337 Chestnut St · Quincy, IL 62301

$62,000

4 bd · 2.0 ba · 2,627 sqft · SingleFamily · 15 Days on market

Built 1871 0.26 ac lot $24/sqft · 44% below area Est $111k · 44% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special with Endless Potential! Bring your vision and creativity to this spacious 2-unit property situated on a large corner lot. Each unit offers 2 bedrooms and 1 full bathroom, providing flexible options for investors, renovators, or homeowners looking to create additional income. With plenty of square footage and character waiting to be restored, this property is ready for a complete transformation. The versatile layout also offers the possibility of converting the property back into a spacious single-family residence. As an added bonus, all materials currently onsite will convey with the sale, helping jumpstart your renovation plans. Whether you're searching for your next inves

Key facts

• 0.26 acre lot
• 2 parking spots
• Built 1871

Property features AI

Finance

• Other: Lot dimensions approximately 57 x 190; Lot size approximately 0.26 acres
• Financial info: Two-unit rental property (units currently showing $0 reported actual rent)

Exterior

• Parking: Total 2 parking spaces; Detached parking and on-street parking available; Each unit reported 2 parking spaces (uncovered)
• Utilities: Public water; Public sewer
• Home design: Residential income property; 2-unit building
• Construction: Built in 1871; Shingle roof; Total building area approximately 2627
• Exterior features: Fenced yard; Corner, level lot

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $952 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $61k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.7% vs local median 4.3% in Quincy — 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 67/100 on livability (#506 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities D-.
• Quincy SD 172 (town): math 24% / reading 27% proficiency, ranked #328 of 620 in IL (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Colonel George Iles Elem Sch (math 29% / reading 29%, grade F, #727 of 2,056 statewide, top 36%, 519 students, 0% FRL); Quincy Jr High School (math 25% / reading 30%, grade F, #295 of 665 statewide, top 45%, 1,348 students, 0% FRL); Quincy Sr High School (math 21% / reading 28%, grade F, #256 of 693 statewide, top 44%, 1,924 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+10.8%/yr); 180 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $429 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Adams County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($61k) 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: built in 1871 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,070 (1.5% below list)

Questions for the listing agent

1. Built in 1871 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 2.71% ✓
• Cap rate: 24.73%
• Cash-on-cash: 65.83%
• DSCR: 3.93
• GRM: 3.1

CMA / ARV

• ARV (median comp): $110,915
• List price: $62,000
• Delta: -37.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
929 N 6th St	0.18mi	5/2.0 (+1)	2,340 (-11%)	1mo	$95,000	$41	68
1324 N 6th St	0.35mi	3/2.0 (-1)	2,418 (-8%)	5mo	$136,500	$56	61
825 N 6th St	0.22mi	3/1.5 (-1)	2,459 (-6%)	22mo	$109,900	$45	54

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 70.4%
• Equity multiple: 4.43×
• Total profit: $59,497
• Equity at exit: $9,244

10-year hold

• IRR: 75.9%
• Equity multiple: 10.81×
• Total profit: $170,355
• Equity at exit: $5,361

Cash invested: $17,360 (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 62301

• Rents YoY: 10.8%
• Active inventory: 180
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,682 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$26 /mo · $308/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $952

Break-even live

Break-even rent $477

Max offer price $62,000

Occupancy floor 38%

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 N 3rd St Quincy, IL	1.0–4.0	1.0–2.0	1950	$5,600	$2.87	44d	12	0.73mi

Listing history 15 events

1. 2026-06-19
   days on market $62,000 Active 15 DOM
2. 2026-06-18
   days on market $62,000 Active 14 DOM
3. 2026-06-17
   days on market $62,000 Active 13 DOM
4. 2026-06-16
   days on market $62,000 Active 12 DOM
5. 2026-06-15
   days on market $62,000 Active 11 DOM
6. 2026-06-14
   days on market $62,000 Active 9 DOM
7. 2026-06-12
   days on market $62,000 Active 8 DOM
8. 2026-06-09
   days on market $62,000 Active 5 DOM
9. 2026-06-08
   days on market $62,000 Active 4 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    pricedays on marketlisting id $62,000 Active 3 DOM
12. 2026-05-19
    price $68,900 276-char remark
13. 2026-04-13
    listed $77,900 Active 276-char remark
14. 2022-09-27
    historical
15. 2007-10-03
    historical

ⓘ 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: $308 · $26/mo
• Projected year-2 tax: $858 · $71/mo
• Expected delta: +$550/yr (+$46/mo · 178.7%)

ⓘ 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 ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,187
• − Mortgage interest: −$3,473
• − Property taxes: −$308
• − Insurance: −$310
• − Repairs & maintenance: −$1,615
• − Management: −$1,615
• − Depreciation: −$1,804
• Taxable income: $11,063
• Est. tax owed @ 24.0%: −$2,655
• After-tax cash flow: $8,774/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: Quincy SD 172
• NCES district ID: 1733000
• Math proficiency: 24% ▬ 0.00%
• Reading proficiency: 27% ▬ 0.00%
• Median HH income: $44,132
• Composite: 21.91/100
• National rank: #8229
• State rank: #328 of 620 in IL

Livability — Quincy

• Score: 67/100
• State rank: #506
• US rank: #10458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Quincy, IL
• County: Adams County · 30,746 people
• City population: 30,746
• Metro: Quincy, IL-MO
• Population (ZIP): 30,746
• Household income: $52,055
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1238.0

Population outlook (Adams County) Hauer SSP2

• Today (2025): 65,795 people
• By 2030: 64,436 · -2.1%
• By 2040: 61,007 · -7.3%
• By 2050: 56,851 · -13.6%
• By 2075: 46,424 · -29.4%
• By 2100: 34,305 · -47.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 7% Black 6% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 2% Iranian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+47.4) · D 25.6% · R 73.0% · Other 1.5%
• 2008→2024 swing: -25.0pp toward R · 2008: -22.4pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+46.5 2016: R+47.5 2012: R+35.2 2008: R+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.44%
• Current HPI: 131.7344
• Rent YoY: ▲ 10.78%
• Metro: Quincy, IL-MO
• 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 events — show timeline

• 2026-06-02 Listed $62,000 RMLSA as Distributed by MLS Grid
• 2026-05-28 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-05-19 Price Changed — RMLSA as Distributed by MLS Grid
• 2026-04-13 Listed — RMLSA as Distributed by MLS Grid
• 2022-09-27 Listing Removed — RMLSA as Distributed by MLS Grid
• 2007-10-03 Listing Removed — MRED as Distributed by MLS Grid

Property tax history

-12.1%/yr

Latest (2023): $308 · -1.7% YoY. Source: county tax records.