504 SE 3rd St St · Aledo, IL 61231

$55,000

1 bd · 1.0 ba · 616 sqft · SingleFamily · 89 Days on market

Built 2003 2,400 sqft lot Est $49k · 13% over

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Why this score? — see what drove the C 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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +1.6/15.0
• Appreciation +0.0/10.0

Listing remarks

This adorable building has been home to many different businesses over the years. This property is full of potential and looking for a new owner! While this building is currently set up as a dog groomer, it could easily be converted into any type of business or ever converted back into a residential home. Let your imagination explore the possibilities! Schedule a private showing today!

Key facts

• 2,400 sq ft lot
• Built 2003
• Listed 89 days

Property features AI

Finance

• Financial info: No special service area

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; 100 amp electric service
• Home design: Detached single-family home; One-story
• Construction: Vinyl siding; Other foundation; Built approximately 21–25 years ago
• Exterior features: Level lot; Lot dimensions approximately 60 x 40; Lot smaller than 0.25 acre

Interior

• Kitchen: Main-level kitchen
• Bedrooms: 1 bedroom (Main level)
• Flooring: Other flooring (kitchen and bedroom)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Basement with egress window; School bus service

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $179 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($708 rent vs $55k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#390 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Mercer County School District 404 (town): math 14% / reading 24% proficiency, ranked #439 of 620 in IL (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 41 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 15 units permitted in Mercer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Mercer County population projected at -25% 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 $15k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Recommended offer $51,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.29% ✓
• Cap rate: 10.21%
• Cash-on-cash: 13.98%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $48,664
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
504 SE 3rd St St	0.00mi	1/1.0	616 (0%)	3mo	$48,500	$79	97

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: 4.2%
• Equity multiple: 1.16×
• Total profit: $2,525
• Equity at exit: $8,201

10-year hold

• IRR: 13.7%
• Equity multiple: 2.10×
• Total profit: $16,957
• Equity at exit: $4,755

Cash invested: $15,400 (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 61231

• Home prices YoY: -33.0%
• Active inventory: 41
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $708 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$149
• Net cashflow: $179

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 70%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
107 N College Ave Unit 109 A Aledo, IL	2.0	1.0	611	$850	$1.39	21d	1	0.32mi
127 W Main St Unit Main Aledo, IL	—	1.0	600	$575	$0.96	43d	1	0.33mi
607 NE 3rd Ave Apt 5 Aledo, IL	1.0	1.0	415	$685	$1.65	43d	1	0.49mi
407 SW 8th St Unit 405 Aledo, IL	2.0	1.0	550	$685	$1.25	13d	1	0.59mi
804 SW 4th St Apt 6 Aledo, IL	2.0	1.0	750	$725	$0.97	43d	1	0.73mi

Listing history 7 events

1. 2026-05-23
   listed $55,000 Active
2. 2026-03-18
   soldstatus Closed
3. 2026-02-04
   historical Contingent - Continue to Show
4. 2026-01-08
   status Active
5. 2026-01-06
   historical
6. 2026-01-05
   historical
7. 2025-12-17
   listed Active

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,499
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$680
• − Management: −$680
• − Depreciation: −$1,600
• Taxable income: $1,358
• Est. tax owed @ 24.0%: −$326
• After-tax cash flow: $1,827/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: Mercer County School District 404
• NCES district ID: 1701395
• Math proficiency: 14% ▼ -5.00%
• Reading proficiency: 24% ▼ -9.00%
• Median HH income: $46,980
• Composite: 16.76/100
• National rank: #9158
• State rank: #439 of 620 in IL

Livability — Aledo

• Score: 69/100
• State rank: #390
• US rank: #8198

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aledo, IL
• Population (ZIP): 4,958

Population outlook (Mercer County) Hauer SSP2

• Today (2025): 14,595 people
• By 2030: 13,846 · -5.1%
• By 2040: 12,335 · -15.5%
• By 2050: 10,893 · -25.4%
• By 2075: 8,238 · -43.6%
• By 2100: 6,111 · -58.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 3% Black 1%
• Common ancestry: Lithuanian 2% Danish 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3% Arabic 1%

Political lean MEDSL · Mercer

• 2024 margin: Strong R (+27.1) · D 35.4% · R 62.5% · Other 2.2%
• 2008→2024 swing: -39.0pp toward R · 2008: 11.9pp · 2024: -27.1pp
• All cycles: 2024: R+27.1 2020: R+24.0 2016: R+20.7 2012: D+7.4 2008: D+11.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.03%
• Current HPI: 140.0
• 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

7 events — show timeline

• 2026-05-23 Listed $55,000 MRED as Distributed by MLS Grid
• 2026-03-18 Sold (MLS) — MRED as Distributed by MLS Grid
• 2026-02-04 Contingent — MRED as Distributed by MLS Grid
• 2026-01-08 Relisted — MRED as Distributed by MLS Grid
• 2026-01-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-17 Listed — RMLSA as Distributed by MLS Grid