646 S 4th Ave · Morton, IL 61550

$94,900

1 bd · 1.0 ba · 830 sqft · Condo public records · 10 Days on market

Built 1968 $265/mo HOA · 21% of rent

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Why this score? — see what drove the C 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 +19.4/30.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Schools +4.8/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BEAUTIFUL MAIN FLOOR CONDO!!! COMPLETELY RENOVATED IN 2025 THIS UNIT BOASTS UPDATED KITCHEN INCLUDING SOME CABINETRY, BACKSPLASH, FRIDGE/DISHWASHER 2025, NEW LVP & CARPET THROUGHOUT, FIXTURES, AND FULL BATHROOM REMODEL. APPLIANCES STAY, FURNITURE NEGOTIABLE. NICE!! RARE FIND!!

Key facts

• Backsplash
• Updated kitchen
• $265 HOA

Tags

• UPDATED KITCHEN
• BACKSPLASH
• FULL BATHROOM REMODEL

Property features AI

Finance

• HOA & community: Association fee of $265; HOA covers grounds maintenance, snow removal, trash, and utilities

Exterior

• Parking: Parking pad (paved)
• Utilities: Public water; Public sewer
• Home design: Attached property; 2-story building with entry on level 1; Built in 1968
• Construction: Built in 1968
• Exterior features: Shingle roof; Level lot; Paved road

Interior

• Kitchen: Includes dishwasher and refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Carpet in bedrooms and living room; Vinyl in dining room and kitchen; Tile in laundry room
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Wall units for cooling/heating
• Interior features: No basement; Dishwasher, Refrigerator, Washer, Dryer
• Laundry & utility: Main-level laundry room (tile flooring)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $95k.

Deal economics

• At list price, monthly cash flow is $107 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 7.6% vs local median 2.9% in Morton — 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 86/100 on livability (#22 in IL, #419 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute F.
• Morton CUSD 709 (suburban): math 48% / reading 59% proficiency, ranked #41 of 620 in IL (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Morton High School (math 52% / reading 51%, grade D+, #38 of 693 statewide, top 6%, 1,061 students, 0% FRL).
• Market conditions: 63 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 77 units permitted in Tazewell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Tazewell County population projected at -15% 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 $50k; list at $95k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $94,900

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.33% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.82%
• DSCR: 1.21
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-8,426
• Equity at exit: $14,150

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $2,062
• Equity at exit: $8,205

Cash invested: $26,572 (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 61550

• Active inventory: 63
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,258 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$85 /mo · $1,020/yr
• Insurance: −$40
• HOA: −$265
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $107

Break-even live

Break-even rent $1,123

Max offer price $94,900

Occupancy floor 87%

Sensitivity live

Price	-10% $160	-5% $133	+0% $107	+5% $80	+10% $53
Rent	-10% $7	-5% $57	+0% $107	+5% $156	+10% $206
Rate	-1.0pp $154	-0.5pp $131	base $107	+0.5pp $82	+1.0pp $57

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1240 S Main St Morton, IL	1.0–2.0	1.0–1.5	1000	$950	$0.95	14d	2	0.72mi
514 N Main St Morton, IL	2.0	1.0	1087	$1,600	$1.47	22d	1	0.73mi

HOA detail condo

• Monthly dues: $265 · $3,180/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-19
   days on market $94,900 Active 10 DOM
2. 2026-06-18
   days on market $94,900 Active 9 DOM
3. 2026-06-17
   days on market $94,900 Active 8 DOM
4. 2026-06-16
   days on market $94,900 Active 7 DOM
5. 2026-06-15
   days on market $94,900 Active 6 DOM
6. 2026-06-14
   days on market $94,900 Active 4 DOM
7. 2026-06-13
   days on market $94,900 Active 3 DOM
8. 2026-06-10
   remarks 279-char remark
9. 2026-06-10
   listed $94,900 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: $1,020 · $85/mo
• Projected year-2 tax: $1,587 · $132/mo
• Expected delta: +$567/yr (+$47/mo · 55.6%)

ⓘ 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 ≥104°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: $15,096
• − Mortgage interest: −$5,316
• − Property taxes: −$1,020
• − Insurance: −$474
• − Repairs & maintenance: −$1,208
• − Management: −$1,208
• − HOA: −$3,180
• − Depreciation: −$2,761
• Taxable loss: −$70
• Est. tax savings @ 24.0%: +$17
• After-tax cash flow: $1,296/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: Morton CUSD 709
• NCES district ID: 1726800
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $71,729
• Composite: 47.72/100
• National rank: #2239
• State rank: #41 of 620 in IL

Livability — Morton

• Score: 86/100
• State rank: #22
• US rank: #419

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morton, IL
• City population: 18,688
• Population (ZIP): 18,688

Population outlook (Tazewell County) Hauer SSP2

• Today (2025): 131,252 people
• By 2030: 128,028 · -2.5%
• By 2040: 120,443 · -8.2%
• By 2050: 111,872 · -14.8%
• By 2075: 89,843 · -31.5%
• By 2100: 66,468 · -49.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Asian 3% Hispanic / Latino 2%
• Common ancestry: Italian 4% Lithuanian 3% Romanian 2%
• Foreign-born: 2% · China
• Languages at home: 97% English-only · Chinese 1% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Tazewell

• 2024 margin: Strong R (+26.7) · D 35.8% · R 62.5% · Other 1.8%
• 2008→2024 swing: -20.6pp toward R · 2008: -6.0pp · 2024: -26.7pp
• All cycles: 2024: R+26.7 2020: R+25.6 2016: R+28.5 2012: R+17.9 2008: R+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -102.61%
• Current HPI: 159.6287
• 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

+171.1% since first listed

10 events — show timeline

• 2026-06-09 Listed $94,900 RMLSA as Distributed by MLS Grid
• 2026-03-25 Sold (Public Records) $50,000 Public Records
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2002-03-27 Sold (Public Records) $39,000 Public Records
• 1998-06-23 Sold (Public Records) $35,000 Public Records

Property tax history

+3.8%/yr

Latest (2024): $1,020 · +6.9% YoY. Source: county tax records.