MLS Grid
• 2015-01-08 Price Changed $101,970 MRED as Distributed by MLS Grid
• 2014-11-07 Listed $113,300 MRED as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2024): $2,743 · +5.9% YoY. Source: county tax records.