506 W College St · Harrisburg, IL 62946

$18,500

2 bd · 1.0 ba · 884 sqft · SingleFamily · 85 Days on market

$21/sqft · 66% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

How About a Fixer Upper 2 Bedroom, 1 Bath with large glassed in front porch. Basement has a sump pump. Large lot beside the home and a small pole barn-1 Car Garage in the back yard.

Key facts

• Sump pump
• Large lot
• Small pole barn

Tags

• GLASSED IN FRONT PORCH
• SUMP PUMP
• LARGE LOT
• SMALL POLE BARN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $18k.

Deal economics

• At list price, monthly cash flow is $584 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($909 rent vs $18k).
• Recommended offer: $17k (6.0% below list) — sets the bar for market timing.
• Cap rate 44.2% vs local median 5.4% in Harrisburg — 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 72/100 on livability (#309 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, commute F, employment F.
• Harrisburg CUSD 3 (town): math 5% / reading 25% proficiency, ranked #521 of 620 in IL (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 74 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $128 of loan paydown is wiped out by about $555 of value loss. Plan a longer hold.
• Saline County population projected at -16% 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 $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($17k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $17,390 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 4.91% ✓
• Cap rate: 44.16%
• Cash-on-cash: 135.24%
• DSCR: 7.02
• GRM: 1.7

CMA / ARV

• ARV (median comp): $53,698
• List price: $18,500
• Delta: -65.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1109 S Feazel St	0.36mi	2/1.0	888 (+0%)	9mo	$45,000	$51	75
1111 Roosevelt St	0.38mi	3/1.0 (+1)	858 (-3%)	0mo	$37,000	$43	72
600 W Parish St	0.26mi	2/1.0	924 (+4%)	11mo	$15,000	$16	71
910 S Webster St	0.30mi	2/1.5	936 (+6%)	11mo	$75,000	$80	65
718 W Raymond St	0.38mi	2/1.0	825 (-7%)	12mo	$97,000	$118	62
825 W Sloan St	0.33mi	2/1.0	960 (+9%)	12mo	$37,500	$39	61
1116 S Land St St	0.26mi	3/1.0 (+1)	990 (+12%)	4mo	$80,000	$81	60
1419 S Granger St	0.56mi	2/1.0	832 (-6%)	8mo	$63,000	$76	57
1020 S Webster St	0.32mi	2/1.0	1,000 (+13%)	8mo	$54,000	$54	56
1428 S Granger St	0.60mi	2/1.0	958 (+8%)	3mo	$61,800	$65	55
1129 W Dorris St	0.57mi	1/1.0 (-1)	784 (-11%)	2mo	$10,000	$13	48
716 W Poplar St	0.73mi	2/1.0	800 (-10%)	4mo	$53,000	$66	47

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: —
• Equity multiple: 7.60×
• Total profit: $34,202
• Equity at exit: $2,758

10-year hold

• IRR: —
• Equity multiple: 16.01×
• Total profit: $77,732
• Equity at exit: $1,600

Cash invested: $5,180 (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 62946

• Active inventory: 74
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $909 medium
• Mortgage (P&I): −$97
• Tax from tax record: −$30 /mo · $355/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$191
• Net cashflow: $584

Break-even live

Break-even rent $170

Max offer price $18,500

Occupancy floor 31%

Sensitivity live

Price	-10% $594	-5% $589	+0% $584	+5% $579	+10% $573
Rent	-10% $512	-5% $548	+0% $584	+5% $620	+10% $656
Rate	-1.0pp $593	-0.5pp $588	base $584	+0.5pp $579	+1.0pp $574

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: $4,625
• Closing costs: $555
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $18,500 Active 85 DOM
2. 2026-06-18
   days on market $18,500 Active 83 DOM
3. 2026-06-17
   days on market $18,500 Active 82 DOM
4. 2026-06-16
   days on market $18,500 Active 81 DOM
5. 2026-06-15
   days on market $18,500 Active 80 DOM
6. 2026-06-13
   days on market $18,500 Active 78 DOM
7. 2026-06-12
   days on market $18,500 Active 77 DOM
8. 2026-06-09
   days on market $18,500 Active 74 DOM
9. 2026-06-08
   days on market $18,500 Active 73 DOM
10. 2026-06-07
    days on market $18,500 Active 72 DOM
11. 2026-06-07
    pricedays on market $18,500 Active 71 DOM
12. 2026-06-04
    days on market $25,000 Active 68 DOM
13. 2026-06-02
    days on market $25,000 Active 67 DOM
14. 2026-06-01
    days on market $25,000 Active 66 DOM
15. 2026-05-31
    days on market $25,000 Active 65 DOM
16. 2026-05-31
    days on market $25,000 Active 64 DOM
17. 2026-05-05
    price $25,000 183-char remark

    Show marketing remark (183 chars)

    How About a Fixer Upper 2 Bedroom, 1 Bath with large glassed in front porch. Basement has a sump pump. Large lot beside the home and a small pole barn-1 Car Garage in the back yard.

ⓘ 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: $355 · $30/mo
• Projected year-2 tax: $387 · $32/mo
• Expected delta: +$33/yr (+$3/mo · 9.2%)

ⓘ 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 5/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $10,907
• − Mortgage interest: −$1,036
• − Property taxes: −$355
• − Insurance: −$92
• − Repairs & maintenance: −$873
• − Management: −$873
• − Depreciation: −$538
• Taxable income: $7,141
• Est. tax owed @ 24.0%: −$1,714
• After-tax cash flow: $5,292/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: Harrisburg CUSD 3
• NCES district ID: 1718270
• Math proficiency: 5% ▼ -5.00%
• Reading proficiency: 25% ▼ -9.00%
• Median HH income: $38,717
• Composite: 12.61/100
• National rank: #9613
• State rank: #521 of 620 in IL

Livability — Harrisburg

• Score: 72/100
• State rank: #309
• US rank: #6073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrisburg, IL
• Population (ZIP): 11,465

Population outlook (Saline County) Hauer SSP2

• Today (2025): 23,915 people
• By 2030: 23,262 · -2.7%
• By 2040: 21,775 · -8.9%
• By 2050: 20,098 · -16.0%
• By 2075: 15,234 · -36.3%
• By 2100: 10,302 · -56.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 3%
• Common ancestry: Italian 2% Slovak 2% Serbian 2%
• Foreign-born: 0%

Political lean MEDSL · Saline

• 2024 margin: Solid R (+49.0) · D 24.8% · R 73.8% · Other 1.3%
• 2008→2024 swing: -40.1pp toward R · 2008: -8.9pp · 2024: -49.0pp
• All cycles: 2024: R+49.0 2020: R+47.9 2016: R+50.7 2012: R+29.0 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.20%
• Current HPI: 102.6962
• 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

1 event — show timeline

• 2026-05-05 Price Changed $25,000 MRED as Distributed by MLS Grid

Property tax history

+4.8%/yr

Latest (2024): $355 · +14.9% YoY. Source: county tax records.