218 S Ida St · Lacon, IL 61540

$42,500

4 bd · 2.0 ba · 1,155 sqft · SingleFamily public records · 37 Days on market

Built 1900 0.26 ac lot $37/sqft · 49% below area ↓ 3% since listing

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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
• Livability +3.7/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

4 bedroom, 2 bath, 2-story home offering a fantastic opportunity for investors or buyers ready to add their personal touch! This property is a blank canvas with strong potential to begin renovations immediately. Functional layout offers flexibility for modern updates and creative design possibilities. Whether you’re looking for a rental, flip, or future owner-occupied property, this home presents a valuable opportunity in an established neighborhood. Sold AS-IS, the seller will not be completing any repairs. Appliances not warranted - sold as-is. Only cash or conventional financing.

Key facts

• 0.26 acre lot
• Parking
• Built 1900

Property features AI

Finance

• Other: Residential zoning; Lot dimensions approximately 66 x 173 (0.26 acre); Partial, unfinished basement
• HOA & community: No association fee

Exterior

• Parking: No garage spaces; On-street parking, gravel parking, and other parking options
• Utilities: Public water and public sewer
• Home design: Single-family residence; Two levels; Built in 1900
• Construction: Composition roof
• Exterior features: Corner, level lot; Shed(s); Paved road access

Interior

• Kitchen: Kitchen includes refrigerator and dishwasher
• Bedrooms: 4 bedrooms; Bedroom 1 on main level (15' x 10') with egress window and hardwood flooring; Bedroom 2 on upper level (15' x 13') with egress window and hardwood flooring; Bedroom 3 on upper level (14' x 12') with egress window and hardwood flooring; Bedroom 4 on upper level (15' x 9') with egress window and hardwood flooring
• Flooring: Hardwood flooring in multiple rooms; Tile flooring in kitchen and dining room
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Gas water heater; No cooling system
• Interior features: Dishwasher, Refrigerator; Non-functional fireplace (one)
• Laundry & utility: Main level laundry (7' x 7')

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $598 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• Recommended offer: $41k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#275 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Midland CUSD 7 (rural): math 24% / reading 46% proficiency, ranked #189 of 620 in IL (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Midland Elementary School (math 17% / reading 27%, grade F, #940 of 2,056 statewide, top 49%, 274 students, 0% FRL); Midland Middle School (math 27% / reading 57%, grade D-, #116 of 665 statewide, top 19%, 196 students, 0% FRL); Midland High School (math 24% / reading 34%, grade F, #187 of 693 statewide, top 30%, 195 students, 0% FRL) — zoned schools average 0% FRL vs 36% district-wide (36 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 27 active listings in the ZIP; 9 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $294 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Marshall County population projected at -32% 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 $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $7k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $42k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $41,225 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.57% ✓
• Cap rate: 23.17%
• Cash-on-cash: 60.29%
• DSCR: 3.68
• GRM: 3.2

CMA / ARV

• ARV (median comp): $166,073
• List price: $42,500
• Delta: -74.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
817 8th St	0.32mi	3/2.0 (-1)	1,260 (+9%)	3mo	$175,000	$139	63
906 Park Ln	0.19mi	3/2.5 (-1)	1,232 (+7%)	19mo	$165,000	$134	57
212 S Main St	0.53mi	3/1.0 (-1)	1,021 (-12%)	11mo	$39,500	$39	37
516 8th St	0.40mi	3/2.0 (-1)	1,304 (+13%)	21mo	$135,900	$104	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: 59.0%
• Equity multiple: 3.62×
• Total profit: $31,190
• Equity at exit: $6,337

10-year hold

• IRR: 63.8%
• Equity multiple: 7.40×
• Total profit: $76,187
• Equity at exit: $3,675

Cash invested: $11,900 (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 61540

• Home prices YoY: -27.4%
• Active inventory: 27
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,092 medium
• Mortgage (P&I): −$223
• Tax from tax record: −$24 /mo · $290/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $598

Break-even live

Break-even rent $335

Max offer price $42,500

Occupancy floor 40%

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: $10,625
• Closing costs: $1,275
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $42,500 Under Contract 37 DOM
2. 2026-06-17
   days on market $42,500 Under Contract 36 DOM
3. 2026-06-16
   days on market $42,500 Under Contract 35 DOM
4. 2026-06-15
   days on market $42,500 Under Contract 34 DOM
5. 2026-06-13
   days on market $42,500 Under Contract 32 DOM
6. 2026-06-12
   statusdays on market $42,500 Under Contract 31 DOM
7. 2026-06-09
   days on market $42,500 Active 28 DOM
8. 2026-06-08
   days on market $42,500 Active 27 DOM
9. 2026-06-07
   days on market $42,500 Active 26 DOM
10. 2026-06-07
    days on market $42,500 Active 25 DOM
11. 2026-06-04
    days on market $42,500 Active 22 DOM
12. 2026-06-02
    days on market $42,500 Active 21 DOM
13. 2026-06-01
    days on market $42,500 Active 20 DOM
14. 2026-05-31
    days on market $42,500 Active 19 DOM
15. 2026-05-31
    days on market $42,500 Active 18 DOM
16. 2026-05-12
    listed $49,900 Active 595-char remark
17. 2026-05-05
    historical
18. 2026-04-17
    price
19. 2026-04-10
    price
20. 2026-04-02
    listed Active
21. 2021-08-06
    historical
22. 2020-05-15
    soldstatus $17,000
23. 2017-07-21
    soldstatus $18,000
24. 2017-02-21
    listed $19,900
25. 1998-06-22
    soldstatus $44,000

ⓘ 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: $290 · $24/mo
• Projected year-2 tax: $628 · $52/mo
• Expected delta: +$337/yr (+$28/mo · 116.1%)

ⓘ 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 3/10 Moderate 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,104
• − Mortgage interest: −$2,381
• − Property taxes: −$290
• − Insurance: −$212
• − Repairs & maintenance: −$1,048
• − Management: −$1,048
• − Depreciation: −$1,236
• Taxable income: $6,887
• Est. tax owed @ 24.0%: −$1,653
• After-tax cash flow: $5,522/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: Midland CUSD 7
• NCES district ID: 1700126
• Math proficiency: 24% ▼ -4.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $55,523
• Composite: 30.79/100
• National rank: #6148
• State rank: #189 of 620 in IL

Livability — Lacon

• Score: 73/100
• State rank: #275
• US rank: #5270

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lacon, IL
• Population (ZIP): 2,700

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 10,717 people
• By 2030: 9,992 · -6.8%
• By 2040: 8,554 · -20.2%
• By 2050: 7,236 · -32.5%
• By 2075: 4,958 · -53.7%
• By 2100: 3,326 · -69.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 1%
• Common ancestry: Romanian 3% Italian 2% Iranian 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Marshall

• 2024 margin: Solid R (+36.0) · D 31.2% · R 67.2% · Other 1.6%
• 2008→2024 swing: -35.0pp toward R · 2008: -1.0pp · 2024: -36.0pp
• All cycles: 2024: R+36.0 2020: R+34.5 2016: R+33.8 2012: R+14.3 2008: R+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.03%
• Current HPI: 164.3293
• 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

-3.4% since first listed

12 events — show timeline

• 2026-06-12 Contingent — RMLSA as Distributed by MLS Grid
• 2026-05-28 Price Changed $42,500 RMLSA as Distributed by MLS Grid
• 2026-05-12 Listed $49,900 RMLSA as Distributed by MLS Grid
• 2026-05-05 Listing Removed — MRED as Distributed by MLS Grid
• 2026-04-17 Price Changed — MRED as Distributed by MLS Grid
• 2026-04-10 Price Changed — MRED as Distributed by MLS Grid
• 2026-04-02 Listed — MRED as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2020-05-15 Sold (Public Records) $17,000 Public Records
• 2017-07-21 Sold (MLS) $18,000 RMLSA as Distributed by MLS Grid
• 2017-02-21 Listed $19,900 RMLSA as Distributed by MLS Grid
• 1998-06-22 Sold (Public Records) $44,000 Public Records

Property tax history

-15.7%/yr

Latest (2024): $290 · -2.8% YoY. Source: county tax records.