805 N Reel St · Salem, IL 62881

$148,000

4 bd · 1.0 ba · 1,302 sqft · SingleFamily · 11 Days on market

Built 1966 10,488 sqft lot Est $158k · 6% under

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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 +14.9/30.0
• ARV discount +10.2/15.0
• DSCR +4.6/10.0
• 1% rule +3.7/10.0
• Livability +3.4/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

WELCOME HOME to this charming 4 bedroom 1 bathroom residence in a desirable neighborhood! Featuring bran new vinyl plank flooring. this move-in ready home offers both style and durability. Enjoy the privacy of a fully fenced backyard. This property combines comfort, convenience, and peace of mind making it an ideal place to call home!

Key facts

• 0.24 acre lot
• 2 parking spots
• Built 1966

Property features AI

Finance

• Other: Directions: Take Boone St long west, turn left on Reel; house on the right
• HOA & community: No master association fee required

Exterior

• Parking: 2 total parking spaces
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; Single-story; Leasehold ownership; Built approximately 51–60 years ago; Was built before 1978
• Construction: Vinyl siding; Approximately 1,302 total finished square feet
• Exterior features: Lot dimensions approximately 138 x 76; Lot is less than 0.25 acre

Interior

• Kitchen: Kitchen on main level, 10 x 16; Luxury vinyl flooring in kitchen
• Bedrooms: 4 bedrooms (all on the main level); Bedroom sizes: 11 x 13; 9 x 10; 8 x 10; Master 11 x 23
• Flooring: Luxury vinyl flooring in living room, family room, and kitchen; Carpet in master bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: 7 total rooms; Crawl space basement; School bus service available
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $43 ($517/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (12.5% below list).
• Recommended offer: $129k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 5.5% in Salem — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 68/100 on livability (#467 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Salem Chsd 600 (town): math 25% / reading 30% proficiency, ranked #571 of 919 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 49 active listings in the ZIP; 2 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Marion County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $129,452 (12.5% below list)

Questions for the listing agent

1. Built in 1966 — 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 D-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. 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?
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: 0.87% ✗
• Cap rate: 6.64%
• Cash-on-cash: 1.25%
• DSCR: 1.06
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $157,542
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1409 Rig	0.05mi	3/1.0 (-1)	1,326 (+2%)	9mo	$135,000	$102	82
326 N Indiana St	0.38mi	4/1.0	1,297 (-0%)	9mo	$145,000	$112	74
1108 Hawthorn Rd Rd	0.14mi	3/2.0 (-1)	1,434 (+10%)	6mo	$160,500	$112	62
1201 N Franklin St	0.53mi	3/2.0 (-1)	1,255 (-4%)	5mo	$160,000	$127	56
437 Prairie View Dr	0.43mi	3/2.0 (-1)	1,384 (+6%)	7mo	$174,000	$126	55
509 W Warmouth St	0.55mi	3/2.0 (-1)	1,300 (-0%)	12mo	$190,000	$146	55
106 Salem Dr	0.25mi	3/2.0 (-1)	1,175 (-10%)	13mo	$144,000	$123	52
102 Lamar Dr	0.48mi	3/2.0 (-1)	1,292 (-1%)	19mo	$168,000	$130	51
727 N Broadway Ave	0.73mi	3/1.0 (-1)	1,375 (+6%)	2mo	$84,800	$62	50
505 Schroeder Dr	0.44mi	3/2.0 (-1)	1,448 (+11%)	4mo	$175,000	$121	49
732 W Lovell St	0.44mi	3/1.5 (-1)	1,419 (+9%)	11mo	$140,000	$99	48
304 S Castle St	0.73mi	4/2.0	1,366 (+5%)	8mo	$68,000	$50	47

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: -14.3%
• Equity multiple: 0.49×
• Total profit: $-21,245
• Equity at exit: $22,067

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-14,995
• Equity at exit: $12,796

Cash invested: $41,440 (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 62881

• Home prices YoY: -28.0%
• Active inventory: 49
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,295 medium
• Mortgage (P&I): −$776
• Tax from tax record: −$142 /mo · $1,701/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $43

Break-even live

Break-even rent $1,240

Max offer price $148,000

Occupancy floor 92%

Sensitivity live

Price	-10% $127	-5% $85	+0% $43	+5% $1	+10% $-41
Rent	-10% $-59	-5% $-8	+0% $43	+5% $94	+10% $145
Rate	-1.0pp $118	-0.5pp $81	base $43	+0.5pp $5	+1.0pp $-34

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: $37,000
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-22
   status Pending
2. 2026-05-11
   listed $148,000 Active
3. 2025-11-25
   soldstatus $139,000 Closed 339-char remark

   Show marketing remark (339 chars)

   WELCOME HOME to this charming 4 bedroom 1 bathroom residence in a desirable neighborhood! Featuring bran new vinyl plank flooring. this move-in ready home offers both style and durability. Enjoy the privacy of a fully fenced backyard. This property combines comfort, convenience, and peace of mind making it an ideal place to call home!

4. 2025-10-04
   status Pending 339-char remark

   Show marketing remark (339 chars)

   WELCOME HOME to this charming 4 bedroom 1 bathroom residence in a desirable neighborhood! Featuring bran new vinyl plank flooring. this move-in ready home offers both style and durability. Enjoy the privacy of a fully fenced backyard. This property combines comfort, convenience, and peace of mind making it an ideal place to call home!

5. 2025-10-01
   listed $134,000 Active 339-char remark

   Show marketing remark (339 chars)

   WELCOME HOME to this charming 4 bedroom 1 bathroom residence in a desirable neighborhood! Featuring bran new vinyl plank flooring. this move-in ready home offers both style and durability. Enjoy the privacy of a fully fenced backyard. This property combines comfort, convenience, and peace of mind making it an ideal place to call home!

6. 2021-06-28
   soldstatus $90,000

ⓘ 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: $1,701 · $142/mo
• Projected year-2 tax: $2,531 · $211/mo
• Expected delta: +$829/yr (+$69/mo · 48.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥106°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: $15,534
• − Mortgage interest: −$8,290
• − Property taxes: −$1,701
• − Insurance: −$740
• − Repairs & maintenance: −$1,243
• − Management: −$1,243
• − Depreciation: −$4,305
• Taxable loss: −$1,988
• Est. tax savings @ 24.0%: +$477
• After-tax cash flow: $994/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: Salem Chsd 600
• NCES district ID: 1735190
• Math proficiency: 25% ▲ 10.00%
• Reading proficiency: 30% ▲ 5.00%
• Median HH income: $39,305
• Composite: 26.04/100
• National rank: #12738
• State rank: #571 of 919 in IL

Livability — Salem

• Score: 68/100
• State rank: #467
• US rank: #9634

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, IL
• City population: 11,218
• Population (ZIP): 11,218

Population outlook (Marion County) Hauer SSP2

• Today (2025): 36,071 people
• By 2030: 34,598 · -4.1%
• By 2040: 31,754 · -12.0%
• By 2050: 28,912 · -19.8%
• By 2075: 22,527 · -37.5%
• By 2100: 16,455 · -54.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Black 3% Two or more races 2%
• Common ancestry: Romanian 2% Italian 2% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+49.5) · D 24.6% · R 74.1% · Other 1.4%
• 2008→2024 swing: -47.5pp toward R · 2008: -2.0pp · 2024: -49.5pp
• All cycles: 2024: R+49.5 2020: R+46.6 2016: R+44.9 2012: R+19.2 2008: R+2.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.16%
• Current HPI: 162.55
• 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

+64.4% since first listed

6 events — show timeline

• 2026-05-22 Pending — MRED as Distributed by MLS Grid
• 2026-05-11 Listed $148,000 MRED as Distributed by MLS Grid
• 2025-11-25 Sold (MLS) $139,000 RMLSA as Distributed by MLS Grid
• 2025-10-04 Pending — RMLSA as Distributed by MLS Grid
• 2025-10-01 Listed $134,000 RMLSA as Distributed by MLS Grid
• 2021-06-28 Sold (Public Records) $90,000 Public Records

Property tax history

-0.8%/yr

Latest (2024): $1,701 · +1.4% YoY. Source: county tax records.