537 Locust St · Quincy, IL 62301

$165,000

20 bd · 16.0 ba · 3,780 sqft · SingleFamily · 41 Days on market

0.29 ac lot $44/sqft · 150% above area

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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 +18.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Rent growth +5.0/5.0
• 1% rule +4.5/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Income producing! Updates include: roof, windows, siding, electric, plumbing, 3 units new appliances, 1E & 2E paint throughout. 1 E new kitchen. All units have separate water, gas, & electric. Detached garages could be rented for additional income. Property has a history of finding and keeping long term tenants., Stove included, Refrigerator included

Key facts

• 0.29 acre lot
• 4 parking spots
• Listed 40 days

Property features AI

Finance

• Financial info: 4-unit building; Reported rents: Unit 1 $600, Unit 2 $550, Unit 3 $0, Unit 4 $600

Exterior

• Parking: Total 4 parking spaces; Each unit includes 1 parking space (uncovered); Detached parking with alley access
• Utilities: Public water; Public sewer
• Home design: Residential income property; Two or more story structure; Building area approximately 3780 total
• Construction: Other-type roof; Year built not provided
• Exterior features: Level lot

Interior

• Bedrooms: Unit 1: 1 bedroom; Unit 2: 1 bedroom; Unit 3: 1 bedroom; Unit 4: 2 bedrooms
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 20-bed/16.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (5.3% below list).
• Recommended offer: $156k (5.3% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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: crime D, employment D, amenities 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.
• Zoned schools: Colonel George Iles Elem Sch (math 29% / reading 29%, grade F, #727 of 2,056 statewide, top 36%, 519 students, 0% FRL); Quincy Jr High School (math 25% / reading 30%, grade F, #295 of 665 statewide, top 45%, 1,348 students, 0% FRL); Quincy Sr High School (math 21% / reading 28%, grade F, #256 of 693 statewide, top 44%, 1,924 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+10.8%/yr); 184 active listings in the ZIP; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% 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 $5k 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 $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $165k implies a 145% gain — meaningful room to come down on a strong offer.

Recommended offer $156,274 (5.3% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 5% 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. 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: 0.95% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.08%
• DSCR: 1.18
• GRM: 8.8

CMA / ARV

• ARV (median comp): $66,121
• List price: $165,000
• Delta: 149.54%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-8,492
• Equity at exit: $24,602

10-year hold

• IRR: 9.9%
• Equity multiple: 1.93×
• Total profit: $43,011
• Equity at exit: $14,266

Cash invested: $46,200 (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: 184
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,563 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$144 /mo · $1,722/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $157

Break-even live

Break-even rent $1,364

Max offer price $165,000

Occupancy floor 85%

Sensitivity live

Price	-10% $250	-5% $204	+0% $157	+5% $110	+10% $64
Rent	-10% $34	-5% $95	+0% $157	+5% $219	+10% $280
Rate	-1.0pp $240	-0.5pp $199	base $157	+0.5pp $114	+1.0pp $71

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-22
   days on market $165,000 Active 41 DOM
2. 2026-06-19
   days on market $165,000 Active 38 DOM
3. 2026-06-18
   days on market $165,000 Active 37 DOM
4. 2026-06-17
   days on market $165,000 Active 36 DOM
5. 2026-06-16
   days on market $165,000 Active 35 DOM
6. 2026-06-15
   days on market $165,000 Active 34 DOM
7. 2026-06-14
   days on market $165,000 Active 32 DOM
8. 2026-06-12
   days on market $165,000 Active 31 DOM
9. 2026-06-09
   days on market $165,000 Active 28 DOM
10. 2026-06-08
    days on market $165,000 Active 27 DOM
11. 2026-06-07
    pricedays on market $165,000 Active 26 DOM
12. 2026-06-03
    days on market $180,000 Active 22 DOM
13. 2026-06-02
    days on market $180,000 Active 21 DOM
14. 2026-06-01
    days on market $180,000 Active 20 DOM
15. 2026-05-31
    days on market $180,000 Active 19 DOM
16. 2026-05-30
    days on market $180,000 Active 18 DOM
17. 2026-05-11
    listed $180,000 Active 329-char remark
18. 2025-05-15
    price $179,500
19. 2025-03-11
    listed $190,000 Active
20. 2017-06-16
    soldstatus $67,357
21. 2017-06-15
    soldstatus $67,357

    Show marketing remark (360 chars)

    Income producing! Updates include: roof, windows, siding, electric, plumbing, 3 units new appliances, 1E & 2E paint throughout. 1 E new kitchen. All units have separate water, gas, & electric. Detached garages could be rented for additional income. Property has a history of finding and keeping long term tenants., Stove included, Refrigerator included

22. 2017-06-15
    soldstatus $67,357

    Show marketing remark (360 chars)

    Income producing! Updates include: roof, windows, siding, electric, plumbing, 3 units new appliances, 1E & 2E paint throughout. 1 E new kitchen. All units have separate water, gas, & electric. Detached garages could be rented for additional income. Property has a history of finding and keeping long term tenants., Stove included, Refrigerator included

23. 2017-06-15
    soldstatus $67,357

    Show marketing remark (360 chars)

    Income producing! Updates include: roof, windows, siding, electric, plumbing, 3 units new appliances, 1E & 2E paint throughout. 1 E new kitchen. All units have separate water, gas, & electric. Detached garages could be rented for additional income. Property has a history of finding and keeping long term tenants., Stove included, Refrigerator included

24. 2016-03-09
    listed $77,500

    Show marketing remark (360 chars)

    Income producing! Updates include: roof, windows, siding, electric, plumbing, 3 units new appliances, 1E & 2E paint throughout. 1 E new kitchen. All units have separate water, gas, & electric. Detached garages could be rented for additional income. Property has a history of finding and keeping long term tenants., Stove included, Refrigerator included

25. 2016-03-09
    listed $77,500

    Show marketing remark (360 chars)

    Income producing! Updates include: roof, windows, siding, electric, plumbing, 3 units new appliances, 1E & 2E paint throughout. 1 E new kitchen. All units have separate water, gas, & electric. Detached garages could be rented for additional income. Property has a history of finding and keeping long term tenants., Stove included, Refrigerator included

26. 2016-03-09
    listed $77,500

    Show marketing remark (360 chars)

    Income producing! Updates include: roof, windows, siding, electric, plumbing, 3 units new appliances, 1E & 2E paint throughout. 1 E new kitchen. All units have separate water, gas, & electric. Detached garages could be rented for additional income. Property has a history of finding and keeping long term tenants., Stove included, Refrigerator included

27. 2016-03-09
    historical

    Show marketing remark (360 chars)

    Income producing! Updates include: roof, windows, siding, electric, plumbing, 3 units new appliances, 1E & 2E paint throughout. 1 E new kitchen. All units have separate water, gas, & electric. Detached garages could be rented for additional income. Property has a history of finding and keeping long term tenants., Stove included, Refrigerator included

28. 2013-05-17
    soldstatus $149,000
29. 2013-05-15
    soldstatus $74,500
30. 2013-01-14
    listed $85,000
31. 2008-10-03
    soldstatus $63,000
32. 2008-10-01
    soldstatus $63,000
33. 2008-08-16
    listed $69,500

ⓘ 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: $1,722 · $144/mo
• Projected year-2 tax: $2,734 · $228/mo
• Expected delta: +$1,012/yr (+$84/mo · 58.7%)

ⓘ 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 ≥107°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: $18,753
• − Mortgage interest: −$9,243
• − Property taxes: −$1,722
• − Insurance: −$825
• − Repairs & maintenance: −$1,500
• − Management: −$1,500
• − Depreciation: −$4,800
• Taxable loss: −$837
• Est. tax savings @ 24.0%: +$201
• After-tax cash flow: $2,085/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

+137.4% since first listed

18 events — show timeline

• 2026-06-06 Price Changed $165,000 RMLSA as Distributed by MLS Grid
• 2026-05-11 Listed $180,000 RMLSA as Distributed by MLS Grid
• 2025-05-15 Price Changed $179,500 MARIS as Distributed by MLS Grid
• 2025-03-11 Listed $190,000 MARIS as Distributed by MLS Grid
• 2017-06-16 Sold (Public Records) $67,357 Public Records
• 2017-06-15 Sold (MLS) $67,357 RMLSA as Distributed by MLS Grid
• 2017-06-15 Sold (MLS) $67,357 Quincy AOR
• 2017-06-15 Sold (MLS) $67,357 MRED as Distributed by MLS Grid
• 2016-03-09 Listing Removed — MRED as Distributed by MLS Grid
• 2016-03-09 Listed $77,500 RMLSA as Distributed by MLS Grid
• 2016-03-09 Listed $77,500 Quincy AOR
• 2016-03-09 Listed $77,500 MRED as Distributed by MLS Grid
• 2013-05-17 Sold (Public Records) $149,000 Public Records
• 2013-05-15 Sold (MLS) $74,500 MRED as Distributed by MLS Grid
• 2013-01-14 Listed $85,000 MRED as Distributed by MLS Grid
• 2008-10-03 Sold (MLS) $63,000 MRED as Distributed by MLS Grid
• 2008-10-01 Sold (Public Records) $63,000 Public Records
• 2008-08-16 Listed $69,500 MRED as Distributed by MLS Grid

Property tax history

-0.9%/yr

Latest (2023): $1,722 · +5.8% YoY. Source: county tax records.