502 W Bond Ave · Patoka, IL 62875

$45,000

1 bd · 1.0 ba · 528 sqft · Other public records · 150 Days on market

Built 1964 0.34 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.5/10.0
• ARV discount +7.5/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks MLS

Welcome to this charming 1-bedroom, 1-bath home nestled in a quiet small-town setting. Thoughtfully laid out and easy to maintain, this cozy residence offers comfortable living with everything you need in a manageable footprint. The living space flows naturally into the kitchen, making it ideal for everyday living or a peaceful retreat at the end of the day. The bedroom is comfortably sized with ample natural light, while the full bath is conveniently located just steps away. Outside, enjoy the added convenience of a covered carport, providing sheltered parking and easy access to the home. (Barn and east portion of lot NOT included. Also, the GLA of 816 sf includes the back 12x24 addition which is not heated by the main unit but is suitable for year-round living. This area consists of a laundry room and bonus area which could be a second bedroom) Whether you’re a first-time buyer, downsizing, or looking for a simple, efficient place to call home, this property offers small-town charm, functionality, and practicality in one inviting package.

Key facts

• Covered carport
• Natural light
• Small-town setting

Tags

• COVERED CARPORT
• NATURAL LIGHT
• SMALL-TOWN SETTING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $45k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($787 rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#597 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Patoka CUSD 100 (rural): math 10% / reading 20% proficiency, ranked #765 of 919 in IL (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 6 active listings in the ZIP; 2 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($311 loan paydown + $4k appreciation (9.0% local appreciation)).
• Marion County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago; this cycle's ask has dropped $15k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $45k implies a 169% gain — meaningful room to come down on a strong offer.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 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 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.75% ✓
• Cap rate: 14.52%
• Cash-on-cash: 29.38%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 45.0%
• Equity multiple: 4.26×
• Total profit: $41,071
• Equity at exit: $37,245

10-year hold

• IRR: 39.7%
• Equity multiple: 9.33×
• Total profit: $104,896
• Equity at exit: $77,055

Cash invested: $12,600 (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 62875

• Home prices YoY: 5.9%
• Active inventory: 6
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $787 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$59 /mo · $704/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$165
• Net cashflow: $308

Break-even live

Break-even rent $397

Max offer price $45,000

Occupancy floor 56%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $45,000 Active 150 DOM
2. 2026-06-17
   days on market $45,000 Active 149 DOM
3. 2026-06-17
   pricedays on market $45,000 Active 148 DOM
4. 2026-06-09
   days on market $60,000 Active 147 DOM
5. 2026-06-08
   days on market $60,000 Active 146 DOM
6. 2026-06-07
   days on market $60,000 Active 145 DOM
7. 2026-06-05
   days on market $60,000 Active 143 DOM
8. 2026-06-04
   days on market $60,000 Active 141 DOM
9. 2026-06-02
   days on market $60,000 Active 140 DOM
10. 2026-06-01
    days on market $60,000 Active 139 DOM
11. 2026-05-31
    days on market $60,000 Active 138 DOM
12. 2026-05-31
    days on market $60,000 Active 137 DOM
13. 2026-04-18
    status Active 1065-char remark

    Show marketing remark (1065 chars)

    Welcome to this charming 1-bedroom, 1-bath home nestled in a quiet small-town setting. Thoughtfully laid out and easy to maintain, this cozy residence offers comfortable living with everything you need in a manageable footprint. The living space flows naturally into the kitchen, making it ideal for everyday living or a peaceful retreat at the end of the day. The bedroom is comfortably sized with ample natural light, while the full bath is conveniently located just steps away. Outside, enjoy the added convenience of a covered carport, providing sheltered parking and easy access to the home. (Barn and east portion of lot NOT included. Also, the GLA of 816 sf includes the back 12x24 addition which is not heated by the main unit but is suitable for year-round living. This area consists of a laundry room and bonus area which could be a second bedroom) Whether you’re a first-time buyer, downsizing, or looking for a simple, efficient place to call home, this property offers small-town charm, functionality, and practicality in one inviting package.

14. 2026-01-16
    status Active 1065-char remark

    Show marketing remark (1065 chars)

    Welcome to this charming 1-bedroom, 1-bath home nestled in a quiet small-town setting. Thoughtfully laid out and easy to maintain, this cozy residence offers comfortable living with everything you need in a manageable footprint. The living space flows naturally into the kitchen, making it ideal for everyday living or a peaceful retreat at the end of the day. The bedroom is comfortably sized with ample natural light, while the full bath is conveniently located just steps away. Outside, enjoy the added convenience of a covered carport, providing sheltered parking and easy access to the home. (Barn and east portion of lot NOT included. Also, the GLA of 816 sf includes the back 12x24 addition which is not heated by the main unit but is suitable for year-round living. This area consists of a laundry room and bonus area which could be a second bedroom) Whether you’re a first-time buyer, downsizing, or looking for a simple, efficient place to call home, this property offers small-town charm, functionality, and practicality in one inviting package.

15. 2025-12-20
    status Pending 1065-char remark

    Show marketing remark (1065 chars)

    Welcome to this charming 1-bedroom, 1-bath home nestled in a quiet small-town setting. Thoughtfully laid out and easy to maintain, this cozy residence offers comfortable living with everything you need in a manageable footprint. The living space flows naturally into the kitchen, making it ideal for everyday living or a peaceful retreat at the end of the day. The bedroom is comfortably sized with ample natural light, while the full bath is conveniently located just steps away. Outside, enjoy the added convenience of a covered carport, providing sheltered parking and easy access to the home. (Barn and east portion of lot NOT included. Also, the GLA of 816 sf includes the back 12x24 addition which is not heated by the main unit but is suitable for year-round living. This area consists of a laundry room and bonus area which could be a second bedroom) Whether you’re a first-time buyer, downsizing, or looking for a simple, efficient place to call home, this property offers small-town charm, functionality, and practicality in one inviting package.

16. 2025-12-10
    listed $60,000 Active 1065-char remark

    Show marketing remark (1065 chars)

    Welcome to this charming 1-bedroom, 1-bath home nestled in a quiet small-town setting. Thoughtfully laid out and easy to maintain, this cozy residence offers comfortable living with everything you need in a manageable footprint. The living space flows naturally into the kitchen, making it ideal for everyday living or a peaceful retreat at the end of the day. The bedroom is comfortably sized with ample natural light, while the full bath is conveniently located just steps away. Outside, enjoy the added convenience of a covered carport, providing sheltered parking and easy access to the home. (Barn and east portion of lot NOT included. Also, the GLA of 816 sf includes the back 12x24 addition which is not heated by the main unit but is suitable for year-round living. This area consists of a laundry room and bonus area which could be a second bedroom) Whether you’re a first-time buyer, downsizing, or looking for a simple, efficient place to call home, this property offers small-town charm, functionality, and practicality in one inviting package.

17. 2008-03-27
    soldstatus $16,750 103-char remark

    Show marketing remark (103 chars)

    Affordable 1 bedroom home. Extra large lot with old barn and 1 car attached carport Range, Refrigerator

18. 2008-03-27
    soldstatus $16,750 103-char remark

    Show marketing remark (103 chars)

    Affordable 1 bedroom home. Extra large lot with old barn and 1 car attached carport Range, Refrigerator

19. 2008-02-26
    listed $19,900 103-char remark

    Show marketing remark (103 chars)

    Affordable 1 bedroom home. Extra large lot with old barn and 1 car attached carport Range, Refrigerator

20. 2008-02-26
    listed $19,900 103-char remark

    Show marketing remark (103 chars)

    Affordable 1 bedroom home. Extra large lot with old barn and 1 car attached carport Range, Refrigerator

ⓘ 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: $704 · $59/mo
• Projected year-2 tax: $863 · $72/mo
• Expected delta: +$159/yr (+$13/mo · 22.6%)

ⓘ 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 4/10 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,445
• − Mortgage interest: −$2,521
• − Property taxes: −$704
• − Insurance: −$225
• − Repairs & maintenance: −$756
• − Management: −$756
• − Depreciation: −$1,309
• Taxable income: $3,176
• Est. tax owed @ 24.0%: −$762
• After-tax cash flow: $2,939/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: Patoka CUSD 100
• NCES district ID: 1730870
• Math proficiency: 10% ▬ 0.00%
• Reading proficiency: 20% ▲ 5.00%
• Median HH income: $50,283
• Composite: 17.22/100
• National rank: #14167
• State rank: #765 of 919 in IL

Livability — Patoka

• Score: 66/100
• State rank: #597
• US rank: #12390

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Patoka, IL
• Population (ZIP): 1,091

Population outlook (Marion County) Hauer SSP2

• Today (2025): 36,071 people
• By 2030: 34,598 · -4.1%
• By 2040: 31,754 · -12.0%
• By 2050: 28,912 · -19.8%
• By 2075: 22,527 · -37.5%
• By 2100: 16,455 · -54.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Lithuanian 6% Serbian 2% Slovak 1%
• Foreign-born: 0% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+49.5) · D 24.6% · R 74.1% · Other 1.4%
• 2008→2024 swing: -47.5pp toward R · 2008: -2.0pp · 2024: -49.5pp
• All cycles: 2024: R+49.5 2020: R+46.6 2016: R+44.9 2012: R+19.2 2008: R+2.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.98%
• Current HPI: 162.2619
• 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

+201.5% since first listed

8 events — show timeline

• 2026-04-18 Relisted — MARIS as Distributed by MLS Grid
• 2026-01-16 Relisted — MARIS as Distributed by MLS Grid
• 2025-12-20 Pending — MARIS as Distributed by MLS Grid
• 2025-12-10 Listed $60,000 MARIS as Distributed by MLS Grid
• 2008-03-27 Sold (MLS) $16,750 RMLSA as Distributed by MLS Grid
• 2008-03-27 Sold (MLS) $16,750 MRED as Distributed by MLS Grid
• 2008-02-26 Listed $19,900 RMLSA as Distributed by MLS Grid
• 2008-02-26 Listed $19,900 MRED as Distributed by MLS Grid

Property tax history

-0.4%/yr

Latest (2024): $704 · -0.6% YoY. Source: county tax records.