1127 Payson Ave · Quincy, IL 62301

$94,000

4 bd · 2.0 ba · 1,920 sqft · SingleFamily · 178 Days on market

Built 1885 7,841 sqft lot $49/sqft · 29% below area Est $132k · 29% 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
• Rent growth +5.0/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention all flippers This is a 4 bedroom, 2 full bath home that was completely gutted and remodeled 11 years ago, but now it needs some work! There is so much potential in this home that has just over 1900 sq. feet. There is a brand new furnace that the seller just had installed. Inspections welcome but selling as is.

Key facts

• Brand new furnace
• 7,841 sq ft lot
• Built 1885

Tags

• BRAND NEW FURNACE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $640 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $94k).
• Recommended offer: $83k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 4.3% in Quincy — 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 67/100 on livability (#506 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Quincy SD 172 (town): math 24% / reading 27% proficiency, ranked #328 of 620 in IL (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+10.8%/yr); 180 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $650 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Adams County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 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 1885 — 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: 1.78% ✓
• Cap rate: 14.46%
• Cash-on-cash: 29.16%
• DSCR: 2.30
• GRM: 4.7

CMA / ARV

• ARV (median comp): $132,113
• List price: $94,000
• Delta: -28.85%
• 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
1128 Washington St	0.13mi	3/1.0 (-1)	1,920 (0%)	6mo	$116,000	$60	80
1109 Madison St	0.29mi	4/2.0	1,854 (-3%)	7mo	$129,900	$70	75
1007 S 12th St	0.33mi	3/1.5 (-1)	1,900 (-1%)	7mo	$127,500	$67	70
1029 Madison St	0.30mi	4/2.5	2,082 (+8%)	0mo	$183,000	$88	70
1431 Ohio St	0.25mi	3/2.0 (-1)	2,037 (+6%)	5mo	$186,000	$91	69
828 S 11th St	0.20mi	4/1.0	1,718 (-10%)	1mo	$140,500	$82	68
1112 Payson Ave	0.05mi	4/1.0	1,645 (-14%)	3mo	$157,000	$95	68
704 S 16th St	0.34mi	3/2.5 (-1)	1,810 (-6%)	1mo	$175,000	$97	67
1251 Kentucky St	0.31mi	4/2.0	2,135 (+11%)	2mo	$183,500	$86	65
815 Kentucky St	0.41mi	4/2.0	2,120 (+10%)	6mo	$137,500	$65	59
512 Madison	0.66mi	3/2.0 (-1)	1,954 (+2%)	6mo	$120,000	$61	56
612 Monroe St	0.64mi	3/2.0 (-1)	1,670 (-13%)	2mo	$57,500	$34	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 29.3%
• Equity multiple: 2.31×
• Total profit: $34,406
• Equity at exit: $14,016

10-year hold

• IRR: 39.5%
• Equity multiple: 5.67×
• Total profit: $122,922
• Equity at exit: $8,127

Cash invested: $26,320 (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 62301

• Rents YoY: 10.8%
• Active inventory: 180
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,676 medium
• Mortgage (P&I): −$493
• Tax from tax record: −$153 /mo · $1,832/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $640

Break-even live

Break-even rent $867

Max offer price $94,000

Occupancy floor 57%

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 N 3rd St Quincy, IL	1.0–4.0	1.0–2.0	1950	$5,600	$2.87	44d	12	0.97mi

Listing history 28 events

1. 2026-06-19
   days on market $94,000 Active 178 DOM
2. 2026-06-18
   days on market $94,000 Active 177 DOM
3. 2026-06-17
   days on market $94,000 Active 176 DOM
4. 2026-06-16
   days on market $94,000 Active 175 DOM
5. 2026-06-15
   days on market $94,000 Active 174 DOM
6. 2026-06-14
   days on market $94,000 Active 172 DOM
7. 2026-06-12
   days on market $94,000 Active 171 DOM
8. 2026-06-09
   days on market $94,000 Active 168 DOM
9. 2026-06-08
   days on market $94,000 Active 167 DOM
10. 2026-06-07
    days on market $94,000 Active 166 DOM
11. 2026-06-03
    days on market $94,000 Active 162 DOM
12. 2026-06-02
    days on market $94,000 Active 161 DOM
13. 2026-06-01
    days on market $94,000 Active 160 DOM
14. 2026-05-31
    days on market $94,000 Active 159 DOM
15. 2026-05-30
    days on market $94,000 Active 158 DOM
16. 2026-03-11
    soldstatus $92,500
17. 2026-03-06
    soldstatus $92,500 Closed 328-char remark

    Show marketing remark (328 chars)

    Attention all flippers This is a 4 bedroom, 2 full bath home that was completely gutted and remodeled 11 years ago, but now it needs some work! There is so much potential in this home that has just over 1900 sq. feet. There is a brand new furnace that the seller just had installed. Inspections welcome but selling as is.

18. 2026-03-01
    status Pending 328-char remark

    Show marketing remark (328 chars)

    Attention all flippers This is a 4 bedroom, 2 full bath home that was completely gutted and remodeled 11 years ago, but now it needs some work! There is so much potential in this home that has just over 1900 sq. feet. There is a brand new furnace that the seller just had installed. Inspections welcome but selling as is.

19. 2026-02-02
    historical Contingent - Continue to Show 328-char remark

    Show marketing remark (328 chars)

    Attention all flippers This is a 4 bedroom, 2 full bath home that was completely gutted and remodeled 11 years ago, but now it needs some work! There is so much potential in this home that has just over 1900 sq. feet. There is a brand new furnace that the seller just had installed. Inspections welcome but selling as is.

20. 2026-01-13
    price $90,000 328-char remark

    Show marketing remark (328 chars)

    Attention all flippers This is a 4 bedroom, 2 full bath home that was completely gutted and remodeled 11 years ago, but now it needs some work! There is so much potential in this home that has just over 1900 sq. feet. There is a brand new furnace that the seller just had installed. Inspections welcome but selling as is.

21. 2025-12-22
    listed $94,000 Active 328-char remark

    Show marketing remark (325 chars)

    Attention all flippers This is a 4 bedroom, 2 full bath home that was completely gutted and remodeled 11 years ago, but now it needs some work! There is so much potential in this home that has just over 1900 sq. feet. There is a brand new furnace that the seller just had installed. Inspections welcome but selling as is.

22. 2025-12-22
    listed $94,000 Active 325-char remark

    Show marketing remark (325 chars)

    Attention all flippers This is a 4 bedroom, 2 full bath home that was completely gutted and remodeled 11 years ago, but now it needs some work! There is so much potential in this home that has just over 1900 sq. feet. There is a brand new furnace that the seller just had installed. Inspections welcome but selling as is.

23. 2014-03-06
    soldstatus $88,500
24. 2014-03-05
    soldstatus $88,500
25. 2014-03-05
    soldstatus $88,500
26. 2013-10-27
    listed $93,000
27. 2013-10-27
    listed $93,000
28. 2010-04-01
    soldstatus $36,000

ⓘ 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: $1,832 · $153/mo
• Projected year-2 tax: $1,983 · $165/mo
• Expected delta: +$151/yr (+$13/mo · 8.2%)

ⓘ 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 ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,116
• − Mortgage interest: −$5,265
• − Property taxes: −$1,832
• − Insurance: −$470
• − Repairs & maintenance: −$1,609
• − Management: −$1,609
• − Depreciation: −$2,735
• Taxable income: $6,596
• Est. tax owed @ 24.0%: −$1,583
• After-tax cash flow: $6,091/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: Quincy SD 172
• NCES district ID: 1733000
• Math proficiency: 24% ▬ 0.00%
• Reading proficiency: 27% ▬ 0.00%
• Median HH income: $44,132
• Composite: 21.91/100
• National rank: #8229
• State rank: #328 of 620 in IL

Livability — Quincy

• Score: 67/100
• State rank: #506
• US rank: #10458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Quincy, IL
• County: Adams County · 30,746 people
• City population: 30,746
• Metro: Quincy, IL-MO
• Population (ZIP): 30,746
• Household income: $52,055
• Rent vs Own: 41.1% rent · 58.9% own
• Severe rent burden: 1238.0

Population outlook (Adams County) Hauer SSP2

• Today (2025): 65,795 people
• By 2030: 64,436 · -2.1%
• By 2040: 61,007 · -7.3%
• By 2050: 56,851 · -13.6%
• By 2075: 46,424 · -29.4%
• By 2100: 34,305 · -47.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 7% Black 6% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 2% Iranian 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+47.4) · D 25.6% · R 73.0% · Other 1.5%
• 2008→2024 swing: -25.0pp toward R · 2008: -22.4pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+46.5 2016: R+47.5 2012: R+35.2 2008: R+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.44%
• Current HPI: 131.7344
• Rent YoY: ▲ 10.78%
• Metro: Quincy, IL-MO
• 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

+156.9% since first listed

13 events — show timeline

• 2026-03-11 Sold (Public Records) $92,500 Public Records
• 2026-03-06 Sold (MLS) $92,500 MRED as Distributed by MLS Grid
• 2026-03-01 Pending — MRED as Distributed by MLS Grid
• 2026-02-02 Contingent — MRED as Distributed by MLS Grid
• 2026-01-13 Price Changed $90,000 MRED as Distributed by MLS Grid
• 2025-12-22 Listed $94,000 Quincy AOR
• 2025-12-22 Listed $94,000 MRED as Distributed by MLS Grid
• 2014-03-06 Sold (Public Records) $88,500 Public Records
• 2014-03-05 Sold (MLS) $88,500 RMLSA as Distributed by MLS Grid
• 2014-03-05 Sold (MLS) $88,500 MRED as Distributed by MLS Grid
• 2013-10-27 Listed $93,000 RMLSA as Distributed by MLS Grid
• 2013-10-27 Listed $93,000 MRED as Distributed by MLS Grid
• 2010-04-01 Sold (Public Records) $36,000 Public Records

Property tax history

+8.0%/yr

Latest (2023): $1,832 · +7.4% YoY. Source: county tax records.