1217 Market St · Venice, IL 62060

$119,900

9 bd · 6.0 ba · 1,380 sqft · MultiFamily public records · 17 Days on market

Built 1931 7,000 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 +3.2/5.0
• Appreciation +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.2/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

INSANE OPPORTUNITY!!! 3 units. 2 x 2bed/1bath units and 1 x studio apartment. Front units are freshly rehabbed and rent ready. Back studio needs TLC. New central HVAC systems installed last year. PROPERTY WILL GENERATE AN AMAZING NET RETURN ON INVESTMENT!! IN INSTANT EQUITY!!! Front units rent easily for $1000 each, and back unit rents easily for $700.

Key facts

• 7,000 sq ft lot
• Built 1931
• Listed 17 days

Tags

• NEW CENTRAL HVAC SYSTEMS
• FRONT UNITS FRESHLY REHABBED

Property features AI

Exterior

• Home design: Residential income property (2–4 units)
• Construction: Aluminum siding; Vinyl siding; Frame construction
• Exterior features: Lot approximately 0.16 acre

Interior

• Bedrooms: Three 2-bedroom units; Three 1-bedroom units
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Central Air
• Interior features: Central air conditioning

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $397/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#710 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment F.
• Madison CUSD 12 (suburban): math 2% / reading 4% proficiency, ranked #619 of 620 in IL (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Madison Senior High School (math 5% / reading 5%, grade F, #614 of 693 statewide, top 95%, 159 students, 0% FRL) — zoned schools average 0% FRL vs 84% district-wide (84 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 10 active listings in the ZIP; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Madison County population projected at -18% 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 $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago 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.
• Current owner paid $13k; list at $120k implies a 822% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,101 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 2.14% ✓
• Cap rate: 18.22%
• Cash-on-cash: 42.61%
• DSCR: 2.90
• GRM: 3.9

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: 39.4%
• Equity multiple: 2.68×
• Total profit: $56,538
• Equity at exit: $17,877

10-year hold

• IRR: 45.8%
• Equity multiple: 5.38×
• Total profit: $147,170
• Equity at exit: $10,367

Cash invested: $33,572 (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 62060

• Home prices YoY: -2.0%
• Active inventory: 10
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,566 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$156 /mo · $1,876/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $1,192

Break-even live

Break-even rent $1,057

Max offer price $119,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,260	-5% $1,226	+0% $1,192	+5% $1,158	+10% $1,124
Rent	-10% $989	-5% $1,091	+0% $1,192	+5% $1,293	+10% $1,395
Rate	-1.0pp $1,252	-0.5pp $1,223	base $1,192	+0.5pp $1,161	+1.0pp $1,129

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,738
1× unit	1	1	$829
Total (3 units)			$2,566

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-09
   statusdays on market $119,900 Pending 17 DOM
2. 2026-05-22
   listed $119,900 Active
3. 2026-03-03
   historical Active Under Contract
4. 2026-03-02
   listed $80,000 Active
5. 2025-02-17
   historical
6. 2024-10-21
   listed $105,000 Active
7. 1988-09-08
   soldstatus $13,000

ⓘ 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: $1,876 · $156/mo
• Projected year-2 tax: $2,299 · $192/mo
• Expected delta: +$423/yr (+$35/mo · 22.5%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,792
• − Mortgage interest: −$6,716
• − Property taxes: −$1,876
• − Insurance: −$600
• − Repairs & maintenance: −$2,463
• − Management: −$2,463
• − Depreciation: −$3,488
• Taxable income: $13,186
• Est. tax owed @ 24.0%: −$3,165
• After-tax cash flow: $11,140/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: Madison CUSD 12
• NCES district ID: 1723970
• Math proficiency: 2% ▼ -3.50%
• Reading proficiency: 4% ▼ -4.00%
• Median HH income: $23,597
• Composite: 1.5/100
• National rank: #10107
• State rank: #619 of 620 in IL

Livability — Venice

• Score: 64/100
• State rank: #710
• US rank: #14405

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Venice, IL
• City population: 1,015
• Population (ZIP): 3,619

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (66%)
• Race & ethnicity: Black 66% White 23% Two or more races 10% Hispanic / Latino 4%
• Common ancestry: Romanian 2% Portuguese 1% Serbian 1%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.03%
• Current HPI: 197.5454
• 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

+822.3% since first listed

6 events — show timeline

• 2026-05-22 Listed $119,900 MARIS as Distributed by MLS Grid
• 2026-03-03 Contingent — MARIS as Distributed by MLS Grid
• 2026-03-02 Listed $80,000 MARIS as Distributed by MLS Grid
• 2025-02-17 Delisted — MARIS as Distributed by MLS Grid
• 2024-10-21 Listed $105,000 MARIS as Distributed by MLS Grid
• 1988-09-08 Sold (Public Records) $13,000 Public Records

Property tax history

+1.2%/yr

Latest (2024): $1,876 · +10.0% YoY. Source: county tax records.