1500 W Adams St · Herrin, IL 62948

$22,000

2 bd · 1.0 ba · 864 sqft · Other · 138 Days on market

Built 1920 0.30 ac lot $25/sqft · 67% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special! This blank-slate property in Herrin is gutted and ready for your vision. Sitting on two corner lots, this home offers a rare opportunity to design from the studs up with potential for 2 bedrooms and 2 bathroom. The heavy demo work is already done—bring your plans, your crew, and get straight to work. The home features an unfinished partial basement, perfect for added storage or future possibilities. With its generous lot size and flexible layout, this property is ideal for a flip, rental investment, or a custom forever home tailored exactly to your style. Whether you’re an experienced investor or a buyer looking to create something truly your own, this property offers the space, location, and potential to make it happen. Opportunities like this don’t come around often—let your imagination take over and turn this project into profit or a place to call home! Call today for a showing!

Key facts

• Flexible layout
• Two corner lots
• Generous lot size

Tags

• TWO CORNER LOTS
• UNFINISHED PARTIAL BASEMENT
• GENEROUS LOT SIZE
• FLEXIBLE LAYOUT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $22k.

Deal economics

• At list price, monthly cash flow is $675 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Recommended offer: $19k (12.0% below list) — sets the bar for market timing.
• Cap rate 43.1% vs local median 8.5% in Herrin — 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 64/100 on livability (#667 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: schools D, crime D-, amenities F.
• Herrin CUSD 4 (suburban): math 22% / reading 27% proficiency, ranked #364 of 620 in IL (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 91 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 130 units permitted in Williamson County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $152 of loan paydown is wiped out by about $660 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $8k; list at $22k implies a 159% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 5.0% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $19,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 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 1920 — 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 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 5.12% ✓
• Cap rate: 43.12%
• Cash-on-cash: 131.53%
• DSCR: 6.85
• GRM: 1.6

CMA / ARV

• ARV (median comp): $66,613
• List price: $22,000
• Delta: -66.97%
• 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: —
• Equity multiple: 7.41×
• Total profit: $39,493
• Equity at exit: $3,280

10-year hold

• IRR: —
• Equity multiple: 15.61×
• Total profit: $89,988
• Equity at exit: $1,902

Cash invested: $6,160 (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 62948

• Home prices YoY: -34.1%
• Active inventory: 91
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,128 medium
• Mortgage (P&I): −$115
• Tax from tax record: −$91 /mo · $1,092/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $675

Break-even live

Break-even rent $273

Max offer price $22,000

Occupancy floor 35%

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: $5,500
• Closing costs: $660
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
715 N 35th St Unit D Herrin, IL	2.0	1.0	850	$1,200	$1.41	43d	1	0.42mi
6 Court C Herrin, IL	2.0	1.0	900	$895	$0.99	43d	1	0.98mi
3 Ct D Herrin, IL	3.0	1.0	1000	$1,195	$1.20	43d	1	1.02mi

Listing history 21 events

1. 2026-06-19
   days on market $22,000 Active 138 DOM
2. 2026-06-18
   days on market $22,000 Active 137 DOM
3. 2026-06-17
   days on market $22,000 Active 136 DOM
4. 2026-06-16
   days on market $22,000 Active 135 DOM
5. 2026-06-15
   days on market $22,000 Active 134 DOM
6. 2026-06-14
   days on market $22,000 Active 132 DOM
7. 2026-06-13
   days on market $22,000 Active 131 DOM
8. 2026-06-10
   days on market $22,000 Active 129 DOM
9. 2026-06-09
   days on market $22,000 Active 128 DOM
10. 2026-06-08
    days on market $22,000 Active 127 DOM
11. 2026-06-07
    days on market $22,000 Active 126 DOM
12. 2026-06-03
    days on market $22,000 Active 122 DOM
13. 2026-06-02
    days on market $22,000 Active 121 DOM
14. 2026-06-01
    days on market $22,000 Active 120 DOM
15. 2026-05-31
    days on market $22,000 Active 119 DOM
16. 2026-05-30
    days on market $22,000 Active 118 DOM
17. 2026-03-06
    price $25,000 936-char remark

    Show marketing remark (936 chars)

    Investor Special! This blank-slate property in Herrin is gutted and ready for your vision. Sitting on two corner lots, this home offers a rare opportunity to design from the studs up with potential for 2 bedrooms and 2 bathroom. The heavy demo work is already done—bring your plans, your crew, and get straight to work. The home features an unfinished partial basement, perfect for added storage or future possibilities. With its generous lot size and flexible layout, this property is ideal for a flip, rental investment, or a custom forever home tailored exactly to your style. Whether you’re an experienced investor or a buyer looking to create something truly your own, this property offers the space, location, and potential to make it happen. Opportunities like this don’t come around often—let your imagination take over and turn this project into profit or a place to call home! Call today for a showing!

18. 2026-02-06
    price $27,500 936-char remark

    Show marketing remark (936 chars)

    Investor Special! This blank-slate property in Herrin is gutted and ready for your vision. Sitting on two corner lots, this home offers a rare opportunity to design from the studs up with potential for 2 bedrooms and 2 bathroom. The heavy demo work is already done—bring your plans, your crew, and get straight to work. The home features an unfinished partial basement, perfect for added storage or future possibilities. With its generous lot size and flexible layout, this property is ideal for a flip, rental investment, or a custom forever home tailored exactly to your style. Whether you’re an experienced investor or a buyer looking to create something truly your own, this property offers the space, location, and potential to make it happen. Opportunities like this don’t come around often—let your imagination take over and turn this project into profit or a place to call home! Call today for a showing!

19. 2026-02-01
    listed $30,000 Active 936-char remark

    Show marketing remark (936 chars)

    Investor Special! This blank-slate property in Herrin is gutted and ready for your vision. Sitting on two corner lots, this home offers a rare opportunity to design from the studs up with potential for 2 bedrooms and 2 bathroom. The heavy demo work is already done—bring your plans, your crew, and get straight to work. The home features an unfinished partial basement, perfect for added storage or future possibilities. With its generous lot size and flexible layout, this property is ideal for a flip, rental investment, or a custom forever home tailored exactly to your style. Whether you’re an experienced investor or a buyer looking to create something truly your own, this property offers the space, location, and potential to make it happen. Opportunities like this don’t come around often—let your imagination take over and turn this project into profit or a place to call home! Call today for a showing!

20. 2025-02-25
    soldstatus $8,500
21. 1997-11-14
    soldstatus $20,000

ⓘ 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: $1,092 · $91/mo
• Projected year-2 tax: $1,092 · $91/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 5/10 Major 7 d/yr ≥107°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,530
• − Mortgage interest: −$1,232
• − Property taxes: −$1,092
• − Insurance: −$110
• − Repairs & maintenance: −$1,082
• − Management: −$1,082
• − Depreciation: −$640
• Taxable income: $8,291
• Est. tax owed @ 24.0%: −$1,990
• After-tax cash flow: $6,112/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: Herrin CUSD 4
• NCES district ID: 1718810
• Math proficiency: 22% ▼ -11.00%
• Reading proficiency: 27% ▼ -17.00%
• Median HH income: $38,824
• Composite: 20.56/100
• National rank: #8558
• State rank: #364 of 620 in IL

Livability — Herrin

• Score: 64/100
• State rank: #667
• US rank: #13670

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Herrin, IL
• City population: 12,728
• Population (ZIP): 12,728

Population outlook (Williamson County) Hauer SSP2

• Today (2025): 69,553 people
• By 2030: 70,090 · +0.8%
• By 2040: 70,345 · +1.1%
• By 2050: 69,394 · -0.2%
• By 2075: 63,590 · -8.6%
• By 2100: 51,154 · -26.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Black 5% Hispanic / Latino 4% Native American 1%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Williamson

• 2024 margin: Solid R (+38.8) · D 30.0% · R 68.8% · Other 1.3%
• 2008→2024 swing: -24.0pp toward R · 2008: -14.8pp · 2024: -38.8pp
• All cycles: 2024: R+38.8 2020: R+37.3 2016: R+41.2 2012: R+25.0 2008: R+14.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.82%
• Current HPI: 131.1617
• 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

+25.0% since first listed

5 events — show timeline

• 2026-03-06 Price Changed $25,000 RMLSA as Distributed by MLS Grid
• 2026-02-06 Price Changed $27,500 RMLSA as Distributed by MLS Grid
• 2026-02-01 Listed $30,000 RMLSA as Distributed by MLS Grid
• 2025-02-25 Sold (Public Records) $8,500 Public Records
• 1997-11-14 Sold (Public Records) $20,000 Public Records

Property tax history

+12.6%/yr

Latest (2025): $1,092 · +2.2% YoY. Source: county tax records.