305 Polk Ave · Charleston, IL 61920

$72,000

3 bd · 2.0 ba · 1,610 sqft · SingleFamily public records · 83 Days on market

Built 1915 6,534 sqft lot $45/sqft · 26% below area Est $95k · 24% 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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Timeless details. Unlimited potential. This 3-bedroom, 2-bath home offers a rare opportunity to bring new life to a property full of character and original detail. From the moment you arrive, the inviting front porch sets the tone—perfect for morning coffee or winding down in the evening. Inside, you’ll find hardwood floors, tall ceilings, and distinctive architectural features that reflect the home’s history. Built-in shelving, decorative columns, and detailed trim work create a strong foundation for someone with vision to restore and personalize. The layout offers spacious living and dining areas, along with a functional kitchen ready for updates. Upstairs and throughout the home, the bedrooms provide comfortable space with natural light, while the two full bathrooms offer convenience for everyday living. Whether you’re looking for a renovation project, investment opportunity, or a place to create something truly your own, this home presents incredible potential. With the right updates, it could be transformed into a standout property!

Key facts

• Detailed trim work
• Front porch
• Decorative columns

Tags

• FRONT PORCH
• HARDWOOD FLOORS
• BUILT-IN SHELVING
• DECORATIVE COLUMNS
• DETAILED TRIM WORK
• SPACIOUS LIVING AREAS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $68k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 4.0% in Charleston — 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 73/100 on livability (#293 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities C-, schools F.
• Charleston CUSD 1 (town): math 14% / reading 21% proficiency, ranked #489 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 125 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $498 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,680 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — 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. 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.
8. 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.
9. 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: 1.43% ✓
• Cap rate: 10.46%
• Cash-on-cash: 14.90%
• DSCR: 1.66
• GRM: 5.8

CMA / ARV

• ARV (median comp): $94,565
• List price: $72,000
• Delta: -23.86%
• 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
815 Van Buren Ave	0.50mi	3/2.0	1,594 (-1%)	0mo	$87,500	$55	75
6 Brosam Dr	0.32mi	3/2.0	1,728 (+7%)	2mo	$152,500	$88	71
620 4th St	0.38mi	4/2.5 (+1)	1,639 (+2%)	6mo	$89,900	$55	67
29 Jackson Ave	0.45mi	3/1.5	1,511 (-6%)	0mo	$93,900	$62	67
920 E St	0.48mi	2/2.0 (-1)	1,620 (+1%)	8mo	$154,900	$96	65
9 Brosam Dr	0.34mi	3/2.0	1,452 (-10%)	7mo	$135,000	$93	62
1130 Buchanan Ave	0.49mi	3/2.5	1,535 (-5%)	9mo	$148,000	$96	60
1015 10th St	0.39mi	4/2.0 (+1)	1,786 (+11%)	0mo	$212,000	$119	58
409 3rd St	0.51mi	3/1.5	1,752 (+9%)	5mo	$55,000	$31	56
829 10th St	0.43mi	3/1.5	1,846 (+15%)	4mo	$185,000	$100	50
314 Adams Ave	0.61mi	2/1.5 (-1)	1,476 (-8%)	2mo	$50,000	$34	49
1402 14th St	0.59mi	4/2.0 (+1)	1,430 (-11%)	5mo	$78,000	$55	45

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: 5.5%
• Equity multiple: 1.21×
• Total profit: $4,332
• Equity at exit: $10,735

10-year hold

• IRR: 15.0%
• Equity multiple: 2.22×
• Total profit: $24,530
• Equity at exit: $6,225

Cash invested: $20,160 (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 61920

• Home prices YoY: -28.1%
• Active inventory: 125
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,032 medium
• Mortgage (P&I): −$378
• Tax from tax record: −$157 /mo · $1,886/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $250

Break-even live

Break-even rent $715

Max offer price $72,000

Occupancy floor 71%

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1408 6th St Charleston, IL	2.0	1.0	1346	$729	$0.54	44d	3	0.23mi

Listing history 19 events

1. 2026-06-19
   days on market $72,000 Active 83 DOM
2. 2026-06-18
   days on market $72,000 Active 82 DOM
3. 2026-06-18
   price $72,000 Active 81 DOM
4. 2026-06-17
   days on market $75,000 Active 81 DOM
5. 2026-06-16
   days on market $75,000 Active 80 DOM
6. 2026-06-15
   days on market $75,000 Active 79 DOM
7. 2026-06-14
   days on market $75,000 Active 77 DOM
8. 2026-06-12
   days on market $75,000 Active 76 DOM
9. 2026-06-09
   days on market $75,000 Active 73 DOM
10. 2026-06-08
    days on market $75,000 Active 72 DOM
11. 2026-06-07
    days on market $75,000 Active 71 DOM
12. 2026-06-05
    days on market $75,000 Active 68 DOM
13. 2026-06-03
    days on market $75,000 Active 67 DOM
14. 2026-06-02
    days on market $75,000 Active 66 DOM
15. 2026-06-01
    days on market $75,000 Active 65 DOM
16. 2026-05-31
    days on market $75,000 Active 64 DOM
17. 2026-05-30
    days on market $75,000 Active 63 DOM
18. 2026-05-07
    historical Active Under Contract 1077-char remark

    Show marketing remark (1077 chars)

    Timeless details. Unlimited potential. This 3-bedroom, 2-bath home offers a rare opportunity to bring new life to a property full of character and original detail. From the moment you arrive, the inviting front porch sets the tone—perfect for morning coffee or winding down in the evening. Inside, you’ll find hardwood floors, tall ceilings, and distinctive architectural features that reflect the home’s history. Built-in shelving, decorative columns, and detailed trim work create a strong foundation for someone with vision to restore and personalize. The layout offers spacious living and dining areas, along with a functional kitchen ready for updates. Upstairs and throughout the home, the bedrooms provide comfortable space with natural light, while the two full bathrooms offer convenience for everyday living. Whether you’re looking for a renovation project, investment opportunity, or a place to create something truly your own, this home presents incredible potential. With the right updates, it could be transformed into a standout property!

19. 2026-03-28
    listed $75,000 Active 1077-char remark

    Show marketing remark (1077 chars)

    Timeless details. Unlimited potential. This 3-bedroom, 2-bath home offers a rare opportunity to bring new life to a property full of character and original detail. From the moment you arrive, the inviting front porch sets the tone—perfect for morning coffee or winding down in the evening. Inside, you’ll find hardwood floors, tall ceilings, and distinctive architectural features that reflect the home’s history. Built-in shelving, decorative columns, and detailed trim work create a strong foundation for someone with vision to restore and personalize. The layout offers spacious living and dining areas, along with a functional kitchen ready for updates. Upstairs and throughout the home, the bedrooms provide comfortable space with natural light, while the two full bathrooms offer convenience for everyday living. Whether you’re looking for a renovation project, investment opportunity, or a place to create something truly your own, this home presents incredible potential. With the right updates, it could be transformed into a standout property!

ⓘ 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: $1,886 · $157/mo
• Projected year-2 tax: $1,886 · $157/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 · 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: $12,380
• − Mortgage interest: −$4,033
• − Property taxes: −$1,886
• − Insurance: −$360
• − Repairs & maintenance: −$990
• − Management: −$990
• − Depreciation: −$2,095
• Taxable income: $2,026
• Est. tax owed @ 24.0%: −$486
• After-tax cash flow: $2,517/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: Charleston CUSD 1
• NCES district ID: 1709600
• Math proficiency: 14% ▼ -6.00%
• Reading proficiency: 21% ▼ -8.00%
• Median HH income: $35,724
• Composite: 14.45/100
• National rank: #9429
• State rank: #489 of 620 in IL

Livability — Charleston

• Score: 73/100
• State rank: #293
• US rank: #5627

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charleston, IL
• County: Coles County · 41,301 people
• City population: 20,951
• Metro: Charleston-Mattoon, IL
• Population (ZIP): 20,951
• Household income: $52,429
• Rent vs Own: 46.7% rent · 53.3% own
• Severe rent burden: 1209.0

Population outlook (Coles County) Hauer SSP2

• Today (2025): 53,967 people
• By 2030: 53,829 · -0.3%
• By 2040: 52,332 · -3.0%
• By 2050: 49,989 · -7.4%
• By 2075: 42,226 · -21.8%
• By 2100: 34,675 · -35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 3% Asian 2%
• Common ancestry: Italian 2% Romanian 2% Iranian 2%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Coles

• 2024 margin: Strong R (+28.5) · D 34.9% · R 63.4% · Other 1.7%
• 2008→2024 swing: -31.7pp toward R · 2008: 3.2pp · 2024: -28.5pp
• All cycles: 2024: R+28.5 2020: R+26.4 2016: R+26.4 2012: R+11.1 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.97%
• Current HPI: 153.8607
• Rent YoY: —
• Metro: Charleston-Mattoon, 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

2 events — show timeline

• 2026-05-07 Contingent — CIBR
• 2026-03-28 Listed $75,000 CIBR

Property tax history

-0.1%/yr

Latest (2024): $1,886 · +4.0% YoY. Source: county tax records.