113 Newman St · Durand, IL 61024

$599,990

96 bd · 48.0 ba · 3,152 sqft · MultiFamily · 62 Days on market

Built 1971 $190/sqft · 282% above area

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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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Livability +3.7/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investors/Landlords- Great opportunity to own a recently updated 8 unit apartment building located in a great, growing community, Durand. Recent improvements: Four of the units have been recently repainted and have new tenants. Last year, the common areas were updated with new paint, lighting and flooring. Electricity (common areas) $190/month, Garage: $154/month, Water & sewer: $562/month, Property taxes: $8700/yr. 8 units, each unit has 2 bedrooms and 1 bath.

Key facts

• 9 parking spots
• Built 1971
• Listed 61 days

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $944 ($11k/yr) — positive. Per door: $118/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $600k).
• Recommended offer: $564k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#256 in IL, #4,733 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment D+, amenities F.
• Durand CUSD 322 (rural): math 31% / reading 40% proficiency, ranked #175 of 620 in IL (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Winnebago County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($564k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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.

Recommended offer $563,990 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.07% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.74%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (median comp): $157,115
• List price: $599,990
• Delta: 281.88%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-37,030
• Equity at exit: $89,460

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $45,534
• Equity at exit: $51,876

Cash invested: $167,997 (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 61024

• Home prices YoY: -12.6%
• Active inventory: 23
• Price-to-rent: 62.1×

Monthly cashflow live

• Estimated rent: $6,443 medium
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $9,000/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,353
• Net cashflow: $944

Break-even live

Break-even rent $5,249

Max offer price $599,990

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$6,440
Total (8 units)			$6,443

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: $149,998
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $599,990 Active 62 DOM
2. 2026-06-17
   days on market $599,990 Active 61 DOM
3. 2026-06-16
   days on market $599,990 Active 60 DOM
4. 2026-06-15
   days on market $599,990 Active 59 DOM
5. 2026-06-13
   days on market $599,990 Active 57 DOM
6. 2026-06-12
   days on market $599,990 Active 56 DOM
7. 2026-06-09
   days on market $599,990 Active 53 DOM
8. 2026-06-08
   days on market $599,990 Active 52 DOM
9. 2026-06-07
   days on market $599,990 Active 51 DOM
10. 2026-06-07
    days on market $599,990 Active 50 DOM
11. 2026-06-04
    days on market $599,990 Active 47 DOM
12. 2026-06-02
    days on market $599,990 Active 46 DOM
13. 2026-06-01
    days on market $599,990 Active 45 DOM
14. 2026-05-31
    days on market $599,990 Active 44 DOM
15. 2026-05-31
    days on market $599,990 Active 43 DOM
16. 2026-04-17
    listed $599,990 Active 471-char remark

    Show marketing remark (471 chars)

    Investors/Landlords- Great opportunity to own a recently updated 8 unit apartment building located in a great, growing community, Durand. Recent improvements: Four of the units have been recently repainted and have new tenants. Last year, the common areas were updated with new paint, lighting and flooring. Electricity (common areas) $190/month, Garage: $154/month, Water & sewer: $562/month, Property taxes: $8700/yr. 8 units, each unit has 2 bedrooms and 1 bath.

17. 2019-09-11
    historical
18. 2019-01-09
    price
19. 2018-09-11
    listed New

ⓘ 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 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $77,316
• − Mortgage interest: −$33,609
• − Property taxes: −$9,000
• − Insurance: −$3,000
• − Repairs & maintenance: −$6,185
• − Management: −$6,185
• − Depreciation: −$17,454
• Taxable income: $1,883
• Est. tax owed @ 24.0%: −$452
• After-tax cash flow: $10,871/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: Durand CUSD 322
• NCES district ID: 1712810
• Math proficiency: 31% ▲ 2.00%
• Reading proficiency: 40% ▼ -1.00%
• Median HH income: $58,616
• Composite: 31.56/100
• National rank: #5953
• State rank: #175 of 620 in IL

Livability — Durand

• Score: 74/100
• State rank: #256
• US rank: #4733

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Durand, IL
• Population (ZIP): 2,264

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 271,080 people
• By 2030: 260,684 · -3.8%
• By 2040: 238,405 · -12.1%
• By 2050: 216,129 · -20.3%
• By 2075: 172,882 · -36.2%
• By 2100: 135,336 · -50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Asian 1% Black 1%
• Common ancestry: Portuguese 6% Romanian 4% Iranian 3%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 49.5% · R 49.0% · Other 1.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 12.8pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.5 2016: R+1.2 2012: D+5.7 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.23%
• Current HPI: 223.4422
• 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

4 events — show timeline

• 2026-04-17 Listed $599,990 NWIAR
• 2019-09-11 Listing Removed — MRED as Distributed by MLS Grid
• 2019-01-09 Price Changed — MRED as Distributed by MLS Grid
• 2018-09-11 Listed — MRED as Distributed by MLS Grid