330 E Locust St · Watseka, IL 60970

$325,000

7 bd · 5.0 ba · 6,366 sqft · MultiFamily · 63 Days on market

Built 1892

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Cash flow +4.4/30.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Truly One of a Kind! This stunning Victorian home offers a rare combination of charm, versatility, and space. Spanning three levels with a separate coach house, the property can be used as a spacious single-family residence with related living or as a four-unit rental investment. Each level features its own kitchen, living room, bathroom, and bedrooms, providing private, fully functional living spaces. The coach house includes an enclosed porch and has its own laundry, as do the main and second levels. Car enthusiasts and hobbyists will appreciate the 1-car garage and an additional 2-car garage with workspace located beneath the carriage house. The beautifully landscaped backyard includes two decks, a patio, gazebo, and even a charming dollhouse-perfect for outdoor entertaining or relaxing in your own private oasis. Inside, you'll find exceptional craftsmanship throughout, including: Cameo windows Gorgeous gingerbread woodwork Bridal staircase Double-beveled glass Rich oak woodwork and paneled doors Built-in oak cabinetry in the main-level dining room Oak kitchen cabinets and a built-in banquette on the main level Wood-burning fireplaces in the main-level dining room and second-level living room Ample storage space throughout Additional features include two separate driveways, an open porch on the second level, and thoughtful updates blended with timeless Victorian detail. This property is something truly special-don't miss your chance to own a piece of architectural history with modern-day flexibility. Sell will provide an existing survey sold as is, no FHA or VA, cash or conventional only. rewore

Key facts

• Gazebo
• Separate coach house
• Two decks

Tags

• SEPARATE COACH HOUSE
• FOUR UNIT RENTAL INVESTMENT
• ENCLOSED PORCH
• TWO DECKS
• PATIO
• GAZEBO

What this means for you Summary

Snapshot

• This is a 7-bed/5.0-bath multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $-847 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (46.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (57.2% below list).
• Recommended offer: $139k (57.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#811 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools D, amenities F, commute F.
• Iroquois County CUSD 9 (rural): math 18% / reading 35% proficiency, ranked #316 of 620 in IL (top 51%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 39 active listings in the ZIP; 14 units permitted in Iroquois County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($2k loan paydown + $4k appreciation (1.3% local appreciation)).
• Iroquois County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,063 (57.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
3. Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.43% ✗
• Cap rate: 3.17%
• Cash-on-cash: -11.17%
• DSCR: 0.50
• GRM: 19.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.33% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.53×
• Total profit: $-42,748
• Equity at exit: $116,565

10-year hold

• IRR: -3.4%
• Equity multiple: 0.56×
• Total profit: $-39,726
• Equity at exit: $159,343

Cash invested: $91,000 (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 60970

• Home prices YoY: 0.9%
• Active inventory: 39
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $1,391 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$106 /mo · $1,269/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $-847

Break-even live

Break-even rent $2,463

Max offer price $175,388

Occupancy floor —

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $325,000 Active 63 DOM
2. 2026-06-17
   days on market $325,000 Active 62 DOM
3. 2026-06-16
   days on market $325,000 Active 61 DOM
4. 2026-06-15
   days on market $325,000 Active 60 DOM
5. 2026-06-14
   days on market $325,000 Active 58 DOM
6. 2026-06-10
   days on market $325,000 Active 55 DOM
7. 2026-06-09
   days on market $325,000 Active 54 DOM
8. 2026-06-08
   days on market $325,000 Active 53 DOM
9. 2026-06-07
   days on market $325,000 Active 52 DOM
10. 2026-06-03
    days on market $325,000 Active 48 DOM
11. 2026-06-02
    days on market $325,000 Active 47 DOM
12. 2026-06-01
    days on market $325,000 Active 46 DOM
13. 2026-05-31
    days on market $325,000 Active 45 DOM
14. 2026-05-30
    days on market $325,000 Active 44 DOM
15. 2026-04-16
    listed $325,000 Active 1669-char remark

    Show marketing remark (1150 chars)

    Truly One of a Kind! This extraordinary Victorian residence blends timeless elegance with modern versatility, spanning three levels plus a separate coach house. Perfect as a spacious single-family home with related living or as a four-unit rental investment, each level offers its own kitchen, living room, bath, and bedrooms for fully private living. The coach house features an enclosed porch and laundry, while the main and second floors also include laundry access. Car enthusiasts will love the 1-car garage and additional 2-car garage with workspace beneath the carriage house. Outdoors, enjoy a beautifully landscaped yard with two decks, a patio, gazebo, and a charming dollhouse-ideal for entertaining or relaxing. Inside, craftsmanship shines with cameo windows, gingerbread woodwork, a bridal staircase, double-beveled glass, rich oak details, built-in cabinetry, and wood-burning fireplaces. With two driveways, ample storage, and thoughtful updates that preserve its Victorian character, this property offers architectural history with modern-day flexibility. Survey provided; sold as-is. Cash or conventional financing only-no FHA or VA

16. 2026-04-16
    listed $325,000 Active 1150-char remark

    Show marketing remark (1150 chars)

    Truly One of a Kind! This extraordinary Victorian residence blends timeless elegance with modern versatility, spanning three levels plus a separate coach house. Perfect as a spacious single-family home with related living or as a four-unit rental investment, each level offers its own kitchen, living room, bath, and bedrooms for fully private living. The coach house features an enclosed porch and laundry, while the main and second floors also include laundry access. Car enthusiasts will love the 1-car garage and additional 2-car garage with workspace beneath the carriage house. Outdoors, enjoy a beautifully landscaped yard with two decks, a patio, gazebo, and a charming dollhouse-ideal for entertaining or relaxing. Inside, craftsmanship shines with cameo windows, gingerbread woodwork, a bridal staircase, double-beveled glass, rich oak details, built-in cabinetry, and wood-burning fireplaces. With two driveways, ample storage, and thoughtful updates that preserve its Victorian character, this property offers architectural history with modern-day flexibility. Survey provided; sold as-is. Cash or conventional financing only-no FHA or VA

17. 2025-12-26
    historical
18. 2025-12-26
    historical
19. 2025-07-28
    listed Active
20. 2025-07-26
    listed Active

ⓘ 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: $1,269 · $106/mo
• Projected year-2 tax: $4,323 · $360/mo
• Expected delta: +$3,054/yr (+$255/mo · 240.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,688
• − Mortgage interest: −$18,205
• − Property taxes: −$1,269
• − Insurance: −$1,625
• − Repairs & maintenance: −$1,335
• − Management: −$1,335
• − Depreciation: −$9,455
• Taxable loss: −$16,536
• Est. tax savings @ 24.0%: +$3,969
• After-tax cash flow: $-6,194/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: Iroquois County CUSD 9
• NCES district ID: 1720170
• Math proficiency: 18% ▼ -12.00%
• Reading proficiency: 35% ▼ -8.00%
• Median HH income: $38,590
• Composite: 22.14/100
• National rank: #8171
• State rank: #316 of 620 in IL

Livability — Watseka

• Score: 63/100
• State rank: #811
• US rank: #15998

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watseka, IL
• Population (ZIP): 5,965

Population outlook (Iroquois County) Hauer SSP2

• Today (2025): 26,826 people
• By 2030: 25,771 · -3.9%
• By 2040: 23,589 · -12.1%
• By 2050: 21,523 · -19.8%
• By 2075: 17,998 · -32.9%
• By 2100: 14,979 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 5% Asian 1%
• Common ancestry: Lithuanian 6% Iranian 3% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Tagalog/Filipino 1%

Political lean MEDSL · Iroquois

• 2024 margin: Solid R (+57.3) · D 20.6% · R 78.0% · Other 1.4%
• 2008→2024 swing: -27.5pp toward R · 2008: -29.8pp · 2024: -57.3pp
• All cycles: 2024: R+57.3 2020: R+56.7 2016: R+56.0 2012: R+44.7 2008: R+29.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.33%
• Current HPI: 156.8
• 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

+0.0% since first listed

6 events — show timeline

• 2026-04-16 Listed $325,000 MRED as Distributed by MLS Grid
• 2026-04-16 Listed $325,000 MRED as Distributed by MLS Grid
• 2025-12-26 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-26 Listing Removed — MRED as Distributed by MLS Grid
• 2025-07-28 Listed — MRED as Distributed by MLS Grid
• 2025-07-26 Listed — MRED as Distributed by MLS Grid

Property tax history

-0.6%/yr

Latest (2024): $1,269 · -3.8% YoY. Source: county tax records.