657 Wood St · Decatur, IL 62522

$49,000

2 bd · 1.0 ba · 1,199 sqft · Other public records · 652 Days on market

Built 1929 5,785 sqft lot $41/sqft · 31% below area Est $71k · 31% 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
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sitting just minutes from Millikin University as well as downtown Decatur this two bedroom brick charmer offers great space both inside and out, plus a brand new roof! A large, covered front porch leads inside where you'll discover a spacious living room, formal dining room and great kitchen. The two bedrooms share the full bathroom. A partially fenced backyard provides ample space to relax and play. Sold as is. Schedule a showing today!

Key facts

• Covered front porch
• Brick charmer
• Formal dining room

Tags

• BRICK CHARMER
• COVERED FRONT PORCH
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• PARTIALLY FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $49k.

Deal economics

• At list price, monthly cash flow is $387 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($990 rent vs $49k).
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.8% vs local median 7.0% in Decatur — 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 59/100 on livability (#1,076 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Decatur SD 61 (urban): math 3% / reading 6% proficiency, ranked #605 of 620 in IL (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 75 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 88% of comp listings sitting > 30 days — soft ceiling on asking rent; 63 units permitted in Macon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Macon County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 652 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 652 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 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Crime grade is F 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?
8. 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.
9. 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.
10. 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: 2.02% ✓
• Cap rate: 15.76%
• Cash-on-cash: 33.82%
• DSCR: 2.50
• GRM: 4.1

CMA / ARV

• ARV (median comp): $70,682
• List price: $49,000
• Delta: -30.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 29.2%
• Equity multiple: 2.22×
• Total profit: $16,740
• Equity at exit: $7,306

10-year hold

• IRR: 36.6%
• Equity multiple: 4.39×
• Total profit: $46,495
• Equity at exit: $4,237

Cash invested: $13,720 (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 62522

• Home prices YoY: -16.9%
• Active inventory: 75
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $990 high
• Mortgage (P&I): −$257
• Tax from tax record: −$118 /mo · $1,416/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $387

Break-even live

Break-even rent $500

Max offer price $49,000

Occupancy floor 56%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
150 W Wood St Decatur, IL	1.0	1.0	1228	$1,100	$0.90	43d	1	0.44mi
520 S Church St Decatur, IL	3.0	1.5	1250	$1,199	$0.96	13d	1	0.50mi
853 N College St Decatur, IL	2.0	1.0	936	$925	$0.99	43d	1	0.66mi
1045 N Monroe St Decatur, IL	3.0	2.0	1094	$1,000	$0.91	43d	1	0.82mi
1035 S Main St Decatur, IL	2.0	1.0	847	$880	$1.04	13d	7	0.83mi
1245 N Union St Decatur, IL	3.0	2.0	1111	$995	$0.90	43d	1	1.03mi
759 E Lawrence St Decatur, IL	3.0	1.0	1080	$695	$0.64	43d	1	1.04mi
1311 N Walnut Grove Ave Decatur, IL	2.0	1.0	781	$1,100	$1.41	43d	1	1.07mi
803 E Whitmer St Decatur, IL	3.0	1.0	900	$935	$1.04	43d	1	1.07mi
1345 N Fairview Ave Decatur, IL	3.0	1.0	785	$985	$1.25	43d	1	1.25mi
644 W Division St Decatur, IL	3.0	2.0	1365	$1,200	$0.88	43d	1	1.31mi
1237 E Johns Ave Decatur, IL	2.0	1.0	1000	$895	$0.90	43d	1	1.36mi
1245 Sedgwick St Decatur, IL	2.0	1.0	1055	$895	$0.85	43d	1	1.37mi
1304 E Lawrence St Decatur, IL	2.0	1.0	850	$850	$1.00	43d	1	1.40mi
347 N Stone St Decatur, IL	2.0	1.0	850	$875	$1.03	43d	1	1.47mi
1090 N Oakcrest Ave Decatur, IL	2.0	1.0	1344	$1,100	$0.82	43d	1	1.48mi
698 S Stone St Decatur, IL	2.0	1.0	900	$795	$0.88	43d	1	1.48mi

Listing history 20 events

1. 2026-06-19
   days on market $49,000 Active 652 DOM
2. 2026-06-18
   days on market $49,000 Active 651 DOM
3. 2026-06-17
   days on market $49,000 Active 650 DOM
4. 2026-06-16
   days on market $49,000 Active 649 DOM
5. 2026-06-15
   days on market $49,000 Active 648 DOM
6. 2026-06-14
   days on market $49,000 Active 646 DOM
7. 2026-06-13
   days on marketlisting id $49,000 Active 645 DOM
8. 2026-06-10
   days on market $49,000 Active 764 DOM
9. 2026-06-09
   days on market $49,000 Active 763 DOM
10. 2026-06-08
    days on market $49,000 Active 762 DOM
11. 2026-06-07
    days on market $49,000 Active 761 DOM
12. 2026-06-05
    days on market $49,000 Active 758 DOM
13. 2026-06-02
    days on market $49,000 Active 756 DOM
14. 2026-06-01
    days on market $49,000 Active 755 DOM
15. 2026-05-31
    days on market $49,000 Active 754 DOM
16. 2026-05-30
    days on market $49,000 Active 753 DOM
17. 2026-02-24
    status Active 441-char remark

    Show marketing remark (441 chars)

    Sitting just minutes from Millikin University as well as downtown Decatur this two bedroom brick charmer offers great space both inside and out, plus a brand new roof! A large, covered front porch leads inside where you'll discover a spacious living room, formal dining room and great kitchen. The two bedrooms share the full bathroom. A partially fenced backyard provides ample space to relax and play. Sold as is. Schedule a showing today!

18. 2025-07-28
    status Active 441-char remark

    Show marketing remark (441 chars)

    Sitting just minutes from Millikin University as well as downtown Decatur this two bedroom brick charmer offers great space both inside and out, plus a brand new roof! A large, covered front porch leads inside where you'll discover a spacious living room, formal dining room and great kitchen. The two bedrooms share the full bathroom. A partially fenced backyard provides ample space to relax and play. Sold as is. Schedule a showing today!

19. 2024-05-07
    listed $49,000 Active 441-char remark

    Show marketing remark (441 chars)

    Sitting just minutes from Millikin University as well as downtown Decatur this two bedroom brick charmer offers great space both inside and out, plus a brand new roof! A large, covered front porch leads inside where you'll discover a spacious living room, formal dining room and great kitchen. The two bedrooms share the full bathroom. A partially fenced backyard provides ample space to relax and play. Sold as is. Schedule a showing today!

20. 2024-05-06
    listed $49,000 Active 441-char remark

    Show marketing remark (441 chars)

    Sitting just minutes from Millikin University as well as downtown Decatur this two bedroom brick charmer offers great space both inside and out, plus a brand new roof! A large, covered front porch leads inside where you'll discover a spacious living room, formal dining room and great kitchen. The two bedrooms share the full bathroom. A partially fenced backyard provides ample space to relax and play. Sold as is. Schedule a showing today!

ⓘ 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: $1,416 · $118/mo
• Projected year-2 tax: $1,416 · $118/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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $11,880
• − Mortgage interest: −$2,745
• − Property taxes: −$1,416
• − Insurance: −$245
• − Repairs & maintenance: −$950
• − Management: −$950
• − Depreciation: −$1,425
• Taxable income: $4,148
• Est. tax owed @ 24.0%: −$996
• After-tax cash flow: $3,645/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: Decatur SD 61
• NCES district ID: 1711850
• Math proficiency: 3% ▼ -4.00%
• Reading proficiency: 6% ▼ -6.00%
• Median HH income: $38,864
• Composite: 3.99/100
• National rank: #10059
• State rank: #605 of 620 in IL

Livability — Decatur

• Score: 59/100
• State rank: #1076
• US rank: #20533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IL
• County: Macon County · 78,333 people
• City population: 78,333
• Metro: Decatur, IL
• Population (ZIP): 15,185
• Household income: $50,669
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 321.0

Population outlook (Macon County) Hauer SSP2

• Today (2025): 99,568 people
• By 2030: 94,973 · -4.6%
• By 2040: 85,250 · -14.4%
• By 2050: 75,920 · -23.8%
• By 2075: 55,962 · -43.8%
• By 2100: 36,468 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 28% Two or more races 7% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 1% Italian 1% Slovak 1%
• Foreign-born: 2% · Canada, China, Jamaica
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Macon

• 2024 margin: R (+18.9) · D 39.8% · R 58.7% · Other 1.4%
• 2008→2024 swing: -20.0pp toward R · 2008: 1.1pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+17.7 2016: R+18.1 2012: R+5.2 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.64%
• Current HPI: 180.7847
• Rent YoY: —
• Metro: Decatur, IL
• 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

+0.0% since first listed

4 events — show timeline

• 2026-02-24 Relisted — CIBR
• 2025-07-28 Relisted — CIBR
• 2024-05-07 Listed $49,000 MRED as Distributed by MLS Grid
• 2024-05-06 Listed $49,000 CIBR

Property tax history

+2.3%/yr

Latest (2024): $1,416 · +0.8% YoY. Source: county tax records.