1205 Champaign Ave · Mattoon, IL 61938

$35,000

4 bd · 2.0 ba · 2,224 sqft · SingleFamily public records · 224 Days on market

Built 1891 6,969 sqft lot $16/sqft · 74% below area

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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

Experienced Investor Opportunity - Classic Victorian with Tremendous Upside Potential. Classic Victorian-era home built in 1891, featuring approximately 2,224 sq ft of living space on a 7,000 sq ft lot - situated directly across from historic Cunningham Park in Mattoon. Currently configured as a 3-bed, 2-bath, this two-story property has the potential to convert into a 5-bedroom layout. The upstairs loft includes a window and could be enclosed as an additional bedroom, while the main-level dining room could also become a bedroom, with the oversized living room providing ample space for a dining area. Interior and exterior clean-out is complete, allowing your renovation team to start immediately. Some renovation work has already been started, giving the next owner a head start. Priced at $35,000, this property requires a full renovation. Major repair items include a new roof, electrical updates, AC, and foundation repair, among others. The spacious 7,000 sq ft lot also presents additional opportunities to further increase value and income potential. There is ample room to add a 2-car garage, a mother-in-law suite, or an ADU (Accessory Dwelling Unit), giving the right investor even more flexibility to maximize their return on this property. This property carries the charm and character of a true piece of history, originally built in 1891 - yet it is not subject to any historic preservation restrictions. This means you have complete freedom to renovate, modernize, and redesign the home exactly to your vision without board approvals, preservation guidelines, or additional red tape. Located minutes from downtown, schools, shopping, and local amenities. ARV is conservative and based on a 3-bedroom, 2-bathroom renovation only. Adding a 4th or 5th bedroom, a 2-car garage, a mother-in-law suite, or an ADU has the potential to significantly increase the ARV beyond this estimate, creating even greater upside for the right investor.

Key facts

• Victorian era home
• Nearby parks
• Deep backyard

Tags

• VICTORIAN ERA HOME
• HISTORIC CRAFTSMANSHIP
• ACROSS FROM CITY PARK
• DEEP BACKYARD
• STRONG LOCATION
• NEARBY PARKS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $595 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.7% 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 $242 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 224 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $40k (53%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $5k; list at $35k implies a 566% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.03% ✓
• Cap rate: 26.69%
• Cash-on-cash: 72.85%
• DSCR: 4.24
• GRM: 2.8

CMA / ARV

• ARV (median comp): $134,189
• List price: $35,000
• Delta: -73.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
421 21st St	0.64mi	4/2.0	2,174 (-2%)	0mo	$167,000	$77	66
605 N 15 St	0.28mi	3/1.0 (-1)	2,340 (+5%)	7mo	$135,000	$58	64
1408 Lafayette Ave	0.45mi	3/2.0 (-1)	2,224 (0%)	14mo	$125,000	$56	63
321 N 16th St	0.29mi	4/4.0	2,050 (-8%)	18mo	$6,000	$3	51
512 S 9th St	0.62mi	3/2.0 (-1)	2,058 (-8%)	24mo	$167,500	$81	34
408 Wabash Ave	0.66mi	3/1.5 (-1)	1,914 (-14%)	8mo	$273,000	$143	32

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: 72.6%
• Equity multiple: 4.29×
• Total profit: $32,237
• Equity at exit: $5,219

10-year hold

• IRR: 76.5%
• Equity multiple: 8.85×
• Total profit: $76,930
• Equity at exit: $3,026

Cash invested: $9,800 (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: 2.8×

Monthly cashflow live

• Estimated rent: $1,059 medium
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $595

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 39%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $35,000 Active 224 DOM
2. 2026-06-18
   days on market $35,000 Active 223 DOM
3. 2026-06-17
   days on market $35,000 Active 222 DOM
4. 2026-06-16
   days on market $35,000 Active 221 DOM
5. 2026-06-15
   days on market $35,000 Active 220 DOM
6. 2026-06-14
   days on market $35,000 Active 218 DOM
7. 2026-06-12
   days on market $35,000 Active 217 DOM
8. 2026-06-09
   days on market $35,000 Active 214 DOM
9. 2026-06-08
   days on market $35,000 Active 213 DOM
10. 2026-06-07
    days on market $35,000 Active 212 DOM
11. 2026-06-03
    days on market $35,000 Active 208 DOM
12. 2026-06-02
    days on market $35,000 Active 207 DOM
13. 2026-06-01
    days on market $35,000 Active 206 DOM
14. 2026-05-31
    days on market $35,000 Active 205 DOM
15. 2026-05-30
    days on market $35,000 Active 204 DOM
16. 2026-05-13
    price $35,000 1954-char remark

    Show marketing remark (1954 chars)

    Experienced Investor Opportunity - Classic Victorian with Tremendous Upside Potential. Classic Victorian-era home built in 1891, featuring approximately 2,224 sq ft of living space on a 7,000 sq ft lot - situated directly across from historic Cunningham Park in Mattoon. Currently configured as a 3-bed, 2-bath, this two-story property has the potential to convert into a 5-bedroom layout. The upstairs loft includes a window and could be enclosed as an additional bedroom, while the main-level dining room could also become a bedroom, with the oversized living room providing ample space for a dining area. Interior and exterior clean-out is complete, allowing your renovation team to start immediately. Some renovation work has already been started, giving the next owner a head start. Priced at $35,000, this property requires a full renovation. Major repair items include a new roof, electrical updates, AC, and foundation repair, among others. The spacious 7,000 sq ft lot also presents additional opportunities to further increase value and income potential. There is ample room to add a 2-car garage, a mother-in-law suite, or an ADU (Accessory Dwelling Unit), giving the right investor even more flexibility to maximize their return on this property. This property carries the charm and character of a true piece of history, originally built in 1891 - yet it is not subject to any historic preservation restrictions. This means you have complete freedom to renovate, modernize, and redesign the home exactly to your vision without board approvals, preservation guidelines, or additional red tape. Located minutes from downtown, schools, shopping, and local amenities. ARV is conservative and based on a 3-bedroom, 2-bathroom renovation only. Adding a 4th or 5th bedroom, a 2-car garage, a mother-in-law suite, or an ADU has the potential to significantly increase the ARV beyond this estimate, creating even greater upside for the right investor.

17. 2026-02-04
    price $45,000 1954-char remark

    Show marketing remark (1954 chars)

    Experienced Investor Opportunity - Classic Victorian with Tremendous Upside Potential. Classic Victorian-era home built in 1891, featuring approximately 2,224 sq ft of living space on a 7,000 sq ft lot - situated directly across from historic Cunningham Park in Mattoon. Currently configured as a 3-bed, 2-bath, this two-story property has the potential to convert into a 5-bedroom layout. The upstairs loft includes a window and could be enclosed as an additional bedroom, while the main-level dining room could also become a bedroom, with the oversized living room providing ample space for a dining area. Interior and exterior clean-out is complete, allowing your renovation team to start immediately. Some renovation work has already been started, giving the next owner a head start. Priced at $35,000, this property requires a full renovation. Major repair items include a new roof, electrical updates, AC, and foundation repair, among others. The spacious 7,000 sq ft lot also presents additional opportunities to further increase value and income potential. There is ample room to add a 2-car garage, a mother-in-law suite, or an ADU (Accessory Dwelling Unit), giving the right investor even more flexibility to maximize their return on this property. This property carries the charm and character of a true piece of history, originally built in 1891 - yet it is not subject to any historic preservation restrictions. This means you have complete freedom to renovate, modernize, and redesign the home exactly to your vision without board approvals, preservation guidelines, or additional red tape. Located minutes from downtown, schools, shopping, and local amenities. ARV is conservative and based on a 3-bedroom, 2-bathroom renovation only. Adding a 4th or 5th bedroom, a 2-car garage, a mother-in-law suite, or an ADU has the potential to significantly increase the ARV beyond this estimate, creating even greater upside for the right investor.

18. 2025-11-22
    price $49,900 1954-char remark

    Show marketing remark (1954 chars)

    Experienced Investor Opportunity - Classic Victorian with Tremendous Upside Potential. Classic Victorian-era home built in 1891, featuring approximately 2,224 sq ft of living space on a 7,000 sq ft lot - situated directly across from historic Cunningham Park in Mattoon. Currently configured as a 3-bed, 2-bath, this two-story property has the potential to convert into a 5-bedroom layout. The upstairs loft includes a window and could be enclosed as an additional bedroom, while the main-level dining room could also become a bedroom, with the oversized living room providing ample space for a dining area. Interior and exterior clean-out is complete, allowing your renovation team to start immediately. Some renovation work has already been started, giving the next owner a head start. Priced at $35,000, this property requires a full renovation. Major repair items include a new roof, electrical updates, AC, and foundation repair, among others. The spacious 7,000 sq ft lot also presents additional opportunities to further increase value and income potential. There is ample room to add a 2-car garage, a mother-in-law suite, or an ADU (Accessory Dwelling Unit), giving the right investor even more flexibility to maximize their return on this property. This property carries the charm and character of a true piece of history, originally built in 1891 - yet it is not subject to any historic preservation restrictions. This means you have complete freedom to renovate, modernize, and redesign the home exactly to your vision without board approvals, preservation guidelines, or additional red tape. Located minutes from downtown, schools, shopping, and local amenities. ARV is conservative and based on a 3-bedroom, 2-bathroom renovation only. Adding a 4th or 5th bedroom, a 2-car garage, a mother-in-law suite, or an ADU has the potential to significantly increase the ARV beyond this estimate, creating even greater upside for the right investor.

19. 2025-11-06
    listed $75,000 Active 1954-char remark

    Show marketing remark (1954 chars)

    Experienced Investor Opportunity - Classic Victorian with Tremendous Upside Potential. Classic Victorian-era home built in 1891, featuring approximately 2,224 sq ft of living space on a 7,000 sq ft lot - situated directly across from historic Cunningham Park in Mattoon. Currently configured as a 3-bed, 2-bath, this two-story property has the potential to convert into a 5-bedroom layout. The upstairs loft includes a window and could be enclosed as an additional bedroom, while the main-level dining room could also become a bedroom, with the oversized living room providing ample space for a dining area. Interior and exterior clean-out is complete, allowing your renovation team to start immediately. Some renovation work has already been started, giving the next owner a head start. Priced at $35,000, this property requires a full renovation. Major repair items include a new roof, electrical updates, AC, and foundation repair, among others. The spacious 7,000 sq ft lot also presents additional opportunities to further increase value and income potential. There is ample room to add a 2-car garage, a mother-in-law suite, or an ADU (Accessory Dwelling Unit), giving the right investor even more flexibility to maximize their return on this property. This property carries the charm and character of a true piece of history, originally built in 1891 - yet it is not subject to any historic preservation restrictions. This means you have complete freedom to renovate, modernize, and redesign the home exactly to your vision without board approvals, preservation guidelines, or additional red tape. Located minutes from downtown, schools, shopping, and local amenities. ARV is conservative and based on a 3-bedroom, 2-bathroom renovation only. Adding a 4th or 5th bedroom, a 2-car garage, a mother-in-law suite, or an ADU has the potential to significantly increase the ARV beyond this estimate, creating even greater upside for the right investor.

20. 2016-12-23
    soldstatus $5,255 291-char remark

    Show marketing remark (291 chars)

    Large two-story home priced to sell!! Lots of potential for this home. Needs some updating but would be a great investment property or fixer upper. Has 4 bedrooms and 2 bath and open floor plan. Check it out today!Property is going to be listed at Auction. To submit an offer go to XOME. COM

21. 2016-12-23
    soldstatus $5,255

    Show marketing remark (291 chars)

    Large two-story home priced to sell!! Lots of potential for this home. Needs some updating but would be a great investment property or fixer upper. Has 4 bedrooms and 2 bath and open floor plan. Check it out today!Property is going to be listed at Auction. To submit an offer go to XOME. COM

22. 2016-04-21
    listed $15,000 291-char remark

    Show marketing remark (291 chars)

    Large two-story home priced to sell!! Lots of potential for this home. Needs some updating but would be a great investment property or fixer upper. Has 4 bedrooms and 2 bath and open floor plan. Check it out today!Property is going to be listed at Auction. To submit an offer go to XOME. COM

23. 2016-04-21
    listed $15,000

    Show marketing remark (291 chars)

    Large two-story home priced to sell!! Lots of potential for this home. Needs some updating but would be a great investment property or fixer upper. Has 4 bedrooms and 2 bath and open floor plan. Check it out today!Property is going to be listed at Auction. To submit an offer go to XOME. COM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $12,711
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,017
• − Management: −$1,017
• − Depreciation: −$1,018
• Taxable income: $6,999
• Est. tax owed @ 24.0%: −$1,680
• After-tax cash flow: $5,460/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

+133.3% since first listed

8 events — show timeline

• 2026-05-13 Price Changed $35,000 MRED as Distributed by MLS Grid
• 2026-02-04 Price Changed $45,000 MRED as Distributed by MLS Grid
• 2025-11-22 Price Changed $49,900 MRED as Distributed by MLS Grid
• 2025-11-06 Listed $75,000 MRED as Distributed by MLS Grid
• 2016-12-23 Sold (MLS) $5,255 MRED as Distributed by MLS Grid
• 2016-12-23 Sold (MLS) $5,255 CIBR
• 2016-04-21 Listed $15,000 MRED as Distributed by MLS Grid
• 2016-04-21 Listed $15,000 CIBR

Property tax history

+1.2%/yr

Latest (2024): $1,790 · +7.7% YoY. Source: county tax records.