111 W Market St · Mount Carroll, IL 61053

$89,000

1 bd · 1.0 ba · 850 sqft · MultiFamily public records · 16 Days on market

Built 1940 Poor condition

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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 +15.0/30.0
• Appreciation +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Schools +1.4/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

Downtown office building with attached apartment living space. Lots of storage in basement area and has a 2-car garage and porch. Apartment has been repainted and has all new cabinets and furnishings. NEW carpet in 2025. Office space has potential to be turned into many things and is in a great location in the heart of downtown. Storefront was used as a resale/second hand store with good traffic. Possibilities are endless.

Key facts

• New cabinets
• New furnishings
• Built 1940

Tags

• NEW CABINETS
• NEW FURNISHINGS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath multifamily listed at $89k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#513 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: schools F, amenities F, commute F.
• West Carroll CUSD 314 (rural): math 12% / reading 20% proficiency, ranked #498 of 620 in IL (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 21 active listings in the ZIP; 23 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($615 loan paydown + $7k appreciation (8.2% local appreciation)).
• Carroll County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.2% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,665 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 4.56% ✓
• Cap rate: 40.70%
• Cash-on-cash: 122.87%
• DSCR: 6.47
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.19% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.04×
• Total profit: $200,318
• Equity at exit: $68,741

10-year hold

• IRR: —
• Equity multiple: 19.49×
• Total profit: $460,688
• Equity at exit: $137,536

Cash invested: $24,920 (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 61053

• Home prices YoY: 5.4%
• Active inventory: 21
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $4,059 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$151 /mo · $1,815/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$852
• Net cashflow: $2,552

Break-even live

Break-even rent $829

Max offer price $89,000

Occupancy floor 32%

Sensitivity live

Price	-10% $2,602	-5% $2,577	+0% $2,552	+5% $2,526	+10% $2,501
Rent	-10% $2,231	-5% $2,391	+0% $2,552	+5% $2,712	+10% $2,872
Rate	-1.0pp $2,596	-0.5pp $2,574	base $2,552	+0.5pp $2,529	+1.0pp $2,505

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1.5	$4,060
Total (5 units)			$4,059

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $89,000 Active 16 DOM
2. 2026-06-19
   days on market $89,000 Active 14 DOM
3. 2026-06-18
   days on market $89,000 Active 13 DOM
4. 2026-06-17
   days on market $89,000 Active 12 DOM
5. 2026-06-16
   days on market $89,000 Active 11 DOM
6. 2026-06-15
   days on market $89,000 Active 10 DOM
7. 2026-06-14
   days on market $89,000 Active 8 DOM
8. 2026-06-12
   days on market $89,000 Active 7 DOM
9. 2026-06-09
   days on market $89,000 Active 4 DOM
10. 2026-06-08
    days on market $89,000 Active 3 DOM
11. 2026-06-07
    days on market $89,000 Active 2 DOM
12. 2026-06-07
    remarks 427-char remark
13. 2026-06-07
    listed $89,000 Active 1 DOM

ⓘ 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: $1,815 · $151/mo
• Projected year-2 tax: $1,917 · $160/mo
• Expected delta: +$103/yr (+$9/mo · 5.7%)

ⓘ 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 ≥102°F today · 16 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: $48,708
• − Mortgage interest: −$4,985
• − Property taxes: −$1,815
• − Insurance: −$445
• − Repairs & maintenance: −$3,897
• − Management: −$3,897
• − Depreciation: −$2,589
• Taxable income: $31,081
• Est. tax owed @ 24.0%: −$7,459
• After-tax cash flow: $23,160/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 · 2 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to its roof, exterior, interior, HVAC, and landscaping to improve its condition and value.

Repairs flagged

• Major roof — The roof appears old and possibly leaking.
• Major exterior siding — The exterior siding and paint appear worn and faded.
• Major interior walls/paint — The interior walls and paint are not visible, but the exterior suggests they may be in poor condition.
• Major HVAC/mechanicals — No visible signs of HVAC or mechanical systems in the photos.
• Major landscaping/curb appeal — The landscaping and curb appeal are not visible, but the exterior suggests they may be in poor condition.
• Major windows — The windows appear old and possibly in need of replacement, as indicated by the satellite image and exterior condition.

Value-add opportunities

• Both new roof — A new roof would significantly improve the home's appearance and functionality.
• Both exterior siding and paint — New siding and paint would improve the home's curb appeal and value.
• Both HVAC system — A new HVAC system would improve comfort and energy efficiency.
• Both landscaping — New landscaping would enhance the home's curb appeal and attract more potential buyers/tenants.
• Both windows — New windows would improve energy efficiency and the home's overall appearance.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears old and possibly leaking.	Major	$15,000–50,000
exterior siding · The exterior siding and paint appear worn and faded.	Major	$15,000–50,000
interior walls/paint · The interior walls and paint are not visible, but the exterior suggests they may be in poor condition.	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of HVAC or mechanical systems in the photos.	Major	$15,000–50,000
landscaping/curb appeal · The landscaping and curb appeal are not visible, but the exterior suggests they may be in poor condition.	Major	$15,000–50,000
windows · The windows appear old and possibly in need of replacement, as indicated by the satellite image and exterior condition.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both new roof — A new roof would significantly improve the home's appearance and functionality. ↑
• Both exterior siding and paint — New siding and paint would improve the home's curb appeal and value. ↑
• Both HVAC system — A new HVAC system would improve comfort and energy efficiency. ↑
• Both landscaping — New landscaping would enhance the home's curb appeal and attract more potential buyers/tenants. ↑
• Both windows — New windows would improve energy efficiency and the home's overall appearance. ↑

ⓘ 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: West Carroll CUSD 314
• NCES district ID: 1700310
• Math proficiency: 12% ▼ -5.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $43,090
• Composite: 13.91/100
• National rank: #9483
• State rank: #498 of 620 in IL

Livability — Mount Carroll

• Score: 67/100
• State rank: #513
• US rank: #10633

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Carroll, IL
• Population (ZIP): 2,902

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 13,010 people
• By 2030: 12,150 · -6.6%
• By 2040: 10,462 · -19.6%
• By 2050: 9,078 · -30.2%
• By 2075: 6,704 · -48.5%
• By 2100: 5,004 · -61.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 2% Lithuanian 2% Portuguese 2%
• Foreign-born: 1%
• Languages at home: 90% English-only · German/W. Germanic 8% Other Indo-European 1% Spanish 1%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+31.7) · D 33.2% · R 64.8% · Other 2.0%
• 2008→2024 swing: -36.5pp toward R · 2008: 4.8pp · 2024: -31.7pp
• All cycles: 2024: R+31.7 2020: R+29.4 2016: R+27.1 2012: D+1.4 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.19%
• Current HPI: 160.8203
• 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

• 2026-06-06 Listed $89,000 FSBO.com