708 N Madison St · Lincoln, IL 62656

$78,500

2 bd · 1.0 ba · 720 sqft · Other public records · 59 Days on market

Built 1978 5,640 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 +21.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this cozy bungalow. This home features 2 bedrooms and 1 bath( updated flooring, sink, and toilet). Large eat in kitchen and living room. There is fresh paint throughout, newer fridge, and new sewer line. Property is rented until September 2025.

Key facts

• New stove
• New waterlines
• New refrigerator

Tags

• NEW ROOF
• NEW DECKS
• NEW WATERLINES
• NEW SEWER LINE
• NEW STOVE
• NEW REFRIGERATOR

Property features AI

Finance

• HOA & community: No master association fee required

Exterior

• Parking: Two parking spaces; Gravel parking
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; One-story; Fee simple ownership; Asphalt roof; Vinyl siding; Built approximately 41–50 years ago
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Lot dimensions about 40 x 141; Lot under 0.25 acre

Interior

• Kitchen: Kitchen on main level (approx. 12 x 19)
• Bedrooms: Master bedroom on main level (approx. 9 x 10); Second bedroom on main level (approx. 9 x 10); Additional bedrooms indicated
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating
• Interior features: Four total rooms; Crawl space basement
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $78k.

Deal economics

• At list price, monthly cash flow is $119 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($845 rent vs $78k).
• Recommended offer: $76k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.1% in Lincoln — 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 67/100 on livability (#509 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment D-.
• Lincoln Chsd 404 (town): math 21% / reading 27% proficiency, ranked #367 of 620 in IL (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lincoln Comm High School (math 21% / reading 27%, grade F, #304 of 693 statewide, top 44%, 786 students, 0% FRL).
• Market conditions: 77 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 10 units permitted in Logan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $543 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Logan County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 3y 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 $28k; list at $78k implies a 180% gain — meaningful room to come down on a strong offer.

Recommended offer $76,145 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.08% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.47%
• DSCR: 1.29
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-5,152
• Equity at exit: $11,705

10-year hold

• IRR: 3.3%
• Equity multiple: 1.24×
• Total profit: $5,306
• Equity at exit: $6,787

Cash invested: $21,980 (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 62656

• Active inventory: 77
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $845 medium
• Mortgage (P&I): −$412
• Tax from tax record: −$105 /mo · $1,255/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $119

Break-even live

Break-even rent $695

Max offer price $78,500

Occupancy floor 81%

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: $19,625
• Closing costs: $2,355
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1455 Castle Manor Dr Lincoln, IL	1.0–2.0	1.0	835	$845	$1.01	44d	1	0.59mi

Listing history 40 events

1. 2026-06-18
   days on market $78,500 Active 59 DOM
2. 2026-06-17
   days on market $78,500 Active 58 DOM
3. 2026-06-16
   days on market $78,500 Active 57 DOM
4. 2026-06-15
   days on market $78,500 Active 56 DOM
5. 2026-06-13
   days on market $78,500 Active 54 DOM
6. 2026-06-12
   days on market $78,500 Active 53 DOM
7. 2026-06-09
   days on market $78,500 Active 50 DOM
8. 2026-06-08
   days on market $78,500 Active 49 DOM
9. 2026-06-07
   days on market $78,500 Active 48 DOM
10. 2026-06-04
    days on market $78,500 Active 44 DOM
11. 2026-06-02
    days on market $78,500 Active 43 DOM
12. 2026-06-01
    days on market $78,500 Active 42 DOM
13. 2026-05-31
    days on market $78,500 Active 41 DOM
14. 2026-05-31
    days on market $78,500 Active 40 DOM
15. 2026-04-20
    listed $78,500 Active
16. 2026-04-15
    historical
17. 2026-03-19
    price
18. 2026-02-17
    price
19. 2025-05-02
    soldstatus $28,000 Closed 258-char remark

    Show marketing remark (258 chars)

    Welcome to this cozy bungalow. This home features 2 bedrooms and 1 bath( updated flooring, sink, and toilet). Large eat in kitchen and living room. There is fresh paint throughout, newer fridge, and new sewer line. Property is rented until September 2025.

20. 2025-04-24
    status Pending 258-char remark

    Show marketing remark (258 chars)

    Welcome to this cozy bungalow. This home features 2 bedrooms and 1 bath( updated flooring, sink, and toilet). Large eat in kitchen and living room. There is fresh paint throughout, newer fridge, and new sewer line. Property is rented until September 2025.

21. 2025-04-15
    price $33,000 258-char remark

    Show marketing remark (258 chars)

    Welcome to this cozy bungalow. This home features 2 bedrooms and 1 bath( updated flooring, sink, and toilet). Large eat in kitchen and living room. There is fresh paint throughout, newer fridge, and new sewer line. Property is rented until September 2025.

22. 2025-03-04
    status Active 258-char remark

    Show marketing remark (258 chars)

    Welcome to this cozy bungalow. This home features 2 bedrooms and 1 bath( updated flooring, sink, and toilet). Large eat in kitchen and living room. There is fresh paint throughout, newer fridge, and new sewer line. Property is rented until September 2025.

23. 2025-02-06
    status Pending 258-char remark

    Show marketing remark (258 chars)

    Welcome to this cozy bungalow. This home features 2 bedrooms and 1 bath( updated flooring, sink, and toilet). Large eat in kitchen and living room. There is fresh paint throughout, newer fridge, and new sewer line. Property is rented until September 2025.

24. 2025-02-04
    listed $36,000 Active 258-char remark

    Show marketing remark (258 chars)

    Welcome to this cozy bungalow. This home features 2 bedrooms and 1 bath( updated flooring, sink, and toilet). Large eat in kitchen and living room. There is fresh paint throughout, newer fridge, and new sewer line. Property is rented until September 2025.

25. 2024-08-31
    historical
26. 2024-08-26
    historical $600
27. 2024-08-08
    listed $600
28. 2024-07-25
    price
29. 2024-07-14
    price
30. 2024-06-21
    price
31. 2024-05-28
    price
32. 2024-05-23
    price
33. 2024-05-13
    status Active
34. 2024-03-27
    historical Contingent - Continue to Show
35. 2024-03-13
    status Active
36. 2024-03-04
    historical Contingent - Continue to Show
37. 2024-02-29
    listed Active
38. 2023-07-12
    soldstatus $20,000 Closed
39. 2023-06-27
    status Pending
40. 2023-05-31
    listed $25,000 Active

ⓘ 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: $1,255 · $105/mo
• Projected year-2 tax: $1,519 · $127/mo
• Expected delta: +$263/yr (+$22/mo · 21.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,140
• − Mortgage interest: −$4,397
• − Property taxes: −$1,255
• − Insurance: −$392
• − Repairs & maintenance: −$811
• − Management: −$811
• − Depreciation: −$2,284
• Taxable income: $189
• Est. tax owed @ 24.0%: −$45
• After-tax cash flow: $1,378/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: Lincoln Chsd 404
• NCES district ID: 1723050
• Math proficiency: 21% ▼ -9.00%
• Reading proficiency: 27% ▼ -8.00%
• Median HH income: $41,489
• Composite: 20.4/100
• National rank: #8590
• State rank: #367 of 620 in IL

Livability — Lincoln

• Score: 67/100
• State rank: #509
• US rank: #10514

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lincoln, IL
• City population: 18,364
• Population (ZIP): 18,364

Population outlook (Logan County) Hauer SSP2

• Today (2025): 28,066 people
• By 2030: 27,370 · -2.5%
• By 2040: 26,078 · -7.1%
• By 2050: 24,908 · -11.3%
• By 2075: 22,504 · -19.8%
• By 2100: 19,226 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Logan

• 2024 margin: Solid R (+41.5) · D 28.2% · R 69.8% · Other 2.0%
• 2008→2024 swing: -24.6pp toward R · 2008: -16.9pp · 2024: -41.5pp
• All cycles: 2024: R+41.5 2020: R+39.8 2016: R+40.1 2012: R+32.1 2008: R+16.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -181.45%
• Current HPI: 133.9499
• 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

+214.0% since first listed

26 events — show timeline

• 2026-04-20 Listed $78,500 MRED as Distributed by MLS Grid
• 2026-04-15 Listing Removed — MRED as Distributed by MLS Grid
• 2026-03-19 Price Changed — MRED as Distributed by MLS Grid
• 2026-02-17 Price Changed — MRED as Distributed by MLS Grid
• 2025-05-02 Sold (MLS) $28,000 MRED as Distributed by MLS Grid
• 2025-04-24 Pending — MRED as Distributed by MLS Grid
• 2025-04-15 Price Changed $33,000 MRED as Distributed by MLS Grid
• 2025-03-04 Relisted — MRED as Distributed by MLS Grid
• 2025-02-06 Pending — MRED as Distributed by MLS Grid
• 2025-02-04 Listed $36,000 MRED as Distributed by MLS Grid
• 2024-08-31 Listing Removed — MRED as Distributed by MLS Grid
• 2024-08-26 Rental Removed $600 MRED
• 2024-08-08 Listed for Rent $600 MRED
• 2024-07-25 Price Changed — MRED as Distributed by MLS Grid
• 2024-07-14 Price Changed — MRED as Distributed by MLS Grid
• 2024-06-21 Price Changed — MRED as Distributed by MLS Grid
• 2024-05-28 Price Changed — MRED as Distributed by MLS Grid
• 2024-05-23 Price Changed — MRED as Distributed by MLS Grid
• 2024-05-13 Relisted — MRED as Distributed by MLS Grid
• 2024-03-27 Contingent — MRED as Distributed by MLS Grid
• 2024-03-13 Relisted — MRED as Distributed by MLS Grid
• 2024-03-04 Contingent — MRED as Distributed by MLS Grid
• 2024-02-29 Listed — MRED as Distributed by MLS Grid
• 2023-07-12 Sold (MLS) $20,000 RMLSA as Distributed by MLS Grid
• 2023-06-27 Pending — RMLSA as Distributed by MLS Grid
• 2023-05-31 Listed $25,000 RMLSA as Distributed by MLS Grid

Property tax history

-1.2%/yr

Latest (2024): $1,255 · +4.7% YoY. Source: county tax records.