410 W Freeman St · Carbondale, IL 62901

$298,000

64 bd · 32.0 ba · 2,400 sqft · MultiFamily · 141 Days on market

Built 1960 7,481 sqft lot

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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: 8 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

Now is your chance to own this all brick 8-unit apartment building. This 3-floor building would be a great investment and is fully rented. Located conveniently in Carbondale near SIU.

Key facts

• 3-floor building
• All brick
• Fully rented

Tags

• ALL BRICK
• 8-UNIT APARTMENT BUILDING
• 3-FLOOR BUILDING
• FULLY RENTED
• CONVENIENTLY LOCATED

Property features AI

Finance

• Financial info: Unit rents reported: Unit 1 $800, Unit 2 $800, Unit 3 $625, Unit 4 $625
• HOA & community: Senior community

Exterior

• Parking: Total 4 parking spaces; On-street parking available; Parking pads available; Each listed unit has 1 parking space; uncovered spaces reported per unit
• Utilities: Public water; Public sewer
• Home design: Residential income property; Apartment building; Built in 1960
• Construction: Shingle roof; Reported building area approximately 2400
• Exterior features: Level lot

Interior

• Bedrooms: Eight total units: two 3-bedroom units, two 3-bedroom units (Units 1 & 2: 3 bedrooms each), one 2-bedroom unit (Unit 3), one studio/0-bedroom unit (Unit 4), other unit bedroom counts reported within total of 8
• Bathrooms: Each listed unit has 1 full bathroom
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: No basement

What this means for you Summary

Snapshot

• This is a 8 × 8-bed/4.0-bath units multifamily listed at $298k.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive. Per door: $481/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $298k).
• Recommended offer: $262k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.8% vs local median 4.8% 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; lower-income renter base — watch delinquency; 5 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• At $7,479/mo this rent would consume 256% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $83k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $262,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.51% ✓
• Cap rate: 21.79%
• Cash-on-cash: 55.35%
• DSCR: 3.46
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.51% rent growth · sell at horizon

5-year hold

• IRR: 55.4%
• Equity multiple: 3.50×
• Total profit: $208,502
• Equity at exit: $44,433

10-year hold

• IRR: 61.0%
• Equity multiple: 7.55×
• Total profit: $546,490
• Equity at exit: $25,766

Cash invested: $83,440 (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: 26.6×

Monthly cashflow live

• Estimated rent: $7,479 medium
• Mortgage (P&I): −$1,563
• Tax est. 1.5%: −$372 /mo · $4,470/yr
• Insurance: −$124
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,571
• Net cashflow: $3,849

Break-even live

Break-even rent $2,607

Max offer price $298,000

Occupancy floor 44%

Sensitivity live

Price	-10% $4,055	-5% $3,952	+0% $3,849	+5% $3,746	+10% $3,643
Rent	-10% $3,258	-5% $3,554	+0% $3,849	+5% $4,144	+10% $4,440
Rate	-1.0pp $3,999	-0.5pp $3,925	base $3,849	+0.5pp $3,772	+1.0pp $3,693

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

Units	Beds	Baths	Est. rent
▸ 8× units	8	4	$7,480
Total (8 units)			$7,479

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: $74,500
• Closing costs: $8,940
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $298,000 Active 141 DOM
2. 2026-06-18
   days on market $298,000 Active 140 DOM
3. 2026-06-17
   days on market $298,000 Active 139 DOM
4. 2026-06-16
   days on market $298,000 Active 138 DOM
5. 2026-06-15
   days on market $298,000 Active 137 DOM
6. 2026-06-14
   days on market $298,000 Active 135 DOM
7. 2026-06-13
   days on market $298,000 Active 134 DOM
8. 2026-06-10
   days on market $298,000 Active 132 DOM
9. 2026-06-09
   days on market $298,000 Active 131 DOM
10. 2026-06-08
    days on market $298,000 Active 130 DOM
11. 2026-06-07
    days on market $298,000 Active 129 DOM
12. 2026-06-02
    days on market $298,000 Active 124 DOM
13. 2026-06-01
    days on market $298,000 Active 123 DOM
14. 2026-05-31
    days on market $298,000 Active 122 DOM
15. 2026-05-30
    days on market $298,000 Active 121 DOM
16. 2026-02-09
    price $298,000
17. 2026-02-01
    historical
18. 2026-01-06
    listed $299,900 Active
19. 2026-01-06
    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: $89,748
• − Mortgage interest: −$16,693
• − Property taxes: −$4,470
• − Insurance: −$1,490
• − Repairs & maintenance: −$7,180
• − Management: −$7,180
• − Depreciation: −$8,669
• Taxable income: $44,067
• Est. tax owed @ 24.0%: −$10,576
• After-tax cash flow: $35,612/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

-0.6% since first listed

4 events — show timeline

• 2026-02-09 Price Changed $298,000 RMLSA as Distributed by MLS Grid
• 2026-02-01 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-06 Listed — MRED as Distributed by MLS Grid
• 2026-01-06 Listed $299,900 RMLSA as Distributed by MLS Grid