24 N Austin Ave · Herrick, IL 62431

$72,500

3 bd · 2.0 ba · 1,280 sqft · Manufactured public records · 24 Days on market

Built 2024 5,800 sqft lot

---

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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Appreciation +5.8/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Listing remarks

Enjoy small town living in this beautifully designed manufactured home sitting on a large corner lot in Herrick. Inside, you will find a nice built-in tv stand in the living room, and a large, modern kitchen with an eat-in island. Stainless steel appliances come with the home as well. There are 3 bedrooms and 2 bathrooms. Schedule a private showing today!

Key facts

• Built-in tv stand
• Eat-in island
• Large corner lot

Tags

• BUILT-IN TV STAND
• LARGE CORNER LOT
• MODERN KITCHEN
• EAT-IN ISLAND
• STAINLESS STEEL APPLIANCES

Property features AI

Exterior

• Parking: Gravel parking; No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Manufactured home: Clayton Blazer; Built in 2024
• Construction: Shingle roof; Built 2024
• Exterior features: Level lot; Lot dimensions approximately 116 x 50

Interior

• Kitchen: Kitchen present (appliances include refrigerator)
• Bedrooms: 3 bedrooms; Primary bedroom on main level; Additional bedrooms on upper, lower, basement, and other levels
• Flooring: Laminate flooring in multiple rooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced-air heating
• Interior features: Refrigerator included; No basement; No fireplaces

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $401 ($5k/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: $71k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#1,092 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• Cowden-Herrick CUSD 3A (rural): math 15% / reading 20% proficiency, ranked #748 of 919 in IL (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Cowden-Herrick Jr/Sr High School (math 17% / reading 17%, grade F, #430 of 693 statewide, top 66%, 165 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 8 active listings in the ZIP; 41 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($501 loan paydown + $1k appreciation (1.5% local appreciation)).
• Shelby County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($71k) is reasonable based on typical stale-listing flexibility.

Recommended offer $71,412 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 1.44% ✓
• Cap rate: 12.93%
• Cash-on-cash: 23.70%
• DSCR: 2.05
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.51% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.9%
• Equity multiple: 2.41×
• Total profit: $28,695
• Equity at exit: $26,704

10-year hold

• IRR: 29.0%
• Equity multiple: 4.63×
• Total profit: $73,667
• Equity at exit: $37,050

Cash invested: $20,300 (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 62431

• Home prices YoY: 1.1%
• Active inventory: 8
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,048 medium
• Mortgage (P&I): −$380
• Tax from tax record: −$16 /mo · $195/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $401

Break-even live

Break-even rent $540

Max offer price $72,500

Occupancy floor 57%

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-16
   status $72,500 Pending 24 DOM
2. 2026-06-15
   days on market $72,500 Active 24 DOM
3. 2026-06-13
   days on market $72,500 Active 22 DOM
4. 2026-06-12
   pricedays on market $72,500 Active 21 DOM
5. 2026-06-09
   days on market $74,900 Active 18 DOM
6. 2026-06-08
   days on market $74,900 Active 17 DOM
7. 2026-06-07
   days on market $74,900 Active 16 DOM
8. 2026-06-05
   days on market $74,900 Active 14 DOM
9. 2026-06-04
   days on market $74,900 Active 12 DOM
10. 2026-06-02
    days on market $74,900 Active 11 DOM
11. 2026-06-01
    days on market $74,900 Active 10 DOM
12. 2026-05-31
    days on market $74,900 Active 9 DOM
13. 2026-05-31
    days on market $74,900 Active 8 DOM
14. 2026-05-22
    listed $74,900 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: $195 · $16/mo
• Projected year-2 tax: $920 · $77/mo
• Expected delta: +$725/yr (+$60/mo · 372.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 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 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,570
• − Mortgage interest: −$4,061
• − Property taxes: −$195
• − Insurance: −$362
• − Repairs & maintenance: −$1,006
• − Management: −$1,006
• − Depreciation: −$2,109
• Taxable income: $3,831
• Est. tax owed @ 24.0%: −$920
• After-tax cash flow: $3,891/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: Cowden-Herrick CUSD 3A
• NCES district ID: 1700176
• Math proficiency: 15% ▼ -13.00%
• Reading proficiency: 20% ▼ -8.00%
• Median HH income: $38,977
• Composite: 18.13/100
• National rank: #14073
• State rank: #748 of 919 in IL

Livability — Herrick

• Score: 58/100
• State rank: #1092
• US rank: #20769

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Herrick, IL
• Population (ZIP): 777

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 20,512 people
• By 2030: 19,675 · -4.1%
• By 2040: 17,851 · -13.0%
• By 2050: 15,973 · -22.1%
• By 2075: 11,799 · -42.5%
• By 2100: 8,030 · -60.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 4%
• Common ancestry: Iranian 1% Slovak 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+60.2) · D 19.2% · R 79.5% · Other 1.4%
• 2008→2024 swing: -40.5pp toward R · 2008: -19.8pp · 2024: -60.2pp
• All cycles: 2024: R+60.2 2020: R+57.2 2016: R+54.3 2012: R+33.7 2008: R+19.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.51%
• Current HPI: 140.1175
• 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

1 event — show timeline

• 2026-05-22 Listed $74,900 RMLSA as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2024): $195 · -2.9% YoY. Source: county tax records.