1283 S Illinois St · Decatur, IL 62521

$47,500

3 bd · 1.0 ba · 1,160 sqft · Other · 250 Days on market

6,098 sqft lot

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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 +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming investment opportunity at 1283 S Illinois in Decatur, IL being offered AS-IS. Utilities are currently off; a flashlight is recommended for basement viewing. Boasts modern vinyl plank flooring throughout the main level, a stylish updated tub surround, and a contemporary backsplash. With minimal cosmetic touch-ups, this property is nearly rent-ready for its next tenant.***Could be sold together with 1644 William, MLS#12417066

Key facts

• Updated tub surround
• 6,098 sq ft lot
• 2 parking spots

Tags

• MODERN VINYL PLANK FLOORING
• UPDATED TUB SURROUND
• CONTEMPORARY BACKSPLASH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $48k.

Deal economics

• At list price, monthly cash flow is $431 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($976 rent vs $48k).
• Recommended offer: $42k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.2% vs local median 7.0% in Decatur — 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 59/100 on livability (#1,076 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Decatur SD 61 (urban): math 3% / reading 6% proficiency, ranked #605 of 620 in IL (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 193 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 88% of comp listings sitting > 30 days — soft ceiling on asking rent; 63 units permitted in Macon County in 2024 (0 in 5+ unit buildings).
• This rent is only 18% of the median local income ($66k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $328 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Macon County population projected at -24% 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 $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 250 days — a 12% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $30k; list at $48k implies a 58% gain — meaningful room to come down on a strong offer.

Recommended offer $41,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 250 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. Crime grade is F 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?
6. 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.
7. 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.
8. 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: 2.06% ✓
• Cap rate: 17.18%
• Cash-on-cash: 38.90%
• DSCR: 2.73
• GRM: 4.1

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: 35.1%
• Equity multiple: 2.49×
• Total profit: $19,781
• Equity at exit: $7,082

10-year hold

• IRR: 41.9%
• Equity multiple: 4.96×
• Total profit: $52,670
• Equity at exit: $4,107

Cash invested: $13,300 (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 62521

• Home prices YoY: -9.0%
• Active inventory: 193
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $976 high
• Mortgage (P&I): −$249
• Tax from tax record: −$71 /mo · $856/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $431

Break-even live

Break-even rent $431

Max offer price $47,500

Occupancy floor 51%

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: $11,875
• Closing costs: $1,425
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
803 E Whitmer St Decatur, IL	3.0	1.0	900	$935	$1.04	43d	1	0.50mi
759 E Lawrence St Decatur, IL	3.0	1.0	1080	$695	$0.64	43d	1	0.56mi
1455 E Whitmer St Decatur, IL	2.0	1.0	1050	$915	$0.87	43d	1	0.56mi
698 S Stone St Decatur, IL	2.0	1.0	900	$795	$0.88	43d	1	0.56mi
1304 E Lawrence St Decatur, IL	2.0	1.0	850	$850	$1.00	43d	1	0.60mi
1718 E Cantrell St Decatur, IL	3.0	2.0	900	$1,000	$1.11	43d	1	0.61mi
1245 Sedgwick St Decatur, IL	2.0	1.0	1055	$895	$0.85	43d	1	0.69mi
1237 E Johns Ave Decatur, IL	2.0	1.0	1000	$895	$0.90	43d	1	0.75mi
1035 S Main St Decatur, IL	2.0	1.0	847	$880	$1.04	13d	7	0.75mi
165 S East Ave Unit NA Decatur, IL	2.0	1.0	850	$800	$0.94	43d	1	0.95mi
520 S Church St Decatur, IL	3.0	1.5	1250	$1,199	$0.96	13d	1	0.99mi
2150 S Imboden Pl Decatur, IL	2.0	2.0	1334	$2,775	$2.08	43d	1	1.07mi
1524 E Prairie St Decatur, IL	3.0	1.0	1400	$1,250	$0.89	43d	1	1.10mi
249 N 17th St Decatur, IL	3.0	2.0	700	$995	$1.42	43d	1	1.15mi
347 N Stone St Decatur, IL	2.0	1.0	850	$875	$1.03	43d	1	1.18mi
2135 E Prairie St Decatur, IL	2.0	1.0	1127	$1,100	$0.98	43d	1	1.30mi
2032 E North St Decatur, IL	2.0	1.0	754	$900	$1.19	43d	1	1.41mi

Listing history 6 events

1. 2026-03-25
   status Active 436-char remark

   Show marketing remark (436 chars)

   Charming investment opportunity at 1283 S Illinois in Decatur, IL being offered AS-IS. Utilities are currently off; a flashlight is recommended for basement viewing. Boasts modern vinyl plank flooring throughout the main level, a stylish updated tub surround, and a contemporary backsplash. With minimal cosmetic touch-ups, this property is nearly rent-ready for its next tenant.***Could be sold together with 1644 William, MLS#12417066

2. 2026-03-09
   historical Contingent - Continue to Show 436-char remark

   Show marketing remark (436 chars)

   Charming investment opportunity at 1283 S Illinois in Decatur, IL being offered AS-IS. Utilities are currently off; a flashlight is recommended for basement viewing. Boasts modern vinyl plank flooring throughout the main level, a stylish updated tub surround, and a contemporary backsplash. With minimal cosmetic touch-ups, this property is nearly rent-ready for its next tenant.***Could be sold together with 1644 William, MLS#12417066

3. 2025-12-12
   price $47,500 436-char remark

   Show marketing remark (436 chars)

   Charming investment opportunity at 1283 S Illinois in Decatur, IL being offered AS-IS. Utilities are currently off; a flashlight is recommended for basement viewing. Boasts modern vinyl plank flooring throughout the main level, a stylish updated tub surround, and a contemporary backsplash. With minimal cosmetic touch-ups, this property is nearly rent-ready for its next tenant.***Could be sold together with 1644 William, MLS#12417066

4. 2025-09-13
   listed $49,000 Active 436-char remark

   Show marketing remark (436 chars)

   Charming investment opportunity at 1283 S Illinois in Decatur, IL being offered AS-IS. Utilities are currently off; a flashlight is recommended for basement viewing. Boasts modern vinyl plank flooring throughout the main level, a stylish updated tub surround, and a contemporary backsplash. With minimal cosmetic touch-ups, this property is nearly rent-ready for its next tenant.***Could be sold together with 1644 William, MLS#12417066

5. 2008-04-15
   soldstatus $30,000
6. 2006-12-10
   historical

ⓘ 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: $856 · $71/mo
• Projected year-2 tax: $967 · $81/mo
• Expected delta: +$111/yr (+$9/mo · 13.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $11,716
• − Mortgage interest: −$2,661
• − Property taxes: −$856
• − Insurance: −$238
• − Repairs & maintenance: −$937
• − Management: −$937
• − Depreciation: −$1,382
• Taxable income: $4,705
• Est. tax owed @ 24.0%: −$1,129
• After-tax cash flow: $4,044/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: Decatur SD 61
• NCES district ID: 1711850
• Math proficiency: 3% ▼ -4.00%
• Reading proficiency: 6% ▼ -6.00%
• Median HH income: $38,864
• Composite: 3.99/100
• National rank: #10059
• State rank: #605 of 620 in IL

Livability — Decatur

• Score: 59/100
• State rank: #1076
• US rank: #20533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IL
• County: Macon County · 78,333 people
• City population: 78,333
• Metro: Decatur, IL
• Population (ZIP): 32,665
• Household income: $66,337
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 640.0

Population outlook (Macon County) Hauer SSP2

• Today (2025): 99,568 people
• By 2030: 94,973 · -4.6%
• By 2040: 85,250 · -14.4%
• By 2050: 75,920 · -23.8%
• By 2075: 55,962 · -43.8%
• By 2100: 36,468 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 17% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 0%

Political lean MEDSL · Macon

• 2024 margin: R (+18.9) · D 39.8% · R 58.7% · Other 1.4%
• 2008→2024 swing: -20.0pp toward R · 2008: 1.1pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+17.7 2016: R+18.1 2012: R+5.2 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.96%
• Current HPI: 180.9274
• Rent YoY: —
• Metro: Decatur, 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

+58.3% since first listed

6 events — show timeline

• 2026-03-25 Relisted — MRED as Distributed by MLS Grid
• 2026-03-09 Contingent — MRED as Distributed by MLS Grid
• 2025-12-12 Price Changed $47,500 MRED as Distributed by MLS Grid
• 2025-09-13 Listed $49,000 MRED as Distributed by MLS Grid
• 2008-04-15 Sold (Public Records) $30,000 Public Records
• 2006-12-10 Listing Removed — MRED as Distributed by MLS Grid

Property tax history

+0.7%/yr

Latest (2024): $856 · +0.8% YoY. Source: county tax records.