2608 Shelby Ave · Mattoon, IL 61938

$29,000

3 bd · 1.0 ba · 1,428 sqft · SingleFamily public records · 4 Days on market

Built 1911 7,000 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2-Level Cape Cod Offering Timeless Character and Endless Potential! This Home Features Spacious Bedrooms, Hardwood Floors, and a Functional Layout Ready for your Personal Touches. Enjoy Relaxing Mornings on the Covered Front Porch and Outdoor Living in the Fenced Backyard. A Detached 1-Car Garage Provides added Convenience and Storage. With Great Bones and Classic Appeal, this Property Presents an Excellent Opportunity for Cosmetic Improvements and Updates to Make it Truly Shine. Conveniently Located and Packed with Potential, this is a Fantastic Chance to Create the Home of Your Dreams! Sold As-Is.

Key facts

• Covered front porch
• Classic appeal
• Fenced backyard

Tags

• COVERED FRONT PORCH
• FENCED BACKYARD
• DETACHED GARAGE
• COSMETIC IMPROVEMENTS
• CLASSIC APPEAL

Property features AI

Finance

• Other: Parcel number: 07209611000000; Not currently leased
• HOA & community: No master association fee required

Exterior

• Parking: Detached garage (1 garage space; 1 total parking space)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; Estimated living area; total finished area approximately 1,428; Upper level approximately 428, main level approximately 1,000
• Construction: Frame construction with vinyl siding; Block foundation; Property is over 100 years old; Built before 1978
• Exterior features: Level lot; Fenced yard; Lot dimensions approximately 50 x 140

Interior

• Kitchen: Kitchen on main level (12 x 11) with vinyl flooring
• Bedrooms: Master bedroom on second floor (11 x 12) with hardwood floors; Second bedroom on second floor (10 x 12) with hardwood floors; Additional bedrooms listed (2 total bedrooms)
• Flooring: Hardwood flooring in living areas and bedrooms; Vinyl flooring in kitchen
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Five total rooms; Crawl space basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $29k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($943 rent vs $29k).
• Cap rate 28.7% vs local median 3.6% in Mattoon — 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 64/100 on livability (#706 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Mattoon CUSD 2 (town): math 13% / reading 24% proficiency, ranked #462 of 620 in IL (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mattoon High School (math 17% / reading 23%, grade F, #357 of 693 statewide, top 54%, 999 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 117 active listings in the ZIP; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $200 of loan paydown is wiped out by about $870 of value loss. Plan a longer hold.
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 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.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $29,000

Questions for the listing agent

1. Built in 1911 — 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. Crime grade is D 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. 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: 3.25% ✓
• Cap rate: 28.73%
• Cash-on-cash: 80.15%
• DSCR: 4.57
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $118,524
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3113 Champaign Ave	0.38mi	3/2.0	1,454 (+2%)	9mo	$158,000	$109	68
1800 Piatt Ave	0.61mi	3/1.0	1,408 (-1%)	3mo	$60,000	$43	67
1100 N 30th St	0.43mi	3/1.5	1,384 (-3%)	8mo	$125,000	$90	66
2317 Shelby Ave	0.20mi	2/2.0 (-1)	1,310 (-8%)	2mo	$165,000	$126	66
2913 Champaign Ave	0.25mi	3/1.0	1,598 (+12%)	7mo	$85,000	$53	63
2504 Shelby Ave	0.08mi	3/2.0	1,222 (-14%)	6mo	$122,500	$100	63
2816 Dewitt Ave	0.22mi	4/2.0 (+1)	1,310 (-8%)	9mo	$108,150	$83	60
2908 Dewitt Ave	0.26mi	3/2.0	1,636 (+15%)	5mo	$133,000	$81	56
32 Westwood	0.71mi	2/1.0 (-1)	1,376 (-4%)	2mo	$70,000	$51	54
3105 Champaign Ave	0.37mi	3/1.0	1,232 (-14%)	8mo	$42,500	$34	54
3416 Prairie Ave	0.71mi	3/1.0	1,372 (-4%)	9mo	$80,000	$58	53
3324 Shelby Ave	0.56mi	3/2.0	1,272 (-11%)	6mo	$128,000	$101	46

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: 80.3%
• Equity multiple: 4.68×
• Total profit: $29,859
• Equity at exit: $4,324

10-year hold

• IRR: 83.8%
• Equity multiple: 9.69×
• Total profit: $70,543
• Equity at exit: $2,507

Cash invested: $8,120 (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 61938

• Active inventory: 117
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $943 medium
• Mortgage (P&I): −$152
• Tax from tax record: −$39 /mo · $463/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$198
• Net cashflow: $542

Break-even live

Break-even rent $257

Max offer price $29,000

Occupancy floor 38%

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-19
   days on market $29,000 Active 4 DOM
2. 2026-06-18
   days on market $29,000 Active 3 DOM
3. 2026-06-17
   days on market $29,000 Active 2 DOM
4. 2026-06-16
   remarks 616-char remark
5. 2026-06-16
   listed $29,000 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: $463 · $39/mo
• Projected year-2 tax: $561 · $47/mo
• Expected delta: +$98/yr (+$8/mo · 21.0%)

ⓘ 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 4/10 Moderate 7 d/yr ≥104°F today · 19 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: $11,318
• − Mortgage interest: −$1,624
• − Property taxes: −$463
• − Insurance: −$145
• − Repairs & maintenance: −$905
• − Management: −$905
• − Depreciation: −$844
• Taxable income: $6,431
• Est. tax owed @ 24.0%: −$1,543
• After-tax cash flow: $4,965/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: Mattoon CUSD 2
• NCES district ID: 1725050
• Math proficiency: 13% ▼ -9.00%
• Reading proficiency: 24% ▼ -12.00%
• Median HH income: $40,452
• Composite: 15.71/100
• National rank: #9280
• State rank: #462 of 620 in IL

Livability — Mattoon

• Score: 64/100
• State rank: #706
• US rank: #14352

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mattoon, IL
• County: Coles County · 41,301 people
• City population: 20,350
• Metro: Charleston-Mattoon, IL
• Population (ZIP): 20,350
• Household income: $57,503
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 453.0

Population outlook (Coles County) Hauer SSP2

• Today (2025): 53,967 people
• By 2030: 53,829 · -0.3%
• By 2040: 52,332 · -3.0%
• By 2050: 49,989 · -7.4%
• By 2075: 42,226 · -21.8%
• By 2100: 34,675 · -35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Coles

• 2024 margin: Strong R (+28.5) · D 34.9% · R 63.4% · Other 1.7%
• 2008→2024 swing: -31.7pp toward R · 2008: 3.2pp · 2024: -28.5pp
• All cycles: 2024: R+28.5 2020: R+26.4 2016: R+26.4 2012: R+11.1 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.29%
• Current HPI: 133.8791
• Rent YoY: —
• Metro: Charleston-Mattoon, 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

4 events — show timeline

• 2026-06-15 Listed $29,000 MRED as Distributed by MLS Grid
• 2026-01-20 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-10-30 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-09-29 Listed — RMLSA as Distributed by MLS Grid

Property tax history

-7.0%/yr

Latest (2025): $463 · -1.8% YoY. Source: county tax records.