314 S Franklin St · Salem, IL 62881

$130,000

4 bd · 1.5 ba · 1,364 sqft · Other public records · 49 Days on market

Built 1925 6,875 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 +23.8/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Livability +3.4/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 Bedroom, 1.5 Bath Fixer Upper - Great Potential! This spacious home offers 4 bedrooms-2 on the main level and 2 upstairs-plus 1.5 bathrooms. Featuring a traditional layout with ample room for living and storage, it's ready for your personal touch and vision. Perfect for an investor, flipper, or buyer looking to build equity through renovations. With the right updates, this property could shine as a comfortable family home or profitable rental. SOLD AS IS

Key facts

• 6,875 sq ft lot
• 2 parking spots
• Built 1925

Property features AI

Finance

• Other: Property listed by QUINN REALTY AND PROPERTY MANAGEMENT GROUP
• HOA & community: No master association required

Exterior

• Parking: 2 parking spaces; Gravel parking
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; 2-story; Rehab completed in 2026; Fee simple ownership
• Construction: Built over 100 years ago; Aluminum siding; Asphalt roof; Block foundation
• Exterior features: Lot approximately 55 x 125; Less than 0.25 acre lot; School bus service available

Interior

• Kitchen: Eating area/table space; Dishwasher
• Bedrooms: Master bedroom on main level (12 x 13, laminate flooring); Bedroom on main level (13 x 12, laminate flooring); Bedroom on second level (15 x 14, laminate flooring); Bedroom on second level (15 x 12, laminate flooring)
• Flooring: Laminate flooring throughout main living areas and bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Separate dining room; Family room; Living room; 7 total rooms; Crawl space basement
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath other listed at $130k.

Deal economics

• At list price, monthly cash flow is $249 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 5.6% in Salem — 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 68/100 on livability (#467 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Salem Chsd 600 (town): math 25% / reading 30% proficiency, ranked #571 of 919 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 48 active listings in the ZIP; 2 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Marion County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $130k implies a 282% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1925 — 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: 1.02% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.22%
• DSCR: 1.37
• GRM: 8.1

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-5,227
• Equity at exit: $19,383

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $15,736
• Equity at exit: $11,240

Cash invested: $36,400 (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 62881

• Home prices YoY: -28.0%
• Active inventory: 48
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,331 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$66 /mo · $797/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $249

Break-even live

Break-even rent $1,016

Max offer price $130,000

Occupancy floor 76%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $130,000 Active 49 DOM
2. 2026-06-17
   days on market $130,000 Active 48 DOM
3. 2026-06-16
   days on market $130,000 Active 47 DOM
4. 2026-06-15
   days on market $130,000 Active 46 DOM
5. 2026-06-13
   days on market $130,000 Active 44 DOM
6. 2026-06-12
   pricedays on market $130,000 Active 43 DOM
7. 2026-06-09
   days on market $140,000 Active 40 DOM
8. 2026-06-08
   days on market $140,000 Active 39 DOM
9. 2026-06-07
   days on market $140,000 Active 38 DOM
10. 2026-06-07
    days on market $140,000 Active 37 DOM
11. 2026-06-04
    days on market $140,000 Active 34 DOM
12. 2026-06-02
    days on market $140,000 Active 33 DOM
13. 2026-06-01
    days on market $140,000 Active 32 DOM
14. 2026-05-31
    days on market $140,000 Active 31 DOM
15. 2026-05-31
    days on market $140,000 Active 30 DOM
16. 2026-05-17
    price $140,000
17. 2026-04-30
    listed $150,000 Active
18. 2025-10-07
    soldstatus $34,000 Closed 460-char remark

    Show marketing remark (460 chars)

    4 Bedroom, 1.5 Bath Fixer Upper - Great Potential! This spacious home offers 4 bedrooms-2 on the main level and 2 upstairs-plus 1.5 bathrooms. Featuring a traditional layout with ample room for living and storage, it's ready for your personal touch and vision. Perfect for an investor, flipper, or buyer looking to build equity through renovations. With the right updates, this property could shine as a comfortable family home or profitable rental. SOLD AS IS

19. 2025-08-21
    historical Under Contract 460-char remark

    Show marketing remark (460 chars)

    4 Bedroom, 1.5 Bath Fixer Upper - Great Potential! This spacious home offers 4 bedrooms-2 on the main level and 2 upstairs-plus 1.5 bathrooms. Featuring a traditional layout with ample room for living and storage, it's ready for your personal touch and vision. Perfect for an investor, flipper, or buyer looking to build equity through renovations. With the right updates, this property could shine as a comfortable family home or profitable rental. SOLD AS IS

20. 2025-08-10
    listed $38,000 Active 460-char remark

    Show marketing remark (460 chars)

    4 Bedroom, 1.5 Bath Fixer Upper - Great Potential! This spacious home offers 4 bedrooms-2 on the main level and 2 upstairs-plus 1.5 bathrooms. Featuring a traditional layout with ample room for living and storage, it's ready for your personal touch and vision. Perfect for an investor, flipper, or buyer looking to build equity through renovations. With the right updates, this property could shine as a comfortable family home or profitable rental. SOLD AS IS

21. 2021-08-06
    historical
22. 2011-06-09
    soldstatus $91,666
23. 2000-02-10
    soldstatus $17,500
24. 2000-01-10
    listed $22,500

ⓘ 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: $797 · $66/mo
• Projected year-2 tax: $1,874 · $156/mo
• Expected delta: +$1,077/yr (+$90/mo · 135.1%)

ⓘ 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 1/10 Low
• 🌡 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,974
• − Mortgage interest: −$7,282
• − Property taxes: −$797
• − Insurance: −$650
• − Repairs & maintenance: −$1,278
• − Management: −$1,278
• − Depreciation: −$3,782
• Taxable income: $907
• Est. tax owed @ 24.0%: −$218
• After-tax cash flow: $2,774/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: Salem Chsd 600
• NCES district ID: 1735190
• Math proficiency: 25% ▲ 10.00%
• Reading proficiency: 30% ▲ 5.00%
• Median HH income: $39,305
• Composite: 26.04/100
• National rank: #12738
• State rank: #571 of 919 in IL

Livability — Salem

• Score: 68/100
• State rank: #467
• US rank: #9634

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, IL
• City population: 11,218
• Population (ZIP): 11,218

Population outlook (Marion County) Hauer SSP2

• Today (2025): 36,071 people
• By 2030: 34,598 · -4.1%
• By 2040: 31,754 · -12.0%
• By 2050: 28,912 · -19.8%
• By 2075: 22,527 · -37.5%
• By 2100: 16,455 · -54.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Black 3% Two or more races 2%
• Common ancestry: Romanian 2% Italian 2% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+49.5) · D 24.6% · R 74.1% · Other 1.4%
• 2008→2024 swing: -47.5pp toward R · 2008: -2.0pp · 2024: -49.5pp
• All cycles: 2024: R+49.5 2020: R+46.6 2016: R+44.9 2012: R+19.2 2008: R+2.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.16%
• Current HPI: 162.55
• 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

+522.2% since first listed

9 events — show timeline

• 2026-05-17 Price Changed $140,000 MRED as Distributed by MLS Grid
• 2026-04-30 Listed $150,000 MRED as Distributed by MLS Grid
• 2025-10-07 Sold (MLS) $34,000 RMLSA as Distributed by MLS Grid
• 2025-08-21 Contingent — RMLSA as Distributed by MLS Grid
• 2025-08-10 Listed $38,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2011-06-09 Sold (Public Records) $91,666 Public Records
• 2000-02-10 Sold (MLS) $17,500 RMLSA as Distributed by MLS Grid
• 2000-01-10 Listed $22,500 RMLSA as Distributed by MLS Grid

Property tax history

+0.9%/yr

Latest (2024): $797 · -0.5% YoY. Source: county tax records.