820 W Washington St · Bloomington, IL 61701

$120,000

3 bd · 3.0 ba · — sqft · Other · 5 Days on market

Built 1925 6,100 sqft lot

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• 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

Excellent opportunity to own a fully leased three-unit investment property with strong in-place income. This property includes a studio unit, a one bedroom/one bath unit, and a two bedroom/one bath unit - offering a diverse unit mix that appeals to a broad tenant base. Whether you're adding to an existing portfolio or entering the investment market, this property offers immediate cash flow and long-term upside potential in a stable rental market.

Key facts

• 6,100 sq ft lot
• 2 parking spots
• Built 1925

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath other listed at $120k.

Deal economics

• At list price, monthly cash flow is $431 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 10.6% 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: Irving Elementary School (math 2% / reading 12%, grade F, #1,673 of 2,056 statewide, top 84%, 342 students, 0% FRL); Bloomington Jr High School (math 12% / reading 19%, grade F, #493 of 665 statewide, top 75%, 1,006 students, 0% FRL); 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.
• Market conditions: Rents rising fast (+5.6%/yr); 88 active listings in the ZIP; 15 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 34% 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 $830 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 $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1925 — 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. 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.
4. 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.
5. 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: 1.34% ✓
• Cap rate: 10.60%
• Cash-on-cash: 15.39%
• DSCR: 1.68
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.6% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.37×
• Total profit: $12,344
• Equity at exit: $17,892

10-year hold

• IRR: 20.4%
• Equity multiple: 2.93×
• Total profit: $64,885
• Equity at exit: $10,375

Cash invested: $33,600 (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: 6.2×

Monthly cashflow live

• Estimated rent: $1,608 high
• Mortgage (P&I): −$629
• Tax from tax record: −$160 /mo · $1,917/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $431

Break-even live

Break-even rent $1,062

Max offer price $120,000

Occupancy floor 68%

Sensitivity live

Price	-10% $499	-5% $465	+0% $431	+5% $397	+10% $363
Rent	-10% $304	-5% $367	+0% $431	+5% $494	+10% $558
Rate	-1.0pp $491	-0.5pp $461	base $431	+0.5pp $400	+1.0pp $368

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
703 W Olive St Bloomington, IL	3.0	1.0	1000	$1,495	$1.50	21d	1	0.19mi
915 N Madison St Unit 4 Bloomington, IL	2.0	1.0	900	$899	$1.00	21d	1	0.75mi
1002 N Center St Bloomington, IL	4.0	2.0	—	$2,000	—	44d	1	0.79mi
1102 N Madison St Bloomington, IL	3.0	2.0	1603	$1,950	$1.22	21d	1	0.79mi
610 N Mclean St Apt 1 Bloomington, IL	2.0	1.0	—	$1,250	—	21d	1	0.85mi
318 E Locust St Apt A Bloomington, IL	3.0	2.0	1200	$3,000	$2.50	44d	1	0.87mi
507 1/2 S Clayton St Bloomington, IL	3.0	1.0	1003	$1,895	$1.89	21d	1	1.00mi
503 E Empire St Bloomington, IL	3.0	2.0	1000	$1,795	$1.79	44d	1	1.04mi
507 E Graham St Bloomington, IL	3.0	1.5	1300	$1,900	$1.46	44d	1	1.09mi
404 S Mc Clun St Bloomington, IL	2.0	1.0	745	$1,200	$1.61	44d	1	1.30mi
501 E Emerson St Bloomington, IL	3.0	1.5	2825	$2,500	$0.88	44d	1	1.34mi
304 Turnberry Dr Bloomington, IL	2.0–3.0	1.0–2.0	1032	$1,850	$1.79	21d	4	1.43mi
1619 R T Dunn Dr Bloomington, IL	3.0	2.0	1200	$1,300	$1.08	21d	1	1.44mi
1901 Tracy Dr Unit 5W Bloomington, IL	2.0	1.5	—	$950	—	21d	1	1.48mi
1901 Tracy Dr Unit 3N Bloomington, IL	2.0	1.0	—	$900	—	21d	1	1.48mi

Listing history 2 events

1. 2026-03-03
   status Pending
2. 2026-02-26
   listed $120,000 Active

ⓘ 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: $1,917 · $160/mo
• Projected year-2 tax: $2,320 · $193/mo
• Expected delta: +$404/yr (+$34/mo · 21.1%)

ⓘ 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 · 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: $19,290
• − Mortgage interest: −$6,722
• − Property taxes: −$1,917
• − Insurance: −$600
• − Repairs & maintenance: −$1,543
• − Management: −$1,543
• − Depreciation: −$3,491
• Taxable income: $3,474
• Est. tax owed @ 24.0%: −$834
• After-tax cash flow: $4,337/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

2 events — show timeline

• 2026-03-03 Pending — MRED as Distributed by MLS Grid
• 2026-02-26 Listed $120,000 MRED as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2023): $1,917 · +10.0% YoY. Source: county tax records.