307 W Main St · Tallula, IL 62688

$49,999

2 bd · 1.0 ba · 980 sqft · Other public records · 27 Days on market

Built 1920 1.19 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
• Appreciation +6.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks

* * Investment Opportunity in Tallula – PORTA School District * * Looking for your next investment project or rental property? This small * * fixer-upper located on the back side of Tallula on over an acre, offers great potential for the right buyer. Nestled on a quiet street in the very back of town, this property sits in the desirable PORTA School District, making it an attractive option for future renters or homeowners. The home features a simple layout with plenty of opportunity to renovate and add value. With some updates and repairs, this property could be transformed into an affordable starter home, a long-term rental, or a profitable flip. The lot offers room for outdoor

Key facts

• Quiet location
• Small-town living
• 1.19 acre lot

Tags

• QUIET LOCATION
• FIXER-UPPER OPPORTUNITY
• SMALL-TOWN LIVING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $50k.

Deal economics

• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($906 rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#1,099 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, schools F, amenities F.
• Porta CUSD 202 (town): math 16% / reading 29% proficiency, ranked #363 of 620 in IL (top 58%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 4 active listings in the ZIP; 9 units permitted in Menard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($345 loan paydown + $1k appreciation (2.1% local appreciation)).
• Menard County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,249 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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: 1.81% ✓
• Cap rate: 13.22%
• Cash-on-cash: 24.74%
• DSCR: 2.10
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.1%
• Equity multiple: 2.57×
• Total profit: $22,031
• Equity at exit: $19,885

10-year hold

• IRR: 30.5%
• Equity multiple: 4.99×
• Total profit: $55,915
• Equity at exit: $28,761

Cash invested: $14,000 (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 62688

• Home prices YoY: 2.1%
• Active inventory: 4
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $906 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$144 /mo · $1,728/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $289

Break-even live

Break-even rent $541

Max offer price $49,999

Occupancy floor 63%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-10
   status Pending
2. 2026-03-14
   listed $49,999 Active

ⓘ 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: $1,728 · $144/mo
• Projected year-2 tax: $1,728 · $144/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥105°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $10,872
• − Mortgage interest: −$2,801
• − Property taxes: −$1,728
• − Insurance: −$250
• − Repairs & maintenance: −$870
• − Management: −$870
• − Depreciation: −$1,455
• Taxable income: $2,899
• Est. tax owed @ 24.0%: −$696
• After-tax cash flow: $2,768/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: Porta CUSD 202
• NCES district ID: 1731410
• Math proficiency: 16% ▼ -9.00%
• Reading proficiency: 29% ▼ -9.00%
• Median HH income: $57,294
• Composite: 20.63/100
• National rank: #8544
• State rank: #363 of 620 in IL

Livability — Tallula

• Score: 58/100
• State rank: #1099
• US rank: #20865

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tallula, IL
• Population (ZIP): 783

Population outlook (Menard County) Hauer SSP2

• Today (2025): 11,894 people
• By 2030: 11,493 · -3.4%
• By 2040: 10,675 · -10.2%
• By 2050: 9,861 · -17.1%
• By 2075: 8,334 · -29.9%
• By 2100: 6,799 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Italian 3% Romanian 2% Slovak 2%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Menard

• 2024 margin: Solid R (+41.5) · D 28.6% · R 70.0% · Other 1.4%
• 2008→2024 swing: -26.6pp toward R · 2008: -14.9pp · 2024: -41.5pp
• All cycles: 2024: R+41.5 2020: R+39.4 2016: R+37.7 2012: R+30.1 2008: R+14.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.06%
• Current HPI: 98.1121
• 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

2 events — show timeline

• 2026-04-10 Pending — RMLSA as Distributed by MLS Grid
• 2026-03-14 Listed $49,999 RMLSA as Distributed by MLS Grid

Property tax history

+10.6%/yr

Latest (2024): $1,728 · +6.3% YoY. Source: county tax records.