2640 Logan St · Granite City, IL 62040

$59,900

2 bd · 1.0 ba · 1,210 sqft · SingleFamily public records · 2 Days on market

Built 1952 7,840 sqft lot Est $71k · 16% under

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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
• ARV discount +14.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this 2-bedroom home located in a quiet area outside the city limits! Featuring beautiful hardwood floors in both bedrooms and the spacious living room, this home offers a solid foundation with plenty of potential. The kitchen provides an abundance of cabinet space and opens to a large family room, creating an ideal layout for everyday living and entertaining. Additional features include a full bathroom, convenient main-floor laundry room, attached one-car garage, and extra tandem driveway parking. Situated on a nice-sized lot, the backyard is almost completely fenced, offering space for pets, play, or outdoor enjoyment. This property needs some fresh paint, and cosme

Key facts

• Large family room
• Nice-sized lot
• Hardwood floors

Tags

• HARDWOOD FLOORS
• ABUNDANCE OF CABINET SPACE
• LARGE FAMILY ROOM
• MAIN-FLOOR LAUNDRY ROOM
• NICE-SIZED LOT

Property features AI

Finance

• Other: Corner, level lot
• Financial info: Lease not considered

Exterior

• Parking: Attached garage (tandem, 1 garage space); Additional off-street parking; Asphalt driveway
• Utilities: Public water; Public sewer; Electric service by Ameren; Electricity connected; Sewer connected
• Home design: Single family residence; Residential property; One story
• Construction: Vinyl siding; Concrete crawl space basement
• Exterior features: Covered porch; Chain link fenced backyard; Shed(s)

Interior

• Kitchen: Range; Range hood
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Hardwood; Laminate; Linoleum
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air; Ceiling fan(s)
• Interior features: Ceiling fan(s)
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 16.2% vs local median 7.0% in Granite City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 65/100 on livability (#623 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Granite City CUSD 9 (suburban): math 9% / reading 11% proficiency, ranked #570 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Granite City High School (math 10% / reading 12%, grade F, #522 of 693 statewide, top 76%, 1,805 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.7%/yr); 194 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $414 of loan paydown is wiped out by about $2k 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 + 1.7% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,900

Questions for the listing agent

1. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F 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?
5. 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.
6. 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.
7. 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: 1.87% ✓
• Cap rate: 16.20%
• Cash-on-cash: 35.38%
• DSCR: 2.57
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $71,390
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2442 Dewey Ave	0.33mi	2/1.0	1,111 (-8%)	9mo	$65,000	$59	63
2202 Missouri Ave	0.54mi	3/2.0 (+1)	1,276 (+6%)	2mo	$120,000	$94	55
906 24th St	0.64mi	3/1.0 (+1)	1,152 (-5%)	4mo	$82,000	$71	53
2305 W 24th St	0.44mi	1/1.0 (-1)	1,064 (-12%)	6mo	$19,000	$18	50
2235 Dewey Ave	0.50mi	3/1.0 (+1)	1,064 (-12%)	6mo	$25,000	$23	47
2031 Illinois Ave	0.70mi	3/1.0 (+1)	1,155 (-4%)	11mo	$85,500	$74	46
2544 Adams St	0.73mi	2/2.0	1,080 (-11%)	3mo	$135,000	$125	42
2113 Illinois Ave	0.64mi	2/2.0	1,272 (+5%)	20mo	$35,000	$28	41
2128 Dewey Ave	0.61mi	3/1.0 (+1)	1,064 (-12%)	7mo	$10,000	$9	40
719 27th Pl	0.51mi	2/2.0	1,120 (-7%)	24mo	$29,900	$27	40
2520 Adams St	0.71mi	2/1.0	1,080 (-11%)	22mo	$104,900	$97	31
2620 Center St	0.72mi	3/1.0 (+1)	1,064 (-12%)	17mo	$60,000	$56	27

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 29.5%
• Equity multiple: 2.21×
• Total profit: $20,312
• Equity at exit: $8,931

10-year hold

• IRR: 36.1%
• Equity multiple: 4.12×
• Total profit: $52,347
• Equity at exit: $5,179

Cash invested: $16,772 (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 62040

• Home prices YoY: -21.8%
• Rents YoY: 1.7%
• Active inventory: 194
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,118 high
• Mortgage (P&I): −$314
• Tax from tax record: −$50 /mo · $599/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $494

Break-even live

Break-even rent $492

Max offer price $59,900

Occupancy floor 51%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2556 Center St Granite City, IL	3.0	1.0	874	$1,500	$1.72	14d	1	0.71mi
2715 Center St Unit B Granite City, IL	2.0	1.0	930	$1,275	$1.37	43d	1	0.81mi
2450 Cleveland Blvd Apt A Granite City, IL	2.0	1.0	846	$825	$0.98	17d	1	0.85mi
2317 Grand Ave Granite City, IL	2.0	1.0	1124	$750	$0.67	7d	1	1.07mi
303 Wilson Park Ln Granite City, IL	3.0	1.0	900	$1,200	$1.33	7d	1	1.16mi
2415 Jerden Ave Granite City, IL	3.0	1.0	970	$1,400	$1.44	4d	1	1.35mi
1709 Edison Ave Unit 1709 Granite City, IL	1.0	1.0	700	$800	$1.14	14d	1	1.37mi

Listing history 4 events

1. 2026-06-15
   status $59,900 Pending 2 DOM
2. 2026-06-13
   days on market $59,900 Active 2 DOM
3. 2026-06-13
   remarks 699-char remark
4. 2026-06-13
   listed $59,900 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: $599 · $50/mo
• Projected year-2 tax: $979 · $82/mo
• Expected delta: +$380/yr (+$32/mo · 63.5%)

ⓘ 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 · 20 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: $13,420
• − Mortgage interest: −$3,355
• − Property taxes: −$599
• − Insurance: −$300
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − Depreciation: −$1,743
• Taxable income: $5,276
• Est. tax owed @ 24.0%: −$1,266
• After-tax cash flow: $4,668/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: Granite City CUSD 9
• NCES district ID: 1717280
• Math proficiency: 9% ▼ -4.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $45,082
• Composite: 9.15/100
• National rank: #9864
• State rank: #570 of 620 in IL

Livability — Granite City

• Score: 65/100
• State rank: #623
• US rank: #12751

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Madison County · 189,064 people
• City population: 40,404
• Metro: St. Louis, MO-IL
• Population (ZIP): 40,404
• Household income: $60,031
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 923.0

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 White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 93% 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: ▼ -56.88%
• Current HPI: 204.4612
• Rent YoY: ▲ 1.67%
• Metro: St. Louis, MO-IL
• 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

• 2026-06-11 Listed $59,900 MARIS as Distributed by MLS Grid

Property tax history

+1.3%/yr

Latest (2024): $599 · +15.8% YoY. Source: county tax records.