519 Rawlings · Carbondale, IL 62901

$114,500

4 bd · 3.0 ba · — sqft · MultiFamily · 118 Days on market

Built 1987 ↓ 26% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

Prime Investment Opportunity: 6-Unit Multi-Family Building Near SIU Campus – 519 S Rawlings St, Carbondale, ILDiscover this spacious 6-unit rental complex ideally situated just steps from Southern Illinois University Carbondale (SIU), in one of the most sought-after student housing areas in town. Perfect for investors seeking high-demand rental income from university students and faculty, this property offers excellent proximity to campus, making it a turnkey candidate for restoration and strong long-term returns. Key Features:6 total units in a large, well-established multi-family building (built circa 1987). Unit mix includes:2 larger units: 4 bedrooms / 3 bathrooms each – ide

Key facts

• High occupancy area
• Near siu campus
• Built 1987

Tags

• 6 UNIT MULTI FAMILY BUILDING
• NEAR SIU CAMPUS
• SPACIOUS RENTAL COMPLEX
• HIGH DEMAND RENTAL INCOME
• VALUE ADD OPPORTUNITY
• HIGH OCCUPANCY AREA

Property features AI

Finance

• Other: Seller may consider concessions; Address: 519 Rawlings, Carbondale, IL 62901

Exterior

• Home design: Residential income property
• Construction: Frame construction

Interior

• Bedrooms: No main or upper level bedrooms listed
• Bathrooms: No main or upper level bathrooms listed
• Heating & cooling: No cooling listed
• Interior features: Basement with 8+ ft poured construction

What this means for you Summary

Snapshot

• This is a 2×4.0bd/3.0ba + 4×?bd/?ba units multifamily listed at $114k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $470/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $114k).
• Recommended offer: $104k (9.0% below list) — sets the bar for market timing.
• Cap rate 35.8% vs local median 4.9% in Carbondale — 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 70/100 on livability (#375 in IL) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: housing C-, crime F, employment F.
• Carbondale Chsd 165 (urban): math 26% / reading 35% proficiency, ranked #279 of 620 in IL (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carbondale Comm H S (math 26% / reading 35%, grade F, #175 of 693 statewide, top 26%, 997 students, 0% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 202 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 5 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• At $4,570/mo this rent would consume 156% of the median local household income ($35k/yr) (locally 2038% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $792 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $40k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $104,195 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 3.99% ✓
• Cap rate: 35.84%
• Cash-on-cash: 105.52%
• DSCR: 5.69
• GRM: 2.1

CMA / ARV

No comps found within radius.

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
701 S Rawlings St	0.09mi	3/3.0 (-1)	—	4mo	$86,400	—	75
403 W Elm St St	0.22mi	4/4.0	—	5mo	$30,000	—	69
313 W Cherry St	0.21mi	5/2.0 (+1)	—	2mo	$89,900	—	67
406 W Walnut St	0.25mi	4/2.0	—	11mo	$130,000	—	63
408 S Washington St	0.44mi	5/3.0 (+1)	2,670	9mo	$15,000	$6	55
1207 W Freeman St	0.41mi	4/2.0	1,740	15mo	$150,000	$86	52
304 E College St	0.56mi	5/3.0 (+1)	1,750	7mo	$119,000	$68	51
413 S Washington St	0.46mi	5/2.0 (+1)	1,584	16mo	$25,000	$16	44
301 N Springer St	0.51mi	5/3.0 (+1)	1,633	21mo	$60,000	$37	41
318 W Pecan St	0.59mi	5/4.0 (+1)	8,819	20mo	$125,000	$14	34
612 N Bridge St	0.74mi	5/2.0 (+1)	1,476	13mo	$69,000	$47	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 · 4.51% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.24×
• Total profit: $168,107
• Equity at exit: $17,072

10-year hold

• IRR: —
• Equity multiple: 13.72×
• Total profit: $407,681
• Equity at exit: $9,900

Cash invested: $32,060 (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 62901

• Rents YoY: 4.5%
• Active inventory: 202
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $4,570 medium
• Mortgage (P&I): −$600
• Tax est. 1.5%: −$143 /mo · $1,718/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$960
• Net cashflow: $2,819

Break-even live

Break-even rent $1,002

Max offer price $114,500

Occupancy floor 33%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4.0	3	$2,002
▸ 4× units	0	0	$2,568
Total (6 units)			$4,570

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: $28,625
• Closing costs: $3,435
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 S Lewis Ln Carbondale, IL	3.0	1.0	622	$750	$1.20	43d	1	1.27mi

Listing history 29 events

1. 2026-06-19
   days on market $114,500 Active 118 DOM
2. 2026-06-18
   days on market $114,500 Active 117 DOM
3. 2026-06-17
   days on market $114,500 Active 116 DOM
4. 2026-06-16
   days on market $114,500 Active 115 DOM
5. 2026-06-15
   days on market $114,500 Active 114 DOM
6. 2026-06-14
   days on market $114,500 Active 112 DOM
7. 2026-06-13
   days on market $114,500 Active 111 DOM
8. 2026-06-10
   days on market $114,500 Active 109 DOM
9. 2026-06-09
   days on market $114,500 Active 108 DOM
10. 2026-06-08
    days on market $114,500 Active 107 DOM
11. 2026-06-07
    days on market $114,500 Active 106 DOM
12. 2026-06-02
    days on market $114,500 Active 101 DOM
13. 2026-06-01
    days on market $114,500 Active 100 DOM
14. 2026-05-31
    days on market $114,500 Active 99 DOM
15. 2026-05-30
    days on market $114,500 Active 98 DOM
16. 2026-03-18
    price $114,500
17. 2026-02-21
    listed $155,000 Active
18. 2024-09-03
    historical Under Contract
19. 2024-07-19
    status Active
20. 2024-07-19
    historical
21. 2024-07-19
    historical
22. 2024-06-21
    historical Under Contract
23. 2024-06-07
    price
24. 2024-04-18
    status Active
25. 2024-03-21
    historical Under Contract
26. 2024-03-01
    listed Active
27. 2022-11-02
    historical
28. 2022-11-01
    historical
29. 2021-11-01
    listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $54,840
• − Mortgage interest: −$6,414
• − Property taxes: −$1,718
• − Insurance: −$572
• − Repairs & maintenance: −$4,387
• − Management: −$4,387
• − Depreciation: −$3,331
• Taxable income: $34,031
• Est. tax owed @ 24.0%: −$8,167
• After-tax cash flow: $25,661/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: Carbondale Chsd 165
• NCES district ID: 1708370
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $22,075
• Composite: 23.92/100
• National rank: #7787
• State rank: #279 of 620 in IL

Livability — Carbondale

• Score: 70/100
• State rank: #375
• US rank: #7806

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carbondale, IL
• County: Jackson County · 22,946 people
• City population: 22,946
• Metro: Carbondale-Marion, IL
• Population (ZIP): 22,946
• Household income: $35,089
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2038.0

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 59,093 people
• By 2030: 59,628 · +0.9%
• By 2040: 59,495 · +0.7%
• By 2050: 58,811 · -0.5%
• By 2075: 57,683 · -2.4%
• By 2100: 55,337 · -6.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Black 26% Asian 6% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Italian 2% Slovak 2%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 87% English-only · Other Indo-European 4% Spanish 4% Arabic 2%

Political lean MEDSL · Jackson

• 2024 margin: Toss-up / Even · D 51.0% · R 47.5% · Other 1.4%
• 2008→2024 swing: -18.3pp toward R · 2008: 21.8pp · 2024: 3.5pp
• All cycles: 2024: D+3.5 2020: D+1.3 2016: D+3.0 2012: D+10.3 2008: D+21.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.62%
• Current HPI: 88.7209
• Rent YoY: ▲ 4.51%
• 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

-26.1% since first listed

14 events — show timeline

• 2026-03-18 Price Changed $114,500 MARIS as Distributed by MLS Grid
• 2026-02-21 Listed $155,000 MARIS as Distributed by MLS Grid
• 2024-09-03 Contingent — RMLSA as Distributed by MLS Grid
• 2024-07-19 Relisted — RMLSA as Distributed by MLS Grid
• 2024-07-19 Listing Removed — MRED as Distributed by MLS Grid
• 2024-07-19 Listing Removed — RMLSA as Distributed by MLS Grid
• 2024-06-21 Contingent — RMLSA as Distributed by MLS Grid
• 2024-06-07 Price Changed — RMLSA as Distributed by MLS Grid
• 2024-04-18 Relisted — RMLSA as Distributed by MLS Grid
• 2024-03-21 Contingent — RMLSA as Distributed by MLS Grid
• 2024-03-01 Listed — RMLSA as Distributed by MLS Grid
• 2022-11-02 Listing Removed — RMLSA as Distributed by MLS Grid
• 2022-11-01 Listing Removed — MRED as Distributed by MLS Grid
• 2021-11-01 Listed — RMLSA as Distributed by MLS Grid