114 S Polk St · Sullivan, IL 61951

$55,000

4 bd · 3.0 ba · 2,888 sqft · Other public records · 17 Days on market

Built 1868 Poor condition

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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
• Schools +2.1/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This historic 1868 home needs someone to finish the job. Current owners started but are unable to finish the restoration. Natural light abounds thanks to the original tall arched windows with ornate millwork. Large downstairs rooms fit today’s open living concept. A huge kitchen space connects to a breakfast room and outside porch. A dining room connects to a study w/ a fireplace and outside porch door. Pocket doors connect the study to a living room. The original curved stair banister leads you upstairs to potentially 5 bedrooms including a main bedroom and space for an amazing en-suite. Most of the original features are still here - large baseboards, solid wood doors, radiators, stair banister, and tall arched windows w/ beautiful wide trim. The wooden round columns are here for the porches. Mature trees on the 100x100 corner lot provide plenty of shade. Bring your vision and make this a beautiful home, bed & breakfast, or inn. Property is being sold AS-IS.

Key facts

• Original columns
• Full restoration
• Wrap-around porch

Tags

• FULL RESTORATION
• ORIGINAL WINDOW MOLDINGS
• LARGE POCKET DOORWAY
• WRAP-AROUND PORCH
• ORIGINAL COLUMNS
• QUARTER ACRE CORNER LOT

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $55k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $840 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.6% vs local median 6.4% in Sullivan — 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 65/100 on livability (#647 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools F, amenities F.
• Sullivan CUSD 300 (town): math 21% / reading 28% proficiency, ranked #338 of 620 in IL (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 42 active listings in the ZIP; 42 units permitted in Moultrie County in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Moultrie County population projected at -12% 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $20k; list at $55k implies a 175% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1868 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1868 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.73% ✓
• Cap rate: 24.63%
• Cash-on-cash: 65.48%
• DSCR: 3.91
• GRM: 3.1

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: 64.7%
• Equity multiple: 3.90×
• Total profit: $44,608
• Equity at exit: $8,201

10-year hold

• IRR: 69.0%
• Equity multiple: 8.00×
• Total profit: $107,764
• Equity at exit: $4,755

Cash invested: $15,400 (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 61951

• Home prices YoY: -7.6%
• Active inventory: 42
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,501 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$34 /mo · $414/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $840

Break-even live

Break-even rent $438

Max offer price $55,000

Occupancy floor 39%

Sensitivity live

Price	-10% $871	-5% $856	+0% $840	+5% $825	+10% $809
Rent	-10% $722	-5% $781	+0% $840	+5% $900	+10% $959
Rate	-1.0pp $868	-0.5pp $854	base $840	+0.5pp $826	+1.0pp $812

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $55,000 Active 17 DOM
2. 2026-06-19
   days on market $55,000 Active 15 DOM
3. 2026-06-18
   days on market $55,000 Active 14 DOM
4. 2026-06-17
   days on market $55,000 Active 13 DOM
5. 2026-06-16
   days on market $55,000 Active 12 DOM
6. 2026-06-15
   days on market $55,000 Active 11 DOM
7. 2026-06-14
   days on market $55,000 Active 9 DOM
8. 2026-06-12
   days on market $55,000 Active 8 DOM
9. 2026-06-09
   days on market $55,000 Active 5 DOM
10. 2026-06-08
    days on market $55,000 Active 4 DOM
11. 2026-06-07
    days on market $55,000 Active 3 DOM
12. 2026-06-05
    remarks 687-char remark
13. 2026-06-05
    listed $55,000 Active 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: $414 · $34/mo
• Projected year-2 tax: $831 · $69/mo
• Expected delta: +$417/yr (+$35/mo · 100.9%)

ⓘ 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 · 20 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: $18,017
• − Mortgage interest: −$3,081
• − Property taxes: −$414
• − Insurance: −$275
• − Repairs & maintenance: −$1,441
• − Management: −$1,441
• − Depreciation: −$1,600
• Taxable income: $9,765
• Est. tax owed @ 24.0%: −$2,343
• After-tax cash flow: $7,740/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This historic home requires extensive repairs and maintenance, including exterior siding replacement and landscaping improvements, to become move-in ready and increase its value.

Repairs flagged

• Major exterior siding — Severe weathering and wear
• Major landscaping — Overgrown vegetation and lack of maintenance

Value-add opportunities

• Both exterior siding replacement — Improves curb appeal and structural integrity
• Both landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and wear	Major	$15,000–50,000
landscaping · Overgrown vegetation and lack of maintenance	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both exterior siding replacement — Improves curb appeal and structural integrity ↑
• Both landscaping — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Sullivan CUSD 300
• NCES district ID: 1738130
• Math proficiency: 21% ▬ 0.00%
• Reading proficiency: 28% ▼ -10.00%
• Median HH income: $47,763
• Composite: 21.41/100
• National rank: #8346
• State rank: #338 of 620 in IL

Livability — Sullivan

• Score: 65/100
• State rank: #647
• US rank: #13204

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sullivan, IL
• Population (ZIP): 7,654

Population outlook (Moultrie County) Hauer SSP2

• Today (2025): 14,766 people
• By 2030: 14,490 · -1.9%
• By 2040: 13,848 · -6.2%
• By 2050: 13,063 · -11.5%
• By 2075: 10,862 · -26.4%
• By 2100: 7,963 · -46.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2% Black 1%
• Common ancestry: Lithuanian 1% Italian 1% Slovak 1%
• Foreign-born: 1%
• Languages at home: 90% English-only · German/W. Germanic 8% Other Indo-European 1% Spanish 1%

Political lean MEDSL · Moultrie

• 2024 margin: Solid R (+49.1) · D 24.8% · R 73.8% · Other 1.4%
• 2008→2024 swing: -36.2pp toward R · 2008: -12.8pp · 2024: -49.1pp
• All cycles: 2024: R+49.1 2020: R+49.0 2016: R+48.0 2012: R+27.1 2008: R+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.15%
• Current HPI: 208.2808
• 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

+266.7% since first listed

4 events — show timeline

• 2026-06-05 Listed $55,000 FSBO.com
• 2023-03-06 Sold (MLS) $20,000 CIBR
• 2023-02-20 Pending — CIBR
• 2023-02-08 Listed $15,000 CIBR

Property tax history

+6.8%/yr

Latest (2024): $414 · +6.8% YoY. Source: county tax records.