205-207 W Perkins St · Payson, IL 62360

$108,750

3 bd · 2.0 ba · 1,188 sqft · Manufactured · 14 Days on market

Fair condition 0.46 ac lot

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Why this score? — see what drove the D+ 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 +20.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This manufactured home is in excellent condition. Has an open floor plan with 2x6 walls and has a large lot. Master bath has double vanities and garden tub. Covered porch and 8x8 newer deck. 1 bdr house on same proeprty could be rented with a little TLC.

Key facts

• Nicely renovated
• New roof
• 0.46 acre lot

Tags

• INVESTMENT OPPORTUNITY
• TWO HOMES ON ONE LARGE LOT
• NEW ROOF
• NICELY RENOVATED

Property features AI

Exterior

• Parking: No garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Living area reported as 1188 (unit unspecified)
• Construction: Year built not specified
• Exterior features: Shingle roof; Lot approximately 0.46 acre with dimensions roughly 100 x 200; Lot features: Other

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Three bedrooms (all on the main level); Bedrooms feature carpet flooring and egress windows; Bedroom dimensions approximately 13' x 10' (two bedrooms) and 13' x 12'
• Flooring: Carpet in bedrooms; Vinyl in kitchen, living room, and laundry
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Refrigerator included; No basement; No fireplaces
• Laundry & utility: Main level laundry room (approx. 8' x 6')

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $109k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).

Location & tenants

• Location reads 67/100 on livability (#536 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.
• Payson CUSD 1 (rural): math 16% / reading 18% proficiency, ranked #463 of 620 in IL (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 9 active listings in the ZIP; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $752 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Adams County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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 $52k; list at $109k implies a 109% gain — meaningful room to come down on a strong offer.

Recommended offer $108,750

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.04% ✓
• Cap rate: 7.83%
• Cash-on-cash: 5.49%
• DSCR: 1.24
• GRM: 8.0

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: -7.8%
• Equity multiple: 0.71×
• Total profit: $-8,726
• Equity at exit: $16,215

10-year hold

• IRR: 1.8%
• Equity multiple: 1.13×
• Total profit: $3,905
• Equity at exit: $9,403

Cash invested: $30,450 (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 62360

• Home prices YoY: -8.4%
• Active inventory: 9
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,128 medium
• Mortgage (P&I): −$570
• Tax est. 1.5%: −$136 /mo · $1,631/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $139

Break-even live

Break-even rent $951

Max offer price $108,750

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: $27,188
• Closing costs: $3,262
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $108,750 Active 14 DOM
2. 2026-06-17
   days on market $108,750 Active 13 DOM
3. 2026-06-16
   days on market $108,750 Active 12 DOM
4. 2026-06-15
   days on market $108,750 Active 11 DOM
5. 2026-06-13
   days on market $108,750 Active 9 DOM
6. 2026-06-12
   days on market $108,750 Active 8 DOM
7. 2026-06-09
   days on market $108,750 Active 5 DOM
8. 2026-06-08
   days on market $108,750 Active 4 DOM
9. 2026-06-07
   days on market $108,750 Active 3 DOM
10. 2026-06-05
    remarks 505-char remark
11. 2026-06-05
    listed $108,750 Active 1 DOM

ⓘ 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 3/10 Moderate 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $13,534
• − Mortgage interest: −$6,092
• − Property taxes: −$1,631
• − Insurance: −$544
• − Repairs & maintenance: −$1,083
• − Management: −$1,083
• − Depreciation: −$3,164
• Taxable loss: −$62
• Est. tax savings @ 24.0%: +$15
• After-tax cash flow: $1,688/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

The home requires moderate repairs and maintenance, with potential for significant value increase through updates to flooring, painting, landscaping, and HVAC.

Repairs flagged

• Minor Kitchen cabinets — Worn but not damaged.
• Minor Bathroom fixtures — Functional but dated and may need replacement.
• Moderate Exterior siding — Weathered and may need repainting or replacement.
• Moderate Flooring — Worn and may need replacement or refinishing.
• Moderate Paint — Worn and may need repainting.
• Moderate Windows — May need replacement for better energy efficiency and appearance.
• Minor HVAC — No visible issues, but may need maintenance.
• Major Landscaping — Simple and needs improvement to increase curb appeal and value.

Value-add opportunities

• Both New flooring — New flooring would improve the appearance and increase both resale and rental value.
• Both Painting — Painting would improve the appearance and increase both resale and rental value.
• Both Landscaping — Landscaping would improve the curb appeal and increase both resale and rental value.
• Both HVAC upgrade — Upgrading HVAC would improve comfort and energy efficiency, increasing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn but not damaged.	Minor	$500–3,000
Bathroom fixtures · Functional but dated and may need replacement.	Minor	$500–3,000
Exterior siding · Weathered and may need repainting or replacement.	Moderate	$3,000–15,000
Flooring · Worn and may need replacement or refinishing.	Moderate	$3,000–15,000
Paint · Worn and may need repainting.	Moderate	$3,000–15,000
Windows · May need replacement for better energy efficiency and appearance.	Moderate	$3,000–15,000
HVAC · No visible issues, but may need maintenance.	Minor	$500–3,000
Landscaping · Simple and needs improvement to increase curb appeal and value.	Major	$15,000–50,000
Total estimated repair cost · 8 items		$28,500–119,000

Value-add ROI direction

• Both New flooring — New flooring would improve the appearance and increase both resale and rental value. ↑
• Both Painting — Painting would improve the appearance and increase both resale and rental value. ↑
• Both Landscaping — Landscaping would improve the curb appeal and increase both resale and rental value. ↑
• Both HVAC upgrade — Upgrading HVAC would improve comfort and energy efficiency, increasing both resale and rental value. ↑

ⓘ 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: Payson CUSD 1
• NCES district ID: 1730990
• Math proficiency: 16% ▼ -3.00%
• Reading proficiency: 18% ▼ -10.00%
• Median HH income: $52,664
• Composite: 15.68/100
• National rank: #9284
• State rank: #463 of 620 in IL

Livability — Payson

• Score: 67/100
• State rank: #536
• US rank: #11127

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Payson, IL
• Population (ZIP): 1,540

Population outlook (Adams County) Hauer SSP2

• Today (2025): 65,795 people
• By 2030: 64,436 · -2.1%
• By 2040: 61,007 · -7.3%
• By 2050: 56,851 · -13.6%
• By 2075: 46,424 · -29.4%
• By 2100: 34,305 · -47.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Asian 2% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Italian 3% Slovak 1% Serbian 1%
• Foreign-born: 0%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+47.4) · D 25.6% · R 73.0% · Other 1.5%
• 2008→2024 swing: -25.0pp toward R · 2008: -22.4pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+46.5 2016: R+47.5 2012: R+35.2 2008: R+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -12.55%
• Current HPI: 135.975
• 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

+81.6% since first listed

3 events — show timeline

• 2026-06-04 Listed $108,750 RMLSA as Distributed by MLS Grid
• 2012-10-26 Sold (MLS) $52,000 MRED as Distributed by MLS Grid
• 2012-07-18 Listed $59,900 MRED as Distributed by MLS Grid