812 N 8th St #36 · Mattoon, IL 61938

$54,900

3 bd · 2.0 ba · 902 sqft · Manufactured · 168 Days on market

Built 2015 Good condition 924 sqft lot $61/sqft · 27% above area Est $43k · 27% over ↓ 19% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained 3 bedroom, 2 bathroom mobile home offering comfortable, functional living. The kitchen features durable Corian countertops with ample workspace, while recent updates provide peace of mind including a new roof in 2020 and furnace replaced in 2022. A great opportunity for affordable homeownership with key upgrades already completed. Lot rent is $350/month and sale is contingent upon lease application approval. Must be 55+ to qualify.

Key facts

• Corian countertops
• Furnace replaced
• New roof

Tags

• CORIAN COUNTERTOPS
• NEW ROOF
• FURNACE REPLACED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $55k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($842 rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 3.6% in Mattoon — 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 64/100 on livability (#706 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, schools D-, amenities F.
• Mattoon CUSD 2 (town): math 13% / reading 24% proficiency, ranked #462 of 620 in IL (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 117 active listings in the ZIP; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).
• This rent is only 18% of the median local income ($58k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Recommended offer $48,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 168 days. Have you received any prior offers? Is the seller open to a 12% 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 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. Crime grade is D 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?
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: 1.53% ✓
• Cap rate: 12.53%
• Cash-on-cash: 22.29%
• DSCR: 1.99
• GRM: 5.4

CMA / ARV

• ARV (median comp): $43,217
• List price: $54,900
• Delta: 27.03%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
812 N 8th St #40	0.00mi	2/1.0 (-1)	924 (+2%)	12mo	$20,000	$22	77
812 N 8th St #64	0.00mi	3/2.0	1,020 (+13%)	2mo	$77,000	$75	76
812 N 8th St #62	0.03mi	3/2.0	980 (+9%)	12mo	$43,000	$44	75
812 N 7th St #73	0.40mi	2/1.5 (-1)	980 (+9%)	4mo	$40,000	$41	56

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: 15.1%
• Equity multiple: 1.61×
• Total profit: $9,305
• Equity at exit: $8,186

10-year hold

• IRR: 23.8%
• Equity multiple: 3.05×
• Total profit: $31,574
• Equity at exit: $4,747

Cash invested: $15,372 (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 61938

• Active inventory: 117
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $842 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $824/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $286

Break-even live

Break-even rent $480

Max offer price $54,900

Occupancy floor 61%

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $54,900 Active 168 DOM
2. 2026-06-18
   days on market $54,900 Active 167 DOM
3. 2026-06-17
   days on market $54,900 Active 166 DOM
4. 2026-06-16
   days on market $54,900 Active 165 DOM
5. 2026-06-15
   days on market $54,900 Active 164 DOM
6. 2026-06-14
   days on market $54,900 Active 162 DOM
7. 2026-06-12
   days on market $54,900 Active 161 DOM
8. 2026-06-09
   days on market $54,900 Active 158 DOM
9. 2026-06-08
   days on market $54,900 Active 157 DOM
10. 2026-06-07
    days on market $54,900 Active 156 DOM
11. 2026-06-03
    days on market $54,900 Active 152 DOM
12. 2026-06-02
    days on market $54,900 Active 151 DOM
13. 2026-06-01
    days on market $54,900 Active 150 DOM
14. 2026-05-31
    days on market $54,900 Active 149 DOM
15. 2026-05-30
    days on market $54,900 Active 148 DOM
16. 2026-05-14
    price $54,900 451-char remark

    Show marketing remark (451 chars)

    Well-maintained 3 bedroom, 2 bathroom mobile home offering comfortable, functional living. The kitchen features durable Corian countertops with ample workspace, while recent updates provide peace of mind including a new roof in 2020 and furnace replaced in 2022. A great opportunity for affordable homeownership with key upgrades already completed. Lot rent is $350/month and sale is contingent upon lease application approval. Must be 55+ to qualify.

17. 2026-04-13
    price $59,900 451-char remark

    Show marketing remark (451 chars)

    Well-maintained 3 bedroom, 2 bathroom mobile home offering comfortable, functional living. The kitchen features durable Corian countertops with ample workspace, while recent updates provide peace of mind including a new roof in 2020 and furnace replaced in 2022. A great opportunity for affordable homeownership with key upgrades already completed. Lot rent is $350/month and sale is contingent upon lease application approval. Must be 55+ to qualify.

18. 2026-01-02
    listed $67,500 Active 451-char remark

    Show marketing remark (451 chars)

    Well-maintained 3 bedroom, 2 bathroom mobile home offering comfortable, functional living. The kitchen features durable Corian countertops with ample workspace, while recent updates provide peace of mind including a new roof in 2020 and furnace replaced in 2022. A great opportunity for affordable homeownership with key upgrades already completed. Lot rent is $350/month and sale is contingent upon lease application approval. Must be 55+ to qualify.

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

Taxation est. · year 1

• Rental income: $10,101
• − Mortgage interest: −$3,075
• − Property taxes: −$824
• − Insurance: −$274
• − Repairs & maintenance: −$808
• − Management: −$808
• − Depreciation: −$1,597
• Taxable income: $2,714
• Est. tax owed @ 24.0%: −$651
• After-tax cash flow: $2,775/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

Good 75/100 Cosmetic rehab

This well-maintained mobile home offers a good condition with recent updates, including a new roof and furnace. It has potential for further updates to the kitchen and bathrooms to increase its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — dated design
• Minor interior walls — peeling paint

Value-add opportunities

• Resale update kitchen cabinets — modernizing the kitchen
• Resale update bathroom fixtures — modernizing the bathroom
• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace curtains — enhances curb appeal and interior aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · dated design	Minor	$500–3,000
interior walls · peeling paint	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale update kitchen cabinets — modernizing the kitchen ↑
• Resale update bathroom fixtures — modernizing the bathroom ↑
• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace curtains — enhances 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: Mattoon CUSD 2
• NCES district ID: 1725050
• Math proficiency: 13% ▼ -9.00%
• Reading proficiency: 24% ▼ -12.00%
• Median HH income: $40,452
• Composite: 15.71/100
• National rank: #9280
• State rank: #462 of 620 in IL

Livability — Mattoon

• Score: 64/100
• State rank: #706
• US rank: #14352

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mattoon, IL
• County: Coles County · 41,301 people
• City population: 20,350
• Metro: Charleston-Mattoon, IL
• Population (ZIP): 20,350
• Household income: $57,503
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 453.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 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: ▼ -103.29%
• Current HPI: 133.8791
• Rent YoY: —
• Metro: Charleston-Mattoon, 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

-18.7% since first listed

3 events — show timeline

• 2026-05-14 Price Changed $54,900 CIBR
• 2026-04-13 Price Changed $59,900 CIBR
• 2026-01-02 Listed $67,500 CIBR