2516 Pine Ave · Mattoon, IL 61938

$39,000

2 bd · 1.0 ba · 2,110 sqft · SingleFamily public records · 105 Days on market

Built 1907 3,049 sqft lot $18/sqft · 70% below area ↓ 28% 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
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

High-Upside Investment Opportunity | 2BR/1BA | 2,100+ Sq Ft | 3-4BR Potential | Mattoon, IL. Attention investors and rehab buyers-this value-add opportunity is ready for its next owner. This spacious 2BR/1BA home features approximately 2,100 sq ft of living space (buyer to verify), providing a large footprint at an attractive price point with strong upside potential. The property has already been fully cleared inside and out, with eviction completed-saving significant time, cost, and effort for the next investor. The upstairs already has an existing window, making bedroom conversion straightforward. The unfinished basement provides additional usable space with a window already in place, presenting potential for a 4th bedroom (buyer to verify). The home currently has one bathroom on the main level, with existing plumbing that may support adding a second bathroom-enhancing both resale value and rental potential. With approximately 2,100 sq ft, this property is larger than many comparable homes in the area, allowing multiple exit strategies including resale or rental. Recent comparable 3-4 bedroom homes have sold in the $175,000-$210,000 range; buyer to verify comps. Interior and exterior cleanout completed. Property secured. Ready for rehab. Clear title. Fast and easy closing. Easy to show. Sold AS-IS. Quick close available. Buyer to perform all due diligence. Serious inquiries only.

Key facts

• Upstairs flex room
• Room for expansion
• Garage addition

Tags

• STRONG VALUE-ADD POTENTIAL
• ROOM FOR EXPANSION
• GARAGE ADDITION
• OUTDOOR IMPROVEMENTS
• UPSTAIRS FLEX ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $350 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($885 rent vs $39k).
• Recommended offer: $35k (9.0% below list) — sets the bar for market timing.
• Cap rate 17.1% vs local median 3.6% in Mattoon — 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 64/100 on livability (#706 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, schools D-, amenities F.
• Mattoon CUSD 2 (town): math 13% / reading 24% proficiency, ranked #462 of 620 in IL (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 117 active listings in the ZIP; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $270 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.0% of price; built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,490 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.27% ✓
• Cap rate: 17.06%
• Cash-on-cash: 38.46%
• DSCR: 2.71
• GRM: 3.7

CMA / ARV

• ARV (median comp): $131,344
• List price: $39,000
• Delta: -70.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 S 25th St	0.04mi	3/2.0 (+1)	1,916 (-9%)	1mo	$125,000	$65	73
115 S 26th St	0.04mi	3/2.5 (+1)	1,800 (-15%)	9mo	$200,000	$111	55
421 N 25th St	0.32mi	3/2.5 (+1)	1,917 (-9%)	8mo	$174,900	$91	52
3001 Prairie Ave	0.35mi	3/1.5 (+1)	1,918 (-9%)	13mo	$180,000	$94	51
2321 Shelby Ave	0.36mi	3/1.5 (+1)	1,872 (-11%)	10mo	$196,500	$105	49
3216 Western Ave	0.51mi	3/2.0 (+1)	2,340 (+11%)	4mo	$230,000	$98	46
3108 Prairie Ave	0.44mi	3/2.0 (+1)	1,920 (-9%)	16mo	$153,500	$80	42
201 S 34th St	0.70mi	3/3.0 (+1)	2,000 (-5%)	12mo	$245,000	$123	36
2712 Moultrie Ave	0.46mi	3/2.0 (+1)	1,864 (-12%)	22mo	$97,500	$52	32
1701 Marshall Ave	0.70mi	3/2.5 (+1)	1,814 (-14%)	7mo	$160,000	$88	28
901 Vanlaningham Dr	0.74mi	3/2.0 (+1)	1,870 (-11%)	16mo	$241,000	$129	24
901 Vanlaningham Dr	0.74mi	3/2.0 (+1)	1,870 (-11%)	16mo	$241,000	$129	24

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.7%
• Equity multiple: 2.47×
• Total profit: $16,031
• Equity at exit: $5,815

10-year hold

• IRR: 41.5%
• Equity multiple: 4.93×
• Total profit: $42,912
• Equity at exit: $3,372

Cash invested: $10,920 (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 61938

• Active inventory: 117
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $885 medium
• Mortgage (P&I): −$205
• Tax from tax record: −$129 /mo · $1,543/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $350

Break-even live

Break-even rent $442

Max offer price $39,000

Occupancy floor 55%

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $39,000 Active 105 DOM
2. 2026-06-18
   days on market $39,000 Active 104 DOM
3. 2026-06-17
   days on market $39,000 Active 103 DOM
4. 2026-06-16
   days on market $39,000 Active 102 DOM
5. 2026-06-15
   days on market $39,000 Active 101 DOM
6. 2026-06-14
   days on market $39,000 Active 99 DOM
7. 2026-06-12
   days on market $39,000 Active 98 DOM
8. 2026-06-09
   days on market $39,000 Active 95 DOM
9. 2026-06-08
   days on market $39,000 Active 94 DOM
10. 2026-06-07
    days on market $39,000 Active 93 DOM
11. 2026-06-03
    days on market $39,000 Active 89 DOM
12. 2026-06-02
    days on market $39,000 Active 88 DOM
13. 2026-06-01
    days on market $39,000 Active 87 DOM
14. 2026-05-31
    days on market $39,000 Active 86 DOM
15. 2026-05-30
    days on market $39,000 Active 85 DOM
16. 2026-05-12
    price $39,000 1404-char remark

    Show marketing remark (1404 chars)

    High-Upside Investment Opportunity | 2BR/1BA | 2,100+ Sq Ft | 3-4BR Potential | Mattoon, IL. Attention investors and rehab buyers-this value-add opportunity is ready for its next owner. This spacious 2BR/1BA home features approximately 2,100 sq ft of living space (buyer to verify), providing a large footprint at an attractive price point with strong upside potential. The property has already been fully cleared inside and out, with eviction completed-saving significant time, cost, and effort for the next investor. The upstairs already has an existing window, making bedroom conversion straightforward. The unfinished basement provides additional usable space with a window already in place, presenting potential for a 4th bedroom (buyer to verify). The home currently has one bathroom on the main level, with existing plumbing that may support adding a second bathroom-enhancing both resale value and rental potential. With approximately 2,100 sq ft, this property is larger than many comparable homes in the area, allowing multiple exit strategies including resale or rental. Recent comparable 3-4 bedroom homes have sold in the $175,000-$210,000 range; buyer to verify comps. Interior and exterior cleanout completed. Property secured. Ready for rehab. Clear title. Fast and easy closing. Easy to show. Sold AS-IS. Quick close available. Buyer to perform all due diligence. Serious inquiries only.

17. 2026-03-19
    price $42,000 1404-char remark

    Show marketing remark (1404 chars)

    High-Upside Investment Opportunity | 2BR/1BA | 2,100+ Sq Ft | 3-4BR Potential | Mattoon, IL. Attention investors and rehab buyers-this value-add opportunity is ready for its next owner. This spacious 2BR/1BA home features approximately 2,100 sq ft of living space (buyer to verify), providing a large footprint at an attractive price point with strong upside potential. The property has already been fully cleared inside and out, with eviction completed-saving significant time, cost, and effort for the next investor. The upstairs already has an existing window, making bedroom conversion straightforward. The unfinished basement provides additional usable space with a window already in place, presenting potential for a 4th bedroom (buyer to verify). The home currently has one bathroom on the main level, with existing plumbing that may support adding a second bathroom-enhancing both resale value and rental potential. With approximately 2,100 sq ft, this property is larger than many comparable homes in the area, allowing multiple exit strategies including resale or rental. Recent comparable 3-4 bedroom homes have sold in the $175,000-$210,000 range; buyer to verify comps. Interior and exterior cleanout completed. Property secured. Ready for rehab. Clear title. Fast and easy closing. Easy to show. Sold AS-IS. Quick close available. Buyer to perform all due diligence. Serious inquiries only.

18. 2026-03-07
    price $46,000 1404-char remark

    Show marketing remark (1404 chars)

    High-Upside Investment Opportunity | 2BR/1BA | 2,100+ Sq Ft | 3-4BR Potential | Mattoon, IL. Attention investors and rehab buyers-this value-add opportunity is ready for its next owner. This spacious 2BR/1BA home features approximately 2,100 sq ft of living space (buyer to verify), providing a large footprint at an attractive price point with strong upside potential. The property has already been fully cleared inside and out, with eviction completed-saving significant time, cost, and effort for the next investor. The upstairs already has an existing window, making bedroom conversion straightforward. The unfinished basement provides additional usable space with a window already in place, presenting potential for a 4th bedroom (buyer to verify). The home currently has one bathroom on the main level, with existing plumbing that may support adding a second bathroom-enhancing both resale value and rental potential. With approximately 2,100 sq ft, this property is larger than many comparable homes in the area, allowing multiple exit strategies including resale or rental. Recent comparable 3-4 bedroom homes have sold in the $175,000-$210,000 range; buyer to verify comps. Interior and exterior cleanout completed. Property secured. Ready for rehab. Clear title. Fast and easy closing. Easy to show. Sold AS-IS. Quick close available. Buyer to perform all due diligence. Serious inquiries only.

19. 2026-03-06
    listed $54,297 Active 1404-char remark

    Show marketing remark (1404 chars)

    High-Upside Investment Opportunity | 2BR/1BA | 2,100+ Sq Ft | 3-4BR Potential | Mattoon, IL. Attention investors and rehab buyers-this value-add opportunity is ready for its next owner. This spacious 2BR/1BA home features approximately 2,100 sq ft of living space (buyer to verify), providing a large footprint at an attractive price point with strong upside potential. The property has already been fully cleared inside and out, with eviction completed-saving significant time, cost, and effort for the next investor. The upstairs already has an existing window, making bedroom conversion straightforward. The unfinished basement provides additional usable space with a window already in place, presenting potential for a 4th bedroom (buyer to verify). The home currently has one bathroom on the main level, with existing plumbing that may support adding a second bathroom-enhancing both resale value and rental potential. With approximately 2,100 sq ft, this property is larger than many comparable homes in the area, allowing multiple exit strategies including resale or rental. Recent comparable 3-4 bedroom homes have sold in the $175,000-$210,000 range; buyer to verify comps. Interior and exterior cleanout completed. Property secured. Ready for rehab. Clear title. Fast and easy closing. Easy to show. Sold AS-IS. Quick close available. Buyer to perform all due diligence. Serious inquiries only.

ⓘ 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: $1,543 · $129/mo
• Projected year-2 tax: $1,543 · $129/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 4/10 Moderate 7 d/yr ≥104°F today · 19 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,623
• − Mortgage interest: −$2,185
• − Property taxes: −$1,543
• − Insurance: −$195
• − Repairs & maintenance: −$850
• − Management: −$850
• − Depreciation: −$1,135
• Taxable income: $3,866
• Est. tax owed @ 24.0%: −$928
• After-tax cash flow: $3,272/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: Mattoon CUSD 2
• NCES district ID: 1725050
• Math proficiency: 13% ▼ -9.00%
• Reading proficiency: 24% ▼ -12.00%
• Median HH income: $40,452
• Composite: 15.71/100
• National rank: #9280
• State rank: #462 of 620 in IL

Livability — Mattoon

• Score: 64/100
• State rank: #706
• US rank: #14352

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mattoon, IL
• County: Coles County · 41,301 people
• City population: 20,350
• Metro: Charleston-Mattoon, IL
• Population (ZIP): 20,350
• Household income: $57,503
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 453.0

Population outlook (Coles County) Hauer SSP2

• Today (2025): 53,967 people
• By 2030: 53,829 · -0.3%
• By 2040: 52,332 · -3.0%
• By 2050: 49,989 · -7.4%
• By 2075: 42,226 · -21.8%
• By 2100: 34,675 · -35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Coles

• 2024 margin: Strong R (+28.5) · D 34.9% · R 63.4% · Other 1.7%
• 2008→2024 swing: -31.7pp toward R · 2008: 3.2pp · 2024: -28.5pp
• All cycles: 2024: R+28.5 2020: R+26.4 2016: R+26.4 2012: R+11.1 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.29%
• Current HPI: 133.8791
• Rent YoY: —
• Metro: Charleston-Mattoon, IL
• 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

-28.2% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $39,000 MRED as Distributed by MLS Grid
• 2026-03-19 Price Changed $42,000 MRED as Distributed by MLS Grid
• 2026-03-07 Price Changed $46,000 MRED as Distributed by MLS Grid
• 2026-03-06 Listed $54,297 MRED as Distributed by MLS Grid

Property tax history

+1.2%/yr

Latest (2024): $1,543 · +7.6% YoY. Source: county tax records.