3224 Greenlake Dr · Decatur, IL 62521

$149,000

4 bd · 2.0 ba · 1,568 sqft · SingleFamily public records · 5 Days on market

Built 1959 0.46 ac lot Est $152k · at est.

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Why this score? — see what drove the D 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 +16.2/30.0
• ARV discount +8.4/15.0
• 1% rule +5.4/10.0
• DSCR +5.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Sellers have loved this home for over 40 years! Offering 4 bedrooms, 2.5 baths, 2 car garage, spacious living room and a finished rec room and family room in the basement. Roof new in 2022, Front porch replaced in March 2026. Windows replaced in the 3 bedrooms and 2 baths up 2023. Windows also in 2023 in the 4th bedroom and bath on the lower level. Exterior of home painted in 2025. Interior painted in 2026. 2 wood burning fireplaces, hardwood in 3 bedrooms and all appliances will stay with the home. Tons of space, large lot (just shy of half acre), access off the kitchen to the deck, tons of storage in the basement and so much more! Schedule your appointment today!

Key facts

• Finished rec room
• Replaced windows
• Painted interior

Tags

• FINISHED REC ROOM
• FAMILY ROOM IN BASEMENT
• NEW ROOF
• REPLACED WINDOWS
• PAINTED EXTERIOR
• PAINTED INTERIOR

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $78 ($937/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).

Location & tenants

• Location reads 59/100 on livability (#1,076 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Decatur SD 61 (urban): math 3% / reading 6% proficiency, ranked #605 of 620 in IL (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Stephen Decatur Middle School (math 0% / reading 5%, grade F, #658 of 665 statewide, top 99%, 459 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 193 active listings in the ZIP; 63 units permitted in Macon County in 2024 (0 in 5+ unit buildings).

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.
• Macon County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,000

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.04% ✓
• Cap rate: 6.92%
• Cash-on-cash: 2.25%
• DSCR: 1.10
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $152,096
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2582 Burgener Dr	0.12mi	3/2.0 (-1)	1,490 (-5%)	5mo	$177,500	$119	77
3172 Redlich Dr	0.09mi	4/2.0	1,701 (+8%)	7mo	$165,000	$97	76
2562 Redlich Ct	0.29mi	3/1.5 (-1)	1,613 (+3%)	3mo	$159,900	$99	72
2571 Lansdowne Dr	0.30mi	4/2.5	1,726 (+10%)	6mo	$144,500	$84	63
3589 Redlich Dr	0.38mi	3/2.0 (-1)	1,410 (-10%)	9mo	$139,000	$99	53
2535 Redlich Ct	0.23mi	3/2.0 (-1)	1,728 (+10%)	19mo	$145,000	$84	52
2591 Lansdowne Dr	0.29mi	3/1.5 (-1)	1,746 (+11%)	22mo	$150,000	$86	42
2434 Quail Dr	0.37mi	3/1.0 (-1)	1,750 (+12%)	21mo	$135,000	$77	37
2007 S Windsor Rd	0.74mi	3/1.5 (-1)	1,349 (-14%)	12mo	$134,900	$100	25

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: -12.7%
• Equity multiple: 0.54×
• Total profit: $-19,072
• Equity at exit: $22,216

10-year hold

• IRR: -3.5%
• Equity multiple: 0.76×
• Total profit: $-9,806
• Equity at exit: $12,883

Cash invested: $41,720 (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 62521

• Home prices YoY: -9.0%
• Active inventory: 193
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,554 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$306 /mo · $3,676/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $78

Break-even live

Break-even rent $1,455

Max offer price $149,000

Occupancy floor 90%

Sensitivity live

Price	-10% $162	-5% $120	+0% $78	+5% $36	+10% $-6
Rent	-10% $-45	-5% $17	+0% $78	+5% $140	+10% $201
Rate	-1.0pp $153	-0.5pp $116	base $78	+0.5pp $40	+1.0pp $0

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-24
   status Pending
2. 2026-04-20
   listed $149,000 Active

ⓘ 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: $3,676 · $306/mo
• Projected year-2 tax: $3,676 · $306/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 · 19 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: $18,652
• − Mortgage interest: −$8,346
• − Property taxes: −$3,676
• − Insurance: −$745
• − Repairs & maintenance: −$1,492
• − Management: −$1,492
• − Depreciation: −$4,335
• Taxable loss: −$1,434
• Est. tax savings @ 24.0%: +$344
• After-tax cash flow: $1,282/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: Decatur SD 61
• NCES district ID: 1711850
• Math proficiency: 3% ▼ -4.00%
• Reading proficiency: 6% ▼ -6.00%
• Median HH income: $38,864
• Composite: 3.99/100
• National rank: #10059
• State rank: #605 of 620 in IL

Livability — Decatur

• Score: 59/100
• State rank: #1076
• US rank: #20533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IL
• County: Macon County · 78,333 people
• City population: 78,333
• Metro: Decatur, IL
• Population (ZIP): 32,665
• Household income: $66,337
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 640.0

Population outlook (Macon County) Hauer SSP2

• Today (2025): 99,568 people
• By 2030: 94,973 · -4.6%
• By 2040: 85,250 · -14.4%
• By 2050: 75,920 · -23.8%
• By 2075: 55,962 · -43.8%
• By 2100: 36,468 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 17% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 0%

Political lean MEDSL · Macon

• 2024 margin: R (+18.9) · D 39.8% · R 58.7% · Other 1.4%
• 2008→2024 swing: -20.0pp toward R · 2008: 1.1pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+17.7 2016: R+18.1 2012: R+5.2 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.96%
• Current HPI: 180.9274
• Rent YoY: —
• Metro: Decatur, 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

2 events — show timeline

• 2026-04-24 Pending — CIBR
• 2026-04-20 Listed $149,000 CIBR

Property tax history

+1.8%/yr

Latest (2024): $3,676 · +1.9% YoY. Source: county tax records.