1008 S Madison St · Marion, IL 62959

$30,000

4 bd · 1.0 ba · 1,587 sqft · Other · 11 Days on market

Built 1920 0.36 ac lot ↓ 25% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unique, 1-1/2 story home setting on 2 lots, (1 corner), has the possibility of 6 bedrooms, new roof in 2004, gas forced air unit new in 2008, along with newer hot water heater, attached garage, and much more.

Key facts

• 0.36 acre lot
• 2 garage spots
• Built 1920

Property features AI

Finance

• Other: Built before 1978
• HOA & community: No master association fee required

Exterior

• Parking: Attached garage with 2 garage spaces (2 total parking spaces)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; Over 100 years old
• Construction: Aluminum siding; Asphalt roof; Block foundation
• Exterior features: Corner lot (approximately 109.4 x 141.7); Lot between 0.25 and 0.49 acre

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 4 bedrooms (Master Bedroom on main level; other bedrooms on main and second levels)
• Flooring: Carpet and hardwood in bedrooms; mixed/other flooring in main living areas
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 8 total rooms; Full, unfinished basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $30k.

Deal economics

• At list price, monthly cash flow is $898 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Cap rate 44.4% vs local median 4.0% in Marion — 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 61/100 on livability (#896 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities F.
• Marion CUSD 2 (urban): math 20% / reading 31% proficiency, ranked #317 of 620 in IL (top 51%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Marion High School (math 14% / reading 18%, grade F, #457 of 693 statewide, top 66%, 1,159 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.4%/yr); 226 active listings in the ZIP; 130 units permitted in Williamson County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $30,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
7. 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.
8. 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.
9. 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: 4.90% ✓
• Cap rate: 44.42%
• Cash-on-cash: 136.18%
• DSCR: 7.06
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.16×
• Total profit: $60,134
• Equity at exit: $4,473

10-year hold

• IRR: —
• Equity multiple: 20.23×
• Total profit: $161,550
• Equity at exit: $2,594

Cash invested: $8,400 (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 62959

• Rents YoY: 8.4%
• Active inventory: 226
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,469 medium
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $898

Break-even live

Break-even rent $333

Max offer price $30,000

Occupancy floor 34%

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-06
   status Pending 895-char remark
2. 2026-05-05
   status Temporarily No Showings 895-char remark
3. 2026-05-05
   status Pending 895-char remark
4. 2026-04-25
   listed $30,000 Active 895-char remark
5. 2024-01-04
   soldstatus $50,000
6. 2010-07-23
   soldstatus $32,000 208-char remark

   Show marketing remark (208 chars)

   Unique, 1-1/2 story home setting on 2 lots, (1 corner), has the possibility of 6 bedrooms, new roof in 2004, gas forced air unit new in 2008, along with newer hot water heater, attached garage, and much more.

7. 2010-07-23
   soldstatus $32,000 208-char remark

   Show marketing remark (208 chars)

   Unique, 1-1/2 story home setting on 2 lots, (1 corner), has the possibility of 6 bedrooms, new roof in 2004, gas forced air unit new in 2008, along with newer hot water heater, attached garage, and much more.

8. 2009-03-26
   listed $39,900 208-char remark

   Show marketing remark (208 chars)

   Unique, 1-1/2 story home setting on 2 lots, (1 corner), has the possibility of 6 bedrooms, new roof in 2004, gas forced air unit new in 2008, along with newer hot water heater, attached garage, and much more.

9. 2009-03-26
   listed $39,900 208-char remark

   Show marketing remark (208 chars)

   Unique, 1-1/2 story home setting on 2 lots, (1 corner), has the possibility of 6 bedrooms, new roof in 2004, gas forced air unit new in 2008, along with newer hot water heater, attached garage, and much more.

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,629
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$816
• − Repairs & maintenance: −$1,410
• − Management: −$1,410
• − Depreciation: −$873
• Taxable income: $10,989
• Est. tax owed @ 24.0%: −$2,637
• After-tax cash flow: $8,135/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: Marion CUSD 2
• NCES district ID: 1724600
• Math proficiency: 20% ▼ -11.00%
• Reading proficiency: 31% ▼ -11.00%
• Median HH income: $46,221
• Composite: 22.07/100
• National rank: #8189
• State rank: #317 of 620 in IL

Livability — Marion

• Score: 61/100
• State rank: #896
• US rank: #17434

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, IL
• County: Williamson County · 38,451 people
• City population: 27,793
• Metro: Carbondale-Marion, IL
• Population (ZIP): 27,793
• Household income: $71,063
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 763.0

Population outlook (Williamson County) Hauer SSP2

• Today (2025): 69,553 people
• By 2030: 70,090 · +0.8%
• By 2040: 70,345 · +1.1%
• By 2050: 69,394 · -0.2%
• By 2075: 63,590 · -8.6%
• By 2100: 51,154 · -26.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Black 5% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Williamson

• 2024 margin: Solid R (+38.8) · D 30.0% · R 68.8% · Other 1.3%
• 2008→2024 swing: -24.0pp toward R · 2008: -14.8pp · 2024: -38.8pp
• All cycles: 2024: R+38.8 2020: R+37.3 2016: R+41.2 2012: R+25.0 2008: R+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.41%
• Current HPI: 137.5955
• Rent YoY: ▲ 8.40%
• Metro: Carbondale-Marion, 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

-24.8% since first listed

10 events — show timeline

• 2026-06-10 Sold (MLS) $30,000 MRED as Distributed by MLS Grid
• 2026-05-06 Pending — MRED as Distributed by MLS Grid
• 2026-05-05 Relisted — MRED as Distributed by MLS Grid
• 2026-05-05 Pending — MRED as Distributed by MLS Grid
• 2026-04-25 Listed $30,000 MRED as Distributed by MLS Grid
• 2024-01-04 Sold (Public Records) $50,000 Public Records
• 2010-07-23 Sold (MLS) $32,000 RMLSA as Distributed by MLS Grid
• 2010-07-23 Sold (MLS) $32,000 MRED as Distributed by MLS Grid
• 2009-03-26 Listed $39,900 RMLSA as Distributed by MLS Grid
• 2009-03-26 Listed $39,900 MRED as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2025): $1,731 · -0.2% YoY. Source: county tax records.