402 N Wood St · Mulberry Grove, IL 62262

$120,000

3 bd · 1.0 ba · 1,440 sqft · SingleFamily public records · 37 Days on market

Built 1938

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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 +19.7/30.0
• ARV discount +7.5/15.0
• Appreciation +6.6/10.0
• DSCR +6.2/10.0
• 1% rule +5.1/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks MLS

This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

Key facts

• Built 1938
• Listed 37 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $142 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#1,127 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Mulberry Grove CUSD 1 (rural): math 16% / reading 21% proficiency, ranked #732 of 919 in IL (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 7 active listings in the ZIP; 35 units permitted in Bond County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($830 loan paydown + $4k appreciation (3.1% local appreciation)).
• Bond County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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 $66k; list at $120k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1938 — 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 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. 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?
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: 1.01% ✓
• Cap rate: 7.71%
• Cash-on-cash: 5.06%
• DSCR: 1.22
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $18,720
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 N Maple St	0.08mi	3/1.0	1,548 (+8%)	5mo	$19,900	$13	80

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.6%
• Equity multiple: 1.73×
• Total profit: $24,366
• Equity at exit: $54,900

10-year hold

• IRR: 14.5%
• Equity multiple: 3.17×
• Total profit: $73,040
• Equity at exit: $85,347

Cash invested: $33,600 (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 62262

• Home prices YoY: 2.4%
• Active inventory: 7
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,207 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$133 /mo · $1,594/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $142

Break-even live

Break-even rent $1,028

Max offer price $120,000

Occupancy floor 83%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $120,000 Active 37 DOM
2. 2026-06-17
   days on market $120,000 Active 36 DOM
3. 2026-06-16
   days on market $120,000 Active 35 DOM
4. 2026-06-15
   days on market $120,000 Active 34 DOM
5. 2026-06-13
   days on market $120,000 Active 32 DOM
6. 2026-06-12
   days on market $120,000 Active 31 DOM
7. 2026-06-09
   days on market $120,000 Active 28 DOM
8. 2026-06-08
   days on market $120,000 Active 27 DOM
9. 2026-06-07
   days on market $120,000 Active 26 DOM
10. 2026-06-04
    days on market $120,000 Active 22 DOM
11. 2026-06-02
    days on market $120,000 Active 21 DOM
12. 2026-06-01
    days on market $120,000 Active 20 DOM
13. 2026-05-31
    days on market $120,000 Active 19 DOM
14. 2026-05-31
    days on market $120,000 Active 18 DOM
15. 2026-05-12
    listed $120,000 Active 245-char remark
16. 2021-05-11
    soldstatus $66,000
17. 2021-04-23
    status Pending 185-char remark

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

18. 2021-04-23
    soldstatus $66,000 Closed Sale 185-char remark

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

19. 2021-04-23
    soldstatus Closed

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

20. 2021-04-19
    status Pending

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

21. 2021-04-08
    historical Active Under Contract

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

22. 2021-03-16
    status Active 185-char remark

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

23. 2021-03-16
    status Active

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

24. 2021-01-27
    status Contingent 185-char remark

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

25. 2021-01-27
    historical Active Under Contract

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

26. 2020-11-03
    listed $73,500 Active

    Show marketing remark (186 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

27. 2020-10-30
    listed $73,500 New 185-char remark

    Show marketing remark (185 chars)

    This 3 bedroom home with a nice eat in kitchen, has a nice large LR and family room, The back yard is nice and shaded with a nice 2 car garage . Come take a look, and make your memories

28. 2006-09-14
    soldstatus $40,000

ⓘ 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: $1,594 · $133/mo
• Projected year-2 tax: $2,159 · $180/mo
• Expected delta: +$565/yr (+$47/mo · 35.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,486
• − Mortgage interest: −$6,722
• − Property taxes: −$1,594
• − Insurance: −$600
• − Repairs & maintenance: −$1,159
• − Management: −$1,159
• − Depreciation: −$3,491
• Taxable loss: −$238
• Est. tax savings @ 24.0%: +$57
• After-tax cash flow: $1,756/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: Mulberry Grove CUSD 1
• NCES district ID: 1727450
• Math proficiency: 16% ▼ -7.00%
• Reading proficiency: 21% ▼ -5.00%
• Median HH income: $43,252
• Composite: 19.32/100
• National rank: #13954
• State rank: #732 of 919 in IL

Livability — Mulberry Grove

• Score: 58/100
• State rank: #1127
• US rank: #21267

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mulberry Grove, IL
• Population (ZIP): 1,887

Population outlook (Bond County) Hauer SSP2

• Today (2025): 15,651 people
• By 2030: 15,008 · -4.1%
• By 2040: 13,490 · -13.8%
• By 2050: 12,002 · -23.3%
• By 2075: 9,019 · -42.4%
• By 2100: 6,539 · -58.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 8% Black 4%
• Common ancestry: Lithuanian 4% Iranian 3% Slovak 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Bond

• 2024 margin: Solid R (+44.8) · D 26.5% · R 71.3% · Other 2.2%
• 2008→2024 swing: -43.5pp toward R · 2008: -1.3pp · 2024: -44.8pp
• All cycles: 2024: R+44.8 2020: R+41.0 2016: R+37.8 2012: R+14.7 2008: R+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.14%
• Current HPI: 133.1925
• 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

+200.0% since first listed

14 events — show timeline

• 2026-05-12 Listed $120,000 FSBO.com
• 2021-05-11 Sold (Public Records) $66,000 Public Records
• 2021-04-23 Pending — MRED as Distributed by MLS Grid
• 2021-04-23 Sold (MLS) $66,000 MRED as Distributed by MLS Grid
• 2021-04-23 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2021-04-19 Pending — MARIS as Distributed by MLS Grid
• 2021-04-08 Contingent — MARIS as Distributed by MLS Grid
• 2021-03-16 Relisted — MRED as Distributed by MLS Grid
• 2021-03-16 Relisted — MARIS as Distributed by MLS Grid
• 2021-01-27 Pending — MRED as Distributed by MLS Grid
• 2021-01-27 Contingent — MARIS as Distributed by MLS Grid
• 2020-11-03 Listed $73,500 MARIS as Distributed by MLS Grid
• 2020-10-30 Listed $73,500 MRED as Distributed by MLS Grid
• 2006-09-14 Sold (Public Records) $40,000 Public Records

Property tax history

+5.3%/yr

Latest (2024): $1,594 · +3.9% YoY. Source: county tax records.