104 S Central Ave · Casey, IL 62420

$220,000

None bd · None ba · 6,600 sqft · MultiFamily · 82 Days on market

Built 1988 Fair condition 9,471 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
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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 MLS

Prime commercial opportunity located on South Central in the heart of Casey. This versatile property features four separate units, currently configured as three office spaces and one apartment. Each office offers multiple rooms and private bathroom facilities, providing flexibility for a variety of business uses or easy conversion to residential units. The layout presents an excellent opportunity for investors or entrepreneurs, with potential to convert the building into four apartments, continue as professional office suites, or create a mixed-use space to fit your vision. The rear of the property includes a large attached shop area with two overhead doors, and a loft space, ideal for storage, workshop use, or expansion possibilities. Ample parking surrounds the building on three sides, offering convenience for tenants, clients, and customers alike. Bring your vision to life, set up your showing today!

Key facts

• Four separate units
• Ample parking
• Two overhead doors

Tags

• FOUR SEPARATE UNITS
• PRIVATE BATHROOM FACILITIES
• LARGE ATTACHED SHOP AREA
• TWO OVERHEAD DOORS
• LOFT SPACE
• AMPLE PARKING

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 3×?bd/?ba units multifamily listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $465/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $220k).
• Recommended offer: $207k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#849 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools D, amenities F.
• Casey-Westfield CUSD 4C (town): math 19% / reading 32% proficiency, ranked #322 of 620 in IL (top 52%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 35 active listings in the ZIP; 1 units permitted in Clark County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Clark 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 $62k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Recommended offer $206,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.95% ✓
• Cap rate: 16.44%
• Cash-on-cash: 36.25%
• DSCR: 2.61
• GRM: 4.3

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: 32.0%
• Equity multiple: 2.35×
• Total profit: $82,932
• Equity at exit: $32,803

10-year hold

• IRR: 39.1%
• Equity multiple: 4.65×
• Total profit: $225,088
• Equity at exit: $19,022

Cash invested: $61,600 (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 62420

• Home prices YoY: -8.9%
• Active inventory: 35
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $4,280 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$899
• Net cashflow: $1,861

Break-even live

Break-even rent $1,925

Max offer price $220,000

Occupancy floor 52%

Sensitivity live

Price	-10% $2,013	-5% $1,937	+0% $1,861	+5% $1,785	+10% $1,709
Rent	-10% $1,523	-5% $1,692	+0% $1,861	+5% $2,030	+10% $2,199
Rate	-1.0pp $1,972	-0.5pp $1,917	base $1,861	+0.5pp $1,804	+1.0pp $1,746

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$950
▸ 3× units	0	0	$3,330
Total (4 units)			$4,280

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $220,000 Active 82 DOM
2. 2026-06-19
   days on market $220,000 Active 80 DOM
3. 2026-06-18
   days on market $220,000 Active 79 DOM
4. 2026-06-17
   days on market $220,000 Active 78 DOM
5. 2026-06-16
   days on market $220,000 Active 77 DOM
6. 2026-06-15
   days on market $220,000 Active 76 DOM
7. 2026-06-14
   days on market $220,000 Active 74 DOM
8. 2026-06-12
   days on market $220,000 Active 73 DOM
9. 2026-06-09
   days on market $220,000 Active 70 DOM
10. 2026-06-08
    days on market $220,000 Active 69 DOM
11. 2026-06-07
    days on market $220,000 Active 68 DOM
12. 2026-06-02
    days on market $220,000 Active 63 DOM
13. 2026-06-01
    days on market $220,000 Active 62 DOM
14. 2026-05-31
    days on market $220,000 Active 61 DOM
15. 2026-05-30
    days on market $220,000 Active 60 DOM
16. 2026-03-31
    listed $220,000 Active 916-char remark

    Show marketing remark (916 chars)

    Prime commercial opportunity located on South Central in the heart of Casey. This versatile property features four separate units, currently configured as three office spaces and one apartment. Each office offers multiple rooms and private bathroom facilities, providing flexibility for a variety of business uses or easy conversion to residential units. The layout presents an excellent opportunity for investors or entrepreneurs, with potential to convert the building into four apartments, continue as professional office suites, or create a mixed-use space to fit your vision. The rear of the property includes a large attached shop area with two overhead doors, and a loft space, ideal for storage, workshop use, or expansion possibilities. Ample parking surrounds the building on three sides, offering convenience for tenants, clients, and customers alike. Bring your vision to life, set up your showing today!

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,360
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$4,109
• − Management: −$4,109
• − Depreciation: −$6,400
• Taxable income: $20,019
• Est. tax owed @ 24.0%: −$4,805
• After-tax cash flow: $17,525/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This property requires significant repairs and maintenance, including a new roof, exterior siding, and interior walls/paint. Upgrading the HVAC units and plumbing fixtures will also improve the property's functionality and increase its value.

Repairs flagged

• Major roof — No visible roofing material, but the satellite image shows a large footprint with no visible roofing material.
• Major exterior siding — No visible siding or paint condition.
• Major HVAC units — Outdated and in poor condition.
• Major plumbing fixtures — Outdated and in poor condition.
• Major interior walls/paint — Peeling paint and outdated decor.
• Major landscaping — Minimal landscaping inside the building and no visible landscaping or curb appeal.

Value-add opportunities

• Both paint — Updating the paint will improve the appearance and increase the property's value.
• Both HVAC units — Upgrading the HVAC units will improve comfort and energy efficiency, increasing the property's value.
• Both plumbing fixtures — Upgrading the plumbing fixtures will improve the property's functionality and increase its value.
• Both landscaping — Landscaping will improve the property's curb appeal and increase its value.
• Both interior walls/paint — Updating the interior walls and paint will improve the property's appearance and increase its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No visible roofing material, but the satellite image shows a large footprint with no visible roofing material.	Major	$15,000–50,000
exterior siding · No visible siding or paint condition.	Major	$15,000–50,000
HVAC units · Outdated and in poor condition.	Major	$15,000–50,000
plumbing fixtures · Outdated and in poor condition.	Major	$15,000–50,000
interior walls/paint · Peeling paint and outdated decor.	Major	$15,000–50,000
landscaping · Minimal landscaping inside the building and no visible landscaping or curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both paint — Updating the paint will improve the appearance and increase the property's value. ↑
• Both HVAC units — Upgrading the HVAC units will improve comfort and energy efficiency, increasing the property's value. ↑
• Both plumbing fixtures — Upgrading the plumbing fixtures will improve the property's functionality and increase its value. ↑
• Both landscaping — Landscaping will improve the property's curb appeal and increase its value. ↑
• Both interior walls/paint — Updating the interior walls and paint will improve the property's appearance and increase its value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Casey-Westfield CUSD 4C
• NCES district ID: 1700002
• Math proficiency: 19% ▼ -13.00%
• Reading proficiency: 32% ▼ -12.00%
• Median HH income: $45,497
• Composite: 21.99/100
• National rank: #8208
• State rank: #322 of 620 in IL

Livability — Casey

• Score: 62/100
• State rank: #849
• US rank: #16670

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Casey, IL
• Population (ZIP): 4,361

Population outlook (Clark County) Hauer SSP2

• Today (2025): 14,978 people
• By 2030: 14,380 · -4.0%
• By 2040: 13,135 · -12.3%
• By 2050: 11,920 · -20.4%
• By 2075: 9,254 · -38.2%
• By 2100: 6,737 · -55.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 3% Two or more races 2% Black 1%
• Common ancestry: Iranian 2% Italian 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Clark

• 2024 margin: Solid R (+51.2) · D 23.5% · R 74.7% · Other 1.8%
• 2008→2024 swing: -43.2pp toward R · 2008: -8.1pp · 2024: -51.2pp
• All cycles: 2024: R+51.2 2020: R+50.7 2016: R+47.9 2012: R+32.5 2008: R+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.02%
• Current HPI: 174.2999
• 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

Price history

1 event — show timeline

• 2026-03-31 Listed $220,000 CIBR