1120-1122 Washington St · Quincy, IL 62301

$139,900

4 bd · 2.0 ba · 2,100 sqft · MultiFamily · 310 Days on market

Average condition 9,148 sqft lot $67/sqft · 24% above area Est $113k · 24% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.4/5.0
• Condition / age +2.8/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Your investment opportunity awaits! This is a large, two family home-a duplex - each unit has two bedrooms but each unit could easily have three bedrooms. One unit has a long time tenant and the other unit was just rented again. There's a large two car garage that could also be rented for additional income. Check this one out before it's gone!

Key facts

• 9,148 sq ft lot
• Garage
• Listed 309 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $754 ($9k/yr) — positive. Per door: $377/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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; 1 comparable units currently listed for rent nearby; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• At $2,178/mo this rent would consume 50% of the median local household income ($52k/yr) (locally 1238% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 310 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y ago; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 310 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 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?
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.56% ✓
• Cap rate: 12.76%
• Cash-on-cash: 23.09%
• DSCR: 2.03
• GRM: 5.4

CMA / ARV

• ARV (median comp): $112,552
• List price: $139,900
• Delta: 24.30%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1100 Payson Ave	0.12mi	4/2.0	2,210 (+5%)	4mo	$118,000	$53	82
1019 Washington St	0.11mi	4/2.0	2,010 (-4%)	17mo	$107,500	$53	74

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: 21.6%
• Equity multiple: 1.94×
• Total profit: $36,883
• Equity at exit: $20,860

10-year hold

• IRR: 32.9%
• Equity multiple: 4.74×
• Total profit: $146,459
• Equity at exit: $12,096

Cash invested: $39,172 (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: 10.7×

Monthly cashflow live

• Estimated rent: $2,178 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $754

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 60%

Sensitivity live

Price	-10% $850	-5% $802	+0% $754	+5% $705	+10% $657
Rent	-10% $582	-5% $668	+0% $754	+5% $840	+10% $926
Rate	-1.0pp $824	-0.5pp $789	base $754	+0.5pp $718	+1.0pp $681

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,178
Total (2 units)			$2,178

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 N 3rd St Quincy, IL	1.0–4.0	1.0–2.0	1950	$5,600	$2.87	45d	12	1.06mi

Listing history 34 events

1. 2026-06-19
   days on market $139,900 Active 310 DOM
2. 2026-06-18
   days on market $139,900 Active 309 DOM
3. 2026-06-17
   days on market $139,900 Active 308 DOM
4. 2026-06-16
   days on market $139,900 Active 307 DOM
5. 2026-06-15
   days on market $139,900 Active 306 DOM
6. 2026-06-14
   days on market $139,900 Active 304 DOM
7. 2026-06-12
   days on market $139,900 Active 303 DOM
8. 2026-06-09
   days on market $139,900 Active 300 DOM
9. 2026-06-08
   days on market $139,900 Active 299 DOM
10. 2026-06-07
    days on market $139,900 Active 298 DOM
11. 2026-06-03
    days on market $139,900 Active 294 DOM
12. 2026-06-02
    days on market $139,900 Active 293 DOM
13. 2026-06-01
    days on market $139,900 Active 292 DOM
14. 2026-05-31
    days on market $139,900 Active 291 DOM
15. 2026-05-30
    days on market $139,900 Active 290 DOM
16. 2026-01-12
    historical
17. 2026-01-12
    historical
18. 2026-01-06
    historical
19. 2026-01-05
    historical
20. 2025-11-18
    price $139,900
21. 2025-11-18
    price
22. 2025-11-14
    price $147,500
23. 2025-11-14
    price
24. 2025-08-26
    price $149,000
25. 2025-08-26
    price
26. 2025-08-11
    listed Active
27. 2025-08-11
    listed $152,000 Active
28. 2023-03-27
    soldstatus $125,000 Closed
29. 2023-02-09
    historical Under Contract
30. 2023-01-19
    listed $139,000 Active
31. 2012-01-09
    soldstatus $68,000
32. 2012-01-09
    soldstatus $68,000
33. 2011-08-26
    listed $79,900
34. 2011-08-26
    listed $79,900

ⓘ 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 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: $26,136
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$2,091
• − Management: −$2,091
• − Depreciation: −$4,070
• Taxable income: $7,250
• Est. tax owed @ 24.0%: −$1,740
• After-tax cash flow: $7,306/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

Average 55/100 Moderate rehab

A moderate rehab project is needed to improve the home's curb appeal and overall condition, enhancing its resale and rental value.

Repairs flagged

• Moderate exterior siding — Weathered and discolored
• Minor interior walls — Some scuffing

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both repair siding — Improves home's appearance and value
• Both update flooring — Modernizes and increases value
• Both update bathrooms — Modernizes and increases value
• Both update kitchen — Modernizes and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Weathered and discolored	Moderate	$3,000–15,000
interior walls · Some scuffing	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both repair siding — Improves home's appearance and value ↑
• Both update flooring — Modernizes and increases value ↑
• Both update bathrooms — Modernizes and increases value ↑
• Both update kitchen — Modernizes and increases 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: 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

+75.1% since first listed

19 events — show timeline

• 2026-01-12 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-12 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-11-18 Price Changed $139,900 Quincy AOR
• 2025-11-18 Price Changed — MRED as Distributed by MLS Grid
• 2025-11-14 Price Changed $147,500 Quincy AOR
• 2025-11-14 Price Changed — MRED as Distributed by MLS Grid
• 2025-08-26 Price Changed $149,000 Quincy AOR
• 2025-08-26 Price Changed — MRED as Distributed by MLS Grid
• 2025-08-11 Listed $152,000 Quincy AOR
• 2025-08-11 Listed — MRED as Distributed by MLS Grid
• 2023-03-27 Sold (MLS) $125,000 RMLSA as Distributed by MLS Grid
• 2023-02-09 Contingent — RMLSA as Distributed by MLS Grid
• 2023-01-19 Listed $139,000 RMLSA as Distributed by MLS Grid
• 2012-01-09 Sold (MLS) $68,000 MRED as Distributed by MLS Grid
• 2012-01-09 Sold (MLS) $68,000 RMLSA as Distributed by MLS Grid
• 2011-08-26 Listed $79,900 MRED as Distributed by MLS Grid
• 2011-08-26 Listed $79,900 RMLSA as Distributed by MLS Grid