1512 State St · Quincy, IL 62301

$148,900

2 bd · 1.0 ba · 1,600 sqft · SingleFamily · 53 Days on market

16 ac lot $93/sqft · at area comps Est $155k · at est.

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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 +24.1/30.0
• ARV discount +9.3/15.0
• DSCR +7.8/10.0
• 1% rule +6.0/10.0
• Rent growth +5.0/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this meticulously maintained residence, where classic charm meets modern updates. The exterior is a true retreat, featuring a large wrap-around covered front porch perfect for morning coffee, plus an 8’ x 8’ covered deck overlooking the backyard. Car enthusiasts and hobbyists will love the spacious 20’ x 31’ two-car garage, which is supplemented by the east half of a shared two-car covered carport off the back alley access. Inside, the kitchen shines with gorgeous solid surface countertops plus original, charming built-ins that add character and storage. The home has been thoughtfully updated for modern comfort, including new flooring throughout the main level living room, dining room, and primary bedroom. Convenience is key with the laundry relocated to the main level off the sunroom in 2021. Major systems have been well-attended to, featuring a 200-amp electrical panel, a water heater updated in 2020, and replacement windows throughout most of the home. The main roofs are approximately 15 years old, while the metal porch roof received a protective double coating in 2022. Move right in and enjoy the backyard, complete with a fire pit and metal bench that convey with the property.

Key facts

• Original built-ins
• Fire pit
• Water heater updated

Tags

• SPACIOUS TWO-CAR GARAGE
• ORIGINAL BUILT-INS
• 200-AMP ELECTRICAL PANEL
• WATER HEATER UPDATED
• REPLACEMENT WINDOWS
• FIRE PIT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $144k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 4.3% in Quincy — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 67/100 on livability (#506 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Quincy SD 172 (town): math 24% / reading 27% proficiency, ranked #328 of 620 in IL (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+10.8%/yr); 180 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($52k/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.
• Adams County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $95k; list at $149k implies a 57% gain — meaningful room to come down on a strong offer.

Recommended offer $144,433 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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. 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.
6. 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.
7. 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: 1.10% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.51%
• DSCR: 1.38
• GRM: 7.5

CMA / ARV

• ARV (median comp): $154,986
• List price: $148,900
• Delta: -3.93%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1512 State St	0.00mi	2/1.0	1,600 (0%)	0mo	$148,000	$93	100
716 S 17th St	0.24mi	2/1.0	1,499 (-6%)	2mo	$125,000	$83	76
607 S 17th St	0.18mi	2/2.0	1,510 (-6%)	3mo	$122,000	$81	76
614 S 22nd St	0.55mi	2/1.0	1,504 (-6%)	5mo	$138,000	$92	60
2026 Hampshire St	0.64mi	3/2.0 (+1)	1,595 (-0%)	1mo	$245,000	$154	60
704 S 16th St	0.18mi	3/2.5 (+1)	1,810 (+13%)	1mo	$175,000	$97	58
1406 Hampshire St	0.48mi	2/1.0	1,413 (-12%)	1mo	$135,000	$96	57
915 Payson Ave	0.53mi	3/2.0 (+1)	1,558 (-3%)	8mo	$118,000	$76	56
636 S 19th St	0.32mi	3/1.0 (+1)	1,394 (-13%)	8mo	$105,000	$75	52
1118 S 16th St	0.58mi	2/2.0	1,415 (-12%)	3mo	$155,000	$110	47
623 S 21st St	0.50mi	3/2.5 (+1)	1,378 (-14%)	4mo	$149,000	$108	39
2340 Jersey	0.74mi	3/2.5 (+1)	1,802 (+13%)	4mo	$285,000	$158	30

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.08×
• Total profit: $3,393
• Equity at exit: $22,201

10-year hold

• IRR: 15.9%
• Equity multiple: 2.60×
• Total profit: $66,767
• Equity at exit: $12,874

Cash invested: $41,692 (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 62301

• Rents YoY: 10.8%
• Active inventory: 180
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,644 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$160 /mo · $1,921/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $296

Break-even live

Break-even rent $1,270

Max offer price $148,900

Occupancy floor 77%

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: $37,225
• Closing costs: $4,467
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 S 8th St Quincy, IL	2.0	2.5	1785	$1,800	$1.01	43d	1	0.73mi
116 N 3rd St Quincy, IL	1.0–4.0	1.0–2.0	1950	$3,067	$1.57	43d	12	1.18mi

Listing history 17 events

1. 2026-06-09
   days on market $148,900 Under Contract 53 DOM
2. 2026-06-08
   days on market $148,900 Under Contract 52 DOM
3. 2026-06-07
   days on market $148,900 Under Contract 51 DOM
4. 2026-06-03
   days on market $148,900 Under Contract 47 DOM
5. 2026-06-02
   days on market $148,900 Under Contract 46 DOM
6. 2026-06-01
   days on market $148,900 Under Contract 45 DOM
7. 2026-05-31
   days on market $148,900 Under Contract 44 DOM
8. 2026-05-30
   days on market $148,900 Under Contract 43 DOM
9. 2026-05-02
   historical Under Contract 1240-char remark

   Show marketing remark (1240 chars)

   Welcome home to this meticulously maintained residence, where classic charm meets modern updates. The exterior is a true retreat, featuring a large wrap-around covered front porch perfect for morning coffee, plus an 8’ x 8’ covered deck overlooking the backyard. Car enthusiasts and hobbyists will love the spacious 20’ x 31’ two-car garage, which is supplemented by the east half of a shared two-car covered carport off the back alley access. Inside, the kitchen shines with gorgeous solid surface countertops plus original, charming built-ins that add character and storage. The home has been thoughtfully updated for modern comfort, including new flooring throughout the main level living room, dining room, and primary bedroom. Convenience is key with the laundry relocated to the main level off the sunroom in 2021. Major systems have been well-attended to, featuring a 200-amp electrical panel, a water heater updated in 2020, and replacement windows throughout most of the home. The main roofs are approximately 15 years old, while the metal porch roof received a protective double coating in 2022. Move right in and enjoy the backyard, complete with a fire pit and metal bench that convey with the property.

10. 2026-04-16
    listed $148,900 Active 1240-char remark

    Show marketing remark (1240 chars)

    Welcome home to this meticulously maintained residence, where classic charm meets modern updates. The exterior is a true retreat, featuring a large wrap-around covered front porch perfect for morning coffee, plus an 8’ x 8’ covered deck overlooking the backyard. Car enthusiasts and hobbyists will love the spacious 20’ x 31’ two-car garage, which is supplemented by the east half of a shared two-car covered carport off the back alley access. Inside, the kitchen shines with gorgeous solid surface countertops plus original, charming built-ins that add character and storage. The home has been thoughtfully updated for modern comfort, including new flooring throughout the main level living room, dining room, and primary bedroom. Convenience is key with the laundry relocated to the main level off the sunroom in 2021. Major systems have been well-attended to, featuring a 200-amp electrical panel, a water heater updated in 2020, and replacement windows throughout most of the home. The main roofs are approximately 15 years old, while the metal porch roof received a protective double coating in 2022. Move right in and enjoy the backyard, complete with a fire pit and metal bench that convey with the property.

11. 2019-11-12
    soldstatus $94,900
12. 2019-11-08
    soldstatus $94,900 714-char remark

    Show marketing remark (714 chars)

    This home has so much to offer the new owners. There is a large wrap around covered front porch plus an 8 ft x 8 ft covered deck & a 11 ft x 9 ft patio. Spacious 2-car garage plus the east half of the shared 2-car covered carport belongs to subject property. The furnace, central air, and water heater have been updated during the past 10 years. The house and garage roof are approx 8 years old. The metal roof is primarily over the front porch and was re-coated in May of 2019. Approx 5 years ago new vinyl windows downstairs (ex kitchen) plus in 1 of the bedroom up. New front doors. Also most of the interior rooms have been freshly painted as well as new flooring throughout except the kitchen & bath.

13. 2019-11-08
    soldstatus $94,900

    Show marketing remark (714 chars)

    This home has so much to offer the new owners. There is a large wrap around covered front porch plus an 8 ft x 8 ft covered deck & a 11 ft x 9 ft patio. Spacious 2-car garage plus the east half of the shared 2-car covered carport belongs to subject property. The furnace, central air, and water heater have been updated during the past 10 years. The house and garage roof are approx 8 years old. The metal roof is primarily over the front porch and was re-coated in May of 2019. Approx 5 years ago new vinyl windows downstairs (ex kitchen) plus in 1 of the bedroom up. New front doors. Also most of the interior rooms have been freshly painted as well as new flooring throughout except the kitchen & bath.

14. 2019-11-08
    soldstatus $94,900

    Show marketing remark (714 chars)

    This home has so much to offer the new owners. There is a large wrap around covered front porch plus an 8 ft x 8 ft covered deck & a 11 ft x 9 ft patio. Spacious 2-car garage plus the east half of the shared 2-car covered carport belongs to subject property. The furnace, central air, and water heater have been updated during the past 10 years. The house and garage roof are approx 8 years old. The metal roof is primarily over the front porch and was re-coated in May of 2019. Approx 5 years ago new vinyl windows downstairs (ex kitchen) plus in 1 of the bedroom up. New front doors. Also most of the interior rooms have been freshly painted as well as new flooring throughout except the kitchen & bath.

15. 2019-09-02
    listed $99,900 714-char remark

    Show marketing remark (714 chars)

    This home has so much to offer the new owners. There is a large wrap around covered front porch plus an 8 ft x 8 ft covered deck & a 11 ft x 9 ft patio. Spacious 2-car garage plus the east half of the shared 2-car covered carport belongs to subject property. The furnace, central air, and water heater have been updated during the past 10 years. The house and garage roof are approx 8 years old. The metal roof is primarily over the front porch and was re-coated in May of 2019. Approx 5 years ago new vinyl windows downstairs (ex kitchen) plus in 1 of the bedroom up. New front doors. Also most of the interior rooms have been freshly painted as well as new flooring throughout except the kitchen & bath.

16. 2019-09-02
    listed $99,900

    Show marketing remark (714 chars)

    This home has so much to offer the new owners. There is a large wrap around covered front porch plus an 8 ft x 8 ft covered deck & a 11 ft x 9 ft patio. Spacious 2-car garage plus the east half of the shared 2-car covered carport belongs to subject property. The furnace, central air, and water heater have been updated during the past 10 years. The house and garage roof are approx 8 years old. The metal roof is primarily over the front porch and was re-coated in May of 2019. Approx 5 years ago new vinyl windows downstairs (ex kitchen) plus in 1 of the bedroom up. New front doors. Also most of the interior rooms have been freshly painted as well as new flooring throughout except the kitchen & bath.

17. 2019-09-02
    listed $99,900

    Show marketing remark (714 chars)

    This home has so much to offer the new owners. There is a large wrap around covered front porch plus an 8 ft x 8 ft covered deck & a 11 ft x 9 ft patio. Spacious 2-car garage plus the east half of the shared 2-car covered carport belongs to subject property. The furnace, central air, and water heater have been updated during the past 10 years. The house and garage roof are approx 8 years old. The metal roof is primarily over the front porch and was re-coated in May of 2019. Approx 5 years ago new vinyl windows downstairs (ex kitchen) plus in 1 of the bedroom up. New front doors. Also most of the interior rooms have been freshly painted as well as new flooring throughout except the kitchen & bath.

ⓘ 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: $1,921 · $160/mo
• Projected year-2 tax: $2,650 · $221/mo
• Expected delta: +$730/yr (+$61/mo · 38.0%)

ⓘ 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 4/10 Moderate 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,724
• − Mortgage interest: −$8,341
• − Property taxes: −$1,921
• − Insurance: −$744
• − Repairs & maintenance: −$1,578
• − Management: −$1,578
• − Depreciation: −$4,332
• Taxable income: $1,231
• Est. tax owed @ 24.0%: −$295
• After-tax cash flow: $3,252/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: Quincy SD 172
• NCES district ID: 1733000
• Math proficiency: 24% ▬ 0.00%
• Reading proficiency: 27% ▬ 0.00%
• Median HH income: $44,132
• Composite: 21.91/100
• National rank: #8229
• State rank: #328 of 620 in IL

Livability — Quincy

• Score: 67/100
• State rank: #506
• US rank: #10458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Quincy, IL
• County: Adams County · 30,746 people
• City population: 30,746
• Metro: Quincy, IL-MO
• Population (ZIP): 30,746
• Household income: $52,055
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1238.0

Population outlook (Adams County) Hauer SSP2

• Today (2025): 65,795 people
• By 2030: 64,436 · -2.1%
• By 2040: 61,007 · -7.3%
• By 2050: 56,851 · -13.6%
• By 2075: 46,424 · -29.4%
• By 2100: 34,305 · -47.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 7% Black 6% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 2% Iranian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+47.4) · D 25.6% · R 73.0% · Other 1.5%
• 2008→2024 swing: -25.0pp toward R · 2008: -22.4pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+46.5 2016: R+47.5 2012: R+35.2 2008: R+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.44%
• Current HPI: 131.7344
• Rent YoY: ▲ 10.78%
• Metro: Quincy, IL-MO
• 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

+49.0% since first listed

9 events — show timeline

• 2026-05-02 Contingent — RMLSA as Distributed by MLS Grid
• 2026-04-16 Listed $148,900 RMLSA as Distributed by MLS Grid
• 2019-11-12 Sold (Public Records) $94,900 Public Records
• 2019-11-08 Sold (MLS) $94,900 RMLSA as Distributed by MLS Grid
• 2019-11-08 Sold (MLS) $94,900 Quincy AOR
• 2019-11-08 Sold (MLS) $94,900 MRED as Distributed by MLS Grid
• 2019-09-02 Listed $99,900 RMLSA as Distributed by MLS Grid
• 2019-09-02 Listed $99,900 Quincy AOR
• 2019-09-02 Listed $99,900 MRED as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2023): $1,921 · +7.3% YoY. Source: county tax records.