402 S Johnson Ave · Urbana, IL 61801

$80,000

2 bd · 1.0 ba · 746 sqft · Other · 21 Days on market

6,000 sqft lot

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Why this score? — see what drove the C+ 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 +25.9/30.0
• 1% rule +9.4/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor special with tons of potential! This 2 bedroom, 2 bath home offers an unfinished basement and a great opportunity to add value without taking on a massive renovation project. With some fresh paint and a little TLC, you could be right back on the rental scene in no time. Whether you're looking to expand your portfolio, tackle your next flip, or create a solid long-term rental, this one is full of opportunity at an affordable price point. Investor is selling 'as-is'

Key facts

• 6,000 sq ft lot
• Garage
• Listed 21 days

Property features AI

Finance

• Other: Built before 1978
• HOA & community: No master association fees (not required)

Exterior

• Parking: Detached garage (garage owned); Gravel parking; 1 garage space / 1 total parking space
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; One-story; Estimated living area; Fee simple ownership
• Construction: Metal roof; Vinyl siding; Approximately 61–70 years old; Total finished + unfinished area approx. 1,492 (finished area approx. 746); Unfinished basement approx. 746
• Exterior features: Lot dimensions about 50 x 120; Lot smaller than 0.25 acre

Interior

• Kitchen: Kitchen on main level (approx. 9 x 9)
• Bedrooms: Master bedroom on main level (approx. 10 x 11); Second bedroom on main level (approx. 10 x 9); Additional bedrooms listed
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Unfinished full basement with cellar; 4 total rooms
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $80k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: Wiley Elementary School (math 5% / reading 5%, grade F, #1,741 of 2,056 statewide, top 93%, 234 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 (+4.4%/yr); 63 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 573 units permitted in Champaign County in 2024 (359 in 5+ unit buildings).
• This rent runs 38% of the median local income ($36k/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 $553 of loan paydown is wiped out by about $2k 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 + 4.4% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price.

Recommended offer $78,800 (1.5% below list)

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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?
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: 1.44% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.58%
• DSCR: 1.47
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.4% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.06×
• Total profit: $1,369
• Equity at exit: $11,928

10-year hold

• IRR: 12.9%
• Equity multiple: 2.11×
• Total profit: $24,777
• Equity at exit: $6,917

Cash invested: $22,400 (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 61801

• Home prices YoY: -27.4%
• Rents YoY: 4.4%
• Active inventory: 63
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,149 high
• Mortgage (P&I): −$420
• Tax from tax record: −$257 /mo · $3,084/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $197

Break-even live

Break-even rent $899

Max offer price $80,000

Occupancy floor 78%

Sensitivity live

Price	-10% $243	-5% $220	+0% $197	+5% $175	+10% $152
Rent	-10% $107	-5% $152	+0% $197	+5% $243	+10% $288
Rate	-1.0pp $238	-0.5pp $218	base $197	+0.5pp $177	+1.0pp $156

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
202 Hartle Ave Unit 2 Urbana, IL	1.0	1.0	575	$790	$1.37	45d	1	0.30mi
1201 S Lynn St Urbana, IL	2.0	1.0	747	$1,350	$1.81	45d	1	0.45mi
807 E Park St Unit A Urbana, IL	1.0	1.0	450	$995	$2.21	22d	1	0.48mi
306 E Michigan Ave Urbana, IL	1.0	1.0	720	$1,050	$1.46	45d	1	0.65mi
1032 E Kerr Ave Urbana, IL	1.0–2.0	1.0–2.0	777	$1,430	$1.84	14d	46	0.99mi
704 Stoughton St Urbana, IL	1.0	1.0	550	$1,035	$1.88	45d	1	1.06mi
1301 E Harding Dr Urbana, IL	1.0	1.0	520	$750	$1.44	45d	1	1.15mi
2502 Prairie Green Dr Urbana, IL	1.0	1.0	741	$875	$1.18	4d	1	1.27mi

Listing history 17 events

1. 2026-06-18
   days on market $80,000 Active 21 DOM
2. 2026-06-17
   days on market $80,000 Active 20 DOM
3. 2026-06-16
   days on market $80,000 Active 19 DOM
4. 2026-06-15
   days on market $80,000 Active 18 DOM
5. 2026-06-14
   days on market $80,000 Active 16 DOM
6. 2026-06-13
   days on market $80,000 Active 15 DOM
7. 2026-06-10
   days on market $80,000 Active 13 DOM
8. 2026-06-09
   days on market $80,000 Active 12 DOM
9. 2026-06-08
   days on market $80,000 Active 11 DOM
10. 2026-06-07
    days on market $80,000 Active 10 DOM
11. 2026-06-03
    days on market $80,000 Active 6 DOM
12. 2026-06-02
    days on market $80,000 Active 5 DOM
13. 2026-06-01
    days on market $80,000 Active 4 DOM
14. 2026-05-31
    days on market $80,000 Active 3 DOM
15. 2026-05-30
    days on market $80,000 Active 2 DOM
16. 2026-05-28
    listed $80,000 Active
17. 2026-05-28
    historical $80,000

ⓘ 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: $3,084 · $257/mo
• Projected year-2 tax: $3,084 · $257/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 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: $13,782
• − Mortgage interest: −$4,481
• − Property taxes: −$3,084
• − Insurance: −$400
• − Repairs & maintenance: −$1,103
• − Management: −$1,103
• − Depreciation: −$2,327
• Taxable income: $1,285
• Est. tax owed @ 24.0%: −$308
• After-tax cash flow: $2,062/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): 27,891
• Household income: $36,180
• Rent vs Own: 66.7% rent · 33.3% own
• Severe rent burden: 2719.0

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 0.65)
• Race & ethnicity: White 54% Asian 17% Black 16% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Iranian 1%
• Foreign-born: 20% · China, Canada, Jamaica
• Languages at home: 74% English-only · Chinese 8% Spanish 6% Other Indo-European 4%

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: ▼ -83.21%
• Current HPI: 220.7438
• Rent YoY: ▲ 4.40%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-28 Listed $80,000 MRED as Distributed by MLS Grid
• 2026-05-28 Coming Soon $80,000 MRED as Distributed by MLS Grid

Property tax history

+2.7%/yr

Latest (2024): $3,084 · +6.3% YoY. Source: county tax records.