535 S 23rd St · Decatur, IL 62521

$139,900

4 bd · 3.0 ba · 1,950 sqft · SingleFamily · 10 Days on market

Built 1901 6,250 sqft lot Est $103k · 35% over

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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 +24.1/30.0
• DSCR +7.8/10.0
• 1% rule +5.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This spacious 4 bedroom, 3 bath, 2-story home offers plenty of room for everyone to spread out! The main level features 2 bedrooms and a full bath, while the upper level includes 2 additional bedrooms and another full bath. The basement offers even more living space with a family room area, full bath with walk-in shower, laundry area, and a possible 5th bedroom. Washer and dryer stay. Enjoy the fenced backyard, patio area, and 1-car detached garage. Over the years, the home has had several updates, while still offering room to make it your own. Located just a short walk from the lake, Splash Cove, and the Devon Amphitheater—you may even enjoy listening to concerts from your own backya

Key facts

• Patio area
• Walk-in shower
• Fenced backyard

Tags

• FENCED BACKYARD
• PATIO AREA
• DETACHED GARAGE
• WALK-IN SHOWER
• SHORT WALK FROM THE LAKE

Property features AI

Finance

• Other: Approximately 1,344 sq ft above grade and 606 sq ft below grade

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story home; Residential zoning
• Construction: Vinyl siding; Shingle roof; Built with a full basement
• Exterior features: Front porch; Rear porch; Fenced yard; Concrete road access

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 3 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Finished full basement with unfinished areas; 6 total rooms
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Cap rate 8.7% vs local median 7.0% in Decatur — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 59/100 on livability (#1,076 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Decatur SD 61 (urban): math 3% / reading 6% proficiency, ranked #605 of 620 in IL (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 193 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 63 units permitted in Macon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Macon County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $70k; list at $140k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1901 — 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. 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 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: 1.07% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.47%
• DSCR: 1.38
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $103,350
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2133 E Moore St	0.29mi	3/1.5 (-1)	1,836 (-6%)	8mo	$79,000	$43	59
1976 E Decatur St	0.29mi	3/1.5 (-1)	2,064 (+6%)	22mo	$107,000	$52	48
713 S 17th St	0.57mi	3/2.5 (-1)	1,850 (-5%)	13mo	$97,200	$53	47
2145 E Dickinson Ave	0.48mi	3/2.5 (-1)	1,778 (-9%)	10mo	$167,000	$94	47
1911 E Main St	0.43mi	4/2.0	1,800 (-8%)	22mo	$20,000	$11	44
2844 Marcella Dr	0.69mi	3/2.5 (-1)	1,931 (-1%)	19mo	$161,000	$83	43
2172 E Johns Ave	0.17mi	3/1.0 (-1)	1,750 (-10%)	23mo	$67,000	$38	43
2921 Wasson Way	0.71mi	3/2.5 (-1)	2,122 (+9%)	11mo	$125,000	$59	36
211 29th St	0.67mi	3/1.0 (-1)	1,820 (-7%)	11mo	$44,900	$25	35
1816 E Johns Ave	0.42mi	3/1.0 (-1)	1,700 (-13%)	16mo	$37,000	$22	33
2839 E Wood St	0.64mi	3/2.5 (-1)	1,683 (-14%)	11mo	$141,000	$84	31
2859 E Wood St	0.66mi	3/1.5 (-1)	1,666 (-15%)	15mo	$133,000	$80	21

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-5,080
• Equity at exit: $20,860

10-year hold

• IRR: 6.2%
• Equity multiple: 1.46×
• Total profit: $18,178
• Equity at exit: $12,096

Cash invested: $39,172 (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 62521

• Home prices YoY: -9.0%
• Active inventory: 193
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,491 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$110 /mo · $1,315/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $276

Break-even live

Break-even rent $1,141

Max offer price $139,900

Occupancy floor 76%

Sensitivity live

Price	-10% $356	-5% $316	+0% $276	+5% $237	+10% $197
Rent	-10% $159	-5% $218	+0% $276	+5% $335	+10% $394
Rate	-1.0pp $347	-0.5pp $312	base $276	+0.5pp $240	+1.0pp $203

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1524 E Prairie St Decatur, IL	3.0	1.0	1400	$1,250	$0.89	44d	1	0.73mi

Listing history 9 events

1. 2026-06-19
   days on market $139,900 Active 10 DOM
2. 2026-06-18
   days on market $139,900 Active 9 DOM
3. 2026-06-17
   days on market $139,900 Active 8 DOM
4. 2026-06-16
   days on market $139,900 Active 7 DOM
5. 2026-06-15
   days on market $139,900 Active 6 DOM
6. 2026-06-14
   days on market $139,900 Active 4 DOM
7. 2026-06-13
   days on market $139,900 Active 3 DOM
8. 2026-06-10
   remarks 693-char remark
9. 2026-06-10
   listed $139,900 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: $1,315 · $110/mo
• Projected year-2 tax: $2,245 · $187/mo
• Expected delta: +$930/yr (+$78/mo · 70.8%)

ⓘ 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 ≥106°F today · 19 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,893
• − Mortgage interest: −$7,837
• − Property taxes: −$1,315
• − Insurance: −$700
• − Repairs & maintenance: −$1,431
• − Management: −$1,431
• − Depreciation: −$4,070
• Taxable income: $1,110
• Est. tax owed @ 24.0%: −$266
• After-tax cash flow: $3,051/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: Decatur SD 61
• NCES district ID: 1711850
• Math proficiency: 3% ▼ -4.00%
• Reading proficiency: 6% ▼ -6.00%
• Median HH income: $38,864
• Composite: 3.99/100
• National rank: #10059
• State rank: #605 of 620 in IL

Livability — Decatur

• Score: 59/100
• State rank: #1076
• US rank: #20533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IL
• County: Macon County · 78,333 people
• City population: 78,333
• Metro: Decatur, IL
• Population (ZIP): 32,665
• Household income: $66,337
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 640.0

Population outlook (Macon County) Hauer SSP2

• Today (2025): 99,568 people
• By 2030: 94,973 · -4.6%
• By 2040: 85,250 · -14.4%
• By 2050: 75,920 · -23.8%
• By 2075: 55,962 · -43.8%
• By 2100: 36,468 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 17% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 0%

Political lean MEDSL · Macon

• 2024 margin: R (+18.9) · D 39.8% · R 58.7% · Other 1.4%
• 2008→2024 swing: -20.0pp toward R · 2008: 1.1pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+17.7 2016: R+18.1 2012: R+5.2 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.96%
• Current HPI: 180.9274
• Rent YoY: —
• Metro: Decatur, 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

+99.9% since first listed

2 events — show timeline

• 2026-06-09 Listed $139,900 CIBR
• 2005-04-21 Sold (Public Records) $70,000 Public Records

Property tax history

+1.7%/yr

Latest (2024): $1,315 · +2.5% YoY. Source: county tax records.