503 N Elm St · Tallula, IL 62688

$79,000

2 bd · 1.0 ba · 1,198 sqft · Other public records · 16 Days on market

Built 1989 0.81 ac 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 +27.7/30.0
• DSCR +9.8/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks MLS

Gorgeous 2 bed/ 1.5 ba Manufactured Home tucked in mature tree setting with a creek! Updated Home offers open floor plan, views out every window, fresh paint, bathroom remodels & split floor plan. Eat In Kitchen is full of newer WOW cabinets, plenty counter space & an island w/ wood top! Attached Liv Rm has newer carpet, huge pic window & space to entertain! Bedrooms are Good Size! Family Room opens to the spacious deck ready & views galore! Mudroom & 2.5 car garage w/ cedar storage & workshop area complete this home! Gotta See!!

Key facts

• Mature tree setting
• Farm sink
• Huge lot

Tags

• REMODELED MANUFACTURED HOME
• HUGE LOT
• MATURE TREE SETTING
• GUTTED BATHROOM REMODEL
• FRESHLY PAINTED CABINETS
• FARM SINK

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Not new construction; Shingle roof
• Construction: Built in 1989; Crawl space foundation
• Exterior features: Replacement windows; Level and sloped yard

Interior

• Kitchen: Microwave; Refrigerator
• Bedrooms: Two bedrooms (both on the main level; Bedroom 1 ~11.9 x 13.3, Bedroom 2 ~11.7 x 13.2); Egress windows in bedrooms
• Flooring: Luxury vinyl plank in family room, many main-level areas and bedrooms; Carpet in living room, dining room, and kitchen area; Other flooring in mudroom
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Gas water heater; Window unit(s) for cooling
• Interior features: Cable available; Ceiling fan(s)
• Laundry & utility: Main level laundry (approx. 5 x 5); Mudroom (approx. 10 x 11.11)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $79k.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#1,099 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, schools F, amenities F.
• Porta CUSD 202 (town): math 16% / reading 29% proficiency, ranked #363 of 620 in IL (top 58%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 4 active listings in the ZIP; 9 units permitted in Menard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($546 loan paydown + $2k appreciation (2.1% local appreciation)).
• Menard County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $56k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $77,815 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 1.32% ✓
• Cap rate: 9.92%
• Cash-on-cash: 12.97%
• DSCR: 1.58
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 1.95×
• Total profit: $20,921
• Equity at exit: $31,419

10-year hold

• IRR: 19.7%
• Equity multiple: 3.63×
• Total profit: $58,199
• Equity at exit: $45,443

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 62688

• Home prices YoY: 2.1%
• Active inventory: 4
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,042 medium
• Mortgage (P&I): −$414
• Tax from tax record: −$137 /mo · $1,646/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $239

Break-even live

Break-even rent $740

Max offer price $79,000

Occupancy floor 72%

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 12 events

1. 2026-06-18
   days on market $79,000 Active 16 DOM
2. 2026-06-17
   days on market $79,000 Active 15 DOM
3. 2026-06-16
   days on market $79,000 Active 14 DOM
4. 2026-06-15
   days on market $79,000 Active 13 DOM
5. 2026-06-13
   days on market $79,000 Active 11 DOM
6. 2026-06-12
   days on market $79,000 Active 10 DOM
7. 2026-06-09
   days on market $79,000 Active 7 DOM
8. 2026-06-08
   days on market $79,000 Active 6 DOM
9. 2026-06-07
   days on market $79,000 Active 5 DOM
10. 2026-06-07
    days on market $79,000 Active 4 DOM
11. 2026-06-02
    remarks 687-char remark
12. 2026-06-02
    listed $79,000 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: $1,646 · $137/mo
• Projected year-2 tax: $1,720 · $143/mo
• Expected delta: +$74/yr (+$6/mo · 4.5%)

ⓘ 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 · 20 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: $12,507
• − Mortgage interest: −$4,425
• − Property taxes: −$1,646
• − Insurance: −$395
• − Repairs & maintenance: −$1,001
• − Management: −$1,001
• − Depreciation: −$2,298
• Taxable income: $1,741
• Est. tax owed @ 24.0%: −$418
• After-tax cash flow: $2,450/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: Porta CUSD 202
• NCES district ID: 1731410
• Math proficiency: 16% ▼ -9.00%
• Reading proficiency: 29% ▼ -9.00%
• Median HH income: $57,294
• Composite: 20.63/100
• National rank: #8544
• State rank: #363 of 620 in IL

Livability — Tallula

• Score: 58/100
• State rank: #1099
• US rank: #20865

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tallula, IL
• Population (ZIP): 783

Population outlook (Menard County) Hauer SSP2

• Today (2025): 11,894 people
• By 2030: 11,493 · -3.4%
• By 2040: 10,675 · -10.2%
• By 2050: 9,861 · -17.1%
• By 2075: 8,334 · -29.9%
• By 2100: 6,799 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Menard

• 2024 margin: Solid R (+41.5) · D 28.6% · R 70.0% · Other 1.4%
• 2008→2024 swing: -26.6pp toward R · 2008: -14.9pp · 2024: -41.5pp
• All cycles: 2024: R+41.5 2020: R+39.4 2016: R+37.7 2012: R+30.1 2008: R+14.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.06%
• Current HPI: 98.1121
• 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

+97.5% since first listed

9 events — show timeline

• 2026-06-02 Listed $79,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2019-06-14 Sold (Public Records) $55,500 Public Records
• 2019-06-14 Sold (MLS) $55,500 RMLSA as Distributed by MLS Grid
• 2019-03-12 Listed $59,000 RMLSA as Distributed by MLS Grid
• 2013-05-03 Sold (Public Records) $62,500 Public Records
• 2013-05-03 Sold (MLS) $62,500 RMLSA as Distributed by MLS Grid
• 2013-01-05 Listed $69,900 RMLSA as Distributed by MLS Grid
• 2008-06-05 Sold (Public Records) $40,000 Public Records

Property tax history

+3.3%/yr

Latest (2024): $1,646 · +6.3% YoY. Source: county tax records.