1501 W Locust St · Bloomington, IL 61701

$125,000

4 bd · 2.0 ba · 1,748 sqft · SingleFamily · 29 Days on market

Built 1900 6,098 sqft lot Est $150k · 17% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this spacious 2-story home in Bloomington offering 4 bedrooms and 2 bathrooms on a desirable corner lot! Inside, you'll find an inviting layout with an informal dining room perfect for everyday meals and gatherings, plus a convenient pantry for extra kitchen storage. The unfinished basement provides endless potential for additional living space, storage, or a future rec room. Step outside to enjoy the deck overlooking the fenced backyard—ideal for entertaining, pets, or play. Completing the property is a 2-car detached garage and plenty of outdoor space in a great location close to shopping, dining, and schools.

Key facts

• Unfinished basement
• Convenient pantry
• Outdoor space

Tags

• CORNER LOT
• INFORMAL DINING ROOM
• CONVENIENT PANTRY
• UNFINISHED BASEMENT
• 2 CAR DETACHED GARAGE
• OUTDOOR SPACE

Property features AI

Finance

• Other: Living area reported as 1748
• HOA & community: No association fees

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Built in 1900
• Construction: Shingle roof; Partial, unfinished basement
• Exterior features: Fenced yard; Corner lot; Paved road access; Shingle roof

Interior

• Kitchen: Dishwasher; Refrigerator; Tile flooring in kitchen
• Bedrooms: 4 bedrooms (one on main level, others on upper level; additional bedroom/levels include lower level, basement, and additional level); Bedrooms feature carpet flooring and egress windows in applicable rooms
• Flooring: Carpet in many bedrooms and living areas; Hardwood in dining room; Tile in kitchen and laundry
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Window unit(s); Gas water heater for heating system
• Interior features: Cable available; Ceiling fan(s)
• Laundry & utility: Main-level laundry room with tile flooring; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $569 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 5.4% in Bloomington — 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 77/100 on livability (#161 in IL, #2,987 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, commute F.
• Bloomington SD 87 (urban): math 14% / reading 19% proficiency, ranked #476 of 620 in IL (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bloomington High School (math 27% / reading 33%, grade F, #179 of 693 statewide, top 27%, 1,503 students, 0% FRL) — zoned schools average 0% FRL vs 51% district-wide (51 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 30% at this address vs 16% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Bloomington SD 87 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.6%/yr); 88 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 247 units permitted in McLean County in 2024 (54 in 5+ unit buildings).
• This rent runs 42% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $89k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.59% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.51%
• DSCR: 1.87
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $150,328
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1406 W Locust St	0.08mi	4/1.0	1,643 (-6%)	11mo	$150,000	$91	73
806 W Market St	0.52mi	4/1.0	1,682 (-4%)	1mo	$165,000	$98	65
813 W Jefferson St	0.54mi	4/2.0	1,612 (-8%)	4mo	$155,000	$96	58
1503 W Locust St	0.01mi	3/1.5 (-1)	1,516 (-13%)	16mo	$144,900	$96	57
1304 W Chestnut St	0.17mi	3/1.0 (-1)	1,960 (+12%)	9mo	$75,000	$38	56
705 W Market St	0.60mi	4/2.0	1,908 (+9%)	2mo	$158,000	$83	55
915 W Olive St	0.63mi	3/1.5 (-1)	1,804 (+3%)	8mo	$151,500	$84	52
711 W Front St	0.71mi	3/1.0 (-1)	1,802 (+3%)	10mo	$145,000	$80	44
914 W Olive St	0.66mi	4/1.5	1,992 (+14%)	1mo	$146,000	$73	44
1310 W Olive St	0.59mi	3/2.0 (-1)	1,946 (+11%)	9mo	$167,000	$86	41
608 Scott St	0.69mi	3/1.5 (-1)	1,590 (-9%)	6mo	$139,900	$88	40
541 W Grove St	0.75mi	4/2.0	1,992 (+14%)	10mo	$130,000	$65	34

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 · 5.6% rent growth · sell at horizon

5-year hold

• IRR: 14.7%
• Equity multiple: 1.61×
• Total profit: $21,411
• Equity at exit: $18,638

10-year hold

• IRR: 25.5%
• Equity multiple: 3.54×
• Total profit: $88,784
• Equity at exit: $10,808

Cash invested: $35,000 (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 61701

• Rents YoY: 5.6%
• Active inventory: 88
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,982 high
• Mortgage (P&I): −$656
• Tax from tax record: −$290 /mo · $3,474/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $569

Break-even live

Break-even rent $1,262

Max offer price $125,000

Occupancy floor 66%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1102 N Madison St Bloomington, IL	3.0	2.0	1603	$1,950	$1.22	21d	1	0.87mi
304 Turnberry Dr Bloomington, IL	2.0–3.0	1.0–2.0	1032	$1,850	$1.79	21d	4	0.95mi
318 E Locust St Apt A Bloomington, IL	3.0	2.0	1200	$3,000	$2.50	44d	1	1.19mi
507 E Graham St Bloomington, IL	3.0	1.5	1300	$1,900	$1.46	44d	1	1.30mi
809 Kern St Normal, IL	4.0	1.5	1404	$1,895	$1.35	21d	1	1.32mi

Listing history 19 events

1. 2026-06-19
   days on market $125,000 Active 29 DOM
2. 2026-06-18
   days on market $125,000 Active 28 DOM
3. 2026-06-17
   days on market $125,000 Active 27 DOM
4. 2026-06-16
   days on market $125,000 Active 26 DOM
5. 2026-06-15
   days on market $125,000 Active 25 DOM
6. 2026-06-14
   days on market $125,000 Active 23 DOM
7. 2026-06-13
   days on market $125,000 Active 22 DOM
8. 2026-06-10
   days on market $125,000 Active 20 DOM
9. 2026-06-09
   days on market $125,000 Active 19 DOM
10. 2026-06-08
    days on market $125,000 Active 18 DOM
11. 2026-06-07
    days on market $125,000 Active 17 DOM
12. 2026-06-03
    days on market $125,000 Active 13 DOM
13. 2026-06-02
    days on market $125,000 Active 12 DOM
14. 2026-06-01
    days on market $125,000 Active 11 DOM
15. 2026-05-31
    days on market $125,000 Active 10 DOM
16. 2026-05-30
    days on market $125,000 Active 9 DOM
17. 2026-05-20
    listed $125,000 Active
18. 1998-05-01
    soldstatus $89,000
19. 1996-07-01
    soldstatus $15,000

ⓘ 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: $3,474 · $290/mo
• Projected year-2 tax: $3,474 · $290/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $23,788
• − Mortgage interest: −$7,002
• − Property taxes: −$3,474
• − Insurance: −$625
• − Repairs & maintenance: −$1,903
• − Management: −$1,903
• − Depreciation: −$3,636
• Taxable income: $5,244
• Est. tax owed @ 24.0%: −$1,259
• After-tax cash flow: $5,568/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: Bloomington SD 87
• NCES district ID: 1706480
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 19% ▼ -7.00%
• Median HH income: $50,544
• Composite: 15.05/100
• National rank: #9351
• State rank: #476 of 620 in IL

Livability — Bloomington

• Score: 77/100
• State rank: #161
• US rank: #2987

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bloomington, IL
• County: McLean County · 126,490 people
• City population: 72,415
• Metro: Bloomington, IL
• Population (ZIP): 35,136
• Household income: $57,130
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 1493.0

Population outlook (McLean County) Hauer SSP2

• Today (2025): 176,468 people
• By 2030: 178,002 · +0.9%
• By 2040: 178,592 · +1.2%
• By 2050: 177,090 · +0.4%
• By 2075: 173,224 · -1.8%
• By 2100: 158,425 · -10.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 13% Two or more races 9% Hispanic / Latino 9% Asian 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 3% Slovak 2% Italian 1%
• Foreign-born: 6% · Canada, Philippines, Vietnam
• Languages at home: 91% English-only · Spanish 5% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · McLean

• 2024 margin: Toss-up / Even · D 51.6% · R 46.8% · Other 1.6%
• 2008→2024 swing: +3.7pp toward D · 2008: 1.2pp · 2024: 4.9pp
• All cycles: 2024: D+4.9 2020: D+3.9 2016: R+1.5 2012: R+11.1 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.13%
• Current HPI: 172.3659
• Rent YoY: ▲ 5.60%
• Metro: Bloomington, 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

+733.3% since first listed

3 events — show timeline

• 2026-05-20 Listed $125,000 RMLSA as Distributed by MLS Grid
• 1998-05-01 Sold (Public Records) $89,000 Public Records
• 1996-07-01 Sold (Public Records) $15,000 Public Records

Property tax history

+3.2%/yr

Latest (2023): $3,474 · +9.6% YoY. Source: county tax records.