842 N Main St · Washington, IL 61571

$220,000

3 bd · 1.0 ba · 1,112 sqft · Condo public records · 1 Days on market

Built 1993 $150/mo HOA · 7% of rent

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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 +18.4/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +5.4/10.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a condo with lots of room, well look no further! 1100 sq. ft. ranch with over 600 sq ft finished in the basement. Main Floor laundry. Large Master Bedroom with walk-in closet and full bath. Lower level family room w/wall of built-in cabinets and sink. Perfect for entertaining! The lower level also has full bath, office or possible 3rd bedroom and lots of storage. Nice location!

Key facts

• Finished basement
• Screened porch
• Main floor living

Tags

• MAIN FLOOR LIVING
• CORNER LOT
• HOA AMENITIES
• UPDATED COMPOSITE DECK
• SCREENED PORCH
• FINISHED BASEMENT

Property features AI

Finance

• Other: Subdivision: Walnut Park; Located on a private drive off Main Street
• HOA & community: Association fee of $150 (covers landscaping, grounds maintenance, road maintenance, snow removal, and lawn care)

Exterior

• Parking: Attached private 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story property (1 story); Property attached (paired/attached home); Built in 1993
• Construction: 1993 construction
• Exterior features: Shingle roof; Corner lot on a level, dead-end street; Private paved road/access

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level; Additional finished basement room usable as a 3rd bedroom or office
• Flooring: Carpet in multiple rooms; Luxury vinyl plank in dining room and kitchen
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Gas water heater
• Interior features: Ceiling fans; High-speed internet; Finished full basement
• Laundry & utility: Washer; Dryer; Storage/utility room in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Cap rate 7.4% vs local median 3.3% in Washington — 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 73/100 on livability (#272 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Washington Chsd 308 (suburban): math 42% / reading 42% proficiency, ranked #112 of 620 in IL (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington Comm High School (math 42% / reading 42%, grade F, #76 of 693 statewide, top 12%, 1,484 students, 0% FRL).
• Market conditions: 132 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 77 units permitted in Tazewell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Tazewell County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 17y ago 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.
• Current owner paid $126k; list at $220k implies a 75% gain — meaningful room to come down on a strong offer.

Recommended offer $220,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.04% ✓
• Cap rate: 7.41%
• Cash-on-cash: 4.00%
• DSCR: 1.18
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -10.0%
• Equity multiple: 0.63×
• Total profit: $-22,490
• Equity at exit: $32,803

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-2,389
• Equity at exit: $19,022

Cash invested: $61,600 (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 61571

• Active inventory: 132
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,298 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$215 /mo · $2,582/yr
• Insurance: −$92
• HOA: −$150
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $205

Break-even live

Break-even rent $2,039

Max offer price $220,000

Occupancy floor 86%

Sensitivity live

Price	-10% $330	-5% $267	+0% $205	+5% $143	+10% $81
Rent	-10% $24	-5% $114	+0% $205	+5% $296	+10% $387
Rate	-1.0pp $316	-0.5pp $261	base $205	+0.5pp $148	+1.0pp $90

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 S Cedar St Washington, IL	2.0	1.0	876	$1,350	$1.54	44d	1	0.89mi
700 Debates St Washington, IL	3.0	2.0	1319	$2,750	$2.08	14d	1	1.33mi
704 Debates St Washington, IL	3.0	2.0	1319	$2,750	$2.08	14d	1	1.38mi
713 Stephanie Ct Washington, IL	3.0	2.0	1319	$2,750	$2.08	21d	1	1.38mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-09
   remarks 699-char remark
2. 2026-06-09
   listed $220,000 Pending 1 DOM

ⓘ 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: $2,582 · $215/mo
• Projected year-2 tax: $3,788 · $316/mo
• Expected delta: +$1,206/yr (+$101/mo · 46.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,581
• − Mortgage interest: −$12,323
• − Property taxes: −$2,582
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,206
• − Management: −$2,206
• − HOA: −$1,800
• − Depreciation: −$6,400
• Taxable loss: −$1,038
• Est. tax savings @ 24.0%: +$249
• After-tax cash flow: $2,711/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: Washington Chsd 308
• NCES district ID: 1740980
• Math proficiency: 42% ▬ 0.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $66,029
• Composite: 37.69/100
• National rank: #4361
• State rank: #112 of 620 in IL

Livability — Washington

• Score: 73/100
• State rank: #272
• US rank: #5136

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washington, IL
• City population: 24,544
• Population (ZIP): 24,544

Population outlook (Tazewell County) Hauer SSP2

• Today (2025): 131,252 people
• By 2030: 128,028 · -2.5%
• By 2040: 120,443 · -8.2%
• By 2050: 111,872 · -14.8%
• By 2075: 89,843 · -31.5%
• By 2100: 66,468 · -49.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 3% Asian 1%
• Common ancestry: Lithuanian 4% Italian 3% Iranian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Tazewell

• 2024 margin: Strong R (+26.7) · D 35.8% · R 62.5% · Other 1.8%
• 2008→2024 swing: -20.6pp toward R · 2008: -6.0pp · 2024: -26.7pp
• All cycles: 2024: R+26.7 2020: R+25.6 2016: R+28.5 2012: R+17.9 2008: R+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -135.85%
• Current HPI: 149.5627
• 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

+211.3% since first listed

7 events — show timeline

• 2026-06-08 Pending — RMLSA as Distributed by MLS Grid
• 2026-06-08 Listed $220,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2010-01-26 Sold (Public Records) $126,000 Public Records
• 2010-01-25 Sold (MLS) $126,000 RMLSA as Distributed by MLS Grid
• 2009-12-09 Listed $132,900 RMLSA as Distributed by MLS Grid
• 1995-07-10 Sold (Public Records) $70,666 Public Records

Property tax history

+1.0%/yr

Latest (2024): $2,582 · -3.0% YoY. Source: county tax records.