147 S Mchenry St · Equality, IL 62934

$32,500

2 bd · 1.0 ba · 750 sqft · SingleFamily · 8 Days on market

7,405 sqft lot $43/sqft · 30% below area Est $47k · 30% 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
• Appreciation +5.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks

Come and sit on the porch under the Magnolia tree. Smaller 2 bedroom and bath with a shower. Just needs carpets cleaned and your own paint selection. Kitchen has room for the kitchen table. Carport and utility room.

Key facts

• Utility room
• Carport
• 7,405 sq ft lot

Tags

• PORCH UNDER THE MAGNOLIA TREE
• ROOM FOR THE KITCHEN TABLE
• CARPORT
• UTILITY ROOM

Property features AI

Finance

• Other: Fee simple ownership; Property not rebuilt or rehabbed; Built before 1978
• HOA & community: No master association fee required

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; One-story
• Construction: Built 81–90 years ago; Vinyl siding
• Exterior features: 60 x 125 lot dimensions; Lot smaller than 0.25 acre; Unincorporated location; directions: From Harrisburg turn right from the Highway 13/142 intersection towards Equality. Turn right onto S. McHenry and property is on the right.

Interior

• Kitchen: Kitchen on main level (12 x 14)
• Bedrooms: Master bedroom on main level (19 x 11); Second bedroom on main level (9 x 13); Two additional bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: 4 total rooms; Crawl space basement
• Laundry & utility: Main level laundry room (11 x 14)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $32k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($818 rent vs $32k).

Location & tenants

• Location reads 56/100 on livability (#1,182 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• Gallatin CUSD 7 (rural): math 11% / reading 35% proficiency, ranked #387 of 620 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 4 active listings in the ZIP.

Forward outlook

• In year one you build about $1k of equity ($225 loan paydown + $975 appreciation (3.0% local appreciation)).
• Gallatin County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $16k; list at $32k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $32,500

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: 2.52% ✓
• Cap rate: 22.37%
• Cash-on-cash: 57.41%
• DSCR: 3.55
• GRM: 3.3

CMA / ARV

• ARV (median comp): $46,570
• List price: $32,500
• Delta: -30.21%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 62.3%
• Equity multiple: 4.48×
• Total profit: $31,645
• Equity at exit: $14,613

10-year hold

• IRR: 61.9%
• Equity multiple: 9.11×
• Total profit: $73,807
• Equity at exit: $22,521

Cash invested: $9,100 (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 62934

• Active inventory: 4
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $818 medium
• Mortgage (P&I): −$170
• Tax from tax record: −$27 /mo · $323/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$172
• Net cashflow: $435

Break-even live

Break-even rent $267

Max offer price $32,500

Occupancy floor 42%

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: $8,125
• Closing costs: $975
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-08
   status Pending 217-char remark
2. 2026-04-29
   listed $32,500 Active 217-char remark
3. 1998-05-29
   soldstatus $15,500

ⓘ 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: $323 · $27/mo
• Projected year-2 tax: $530 · $44/mo
• Expected delta: +$207/yr (+$17/mo · 64.3%)

ⓘ 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 5/10 Major 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $9,816
• − Mortgage interest: −$1,821
• − Property taxes: −$323
• − Insurance: −$162
• − Repairs & maintenance: −$785
• − Management: −$785
• − Depreciation: −$945
• Taxable income: $4,994
• Est. tax owed @ 24.0%: −$1,199
• After-tax cash flow: $4,025/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: Gallatin CUSD 7
• NCES district ID: 1700045
• Math proficiency: 11% ▼ -4.00%
• Reading proficiency: 35% ▼ -4.00%
• Median HH income: $40,000
• Composite: 19.35/100
• National rank: #8788
• State rank: #387 of 620 in IL

Livability — Equality

• Score: 56/100
• State rank: #1182
• US rank: #22376

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Equality, IL
• Population (ZIP): 698

Population outlook (Gallatin County) Hauer SSP2

• Today (2025): 4,719 people
• By 2030: 4,424 · -6.3%
• By 2040: 3,872 · -17.9%
• By 2050: 3,386 · -28.2%
• By 2075: 2,363 · -49.9%
• By 2100: 1,775 · -62.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Lithuanian 7% Scottish 6% Romanian 5%
• Foreign-born: 0%

Political lean MEDSL · Gallatin

• 2024 margin: Solid R (+53.9) · D 22.2% · R 76.0% · Other 1.8%
• 2008→2024 swing: -67.0pp toward R · 2008: 13.1pp · 2024: -53.9pp
• All cycles: 2024: R+53.9 2020: R+52.2 2016: R+47.8 2012: R+18.1 2008: D+13.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+109.7% since first listed

3 events — show timeline

• 2026-05-08 Pending — MRED as Distributed by MLS Grid
• 2026-04-29 Listed $32,500 MRED as Distributed by MLS Grid
• 1998-05-29 Sold (Public Records) $15,500 Public Records

Property tax history

+7.3%/yr

Latest (2024): $323 · +30.6% YoY. Source: county tax records.