2318 Waterman Ave · Granite City, IL 62040

$145,000

4 bd · 2.0 ba · 1,516 sqft · SingleFamily public records · 52 Days on market

Built 1928 10,123 sqft lot $96/sqft · 17% below area Est $175k · 17% under

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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 +18.3/30.0
• ARV discount +15.0/15.0
• 1% rule +5.8/10.0
• DSCR +5.7/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

BACK ON MARKET! NO FAULT OF SELLER! Charming Brick Bungalow with Spacious Layout! Welcome home to this adorable 3-bedroom, 2 full-bath brick bungalow offering over 1,500 sq ft of comfortable living space. Step inside to an inviting open floor plan featuring a dining/living room combo, perfect for both everyday living and entertaining. The kitchen comes equipped with stainless steel appliances, a pantry, and ample cabinetry, while built-in bookcases add character and functionality throughout the home. Enjoy the convenience of walk-in closets and a thoughtfully designed layout. Relax on the screened porch with direct access from the primary bedroom—your own private retreat! Additional highlights include a mudroom, full basement with high ceilings offering endless possibilities, and a fenced yard ideal for outdoor enjoyment. A 2-car detached garage provides plenty of parking and storage. This home blends charm, space, and practicality—don’t miss your chance to make it yours!

Key facts

• Brick bungalow
• Open floor plan
• Built-in bookcases

Tags

• BRICK BUNGALOW
• OPEN FLOOR PLAN
• STAINLESS STEEL APPLIANCES
• BUILT-IN BOOKCASES
• WALK-IN CLOSETS
• SCREENED PORCH

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#623 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Granite City CUSD 9 (suburban): math 9% / reading 11% proficiency, ranked #570 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.7%/yr); 194 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Madison County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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.
• Current owner paid $85k; list at $145k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.08% ✓
• Cap rate: 7.38%
• Cash-on-cash: 3.89%
• DSCR: 1.17
• GRM: 7.7

CMA / ARV

• ARV (median comp): $174,523
• List price: $145,000
• Delta: -16.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2318 Waterman Ave	0.00mi	3/2.0 (-1)	1,516 (0%)	1mo	$145,000	$96	94
2248 Miracle Ave	0.22mi	3/2.0 (-1)	1,392 (-8%)	3mo	$133,900	$96	69
2349 Orville Ave	0.34mi	3/2.0 (-1)	1,600 (+6%)	2mo	$204,950	$128	68
38 Del Rio Ave	0.34mi	3/2.0 (-1)	1,604 (+6%)	2mo	$219,000	$137	68
93 Riviera Dr	0.19mi	3/2.0 (-1)	1,656 (+9%)	5mo	$180,000	$109	66
2592 Lynch Ave	0.56mi	3/1.0 (-1)	1,458 (-4%)	1mo	$137,500	$94	57
2142 Waterman Ave	0.28mi	3/2.0 (-1)	1,742 (+15%)	3mo	$163,500	$94	55
2000 Manley Ave	0.55mi	3/2.0 (-1)	1,664 (+10%)	0mo	$50,000	$30	53
3304 Wilshire Dr	0.69mi	4/2.0	1,642 (+8%)	4mo	$184,900	$113	50
2609 Angela Dr	0.61mi	3/1.5 (-1)	1,408 (-7%)	4mo	$49,000	$35	50
3416 Lydia Ln	0.73mi	3/1.0 (-1)	1,674 (+10%)	0mo	$194,900	$116	39
2638 Angela Dr	0.73mi	3/2.0 (-1)	1,736 (+14%)	4mo	$169,900	$98	33

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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.58×
• Total profit: $-17,104
• Equity at exit: $21,620

10-year hold

• IRR: -4.8%
• Equity multiple: 0.70×
• Total profit: $-12,019
• Equity at exit: $12,537

Cash invested: $40,600 (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 62040

• Home prices YoY: -21.8%
• Rents YoY: 1.7%
• Active inventory: 194
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,565 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$284 /mo · $3,409/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $131

Break-even live

Break-even rent $1,399

Max offer price $145,000

Occupancy floor 87%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 William John Ct Granite City, IL	3.0	1.0	1998	$1,495	$0.75	23d	1	0.68mi

Listing history 10 events

1. 2026-05-06
   historical Active Under Contract 1012-char remark

   Show marketing remark (1012 chars)

   BACK ON MARKET! NO FAULT OF SELLER! Charming Brick Bungalow with Spacious Layout! Welcome home to this adorable 3-bedroom, 2 full-bath brick bungalow offering over 1,500 sq ft of comfortable living space. Step inside to an inviting open floor plan featuring a dining/living room combo, perfect for both everyday living and entertaining. The kitchen comes equipped with stainless steel appliances, a pantry, and ample cabinetry, while built-in bookcases add character and functionality throughout the home. Enjoy the convenience of walk-in closets and a thoughtfully designed layout. Relax on the screened porch with direct access from the primary bedroom—your own private retreat! Additional highlights include a mudroom, full basement with high ceilings offering endless possibilities, and a fenced yard ideal for outdoor enjoyment. A 2-car detached garage provides plenty of parking and storage. This home blends charm, space, and practicality—don’t miss your chance to make it yours!

2. 2026-05-05
   price $145,000 1012-char remark

   Show marketing remark (1012 chars)

   BACK ON MARKET! NO FAULT OF SELLER! Charming Brick Bungalow with Spacious Layout! Welcome home to this adorable 3-bedroom, 2 full-bath brick bungalow offering over 1,500 sq ft of comfortable living space. Step inside to an inviting open floor plan featuring a dining/living room combo, perfect for both everyday living and entertaining. The kitchen comes equipped with stainless steel appliances, a pantry, and ample cabinetry, while built-in bookcases add character and functionality throughout the home. Enjoy the convenience of walk-in closets and a thoughtfully designed layout. Relax on the screened porch with direct access from the primary bedroom—your own private retreat! Additional highlights include a mudroom, full basement with high ceilings offering endless possibilities, and a fenced yard ideal for outdoor enjoyment. A 2-car detached garage provides plenty of parking and storage. This home blends charm, space, and practicality—don’t miss your chance to make it yours!

3. 2026-04-24
   status Active 1012-char remark

   Show marketing remark (1012 chars)

   BACK ON MARKET! NO FAULT OF SELLER! Charming Brick Bungalow with Spacious Layout! Welcome home to this adorable 3-bedroom, 2 full-bath brick bungalow offering over 1,500 sq ft of comfortable living space. Step inside to an inviting open floor plan featuring a dining/living room combo, perfect for both everyday living and entertaining. The kitchen comes equipped with stainless steel appliances, a pantry, and ample cabinetry, while built-in bookcases add character and functionality throughout the home. Enjoy the convenience of walk-in closets and a thoughtfully designed layout. Relax on the screened porch with direct access from the primary bedroom—your own private retreat! Additional highlights include a mudroom, full basement with high ceilings offering endless possibilities, and a fenced yard ideal for outdoor enjoyment. A 2-car detached garage provides plenty of parking and storage. This home blends charm, space, and practicality—don’t miss your chance to make it yours!

4. 2026-04-17
   historical Active Under Contract 1012-char remark

   Show marketing remark (1012 chars)

   BACK ON MARKET! NO FAULT OF SELLER! Charming Brick Bungalow with Spacious Layout! Welcome home to this adorable 3-bedroom, 2 full-bath brick bungalow offering over 1,500 sq ft of comfortable living space. Step inside to an inviting open floor plan featuring a dining/living room combo, perfect for both everyday living and entertaining. The kitchen comes equipped with stainless steel appliances, a pantry, and ample cabinetry, while built-in bookcases add character and functionality throughout the home. Enjoy the convenience of walk-in closets and a thoughtfully designed layout. Relax on the screened porch with direct access from the primary bedroom—your own private retreat! Additional highlights include a mudroom, full basement with high ceilings offering endless possibilities, and a fenced yard ideal for outdoor enjoyment. A 2-car detached garage provides plenty of parking and storage. This home blends charm, space, and practicality—don’t miss your chance to make it yours!

5. 2026-04-06
   listed $150,000 Active 1012-char remark

   Show marketing remark (1012 chars)

   BACK ON MARKET! NO FAULT OF SELLER! Charming Brick Bungalow with Spacious Layout! Welcome home to this adorable 3-bedroom, 2 full-bath brick bungalow offering over 1,500 sq ft of comfortable living space. Step inside to an inviting open floor plan featuring a dining/living room combo, perfect for both everyday living and entertaining. The kitchen comes equipped with stainless steel appliances, a pantry, and ample cabinetry, while built-in bookcases add character and functionality throughout the home. Enjoy the convenience of walk-in closets and a thoughtfully designed layout. Relax on the screened porch with direct access from the primary bedroom—your own private retreat! Additional highlights include a mudroom, full basement with high ceilings offering endless possibilities, and a fenced yard ideal for outdoor enjoyment. A 2-car detached garage provides plenty of parking and storage. This home blends charm, space, and practicality—don’t miss your chance to make it yours!

6. 2021-10-06
   historical
7. 2021-09-23
   price
8. 2021-09-23
   price $127,000
9. 2021-08-27
   listed Active
10. 2001-03-02
    soldstatus $85,000

ⓘ 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: $3,409 · $284/mo
• Projected year-2 tax: $3,409 · $284/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,779
• − Mortgage interest: −$8,122
• − Property taxes: −$3,409
• − Insurance: −$725
• − Repairs & maintenance: −$1,502
• − Management: −$1,502
• − Depreciation: −$4,218
• Taxable loss: −$699
• Est. tax savings @ 24.0%: +$168
• After-tax cash flow: $1,745/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: Granite City CUSD 9
• NCES district ID: 1717280
• Math proficiency: 9% ▼ -4.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $45,082
• Composite: 9.15/100
• National rank: #9864
• State rank: #570 of 620 in IL

Livability — Granite City

• Score: 65/100
• State rank: #623
• US rank: #12751

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granite City, IL
• County: Madison County · 189,064 people
• City population: 40,404
• Metro: St. Louis, MO-IL
• Population (ZIP): 40,404
• Household income: $60,031
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 923.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.88%
• Current HPI: 204.4612
• Rent YoY: ▲ 1.67%
• Metro: St. Louis, MO-IL
• 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

+70.6% since first listed

10 events — show timeline

• 2026-05-06 Contingent — MARIS as Distributed by MLS Grid
• 2026-05-05 Price Changed $145,000 MARIS as Distributed by MLS Grid
• 2026-04-24 Relisted — MARIS as Distributed by MLS Grid
• 2026-04-17 Contingent — MARIS as Distributed by MLS Grid
• 2026-04-06 Listed $150,000 MARIS as Distributed by MLS Grid
• 2021-10-06 Listing Removed — MRED as Distributed by MLS Grid
• 2021-09-23 Price Changed — MRED as Distributed by MLS Grid
• 2021-09-23 Price Changed $127,000 MARIS as Distributed by MLS Grid
• 2021-08-27 Listed — MRED as Distributed by MLS Grid
• 2001-03-02 Sold (Public Records) $85,000 Public Records

Property tax history

+3.1%/yr

Latest (2024): $3,409 · +3.3% YoY. Source: county tax records.