223 N Broadway St #215 · Central City, IL 62801

$365,400

18 bd · 6.0 ba · 6,530 sqft · MultiFamily · 177 Days on market

Built 1967 0.43 ac 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
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 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

Investment opportunity awaits with this partially renovated apartment complex. In addition to the recent exterior renovation, there is currently one of six units completed but currently not leased. Unit 1 has the intended design for a kitchen, family room, utility room and 1-bedroom on the main level and 2-bedrooms with a shared full bath on the upper level. Unit 2 is the completed unit with the same design as unit 1. Unit 3 has the upper level also with the intended design to have the same main level floorplan and only 1-bedroom with full bath on the upper level. Units 4 and 5 are main level only units with the intended design having a kitchen, living room, utility room, 2-bedrooms and 2 f

Key facts

• 0.43 acre lot
• Built 1967
• Listed 177 days

Tags

• RECENT EXTERIOR RENOVATION
• COMPLETED AND OCCUPIED UNIT

Property features AI

Finance

• Other: Property offered for sale only
• Financial info: Gross rental income reported: $14,400 per year; Water/sewer expense: $480 (period not specified); Electric expense: $840 (period not specified)

Exterior

• Utilities: Electric served by separate meters; Water/sewer expense listed (operating detail); Electric expense listed (operating detail)
• Home design: Multi-family (5+ units)
• Construction: Built before 1978; Brick, cedar, stone and wood siding exterior materials; Metal roof; Concrete perimeter foundation
• Exterior features: Alley access frontage; Lot dimensions approximately 150 x 127.5

Interior

• Kitchen: 2 ranges; 1 dishwasher
• Bedrooms: 6 total dwelling units (multi-family property)
• Heating & cooling: Central air; 2 window/room A/C units
• Interior features: Central air conditioning; Separate electric meters (per unit)
• Laundry & utility: 1 washer; 1 dryer

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.0-bath units multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $543/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $365k).
• Recommended offer: $322k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#742 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A-; Watch: amenities F, commute F, employment F.
• Centralia Hsd 200 (town): math 21% / reading 26% proficiency, ranked #668 of 919 in IL (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Central City Elem School (math 16% / reading 27%, grade F, #1,017 of 2,056 statewide, top 50%, 323 students, 0% FRL); Centralia High School (math 22% / reading 17%, grade F, #397 of 693 statewide, top 61%, 863 students, 0% FRL).
• Market conditions: 107 active listings in the ZIP; 2 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Marion County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $102k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 177 days — a 12% lower offer ($322k) is reasonable based on typical stale-listing flexibility.

Recommended offer $321,552 (12.0% below list)

Questions for the listing agent

1. It's been on market 177 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 1967 — 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. 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: 2.00% ✓
• Cap rate: 16.99%
• Cash-on-cash: 38.22%
• DSCR: 2.70
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 34.3%
• Equity multiple: 2.45×
• Total profit: $148,429
• Equity at exit: $54,482

10-year hold

• IRR: 41.2%
• Equity multiple: 4.88×
• Total profit: $396,924
• Equity at exit: $31,593

Cash invested: $102,312 (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 62801

• Home prices YoY: -13.9%
• Active inventory: 107
• Price-to-rent: 25.0×

Monthly cashflow live

• Estimated rent: $7,321 medium
• Mortgage (P&I): −$1,916
• Tax est. 1.5%: −$457 /mo · $5,481/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,537
• Net cashflow: $3,258

Break-even live

Break-even rent $3,196

Max offer price $365,400

Occupancy floor 50%

Sensitivity live

Price	-10% $3,511	-5% $3,385	+0% $3,258	+5% $3,132	+10% $3,006
Rent	-10% $2,680	-5% $2,969	+0% $3,258	+5% $3,548	+10% $3,837
Rate	-1.0pp $3,442	-0.5pp $3,351	base $3,258	+0.5pp $3,164	+1.0pp $3,067

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1	$7,320
Total (6 units)			$7,321

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: $91,350
• Closing costs: $10,962
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $365,400 Active 177 DOM
2. 2026-06-21
   days on market $365,400 Active 176 DOM
3. 2026-06-18
   days on market $365,400 Active 174 DOM
4. 2026-06-17
   days on market $365,400 Active 173 DOM
5. 2026-06-16
   days on market $365,400 Active 172 DOM
6. 2026-06-15
   days on market $365,400 Active 171 DOM
7. 2026-06-13
   days on market $365,400 Active 169 DOM
8. 2026-06-12
   days on market $365,400 Active 168 DOM
9. 2026-06-09
   days on market $365,400 Active 165 DOM
10. 2026-06-08
    days on market $365,400 Active 164 DOM
11. 2026-06-07
    days on market $365,400 Active 163 DOM
12. 2026-06-07
    days on market $365,400 Active 162 DOM
13. 2026-06-04
    days on market $365,400 Active 159 DOM
14. 2026-06-02
    days on market $365,400 Active 158 DOM
15. 2026-06-01
    days on market $365,400 Active 157 DOM
16. 2026-05-31
    days on market $365,400 Active 156 DOM
17. 2026-05-31
    days on market $365,400 Active 155 DOM
18. 2026-05-05
    status Active
19. 2026-05-03
    historical
20. 2026-04-06
    status Active
21. 2026-03-30
    historical
22. 2026-01-06
    historical
23. 2024-08-30
    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: $87,852
• − Mortgage interest: −$20,468
• − Property taxes: −$5,481
• − Insurance: −$1,827
• − Repairs & maintenance: −$7,028
• − Management: −$7,028
• − Depreciation: −$10,630
• Taxable income: $35,390
• Est. tax owed @ 24.0%: −$8,494
• After-tax cash flow: $30,607/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: Centralia Hsd 200
• NCES district ID: 1709300
• Math proficiency: 21% ▲ 6.00%
• Reading proficiency: 26% ▲ 1.00%
• Median HH income: $34,555
• Composite: 22.43/100
• National rank: #13470
• State rank: #668 of 919 in IL

Livability — Central City

• Score: 63/100
• State rank: #742
• US rank: #14968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Central City, IL
• Population (ZIP): 19,941

Population outlook (Marion County) Hauer SSP2

• Today (2025): 36,071 people
• By 2030: 34,598 · -4.1%
• By 2040: 31,754 · -12.0%
• By 2050: 28,912 · -19.8%
• By 2075: 22,527 · -37.5%
• By 2100: 16,455 · -54.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 11% Two or more races 4% Hispanic / Latino 4% Asian 1%
• Common ancestry: Serbian 2% Romanian 2% Lithuanian 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+49.5) · D 24.6% · R 74.1% · Other 1.4%
• 2008→2024 swing: -47.5pp toward R · 2008: -2.0pp · 2024: -49.5pp
• All cycles: 2024: R+49.5 2020: R+46.6 2016: R+44.9 2012: R+19.2 2008: R+2.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -34.12%
• Current HPI: 211.3835
• Rent YoY: —
• Metro: —
• 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