1802 E Michigan Ave · Urbana, IL 61802

$149,500

3 bd · 2.0 ba · 1,800 sqft · SingleFamily · 61 Days on market

Built 1948 10,018 sqft lot $83/sqft · 10% below area Est $166k · 10% under

---

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 +25.8/30.0
• ARV discount +11.9/15.0
• DSCR +8.6/10.0
• 1% rule +7.1/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Have you almost given up on finding a house with two full bathrooms and a nice basement for less than $100k? Here it is! From the cute curb appeal to double-pane windows for energy efficiency, this home is ready for you. Step past the convenient entryway closet into the spacious living room with plenty of wall space for diverse seating arrangements. The eat-in kitchen includes all appliances, most of which are only a few years old. Ceiling fans in all of the bedrooms provide year-round comfort. The full basement offers tons of potential, with a large family room with built-in bar area, second full bath with huge sink (very convenient to the spacious laundry room - washer and dryer stay!), and an office or potential future 4th bedroom. Park your car in the attached garage before winter comes! Windows replaced in 2006, roof in 2005, and central A/C and furnace in 2004. Enjoy having your own space while being close to bus lines to UIUC. Stop renting and call your agent for a tour today!

Key facts

• Finished basement
• Second full bath
• 0.23 acre lot

Tags

• FINISHED BASEMENT
• SECOND FULL BATH
• ALL APPLIANCES INCLUDED

Property features AI

Finance

• Other: Living area source listed as Other; No special service area
• HOA & community: No master association fee required

Exterior

• Parking: Attached garage (1 garage space, 1 total parking space)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; One-story living; Fee simple ownership; Built before 1978
• Construction: Aluminum and vinyl siding; Estimated age 71–80 years
• Exterior features: Lot dimensions about 63 x 100; Lot smaller than 0.25 acre

Interior

• Kitchen: Kitchen on main level, approximately 18 x 9
• Bedrooms: 3 bedrooms (all on main level); Master bedroom on main level, approximately 14 x 9; Second bedroom on main level, approximately 9 x 12; Third bedroom on main level, approximately 9 x 9
• Bathrooms: 2 full bathrooms (basement bathroom(s) present)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Partially finished full basement; 5 total rooms
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.6% in Urbana — 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 80/100 on livability (#110 in IL, #1,793 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Urbana SD 116 (urban): math 11% / reading 13% proficiency, ranked #568 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Dr Preston L Williams Jr Elem Sch (math 5% / reading 5%, grade F, #1,741 of 2,056 statewide, top 93%, 446 students, 0% FRL); Urbana Middle School (math 6% / reading 6%, grade F, #634 of 665 statewide, top 95%, 903 students, 0% FRL); Urbana High School (math 21% / reading 29%, grade F, #247 of 693 statewide, top 36%, 1,220 students, 0% FRL) — zoned schools average 0% FRL vs 64% district-wide (64 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+11.8%/yr); 124 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 573 units permitted in Champaign County in 2024 (359 in 5+ unit buildings).
• This rent runs 35% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Champaign County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $96k; list at $150k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,530 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F 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?
7. 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.
8. 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.
9. 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: 1.21% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 6.9

CMA / ARV

• ARV (median comp): $165,658
• List price: $149,500
• Delta: -9.75%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2002 E Country Squire Dr	0.11mi	3/2.0	1,665 (-8%)	4mo	$82,500	$50	79
1605 Bunker Ct	0.42mi	3/2.5	1,772 (-2%)	1mo	$279,900	$158	75
1510 Rutledge Dr	0.18mi	4/2.0 (+1)	1,695 (-6%)	10mo	$195,000	$115	69
1303 Montgomery St	0.61mi	3/2.5	1,860 (+3%)	0mo	$258,000	$139	63
1214 Eastern Dr	0.40mi	3/1.0	1,680 (-7%)	6mo	$169,900	$101	61
1603 Ogelthorpe Ave	0.58mi	3/3.0	1,901 (+6%)	0mo	$285,000	$150	59
1418 Ogelthorpe Ave	0.58mi	3/3.5	1,902 (+6%)	5mo	$235,000	$124	53
2210 E Michigan Ave	0.36mi	3/2.0	1,560 (-13%)	9mo	$210,000	$135	53
1933 S Stone Creek Blvd	0.59mi	3/2.5	1,975 (+10%)	2mo	$470,000	$238	52
910 S Wabash Ave	0.61mi	3/2.0	1,634 (-9%)	5mo	$235,000	$144	52
1511 Ogelthorpe Ave	0.57mi	4/2.5 (+1)	2,000 (+11%)	3mo	$290,000	$145	46
804 Scottswood Dr	0.71mi	4/2.0 (+1)	1,550 (-14%)	3mo	$189,900	$123	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.20×
• Total profit: $8,408
• Equity at exit: $22,291

10-year hold

• IRR: 18.6%
• Equity multiple: 2.93×
• Total profit: $80,659
• Equity at exit: $12,926

Cash invested: $41,860 (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 61802

• Home prices YoY: -20.5%
• Rents YoY: 11.8%
• Active inventory: 124
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,808 high
• Mortgage (P&I): −$784
• Tax from tax record: −$220 /mo · $2,644/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $362

Break-even live

Break-even rent $1,350

Max offer price $149,500

Occupancy floor 75%

Sensitivity live

Price	-10% $446	-5% $404	+0% $362	+5% $319	+10% $277
Rent	-10% $219	-5% $290	+0% $362	+5% $433	+10% $504
Rate	-1.0pp $437	-0.5pp $400	base $362	+0.5pp $323	+1.0pp $283

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: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1109 Austin Dr Urbana, IL	3.0	1.0	1300	$1,350	$1.04	22d	1	0.11mi
1907 E Florida Ave Urbana, IL	3.0	2.0	1250	$1,550	$1.24	22d	1	0.28mi
1907 E Florida Ave Unit A Urbana, IL	3.0	1.5	1250	$1,550	$1.24	22d	1	0.28mi
1717 S Stone Creek Blvd Urbana, IL	3.0	3.5	1986	$3,400	$1.71	15d	1	0.51mi
1604 S Maple St Urbana, IL	3.0	2.5	1660	$2,195	$1.32	45d	1	0.88mi
502 E Washington St Urbana, IL	3.0	2.0	1667	$2,000	$1.20	22d	1	0.90mi
200 S Vine St Unit 128 Urbana, IL	2.0	2.5	1292	$1,795	$1.39	22d	1	1.19mi
709 N Abbey Rd Urbana, IL	4.0	2.5	1800	$3,150	$1.75	45d	1	1.45mi

Listing history 31 events

1. 2026-06-22
   days on market $149,500 Active 61 DOM
2. 2026-06-18
   days on market $149,500 Active 58 DOM
3. 2026-06-17
   days on market $149,500 Active 57 DOM
4. 2026-06-16
   days on market $149,500 Active 56 DOM
5. 2026-06-15
   days on market $149,500 Active 55 DOM
6. 2026-06-14
   days on market $149,500 Active 53 DOM
7. 2026-06-13
   days on market $149,500 Active 52 DOM
8. 2026-06-10
   days on market $149,500 Active 50 DOM
9. 2026-06-09
   days on market $149,500 Active 49 DOM
10. 2026-06-08
    days on market $149,500 Active 48 DOM
11. 2026-06-07
    pricedays on market $149,500 Active 47 DOM
12. 2026-06-03
    days on market $160,000 Active 43 DOM
13. 2026-06-02
    days on market $160,000 Active 42 DOM
14. 2026-06-01
    days on market $160,000 Active 41 DOM
15. 2026-05-31
    days on market $160,000 Active 40 DOM
16. 2026-05-30
    days on market $160,000 Active 39 DOM
17. 2026-05-18
    price $160,000 477-char remark
18. 2026-04-21
    listed $169,900 Active 477-char remark
19. 2018-12-07
    soldstatus $96,000
20. 2018-11-30
    soldstatus $96,000 Closed Sale 998-char remark

    Show marketing remark (998 chars)

    Have you almost given up on finding a house with two full bathrooms and a nice basement for less than $100k? Here it is! From the cute curb appeal to double-pane windows for energy efficiency, this home is ready for you. Step past the convenient entryway closet into the spacious living room with plenty of wall space for diverse seating arrangements. The eat-in kitchen includes all appliances, most of which are only a few years old. Ceiling fans in all of the bedrooms provide year-round comfort. The full basement offers tons of potential, with a large family room with built-in bar area, second full bath with huge sink (very convenient to the spacious laundry room - washer and dryer stay!), and an office or potential future 4th bedroom. Park your car in the attached garage before winter comes! Windows replaced in 2006, roof in 2005, and central A/C and furnace in 2004. Enjoy having your own space while being close to bus lines to UIUC. Stop renting and call your agent for a tour today!

21. 2018-11-05
    historical Contingent 998-char remark

    Show marketing remark (998 chars)

    Have you almost given up on finding a house with two full bathrooms and a nice basement for less than $100k? Here it is! From the cute curb appeal to double-pane windows for energy efficiency, this home is ready for you. Step past the convenient entryway closet into the spacious living room with plenty of wall space for diverse seating arrangements. The eat-in kitchen includes all appliances, most of which are only a few years old. Ceiling fans in all of the bedrooms provide year-round comfort. The full basement offers tons of potential, with a large family room with built-in bar area, second full bath with huge sink (very convenient to the spacious laundry room - washer and dryer stay!), and an office or potential future 4th bedroom. Park your car in the attached garage before winter comes! Windows replaced in 2006, roof in 2005, and central A/C and furnace in 2004. Enjoy having your own space while being close to bus lines to UIUC. Stop renting and call your agent for a tour today!

22. 2018-10-24
    listed $97,900 New 998-char remark

    Show marketing remark (998 chars)

    Have you almost given up on finding a house with two full bathrooms and a nice basement for less than $100k? Here it is! From the cute curb appeal to double-pane windows for energy efficiency, this home is ready for you. Step past the convenient entryway closet into the spacious living room with plenty of wall space for diverse seating arrangements. The eat-in kitchen includes all appliances, most of which are only a few years old. Ceiling fans in all of the bedrooms provide year-round comfort. The full basement offers tons of potential, with a large family room with built-in bar area, second full bath with huge sink (very convenient to the spacious laundry room - washer and dryer stay!), and an office or potential future 4th bedroom. Park your car in the attached garage before winter comes! Windows replaced in 2006, roof in 2005, and central A/C and furnace in 2004. Enjoy having your own space while being close to bus lines to UIUC. Stop renting and call your agent for a tour today!

23. 2010-05-17
    soldstatus $72,000

    Show marketing remark (346 chars)

    look at all of the space this ranch home has to offer its new owners. updates include new windows in 2006, roof 2005, central a/c and furnace 2004. dont miss the finished basement that offers a 4th bedroom and a large familyroom. all offers require proof of funds/prequal letter and min. earnest money. property being sold in as is condition.

24. 2010-04-26
    historical

    Show marketing remark (346 chars)

    look at all of the space this ranch home has to offer its new owners. updates include new windows in 2006, roof 2005, central a/c and furnace 2004. dont miss the finished basement that offers a 4th bedroom and a large familyroom. all offers require proof of funds/prequal letter and min. earnest money. property being sold in as is condition.

25. 2010-03-25
    listed $84,900

    Show marketing remark (346 chars)

    look at all of the space this ranch home has to offer its new owners. updates include new windows in 2006, roof 2005, central a/c and furnace 2004. dont miss the finished basement that offers a 4th bedroom and a large familyroom. all offers require proof of funds/prequal letter and min. earnest money. property being sold in as is condition.

26. 2007-06-26
    historical
27. 2007-03-06
    listed
28. 2002-11-14
    soldstatus $86,000
29. 2002-10-07
    historical
30. 2002-09-17
    listed $86,000
31. 1993-08-23
    soldstatus $40,000

ⓘ 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: $2,644 · $220/mo
• Projected year-2 tax: $3,019 · $252/mo
• Expected delta: +$375/yr (+$31/mo · 14.2%)

ⓘ 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 ≥103°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: $21,695
• − Mortgage interest: −$8,374
• − Property taxes: −$2,644
• − Insurance: −$748
• − Repairs & maintenance: −$1,736
• − Management: −$1,736
• − Depreciation: −$4,349
• Taxable income: $2,109
• Est. tax owed @ 24.0%: −$506
• After-tax cash flow: $3,833/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: Urbana SD 116
• NCES district ID: 1739960
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 13% ▼ -7.00%
• Median HH income: $33,678
• Composite: 9.72/100
• National rank: #9830
• State rank: #568 of 620 in IL

Livability — Urbana

• Score: 80/100
• State rank: #110
• US rank: #1793

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Urbana, IL
• County: Champaign County · 182,148 people
• City population: 48,184
• Metro: Champaign-Urbana, IL
• Population (ZIP): 20,293
• Household income: $61,620
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 809.0

Population outlook (Champaign County) Hauer SSP2

• Today (2025): 223,848 people
• By 2030: 231,416 · +3.4%
• By 2040: 244,321 · +9.1%
• By 2050: 256,432 · +14.6%
• By 2075: 285,823 · +27.7%
• By 2100: 296,406 · +32.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 61% Black 18% Hispanic / Latino 11% Asian 7% Two or more races 6%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 1%
• Foreign-born: 12% · China, Canada, South Korea
• Languages at home: 83% English-only · Spanish 7% Other Indo-European 2% Chinese 2%

Political lean MEDSL · Champaign

• 2024 margin: Strong D (+24.1) · D 61.3% · R 37.2% · Other 1.5%
• 2008→2024 swing: +6.6pp toward D · 2008: 17.5pp · 2024: 24.1pp
• All cycles: 2024: D+24.1 2020: D+22.8 2016: D+18.4 2012: D+6.8 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.21%
• Current HPI: 206.3079
• Rent YoY: ▲ 11.85%
• Metro: Champaign-Urbana, 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

+273.8% since first listed

16 events — show timeline

• 2026-06-04 Price Changed $149,500 MRED as Distributed by MLS Grid
• 2026-05-18 Price Changed $160,000 MRED as Distributed by MLS Grid
• 2026-04-21 Listed $169,900 MRED as Distributed by MLS Grid
• 2018-12-07 Sold (Public Records) $96,000 Public Records
• 2018-11-30 Sold (MLS) $96,000 MRED as Distributed by MLS Grid
• 2018-11-05 Contingent — MRED as Distributed by MLS Grid
• 2018-10-24 Listed $97,900 MRED as Distributed by MLS Grid
• 2010-05-17 Sold (MLS) $72,000 MRED as Distributed by MLS Grid
• 2010-04-26 Listing Removed — MRED as Distributed by MLS Grid
• 2010-03-25 Listed $84,900 MRED as Distributed by MLS Grid
• 2007-06-26 Listing Removed — MRED as Distributed by MLS Grid
• 2007-03-06 Listed — MRED as Distributed by MLS Grid
• 2002-11-14 Sold (MLS) $86,000 MRED as Distributed by MLS Grid
• 2002-10-07 Listing Removed — MRED as Distributed by MLS Grid
• 2002-09-17 Listed $86,000 MRED as Distributed by MLS Grid
• 1993-08-23 Sold (Public Records) $40,000 Public Records

Property tax history

+0.2%/yr

Latest (2025): $2,644 · -2.0% YoY. Source: county tax records.