601 Lincoln St · Lerna, IL 62440

$60,000

3 bd · 2.0 ba · 1,400 sqft · SingleFamily public records · 1 Days on market

Built 1971

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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
• Appreciation +9.6/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

Corner Lot property with plenty of storage!!! This manufactured home with 3 bedrooms, 2 bath, large living room with a gas fireplace, eat in kitchen and plenty of storage could be brought back to life with a little TLC. Newer metal roof on the house, 2 newer sheds on the property and a 2 car garage with workshop! Call today!!

Key facts

• Hot water heater
• Corner lot
• New roof

Tags

• CORNER LOT
• NEW ROOF
• HOT WATER HEATER
• UPGRADED TO 200 AMP SERVICE
• FRIDGE AND DISHWASHER INCLUDED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).

Location & tenants

• Location reads 61/100 on livability (#899 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Charleston CUSD 1 (town): math 14% / reading 21% proficiency, ranked #489 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 2 active listings in the ZIP; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($415 loan paydown + $6k appreciation (9.2% local appreciation)).
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (9.2% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y ago 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.
• Current owner paid $10k; list at $60k implies a 471% gain — meaningful room to come down on a strong offer.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1971 — 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. 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?
4. 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.
5. 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.
6. 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: 2.26% ✓
• Cap rate: 19.58%
• Cash-on-cash: 47.46%
• DSCR: 3.11
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.21% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 60.5%
• Equity multiple: 5.27×
• Total profit: $71,798
• Equity at exit: $50,631

10-year hold

• IRR: 54.6%
• Equity multiple: 11.56×
• Total profit: $177,478
• Equity at exit: $105,739

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 62440

• Home prices YoY: 5.6%
• Active inventory: 2
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,356 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$67 /mo · $804/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $664

Break-even live

Break-even rent $515

Max offer price $60,000

Occupancy floor 46%

Sensitivity live

Price	-10% $698	-5% $681	+0% $664	+5% $648	+10% $631
Rent	-10% $557	-5% $611	+0% $664	+5% $718	+10% $772
Rate	-1.0pp $695	-0.5pp $680	base $664	+0.5pp $649	+1.0pp $633

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. 2026-06-19
   remarks 399-char remark
2. 2026-06-19
   listed $60,000 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: $804 · $67/mo
• Projected year-2 tax: $1,083 · $90/mo
• Expected delta: +$279/yr (+$23/mo · 34.7%)

ⓘ 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 2% 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: $16,270
• − Mortgage interest: −$3,361
• − Property taxes: −$804
• − Insurance: −$300
• − Repairs & maintenance: −$1,302
• − Management: −$1,302
• − Depreciation: −$1,745
• Taxable income: $7,457
• Est. tax owed @ 24.0%: −$1,790
• After-tax cash flow: $6,184/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: Charleston CUSD 1
• NCES district ID: 1709600
• Math proficiency: 14% ▼ -6.00%
• Reading proficiency: 21% ▼ -8.00%
• Median HH income: $35,724
• Composite: 14.45/100
• National rank: #9429
• State rank: #489 of 620 in IL

Livability — Lerna

• Score: 61/100
• State rank: #899
• US rank: #17529

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lerna, IL
• Population (ZIP): 1,092

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 (99%)
• Race & ethnicity: White 99%
• Common ancestry: Italian 7% Serbian 2% Iranian 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: ▲ 9.21%
• Current HPI: 174.8438
• 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

+500.0% since first listed

9 events — show timeline

• 2026-06-19 Listed $60,000 FSBO.com
• 2024-02-26 Sold (MLS) $10,500 MRED as Distributed by MLS Grid
• 2024-02-26 Sold (MLS) $10,500 CIBR
• 2024-02-13 Pending — CIBR
• 2024-02-13 Pending — MRED as Distributed by MLS Grid
• 2024-02-09 Listed $10,000 MRED as Distributed by MLS Grid
• 2024-02-09 Listed $10,000 CIBR
• 2021-09-26 Listing Removed — MRED as Distributed by MLS Grid
• 2005-01-08 Listing Removed — MRED as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2025): $804 · +0.6% YoY. Source: county tax records.