350 Van Buren St · Warsaw, IL 62379

$100,000

None bd · None ba · 2,824 sqft · MultiFamily · 129 Days on market

Built 1890 Poor condition 5,662 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
• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Fourplex offering a compelling opportunity for investors seeking value-add potential. This all–one-bedroom, one-bath property is vacant and ready for repositioning. Conveniently located directly across from a park, the setting supports long-term rental appeal. Units have historically rented at approximately $400 per month, providing a clear baseline for income planning. With all units currently unoccupied, buyers have a clean slate to implement updates, establish market rents, and optimize operations. Ideal for investors looking to renovate, stabilize, and build equity in a small multifamily asset.

Key facts

• Currently unoccupied
• Clean slate
• Across from a park

Tags

• ACROSS FROM A PARK
• CURRENTLY UNOCCUPIED
• CLEAN SLATE

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $100k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $462/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#459 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D, employment D.
• Warsaw CUSD 316 (rural): math 25% / reading 35% proficiency, ranked #489 of 919 in IL (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP.

Forward outlook

• In year one you build about $9k of equity ($691 loan paydown + $8k appreciation (8.0% local appreciation)).
• Hancock County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.21% ✓
• Cap rate: 28.45%
• Cash-on-cash: 79.13%
• DSCR: 4.52
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.99% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 87.5%
• Equity multiple: 6.67×
• Total profit: $158,785
• Equity at exit: $75,913

10-year hold

• IRR: 83.6%
• Equity multiple: 14.34×
• Total profit: $373,421
• Equity at exit: $150,628

Cash invested: $28,000 (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 62379

• Home prices YoY: 5.6%
• Active inventory: 20
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $3,212 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$675
• Net cashflow: $1,846

Break-even live

Break-even rent $875

Max offer price $100,000

Occupancy floor 38%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,212
Total (4 units)			$3,212

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $100,000 Active 129 DOM
2. 2026-06-17
   days on market $100,000 Active 128 DOM
3. 2026-06-16
   days on market $100,000 Active 127 DOM
4. 2026-06-15
   days on market $100,000 Active 126 DOM
5. 2026-06-13
   days on market $100,000 Active 124 DOM
6. 2026-06-12
   days on market $100,000 Active 123 DOM
7. 2026-06-09
   days on market $100,000 Active 120 DOM
8. 2026-06-08
   days on market $100,000 Active 119 DOM
9. 2026-06-07
   days on market $100,000 Active 118 DOM
10. 2026-06-04
    days on market $100,000 Active 114 DOM
11. 2026-06-02
    days on market $100,000 Active 113 DOM
12. 2026-06-01
    days on market $100,000 Active 112 DOM
13. 2026-05-31
    days on market $100,000 Active 111 DOM
14. 2026-05-31
    days on market $100,000 Active 110 DOM
15. 2026-02-10
    listed $100,000 Active 611-char remark

    Show marketing remark (611 chars)

    Fourplex offering a compelling opportunity for investors seeking value-add potential. This all–one-bedroom, one-bath property is vacant and ready for repositioning. Conveniently located directly across from a park, the setting supports long-term rental appeal. Units have historically rented at approximately $400 per month, providing a clear baseline for income planning. With all units currently unoccupied, buyers have a clean slate to implement updates, establish market rents, and optimize operations. Ideal for investors looking to renovate, stabilize, and build equity in a small multifamily asset.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,544
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$3,084
• − Management: −$3,084
• − Depreciation: −$2,909
• Taxable income: $21,866
• Est. tax owed @ 24.0%: −$5,248
• After-tax cash flow: $16,909/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This fourplex requires extensive repairs and updates to bring it up to a livable condition. Immediate focus should be on the kitchen and bathroom flooring, painting, and window replacements to improve both resale and rental value.

Repairs flagged

• Major Kitchen flooring — Severe damage and unevenness
• Major Bathroom flooring — Severe damage and unevenness
• Major Exterior siding — General disrepair
• Major Interior walls/paint — Peeling paint and general disrepair
• Major Windows — Exposed windows and general disrepair

Value-add opportunities

• Both New flooring in kitchen and bathrooms — Improves both resale and rental value
• Both Painting interior walls and repainting exterior siding — Enhances curb appeal and interior aesthetics
• Both New windows — Improves natural light and energy efficiency
• Both HVAC system upgrade — Enhances comfort and energy efficiency
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen flooring · Severe damage and unevenness	Major	$15,000–50,000
Bathroom flooring · Severe damage and unevenness	Major	$15,000–50,000
Exterior siding · General disrepair	Major	$15,000–50,000
Interior walls/paint · Peeling paint and general disrepair	Major	$15,000–50,000
Windows · Exposed windows and general disrepair	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both New flooring in kitchen and bathrooms — Improves both resale and rental value ↑
• Both Painting interior walls and repainting exterior siding — Enhances curb appeal and interior aesthetics ↑
• Both New windows — Improves natural light and energy efficiency ↑
• Both HVAC system upgrade — Enhances comfort and energy efficiency ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Warsaw CUSD 316
• NCES district ID: 1740890
• Math proficiency: 25% ▲ 5.00%
• Reading proficiency: 35% ▬ 0.00%
• Median HH income: $48,724
• Composite: 28.9/100
• National rank: #11950
• State rank: #489 of 919 in IL

Livability — Warsaw

• Score: 68/100
• State rank: #459
• US rank: #9523

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warsaw, IL
• Population (ZIP): 1,828

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 17,042 people
• By 2030: 16,056 · -5.8%
• By 2040: 13,912 · -18.4%
• By 2050: 11,879 · -30.3%
• By 2075: 8,302 · -51.3%
• By 2100: 5,846 · -65.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Slovak 5% Lithuanian 2% Iranian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 2%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+50.0) · D 24.1% · R 74.1% · Other 1.8%
• 2008→2024 swing: -39.2pp toward R · 2008: -10.8pp · 2024: -50.0pp
• All cycles: 2024: R+50.0 2020: R+48.9 2016: R+50.8 2012: R+19.0 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.99%
• Current HPI: 150.9375
• 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

• 2026-02-10 Listed $100,000 IAR