521 S Central St · Gilman, IL 60938

$60,000

3 bd · 1.0 ba · 826 sqft · SingleFamily · 10 Days on market

Built 1920 $73/sqft · 41% below area Est $101k · 41% 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 +29.4/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.1/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in this 3 bedroom, 1 bath home situated on a corner lot in Gilman. Featuring a main floor bedroom and full basement, this property offers a functional layout with great potential for renovation or investment. The home includes a spacious covered front porch, ideal for relaxing or enhancing curb appeal, along with a 2.5 car detached garage providing ample storage and parking. Interior features suggest the possibility of original woodwork that could be restored to highlight the home's character. With solid bones and a desirable lot, this property is well-suited for investors, rehabbers, or buyers looking to build equity through updates and improvements. Property is being so

Key facts

• Covered front porch
• Full basement
• Original woodwork

Tags

• CORNER LOT
• MAIN FLOOR BEDROOM
• FULL BASEMENT
• COVERED FRONT PORCH
• DETACHED GARAGE
• ORIGINAL WOODWORK

Property features AI

Finance

• Other: Zoning: single-family; Lot size less than 0.25 acre; Directions: Crescent to Wenona to Central (corner)
• HOA & community: No master association fee required

Exterior

• Parking: Detached garage providing approximately 2.5 garage/parking spaces
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; Property is over 100 years old; Built before 1978; School bus service available
• Construction: Aluminum siding
• Exterior features: Porch; Corner lot

Interior

• Kitchen: Kitchen on main level with linoleum flooring
• Bedrooms: Three bedrooms (master bedroom on main level; two additional bedrooms on second level)
• Flooring: Hardwood flooring in living room, master bedroom, and two upstairs bedrooms; Linoleum flooring in kitchen; Other flooring in dining room
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Six total rooms; Full unfinished basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $213 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($904 rent vs $60k).

Location & tenants

• Location reads 61/100 on livability (#912 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools D-, amenities F.
• Iroquois West CUSD 10 (town): math 29% / reading 30% proficiency, ranked #255 of 620 in IL (top 41%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 14 active listings in the ZIP; 14 units permitted in Iroquois County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Iroquois County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1920 — 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. 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?
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: 1.51% ✓
• Cap rate: 10.55%
• Cash-on-cash: 15.20%
• DSCR: 1.68
• GRM: 5.5

CMA / ARV

• ARV (median comp): $101,219
• List price: $60,000
• Delta: -40.72%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
521 S Central St	0.00mi	3/1.0	826 (0%)	1mo	$60,000	$73	100
618 S Thomas St	0.13mi	2/1.0 (-1)	936 (+13%)	0mo	$154,900	$165	66

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: 6.0%
• Equity multiple: 1.23×
• Total profit: $3,898
• Equity at exit: $8,946

10-year hold

• IRR: 15.4%
• Equity multiple: 2.26×
• Total profit: $21,119
• Equity at exit: $5,188

Cash invested: $16,800 (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 60938

• Home prices YoY: -16.4%
• Active inventory: 14
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $904 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$162 /mo · $1,944/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $213

Break-even live

Break-even rent $635

Max offer price $60,000

Occupancy floor 71%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-15
   status Pending 710-char remark
2. 2026-05-05
   listed $60,000 Active 710-char remark

ⓘ 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: $1,944 · $162/mo
• Projected year-2 tax: $1,944 · $162/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 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 17 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,853
• − Mortgage interest: −$3,361
• − Property taxes: −$1,944
• − Insurance: −$300
• − Repairs & maintenance: −$868
• − Management: −$868
• − Depreciation: −$1,745
• Taxable income: $1,766
• Est. tax owed @ 24.0%: −$424
• After-tax cash flow: $2,130/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: Iroquois West CUSD 10
• NCES district ID: 1720180
• Math proficiency: 29% ▼ -1.00%
• Reading proficiency: 30% ▼ -9.00%
• Median HH income: $47,456
• Composite: 25.55/100
• National rank: #7428
• State rank: #255 of 620 in IL

Livability — Gilman

• Score: 61/100
• State rank: #912
• US rank: #17705

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gilman, IL
• City population: 1,973
• Population (ZIP): 1,973

Population outlook (Iroquois County) Hauer SSP2

• Today (2025): 26,826 people
• By 2030: 25,771 · -3.9%
• By 2040: 23,589 · -12.1%
• By 2050: 21,523 · -19.8%
• By 2075: 17,998 · -32.9%
• By 2100: 14,979 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 19% Two or more races 5%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Iranian 5% Lithuanian 4% Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 85% English-only · Spanish 15%

Political lean MEDSL · Iroquois

• 2024 margin: Solid R (+57.3) · D 20.6% · R 78.0% · Other 1.4%
• 2008→2024 swing: -27.5pp toward R · 2008: -29.8pp · 2024: -57.3pp
• All cycles: 2024: R+57.3 2020: R+56.7 2016: R+56.0 2012: R+44.7 2008: R+29.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.31%
• Current HPI: 164.857
• 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

+0.0% since first listed

3 events — show timeline

• 2026-06-02 Sold (MLS) $60,000 MRED as Distributed by MLS Grid
• 2026-05-15 Pending — MRED as Distributed by MLS Grid
• 2026-05-05 Listed $60,000 MRED as Distributed by MLS Grid

Property tax history

+61.5%/yr

Latest (2024): $1,944 · +20.4% YoY. Source: county tax records.