124 Main St · Warsaw, IL 62379

$59,900

4 bd · 2.0 ba · 2,538 sqft · SingleFamily · 20 Days on market

Built 1900 0.56 ac lot $24/sqft · 57% below area ↓ 7% 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
• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

CHECK OUT THIS PROPERTY AND THE POTENTIAL IT HAS!!!!!!!! Two story home situated on (3) lots with an extra lot beside it. Partial river view (especially) during the fall, winter and early spring months! Main floor consists of Living room, kitchen (needs) finishing, dining room, Den or could be a 5th downstairs bedroom and full bath (needs) finishing. Upper level has (4) bedrooms and full bath. Also a Walk up Attic for storage! Updates include, Roof new 2024, A/C new 2025, Furnace new 2017, 200amp electrical service, (6) newer windows. Still has work that needs to be finished, but when its finished it will be something to enjoy. Being Sold " AS IS " Call today to see it all!!!!

Key facts

• Walk up attic
• Newer windows
• Partial river view

Tags

• TWO STORY HOME
• PARTIAL RIVER VIEW
• WALK UP ATTIC
• 200AMP ELECTRICAL SERVICE
• NEWER WINDOWS

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Septic tank sewer
• Home design: Two-story single-family residence; Wood siding
• Construction: Metal roof
• Exterior features: Privacy vinyl fencing; Irregular-shaped lot; Publicly maintained city street frontage

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Basement present; Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $491 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#459 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D, employment D.
• Warsaw CUSD 316 (rural): math 25% / reading 35% proficiency, ranked #489 of 919 in IL (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP.

Forward outlook

• In year one you build about $5k of equity ($414 loan paydown + $5k appreciation (8.0% local appreciation)).
• Hancock County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, 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 20 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 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: property tax is 3.3% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,001 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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 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?
5. 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.
6. 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.
7. 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: 2.10% ✓
• Cap rate: 16.13%
• Cash-on-cash: 35.12%
• DSCR: 2.56
• GRM: 4.0

CMA / ARV

• ARV (median comp): $139,900
• List price: $59,900
• Delta: -57.18%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
124 Main St	0.00mi	4/2.0	2,538 (0%)	0mo	$56,000	$22	100
425 N 3rd St	0.26mi	3/1.5 (-1)	2,580 (+2%)	14mo	$175,000	$68	66
825 Clark St	0.57mi	4/2.5	2,600 (+2%)	10mo	$98,500	$38	59
735 Clark St	0.51mi	3/2.0 (-1)	2,208 (-13%)	2mo	$139,900	$63	48
610 S 6th	0.48mi	5/2.0 (+1)	2,328 (-8%)	23mo	$187,500	$81	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.99% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 48.4%
• Equity multiple: 4.34×
• Total profit: $55,977
• Equity at exit: $45,472

10-year hold

• IRR: 43.6%
• Equity multiple: 9.31×
• Total profit: $139,331
• Equity at exit: $90,226

Cash invested: $16,772 (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 62379

• Home prices YoY: 5.6%
• Active inventory: 20
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,256 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$163 /mo · $1,950/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $491

Break-even live

Break-even rent $635

Max offer price $59,900

Occupancy floor 56%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-13
   status Pending 695-char remark
2. 2026-05-05
   status Active 695-char remark
3. 2026-04-30
   historical Active Under Contract 695-char remark
4. 2026-04-23
   listed $59,900 Active 695-char remark

ⓘ 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: $1,950 · $163/mo
• Projected year-2 tax: $1,950 · $163/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 3/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,076
• − Mortgage interest: −$3,355
• − Property taxes: −$1,950
• − Insurance: −$300
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$1,743
• Taxable income: $5,316
• Est. tax owed @ 24.0%: −$1,276
• After-tax cash flow: $4,615/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: Warsaw CUSD 316
• NCES district ID: 1740890
• Math proficiency: 25% ▲ 5.00%
• Reading proficiency: 35% ▬ 0.00%
• Median HH income: $48,724
• Composite: 28.9/100
• National rank: #11950
• State rank: #489 of 919 in IL

Livability — Warsaw

• Score: 68/100
• State rank: #459
• US rank: #9523

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warsaw, IL
• Population (ZIP): 1,828

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 17,042 people
• By 2030: 16,056 · -5.8%
• By 2040: 13,912 · -18.4%
• By 2050: 11,879 · -30.3%
• By 2075: 8,302 · -51.3%
• By 2100: 5,846 · -65.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Slovak 5% Lithuanian 2% Iranian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 2%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+50.0) · D 24.1% · R 74.1% · Other 1.8%
• 2008→2024 swing: -39.2pp toward R · 2008: -10.8pp · 2024: -50.0pp
• All cycles: 2024: R+50.0 2020: R+48.9 2016: R+50.8 2012: R+19.0 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.99%
• Current HPI: 150.9375
• 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

-6.5% since first listed

5 events — show timeline

• 2026-06-11 Sold (MLS) $56,000 IAR
• 2026-05-13 Pending — IAR
• 2026-05-05 Relisted — IAR
• 2026-04-30 Contingent — IAR
• 2026-04-23 Listed $59,900 IAR

Property tax history

+5.1%/yr

Latest (2024): $1,950 · +5.6% YoY. Source: county tax records.