398 W 3rd · Dallas City, IL 62330

$29,000

1 bd · 1.0 ba · 468 sqft · SingleFamily · 142 Days on market

Built 1920 3,049 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
• ARV discount +7.5/15.0
• Appreciation +5.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

This cute little house on the main thoroughfare includes a kitchen area, living area and larger back bedroom. There is a bathroom with a shower between the living room and bedroom, and the bedroom area includes two closets and a back door. The house sits atop a concrete slab and includes an storage shed in the back near the alley. The roof was replaced in 2020.

Key facts

• Bathroom with shower
• Larger back bedroom
• Kitchen area

Tags

• KITCHEN AREA
• LIVING AREA
• LARGER BACK BEDROOM
• BATHROOM WITH SHOWER
• TWO CLOSETS
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $29k.

Deal economics

• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($773 rent vs $29k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#549 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, schools F.
• Illini West H S District 307 (town): math 25% / reading 25% proficiency, ranked #611 of 919 in IL (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 17 active listings in the ZIP.

Forward outlook

• In year one you build about $310 of equity ($200 loan paydown + $110 appreciation (0.4% 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 (0.4% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.66% ✓
• Cap rate: 22.19%
• Cash-on-cash: 56.77%
• DSCR: 3.53
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 58.9%
• Equity multiple: 3.98×
• Total profit: $24,168
• Equity at exit: $8,975

10-year hold

• IRR: 60.8%
• Equity multiple: 8.03×
• Total profit: $57,066
• Equity at exit: $11,240

Cash invested: $8,120 (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 62330

• Home prices YoY: 0.3%
• Active inventory: 17
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $773 medium
• Mortgage (P&I): −$152
• Tax from tax record: −$62 /mo · $745/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$162
• Net cashflow: $384

Break-even live

Break-even rent $286

Max offer price $29,000

Occupancy floor 45%

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $29,000 Active 142 DOM
2. 2026-06-18
   days on market $29,000 Active 141 DOM
3. 2026-06-17
   days on market $29,000 Active 140 DOM
4. 2026-06-16
   days on market $29,000 Active 139 DOM
5. 2026-06-15
   days on market $29,000 Active 138 DOM
6. 2026-06-13
   days on market $29,000 Active 136 DOM
7. 2026-06-12
   days on market $29,000 Active 135 DOM
8. 2026-06-09
   days on market $29,000 Active 132 DOM
9. 2026-06-08
   days on market $29,000 Active 131 DOM
10. 2026-06-07
    days on market $29,000 Active 130 DOM
11. 2026-06-07
    days on market $29,000 Active 129 DOM
12. 2026-06-05
    days on market $29,000 Active 128 DOM
13. 2026-06-03
    days on market $29,000 Active 126 DOM
14. 2026-06-02
    days on market $29,000 Active 125 DOM
15. 2026-06-01
    days on market $29,000 Active 124 DOM
16. 2026-05-31
    days on market $29,000 Active 123 DOM
17. 2026-05-30
    days on market $29,000 Active 122 DOM
18. 2026-01-28
    listed $29,000 Active 365-char remark

    Show marketing remark (365 chars)

    This cute little house on the main thoroughfare includes a kitchen area, living area and larger back bedroom. There is a bathroom with a shower between the living room and bedroom, and the bedroom area includes two closets and a back door. The house sits atop a concrete slab and includes an storage shed in the back near the alley. The roof was replaced in 2020.

ⓘ 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: $745 · $62/mo
• Projected year-2 tax: $745 · $62/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 · 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: $9,272
• − Mortgage interest: −$1,624
• − Property taxes: −$745
• − Insurance: −$145
• − Repairs & maintenance: −$742
• − Management: −$742
• − Depreciation: −$844
• Taxable income: $4,431
• Est. tax owed @ 24.0%: −$1,063
• After-tax cash flow: $3,547/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: Illini West H S District 307
• NCES district ID: 1701384
• Math proficiency: 25% ▲ 5.00%
• Reading proficiency: 25% ▲ 5.00%
• Median HH income: $47,745
• Composite: 24.88/100
• National rank: #12997
• State rank: #611 of 919 in IL

Livability — Dallas City

• Score: 66/100
• State rank: #549
• US rank: #11621

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas City, IL
• Population (ZIP): 1,548

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 (93%)
• Race & ethnicity: White 93% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 4% Italian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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: ▲ 0.38%
• Current HPI: 133.3962
• 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

• 2026-01-28 Listed $29,000 MRED as Distributed by MLS Grid

Property tax history

+10.1%/yr

Latest (2024): $745 · +5.1% YoY. Source: county tax records.