504 W South St · Harrisburg, IL 62946

$49,900

2 bd · 1.0 ba · 1,036 sqft · Other · 184 Days on market

Built 1940 10,000 sqft lot $48/sqft · 6% below area Est $53k · 6% under

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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
• ARV discount +10.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

This home would make a great rental property or a perfect opportunity for someone looking to add their own personal touch. Come take a look at this 2-bedroom, 1-bath home situated on a large lot. Inside, you'll find spacious rooms and equipped with kitchen appliances. With a little work, you can transform this property into your own charming space.

Key facts

• 0.23 acre lot
• 2 parking spots
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $50k.

Deal economics

• At list price, monthly cash flow is $19 ($223/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($850 rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.3% vs local median 5.5% 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; 1 comparable units currently listed for rent nearby.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k 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.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $314/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.70% ✓
• Cap rate: 14.28%
• Cash-on-cash: 28.54%
• DSCR: 2.27
• GRM: 4.9

CMA / ARV

• ARV (median comp): $53,337
• List price: $49,900
• Delta: -6.44%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.3%
• Equity multiple: 0.52×
• Total profit: $-6,701
• Equity at exit: $7,440

10-year hold

• IRR: -3.7%
• Equity multiple: 0.75×
• Total profit: $-3,492
• Equity at exit: $4,314

Cash invested: $13,972 (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: 4.9×

Monthly cashflow live

• Estimated rent: $850 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$57 /mo · $681/yr
• Insurance: −$21
• Flood insurance flood zone: −$314 /mo · $3,765/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $19

Break-even live

Break-even rent $826

Max offer price $49,900

Occupancy floor 93%

Sensitivity live

Price	-10% $47	-5% $33	+0% $19	+5% $4	+10% $-10
Rent	-10% $-49	-5% $-15	+0% $19	+5% $52	+10% $86
Rate	-1.0pp $44	-0.5pp $31	base $19	+0.5pp $6	+1.0pp $-8

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 W Small St Harrisburg, IL	2.0	1.0	764	$850	$1.11	44d	1	1.45mi

Listing history 18 events

1. 2026-06-21
   days on market $49,900 Active 184 DOM
2. 2026-06-18
   days on market $49,900 Active 182 DOM
3. 2026-06-17
   days on market $49,900 Active 181 DOM
4. 2026-06-16
   days on market $49,900 Active 180 DOM
5. 2026-06-15
   days on market $49,900 Active 179 DOM
6. 2026-06-13
   days on market $49,900 Active 177 DOM
7. 2026-06-12
   days on market $49,900 Active 176 DOM
8. 2026-06-09
   days on market $49,900 Active 173 DOM
9. 2026-06-08
   days on market $49,900 Active 172 DOM
10. 2026-06-07
    days on market $49,900 Active 171 DOM
11. 2026-06-07
    days on market $49,900 Active 170 DOM
12. 2026-06-04
    days on market $49,900 Active 167 DOM
13. 2026-06-02
    days on market $49,900 Active 166 DOM
14. 2026-06-01
    days on market $49,900 Active 165 DOM
15. 2026-05-31
    days on market $49,900 Active 164 DOM
16. 2026-05-31
    days on market $49,900 Active 163 DOM
17. 2026-01-06
    historical 350-char remark

    Show marketing remark (350 chars)

    This home would make a great rental property or a perfect opportunity for someone looking to add their own personal touch. Come take a look at this 2-bedroom, 1-bath home situated on a large lot. Inside, you'll find spacious rooms and equipped with kitchen appliances. With a little work, you can transform this property into your own charming space.

18. 2025-11-20
    listed Active 350-char remark

    Show marketing remark (350 chars)

    This home would make a great rental property or a perfect opportunity for someone looking to add their own personal touch. Come take a look at this 2-bedroom, 1-bath home situated on a large lot. Inside, you'll find spacious rooms and equipped with kitchen appliances. With a little work, you can transform this property into your own charming space.

ⓘ 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: $681 · $57/mo
• Projected year-2 tax: $907 · $76/mo
• Expected delta: +$226/yr (+$19/mo · 33.2%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone A · 20% 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: $10,200
• − Mortgage interest: −$2,795
• − Property taxes: −$681
• − Insurance: −$4,014
• − Repairs & maintenance: −$816
• − Management: −$816
• − Depreciation: −$1,452
• Taxable loss: −$374
• Est. tax savings @ 24.0%: +$90
• After-tax cash flow: $313/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

Property tax history

+0.7%/yr

Latest (2024): $681 · +6.9% YoY. Source: county tax records.