815 W Mill St · Bloomington, IL 61701

$80,000

3 bd · 2.0 ba · 1,339 sqft · SingleFamily · 10 Days on market

Built 1900 6,969 sqft lot Est $155k · 48% under ↓ 5% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 815 West Mill Street - an affordable opportunity packed with potential and priced aggressively at just $80,000! This 3-bedroom, 2-bathroom home is being delivered vacant and clean, making it an excellent option for an investor, handyman, rental portfolio addition, or owner-occupant looking to build equity through a few finishing touches. Several important updates have already been completed, including a new furnace, new water heater, new dishwasher, and recent cosmetic improvements. With many of the major mechanical items addressed, the next owner can focus on bringing their own vision to the remaining TLC and updates. Whether you're looking for a value-add investment or an af

Key facts

• New furnace
• New water heater
• New dishwasher

Tags

• NEW FURNACE
• NEW WATER HEATER
• NEW DISHWASHER
• RECENT COSMETIC IMPROVEMENTS

Property features AI

Finance

• HOA & community: No master association fee required

Exterior

• Utilities: Public water; Public sewer
• Home design: Detached single-family home; One-story layout; Fee simple ownership; Built over 100 years ago; Home built before 1978
• Construction: Frame construction
• Exterior features: Lot dimensions approximately 60 x 115; Lot smaller than 0.25 acre

Interior

• Kitchen: Kitchen on main level (10 x 10)
• Bedrooms: Master bedroom on main level (14 x 17); Bedroom on main level (12 x 13); Bedroom on main level (11 x 12)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 5 total rooms; Unfinished full basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Cap rate 16.2% vs local median 5.4% in Bloomington — 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 77/100 on livability (#161 in IL, #2,987 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities C-, commute F.
• Bloomington SD 87 (urban): math 14% / reading 19% proficiency, ranked #476 of 620 in IL (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+5.6%/yr); 92 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 247 units permitted in McLean County in 2024 (54 in 5+ unit buildings).
• This rent runs 34% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,000

Questions for the listing agent

1. Built in 1900 — 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. 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.
4. 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.
5. 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: 2.01% ✓
• Cap rate: 16.15%
• Cash-on-cash: 35.20%
• DSCR: 2.57
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $155,324
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 S Western Ave	0.23mi	3/1.0	1,323 (-1%)	1mo	$41,000	$31	83
1022 W Taylor St	0.14mi	2/1.5 (-1)	1,290 (-4%)	1mo	$150,000	$116	80
507 W Oakland Ave	0.29mi	3/1.5	1,256 (-6%)	2mo	$195,000	$155	73
1211 S Lee St	0.51mi	3/2.5	1,332 (-0%)	2mo	$162,000	$122	72
1101 Low St	0.38mi	4/1.5 (+1)	1,371 (+2%)	0mo	$118,000	$86	71
1226 Low St	0.52mi	3/2.0	1,325 (-1%)	5mo	$196,000	$148	70
1005 S Lee St	0.40mi	2/1.0 (-1)	1,374 (+3%)	6mo	$99,000	$72	63
1213 S Madison St	0.63mi	2/1.0 (-1)	1,347 (+1%)	2mo	$94,000	$70	59
1006 S East St	0.71mi	4/1.0 (+1)	1,332 (-0%)	5mo	$163,500	$123	53
1307 S Main St	0.74mi	2/1.0 (-1)	1,298 (-3%)	1mo	$158,000	$122	51
406 E Oakland Ave	0.75mi	2/1.0 (-1)	1,356 (+1%)	6mo	$59,000	$44	49
405 W Bissell St	0.58mi	4/1.0 (+1)	1,196 (-11%)	4mo	$49,999	$42	42

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 · 5.6% rent growth · sell at horizon

5-year hold

• IRR: 33.9%
• Equity multiple: 2.49×
• Total profit: $33,270
• Equity at exit: $11,928

10-year hold

• IRR: 42.2%
• Equity multiple: 5.54×
• Total profit: $101,803
• 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 61701

• Rents YoY: 5.6%
• Active inventory: 92
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,609 high
• Mortgage (P&I): −$420
• Tax from tax record: −$161 /mo · $1,930/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $657

Break-even live

Break-even rent $777

Max offer price $80,000

Occupancy floor 54%

Sensitivity live

Price	-10% $702	-5% $680	+0% $657	+5% $635	+10% $612
Rent	-10% $530	-5% $594	+0% $657	+5% $721	+10% $784
Rate	-1.0pp $697	-0.5pp $677	base $657	+0.5pp $636	+1.0pp $615

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: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
703 W Olive St Bloomington, IL	3.0	1.0	1000	$1,495	$1.50	22d	1	0.23mi
507 1/2 S Clayton St Bloomington, IL	3.0	1.0	1003	$1,895	$1.89	22d	1	0.90mi
915 N Madison St Unit 4 Bloomington, IL	2.0	1.0	900	$899	$1.00	22d	1	1.03mi
318 E Locust St Apt A Bloomington, IL	3.0	2.0	1200	$3,000	$2.50	45d	1	1.04mi
1102 N Madison St Bloomington, IL	3.0	2.0	1603	$1,950	$1.22	22d	1	1.09mi
1619 R T Dunn Dr Bloomington, IL	3.0	2.0	1200	$1,300	$1.08	22d	1	1.13mi
102 Donnie Dr Unit 1906Tra-202 Bloomington, IL	2.0	1.0	1500	$1,169	$0.78	22d	1	1.23mi
503 E Empire St Bloomington, IL	3.0	2.0	1000	$1,795	$1.79	45d	1	1.24mi
507 E Graham St Bloomington, IL	3.0	1.5	1300	$1,900	$1.46	45d	1	1.30mi
108 Oak Creek Plz Unit 3-10 Bloomington, IL	2.0	1.0	1150	$1,199	$1.04	22d	1	1.32mi

Listing history 9 events

1. 2026-06-21
   days on market $80,000 Active 10 DOM
2. 2026-06-19
   days on market $80,000 Active 8 DOM
3. 2026-06-18
   days on market $80,000 Active 7 DOM
4. 2026-06-17
   days on market $80,000 Active 6 DOM
5. 2026-06-16
   days on market $80,000 Active 5 DOM
6. 2026-06-15
   days on market $80,000 Active 4 DOM
7. 2026-06-14
   days on market $80,000 Active 2 DOM
8. 2026-06-13
   remarks 699-char remark
9. 2026-06-13
   listed $80,000 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: $1,930 · $161/mo
• Projected year-2 tax: $1,930 · $161/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 ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $19,304
• − Mortgage interest: −$4,481
• − Property taxes: −$1,930
• − Insurance: −$400
• − Repairs & maintenance: −$1,544
• − Management: −$1,544
• − Depreciation: −$2,327
• Taxable income: $7,077
• Est. tax owed @ 24.0%: −$1,698
• After-tax cash flow: $6,187/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: Bloomington SD 87
• NCES district ID: 1706480
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 19% ▼ -7.00%
• Median HH income: $50,544
• Composite: 15.05/100
• National rank: #9351
• State rank: #476 of 620 in IL

Livability — Bloomington

• Score: 77/100
• State rank: #161
• US rank: #2987

Category grades

Amenities C- 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: Bloomington, IL
• County: McLean County · 126,490 people
• City population: 72,415
• Metro: Bloomington, IL
• Population (ZIP): 35,136
• Household income: $57,130
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 1493.0

Population outlook (McLean County) Hauer SSP2

• Today (2025): 176,468 people
• By 2030: 178,002 · +0.9%
• By 2040: 178,592 · +1.2%
• By 2050: 177,090 · +0.4%
• By 2075: 173,224 · -1.8%
• By 2100: 158,425 · -10.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 13% Two or more races 9% Hispanic / Latino 9% Asian 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 3% Slovak 2% Italian 1%
• Foreign-born: 6% · Canada, Philippines, Vietnam
• Languages at home: 91% English-only · Spanish 5% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · McLean

• 2024 margin: Toss-up / Even · D 51.6% · R 46.8% · Other 1.6%
• 2008→2024 swing: +3.7pp toward D · 2008: 1.2pp · 2024: 4.9pp
• All cycles: 2024: D+4.9 2020: D+3.9 2016: R+1.5 2012: R+11.1 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.13%
• Current HPI: 172.3659
• Rent YoY: ▲ 5.60%
• Metro: Bloomington, IL
• 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

-5.3% since first listed

2 events — show timeline

• 2026-06-10 Listed $80,000 MRED as Distributed by MLS Grid
• 2005-04-25 Sold (Public Records) $84,500 Public Records

Property tax history

+3.8%/yr

Latest (2023): $1,930 · +14.8% YoY. Source: county tax records.