300 E 2nd St · Pana, IL 62557

$179,000

None bd · None ba · 2,116 sqft · MultiFamily · 394 Days on market

Built 1890 Fair condition 0.26 ac lot

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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
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

Key facts

• New roof
• 0.26 acre lot
• Built 1890

Tags

• NEW ROOF
• APARTMENT 4 RENOVATED

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two levels / 2 stories
• Exterior features: Shingle roof; Lot approximately 0.26 acres; Zoned other; Subdivision: Railroad Add

Interior

• Heating & cooling: Forced air heating; Window unit cooling; Additional/other cooling
• Interior features: Electric water heater

What this means for you Summary

Snapshot

• This is a multifamily listed at $179k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $179k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.0% vs local median 6.4% in Pana — 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 65/100 on livability (#599 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Pana CUSD 8 (town): math 20% / reading 29% proficiency, ranked #360 of 620 in IL (top 58%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 66 active listings in the ZIP; 26 units permitted in Christian County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Christian County population projected at -24% 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 $50k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 394 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y 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 $68k; list at $179k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 394 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.06% ✓
• Cap rate: 27.04%
• Cash-on-cash: 74.09%
• DSCR: 4.30
• GRM: 2.7

CMA / ARV

• ARV (median comp): $58,151
• List price: $179,000
• Delta: 207.82%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 73.9%
• Equity multiple: 4.36×
• Total profit: $168,170
• Equity at exit: $26,689

10-year hold

• IRR: 77.7%
• Equity multiple: 8.99×
• Total profit: $400,564
• Equity at exit: $15,477

Cash invested: $50,120 (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 62557

• Home prices YoY: -18.5%
• Active inventory: 66
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $5,483 medium
• Mortgage (P&I): −$939
• Tax est. 1.5%: −$224 /mo · $2,685/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,151
• Net cashflow: $3,095

Break-even live

Break-even rent $1,566

Max offer price $179,000

Occupancy floor 39%

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	1	1	$5,481
Total (7 units)			$5,483

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $179,000 Active 394 DOM
2. 2026-06-18
   days on market $179,000 Active 393 DOM
3. 2026-06-17
   days on market $179,000 Active 392 DOM
4. 2026-06-16
   days on market $179,000 Active 391 DOM
5. 2026-06-15
   days on market $179,000 Active 390 DOM
6. 2026-06-14
   days on market $179,000 Active 388 DOM
7. 2026-06-13
   days on market $179,000 Active 387 DOM
8. 2026-06-10
   days on market $179,000 Active 385 DOM
9. 2026-06-09
   days on market $179,000 Active 384 DOM
10. 2026-06-08
    days on market $179,000 Active 383 DOM
11. 2026-06-07
    days on market $179,000 Active 382 DOM
12. 2026-06-05
    days on market $179,000 Active 379 DOM
13. 2026-06-03
    days on market $179,000 Active 378 DOM
14. 2026-06-02
    days on market $179,000 Active 377 DOM
15. 2026-06-01
    days on market $179,000 Active 376 DOM
16. 2026-05-31
    days on market $179,000 Active 375 DOM
17. 2026-05-30
    days on market $179,000 Active 374 DOM
18. 2026-04-23
    listed $179,000 Active

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

19. 2026-04-23
    status Active 342-char remark

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

20. 2025-10-08
    price $179,000 342-char remark

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

21. 2025-07-29
    price $184,000

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

22. 2025-07-29
    price $184,000 342-char remark

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

23. 2025-06-20
    status Active

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

24. 2025-06-20
    status Active 342-char remark

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

25. 2025-06-13
    status Pending
26. 2025-05-30
    historical Active Under Contract

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

27. 2025-05-30
    historical Active Under Contract 342-char remark

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

28. 2025-05-06
    listed $189,000 Active 342-char remark

    Show marketing remark (342 chars)

    This is a wonderful opportunity to enhance your investment portfolio or to begin your journey in real estate. The property consists of seven one-bedroom, one-bathroom units, all of which are currently rented. A new roof was installed in 2024, and Apartment 4 has been renovated. Please call to schedule your viewing today. Notice is required.

29. 2025-04-08
    listed $189,000 Active
30. 2022-11-30
    soldstatus $67,500 Closed
31. 2022-10-26
    historical
32. 2021-10-22
    listed $87,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥105°F today · 20 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: $65,796
• − Mortgage interest: −$10,027
• − Property taxes: −$2,685
• − Insurance: −$895
• − Repairs & maintenance: −$5,264
• − Management: −$5,264
• − Depreciation: −$5,207
• Taxable income: $36,455
• Est. tax owed @ 24.0%: −$8,749
• After-tax cash flow: $28,385/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to update the kitchens and bathrooms, and paint the interior walls. The home is currently rented and has a new roof, but the overall condition is fair.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement
• Moderate bathroom fixtures — basic and in need of replacement
• Moderate exterior siding — moderate wear

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing the kitchen would appeal to both buyers and renters
• Both update bathrooms with modern fixtures — modernizing bathrooms would appeal to both buyers and renters
• Both paint interior walls — fresh paint would improve the home's curb appeal and interior aesthetics
• Both replace kitchen flooring — new flooring would improve the home's curb appeal and interior aesthetics
• Both replace bathroom fixtures — modern fixtures would improve the home's curb appeal and interior aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · basic and in need of replacement	Moderate	$3,000–15,000
exterior siding · moderate wear	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing the kitchen would appeal to both buyers and renters ↑
• Both update bathrooms with modern fixtures — modernizing bathrooms would appeal to both buyers and renters ↑
• Both paint interior walls — fresh paint would improve the home's curb appeal and interior aesthetics ↑
• Both replace kitchen flooring — new flooring would improve the home's curb appeal and interior aesthetics ↑
• Both replace bathroom fixtures — modern fixtures would improve the home's curb appeal and interior aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Pana CUSD 8
• NCES district ID: 1730630
• Math proficiency: 20% ▼ -4.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $42,385
• Composite: 20.88/100
• National rank: #8493
• State rank: #360 of 620 in IL

Livability — Pana

• Score: 65/100
• State rank: #599
• US rank: #12409

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pana, IL
• Population (ZIP): 6,859

Population outlook (Christian County) Hauer SSP2

• Today (2025): 31,182 people
• By 2030: 29,787 · -4.5%
• By 2040: 26,793 · -14.1%
• By 2050: 23,757 · -23.8%
• By 2075: 17,333 · -44.4%
• By 2100: 11,573 · -62.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 3% Black 1%
• Common ancestry: Lithuanian 4% Slovak 3% Romanian 3%
• Foreign-born: 1% · Canada

Political lean MEDSL · Christian

• 2024 margin: Solid R (+46.7) · D 25.9% · R 72.6% · Other 1.5%
• 2008→2024 swing: -40.4pp toward R · 2008: -6.3pp · 2024: -46.7pp
• All cycles: 2024: R+46.7 2020: R+44.6 2016: R+42.7 2012: R+23.1 2008: R+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.82%
• Current HPI: 135.6938
• 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

+103.6% since first listed

15 events — show timeline

• 2026-04-23 Listed $179,000 CIBR
• 2026-04-23 Relisted — MARIS as Distributed by MLS Grid
• 2025-10-08 Price Changed $179,000 MARIS as Distributed by MLS Grid
• 2025-07-29 Price Changed $184,000 CIBR
• 2025-07-29 Price Changed $184,000 MARIS as Distributed by MLS Grid
• 2025-06-20 Relisted — CIBR
• 2025-06-20 Relisted — MARIS as Distributed by MLS Grid
• 2025-06-13 Pending — CIBR
• 2025-05-30 Contingent — CIBR
• 2025-05-30 Contingent — MARIS as Distributed by MLS Grid
• 2025-05-06 Listed $189,000 MARIS as Distributed by MLS Grid
• 2025-04-08 Listed $189,000 CIBR
• 2022-11-30 Sold (MLS) $67,500 CIBR
• 2022-10-26 Delisted — CIBR
• 2021-10-22 Listed $87,900 CIBR