408 E Main St · Sparta, IL 62286

$25,000

4 bd · 2.0 ba · 1,720 sqft · SingleFamily · 28 Days on market

Built 1896 0.44 ac lot ↓ 50% since listing

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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 +19.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +4.6/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price listed is starting bid only. Calling all investors, house flippers, and DIY enthusiasts, this 4 bedroom, 2 bathroom home is available at auction and offers serious potential. Situated on .44 acres, the property offers space and flexibility. A detached garage in the back provides additional storage or workshop potential. Inside, the home features a spacious layout, with a basement. There is potential to convert the property into two rental units or a multigenerational home, making it an appealing option for those looking to create income producing property. The home is being sold as is, but for the right buyer the possibilities are endless. Property is agent owned. Parcel 19-071-011-00 is included. Listing price is not indicative of the reserve. Online only Auction. Bidding Ends: Thursday, May 7th, 2026 at 10AM - with soft close. Bidding Opens: Thursday April 23rd, 2026 at 12:00PM. Listing price is not indicative of the reserve.

Key facts

• Potential to convert
• Basement
• Spacious layout

Tags

• DETACHED GARAGE
• SPACIOUS LAYOUT
• BASEMENT
• POTENTIAL TO CONVERT

🔨 Auction listing. The $25,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $110,696 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#1,090 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools F, amenities F.
• Sparta CUSD 140 (town): math 13% / reading 14% proficiency, ranked #535 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 31 active listings in the ZIP; 3 units permitted in Randolph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $765 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Randolph County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1896 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $24,625 (1.5% below list)

Questions for the listing agent

1. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
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: 0.96% ✗
• Cap rate: 7.75%
• Cash-on-cash: 5.20%
• DSCR: 1.23
• GRM: 8.7

CMA / ARV

• ARV (median comp): $110,696
• List price: $25,000
• Delta: -77.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 N Washington	0.39mi	4/1.5	1,775 (+3%)	10mo	$139,900	$79	66
515 N Market St	0.44mi	3/1.5 (-1)	1,668 (-3%)	6mo	$110,000	$66	62
902 E Broadway St	0.42mi	3/2.0 (-1)	1,782 (+4%)	12mo	$295,000	$166	60
104 E 4th St	0.48mi	3/2.5 (-1)	1,700 (-1%)	14mo	$170,000	$100	57
332 S Saint Louis St	0.41mi	4/1.5	1,960 (+14%)	6mo	$140,000	$71	51
224 Debra Ln	0.69mi	3/2.0 (-1)	1,768 (+3%)	16mo	$169,000	$96	45
407 W Osborne St	0.56mi	4/2.0	1,488 (-14%)	17mo	$155,500	$105	37

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: -8.3%
• Equity multiple: 0.70×
• Total profit: $-9,409
• Equity at exit: $16,505

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $2,735
• Equity at exit: $9,571

Cash invested: $30,995 (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 62286

• Home prices YoY: -31.0%
• Active inventory: 31
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,065 medium
• Mortgage (P&I): −$581
• Tax from tax record: −$80 /mo · $962/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $134

Break-even live

Break-even rent $895

Max offer price $110,696

Occupancy floor 82%

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: $27,674
• Closing costs: $3,321
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-11
   status Pending 953-char remark

   Show marketing remark (953 chars)

   Price listed is starting bid only. Calling all investors, house flippers, and DIY enthusiasts, this 4 bedroom, 2 bathroom home is available at auction and offers serious potential. Situated on .44 acres, the property offers space and flexibility. A detached garage in the back provides additional storage or workshop potential. Inside, the home features a spacious layout, with a basement. There is potential to convert the property into two rental units or a multigenerational home, making it an appealing option for those looking to create income producing property. The home is being sold as is, but for the right buyer the possibilities are endless. Property is agent owned. Parcel 19-071-011-00 is included. Listing price is not indicative of the reserve. Online only Auction. Bidding Ends: Thursday, May 7th, 2026 at 10AM - with soft close. Bidding Opens: Thursday April 23rd, 2026 at 12:00PM. Listing price is not indicative of the reserve.

2. 2026-05-11
   price $25,000 953-char remark

   Show marketing remark (953 chars)

   Price listed is starting bid only. Calling all investors, house flippers, and DIY enthusiasts, this 4 bedroom, 2 bathroom home is available at auction and offers serious potential. Situated on .44 acres, the property offers space and flexibility. A detached garage in the back provides additional storage or workshop potential. Inside, the home features a spacious layout, with a basement. There is potential to convert the property into two rental units or a multigenerational home, making it an appealing option for those looking to create income producing property. The home is being sold as is, but for the right buyer the possibilities are endless. Property is agent owned. Parcel 19-071-011-00 is included. Listing price is not indicative of the reserve. Online only Auction. Bidding Ends: Thursday, May 7th, 2026 at 10AM - with soft close. Bidding Opens: Thursday April 23rd, 2026 at 12:00PM. Listing price is not indicative of the reserve.

3. 2026-04-13
   listed $10,000 Active 953-char remark

   Show marketing remark (953 chars)

   Price listed is starting bid only. Calling all investors, house flippers, and DIY enthusiasts, this 4 bedroom, 2 bathroom home is available at auction and offers serious potential. Situated on .44 acres, the property offers space and flexibility. A detached garage in the back provides additional storage or workshop potential. Inside, the home features a spacious layout, with a basement. There is potential to convert the property into two rental units or a multigenerational home, making it an appealing option for those looking to create income producing property. The home is being sold as is, but for the right buyer the possibilities are endless. Property is agent owned. Parcel 19-071-011-00 is included. Listing price is not indicative of the reserve. Online only Auction. Bidding Ends: Thursday, May 7th, 2026 at 10AM - with soft close. Bidding Opens: Thursday April 23rd, 2026 at 12:00PM. Listing price is not indicative of the reserve.

4. 2026-01-02
   soldstatus $50,000

ⓘ 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: $962 · $80/mo
• Projected year-2 tax: $962 · $80/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major 7 d/yr ≥106°F today · 21 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: $12,775
• − Mortgage interest: −$6,201
• − Property taxes: −$962
• − Insurance: −$553
• − Repairs & maintenance: −$1,022
• − Management: −$1,022
• − Depreciation: −$3,220
• Taxable loss: −$206
• Est. tax savings @ 24.0%: +$49
• After-tax cash flow: $1,660/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: Sparta CUSD 140
• NCES district ID: 1736900
• Math proficiency: 13% ▼ -10.00%
• Reading proficiency: 14% ▼ -13.00%
• Median HH income: $43,992
• Composite: 11.95/100
• National rank: #9668
• State rank: #535 of 620 in IL

Livability — Sparta

• Score: 58/100
• State rank: #1090
• US rank: #20732

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sparta, IL
• City population: 5,482
• Population (ZIP): 5,482

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 31,417 people
• By 2030: 30,519 · -2.9%
• By 2040: 28,841 · -8.2%
• By 2050: 27,150 · -13.6%
• By 2075: 22,569 · -28.2%
• By 2100: 16,584 · -47.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 10% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Serbian 9% Lithuanian 2% Slovak 2%
• Languages at home: 99% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+50.0) · D 24.1% · R 74.1% · Other 1.7%
• 2008→2024 swing: -49.0pp toward R · 2008: -0.9pp · 2024: -50.0pp
• All cycles: 2024: R+50.0 2020: R+50.2 2016: R+46.8 2012: R+17.6 2008: R+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.47%
• Current HPI: 116.6798
• 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

-50.0% since first listed

4 events — show timeline

• 2026-05-11 Pending — MARIS as Distributed by MLS Grid
• 2026-05-11 Price Changed $25,000 MARIS as Distributed by MLS Grid
• 2026-04-13 Listed $10,000 MARIS as Distributed by MLS Grid
• 2026-01-02 Sold (Public Records) $50,000 Public Records

Property tax history

+7.3%/yr

Latest (2024): $962 · +1.4% YoY. Source: county tax records.