518 Adams St · Quincy, IL 62301

$38,000

2 bd · 1.0 ba · 1,240 sqft · SingleFamily · 86 Days on market

6,534 sqft lot $31/sqft · 50% below area Est $76k · 50% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2-bedroom, 1-bath home offering approximately 1,240 sq ft with a 1-car detached garage. This property is a great opportunity for an investor or buyer looking for a fixer-upper project. Updates include water heater and furnace replaced in 2020, furnace needs new control board and a roof estimated to be under 6 years old.

Key facts

• 6,534 sq ft lot
• Garage
• Listed 85 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $708 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $36k (6.0% below list) — sets the bar for market timing.
• Cap rate 28.7% vs local median 4.3% in Quincy — 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 67/100 on livability (#506 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities D-.
• Quincy SD 172 (town): math 24% / reading 27% proficiency, ranked #328 of 620 in IL (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Quincy Jr High School (math 25% / reading 30%, grade F, #295 of 665 statewide, top 45%, 1,348 students, 0% FRL); Quincy Sr High School (math 21% / reading 28%, grade F, #256 of 693 statewide, top 44%, 1,924 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+10.8%/yr); 180 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $263 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $18k; list at $38k implies a 117% gain — meaningful room to come down on a strong offer.

Recommended offer $35,720 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. Crime grade is D 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: 3.33% ✓
• Cap rate: 28.67%
• Cash-on-cash: 79.90%
• DSCR: 4.56
• GRM: 2.5

CMA / ARV

• ARV (median comp): $75,646
• List price: $38,000
• Delta: -49.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
518 Adams St	0.00mi	2/1.0	1,240 (0%)	1mo	$35,000	$28	100
535 Adams	0.04mi	2/1.0	1,274 (+3%)	7mo	$100,500	$79	88
1005 S 5th St	0.16mi	2/1.0	1,194 (-4%)	6mo	$70,000	$59	81
921 Adams	0.37mi	2/2.0	1,320 (+6%)	1mo	$155,000	$117	67
509 Harrison St	0.22mi	3/1.0 (+1)	1,393 (+12%)	4mo	$77,000	$55	61
832 Washington St	0.47mi	3/1.0 (+1)	1,300 (+5%)	5mo	$90,500	$70	60
601 Monroe St	0.12mi	3/1.0 (+1)	1,422 (+15%)	8mo	$80,000	$56	58
635 Ohio St	0.59mi	2/1.0	1,330 (+7%)	3mo	$35,000	$26	58
530 S 9th	0.66mi	2/1.0	1,340 (+8%)	1mo	$137,000	$102	55
625 Payson Ave	0.52mi	2/1.0	1,121 (-10%)	7mo	$50,000	$45	54
631 S 11th St	0.72mi	3/1.5 (+1)	1,300 (+5%)	2mo	$130,000	$100	50
1216 S 14th	0.73mi	3/3.0 (+1)	1,090 (-12%)	0mo	$213,000	$195	32

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 85.8%
• Equity multiple: 5.29×
• Total profit: $45,683
• Equity at exit: $5,666

10-year hold

• IRR: 90.2%
• Equity multiple: 13.07×
• Total profit: $128,442
• Equity at exit: $3,286

Cash invested: $10,640 (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 62301

• Rents YoY: 10.8%
• Active inventory: 180
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,264 medium
• Mortgage (P&I): −$199
• Tax from tax record: −$75 /mo · $904/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $708

Break-even live

Break-even rent $368

Max offer price $38,000

Occupancy floor 39%

Sensitivity live

Price	-10% $730	-5% $719	+0% $708	+5% $698	+10% $687
Rent	-10% $609	-5% $659	+0% $708	+5% $758	+10% $808
Rate	-1.0pp $728	-0.5pp $718	base $708	+0.5pp $699	+1.0pp $689

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: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Maine St Quincy, IL	1.0	1.0	937	$700	$0.75	45d	1	1.00mi
116 N 3rd St Quincy, IL	1.0–4.0	1.0–2.0	1950	$3,067	$1.57	45d	12	1.09mi
115 N 8th St Unit 1/2-5 Quincy, IL	2.0	1.0	750	$475	$0.63	45d	1	1.09mi

Listing history 15 events

1. 2026-06-03
   days on market $38,000 Under Contract 86 DOM
2. 2026-06-02
   days on market $38,000 Under Contract 85 DOM
3. 2026-06-01
   days on market $38,000 Under Contract 84 DOM
4. 2026-05-31
   days on market $38,000 Under Contract 83 DOM
5. 2026-05-30
   days on market $38,000 Under Contract 82 DOM
6. 2026-05-06
   historical Under Contract 321-char remark

   Show marketing remark (321 chars)

   2-bedroom, 1-bath home offering approximately 1,240 sq ft with a 1-car detached garage. This property is a great opportunity for an investor or buyer looking for a fixer-upper project. Updates include water heater and furnace replaced in 2020, furnace needs new control board and a roof estimated to be under 6 years old.

7. 2026-03-09
   listed $38,000 Active 321-char remark

   Show marketing remark (321 chars)

   2-bedroom, 1-bath home offering approximately 1,240 sq ft with a 1-car detached garage. This property is a great opportunity for an investor or buyer looking for a fixer-upper project. Updates include water heater and furnace replaced in 2020, furnace needs new control board and a roof estimated to be under 6 years old.

8. 2022-09-27
   historical
9. 2020-09-11
   historical
10. 2019-10-15
    soldstatus $17,500
11. 2019-10-15
    soldstatus $17,500
12. 2019-10-15
    soldstatus $17,500
13. 2019-08-30
    listed $24,000
14. 2019-08-30
    listed $24,000
15. 2019-08-30
    listed $24,000

ⓘ 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: $904 · $75/mo
• Projected year-2 tax: $904 · $75/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 4/10 Moderate 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,173
• − Mortgage interest: −$2,129
• − Property taxes: −$904
• − Insurance: −$190
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$1,105
• Taxable income: $8,417
• Est. tax owed @ 24.0%: −$2,020
• After-tax cash flow: $6,481/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: Quincy SD 172
• NCES district ID: 1733000
• Math proficiency: 24% ▬ 0.00%
• Reading proficiency: 27% ▬ 0.00%
• Median HH income: $44,132
• Composite: 21.91/100
• National rank: #8229
• State rank: #328 of 620 in IL

Livability — Quincy

• Score: 67/100
• State rank: #506
• US rank: #10458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Quincy, IL
• County: Adams County · 30,746 people
• City population: 30,746
• Metro: Quincy, IL-MO
• Population (ZIP): 30,746
• Household income: $52,055
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1238.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 7% Black 6% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 2% Iranian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -121.44%
• Current HPI: 131.7344
• Rent YoY: ▲ 10.78%
• Metro: Quincy, IL-MO
• 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

+58.3% since first listed

10 events — show timeline

• 2026-05-06 Contingent — RMLSA as Distributed by MLS Grid
• 2026-03-09 Listed $38,000 RMLSA as Distributed by MLS Grid
• 2022-09-27 Listing Removed — RMLSA as Distributed by MLS Grid
• 2020-09-11 Listing Removed — MRED as Distributed by MLS Grid
• 2019-10-15 Sold (MLS) $17,500 Quincy AOR
• 2019-10-15 Sold (MLS) $17,500 RMLSA as Distributed by MLS Grid
• 2019-10-15 Sold (MLS) $17,500 MRED as Distributed by MLS Grid
• 2019-08-30 Listed $24,000 Quincy AOR
• 2019-08-30 Listed $24,000 RMLSA as Distributed by MLS Grid
• 2019-08-30 Listed $24,000 MRED as Distributed by MLS Grid

Property tax history

-0.3%/yr

Latest (2023): $904 · +5.8% YoY. Source: county tax records.