408 S Madison St · Middletown, IL 62666

$29,000

3 bd · 1.0 ba · 840 sqft · Other public records · 27 Days on market

Built 1892 0.30 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Situated on an expansive 120X110 fenced corner lot in the small town of Middletown, Illinois, you will find this generously sized 3 bedroom two story aluminum sided home that is PACKED full of potential! Main floor boasts a gracious 13X15 foyer with an open staircase, living room, den, kitchen with a center island in addition to an adjacent 7X4 pantry, enclosed back porch, and a full bath with laundry facilities. Upstairs, you will find three efficient bedrooms (one does not have a closet) in addition to a 10X5 office nook. Property also features a basement (exterior access only), lovely natural woodwork and hardwood flooring throughout, covered front porch, and a rear storage shed. City water/private septic system on premises. Let your imagination run freely with this small town bargain priced Logan County find -- property being sold AS IS, WHERE IS! Cash or conventional only, please.

Key facts

• Enclosed back porch
• Open staircase
• Adjacent pantry

Tags

• FENCED CORNER LOT
• OPEN STAIRCASE
• CENTER ISLAND
• ADJACENT PANTRY
• ENCLOSED BACK PORCH
• FULL BATH WITH LAUNDRY

Property features AI

Finance

• Other: Property located at 408 S Madison St, Middletown, IL; Listed as Active

Exterior

• Utilities: Public water available; Septic system; Electricity available; Natural gas available
• Home design: Lots & Land property type; Residential zoning; Originally built in 1892
• Construction: Year built 1892
• Exterior features: Level lot; Lot dimensions approximately 120 x 110

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bathroom
• Interior features: Living area approximately 1491

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $29k.

Deal economics

• At list price, monthly cash flow is $520 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• Recommended offer: $29k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#1,088 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• New Holland-Middletown Ed 88 (rural): math 15% / reading 25% proficiency, ranked #684 of 919 in IL (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: New Holland-Middletown Elem Sch (math 5% / reading 24%, grade F, #1,259 of 2,056 statewide, top 62%, 75 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 5 active listings in the ZIP; 10 units permitted in Logan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($200 loan paydown + $870 appreciation (3.0% local appreciation)).
• Logan County population projected at -11% 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $14k; list at $29k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.5% of price; built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,565 (1.5% below list)

Questions for the listing agent

1. Built in 1892 — 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. 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: 3.47% ✓
• Cap rate: 27.83%
• Cash-on-cash: 76.90%
• DSCR: 4.42
• GRM: 2.4

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: 81.5%
• Equity multiple: 5.52×
• Total profit: $36,697
• Equity at exit: $13,040

10-year hold

• IRR: 81.0%
• Equity multiple: 11.38×
• Total profit: $84,277
• Equity at exit: $20,096

Cash invested: $8,120 (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 62666

• Active inventory: 5
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,005 medium
• Mortgage (P&I): −$152
• Tax from tax record: −$110 /mo · $1,316/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $520

Break-even live

Break-even rent $347

Max offer price $29,000

Occupancy floor 43%

Sensitivity live

Price	-10% $614	-5% $529	+0% $520	+5% $512	+10% $504
Rent	-10% $441	-5% $481	+0% $520	+5% $560	+10% $600
Rate	-1.0pp $535	-0.5pp $528	base $520	+0.5pp $513	+1.0pp $505

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $29,000 Active 27 DOM
2. 2026-06-17
   days on market $29,000 Active 26 DOM
3. 2026-06-16
   days on market $29,000 Active 25 DOM
4. 2026-06-15
   days on market $29,000 Active 24 DOM
5. 2026-06-13
   days on market $29,000 Active 22 DOM
6. 2026-06-12
   days on market $29,000 Active 21 DOM
7. 2026-06-09
   days on market $29,000 Active 18 DOM
8. 2026-06-08
   days on market $29,000 Active 17 DOM
9. 2026-06-07
   days on market $29,000 Active 16 DOM
10. 2026-06-05
    days on market $29,000 Active 14 DOM
11. 2026-06-04
    days on market $29,000 Active 12 DOM
12. 2026-06-02
    days on market $29,000 Active 11 DOM
13. 2026-06-01
    days on market $29,000 Active 10 DOM
14. 2026-05-31
    days on market $29,000 Active 9 DOM
15. 2026-05-31
    days on market $29,000 Active 8 DOM
16. 2026-05-21
    listed $29,000 Active
17. 2022-04-29
    soldstatus $14,000 898-char remark

    Show marketing remark (898 chars)

    Situated on an expansive 120X110 fenced corner lot in the small town of Middletown, Illinois, you will find this generously sized 3 bedroom two story aluminum sided home that is PACKED full of potential! Main floor boasts a gracious 13X15 foyer with an open staircase, living room, den, kitchen with a center island in addition to an adjacent 7X4 pantry, enclosed back porch, and a full bath with laundry facilities. Upstairs, you will find three efficient bedrooms (one does not have a closet) in addition to a 10X5 office nook. Property also features a basement (exterior access only), lovely natural woodwork and hardwood flooring throughout, covered front porch, and a rear storage shed. City water/private septic system on premises. Let your imagination run freely with this small town bargain priced Logan County find -- property being sold AS IS, WHERE IS! Cash or conventional only, please.

18. 2022-04-04
    listed $15,000 898-char remark

    Show marketing remark (898 chars)

    Situated on an expansive 120X110 fenced corner lot in the small town of Middletown, Illinois, you will find this generously sized 3 bedroom two story aluminum sided home that is PACKED full of potential! Main floor boasts a gracious 13X15 foyer with an open staircase, living room, den, kitchen with a center island in addition to an adjacent 7X4 pantry, enclosed back porch, and a full bath with laundry facilities. Upstairs, you will find three efficient bedrooms (one does not have a closet) in addition to a 10X5 office nook. Property also features a basement (exterior access only), lovely natural woodwork and hardwood flooring throughout, covered front porch, and a rear storage shed. City water/private septic system on premises. Let your imagination run freely with this small town bargain priced Logan County find -- property being sold AS IS, WHERE IS! Cash or conventional only, please.

ⓘ 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: $1,316 · $110/mo
• Projected year-2 tax: $1,316 · $110/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 ≥105°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,064
• − Mortgage interest: −$1,624
• − Property taxes: −$1,316
• − Insurance: −$145
• − Repairs & maintenance: −$965
• − Management: −$965
• − Depreciation: −$844
• Taxable income: $6,205
• Est. tax owed @ 24.0%: −$1,489
• After-tax cash flow: $4,755/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: New Holland-Middletown Ed 88
• NCES district ID: 1700103
• Math proficiency: 15% ▲ 5.00%
• Reading proficiency: 25% ▲ 5.00%
• Median HH income: $55,706
• Composite: 21.68/100
• National rank: #13592
• State rank: #684 of 919 in IL

Livability — Middletown

• Score: 58/100
• State rank: #1088
• US rank: #20717

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, IL
• Population (ZIP): 483

Population outlook (Logan County) Hauer SSP2

• Today (2025): 28,066 people
• By 2030: 27,370 · -2.5%
• By 2040: 26,078 · -7.1%
• By 2050: 24,908 · -11.3%
• By 2075: 22,504 · -19.8%
• By 2100: 19,226 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Slovak 6% Iranian 2% Italian 1%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Logan

• 2024 margin: Solid R (+41.5) · D 28.2% · R 69.8% · Other 2.0%
• 2008→2024 swing: -24.6pp toward R · 2008: -16.9pp · 2024: -41.5pp
• All cycles: 2024: R+41.5 2020: R+39.8 2016: R+40.1 2012: R+32.1 2008: R+16.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+93.3% since first listed

3 events — show timeline

• 2026-05-21 Listed $29,000 RMLSA as Distributed by MLS Grid
• 2022-04-29 Sold (MLS) $14,000 RMLSA as Distributed by MLS Grid
• 2022-04-04 Listed $15,000 RMLSA as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2024): $1,316 · +7.6% YoY. Source: county tax records.