423 Knox Rd 2350 Rd N · Henderson, IL 61472-9676

$50,000

4 bd · 3.0 ba · 1,762 sqft · Other public records · 71 Days on market

Built 1900 1.03 ac lot $28/sqft · 82% 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
• Appreciation +5.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

Home is being sold completely AS-IS. Cash Only A lot of potential for the right buyer. 1 acre lot rural setting. Large home, lots of square footage for the price. 4 bedroom potential 6 bedroom and 3 bathrooms.

Key facts

• 1.03 acre lot
• Parking
• Built 1900

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $50k.

Deal economics

• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#1,086 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D-, amenities F.
• Galesburg CUSD 205 (town): math 13% / reading 22% proficiency, ranked #488 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Galesburg Jr High School (math 13% / reading 27%); Galesburg Senior High School (math 19% / reading 24%, grade F, #345 of 693 statewide, top 50%, 1,762 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 1 active listings in the ZIP.

Forward outlook

• In year one you build about $2k of equity ($346 loan paydown + $2k appreciation (3.0% local appreciation)).
• Knox County population projected at -19% 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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?
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: 2.57% ✓
• Cap rate: 19.51%
• Cash-on-cash: 47.22%
• DSCR: 3.10
• GRM: 3.2

CMA / ARV

• ARV (median comp): $458,861
• List price: $50,000
• Delta: -89.10%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.5%
• Equity multiple: 3.94×
• Total profit: $41,204
• Equity at exit: $22,482

10-year hold

• IRR: 52.2%
• Equity multiple: 7.97×
• Total profit: $97,644
• Equity at exit: $34,648

Cash invested: $14,000 (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 61472-9676

• Active inventory: 1
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,287 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$183 /mo · $2,191/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $551

Break-even live

Break-even rent $589

Max offer price $50,000

Occupancy floor 52%

Sensitivity live

Price	-10% $579	-5% $565	+0% $551	+5% $537	+10% $523
Rent	-10% $449	-5% $500	+0% $551	+5% $602	+10% $653
Rate	-1.0pp $576	-0.5pp $564	base $551	+0.5pp $538	+1.0pp $525

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $50,000 Active 71 DOM
2. 2026-06-21
   days on market $50,000 Active 70 DOM
3. 2026-06-18
   days on market $50,000 Active 68 DOM
4. 2026-06-17
   days on market $50,000 Active 67 DOM
5. 2026-06-16
   days on market $50,000 Active 66 DOM
6. 2026-06-15
   days on market $50,000 Active 65 DOM
7. 2026-06-13
   days on market $50,000 Active 63 DOM
8. 2026-06-12
   days on market $50,000 Active 62 DOM
9. 2026-06-09
   days on market $50,000 Active 59 DOM
10. 2026-06-08
    days on market $50,000 Active 58 DOM
11. 2026-06-07
    days on market $50,000 Active 57 DOM
12. 2026-06-07
    days on market $50,000 Active 56 DOM
13. 2026-06-04
    days on market $50,000 Active 53 DOM
14. 2026-06-02
    days on market $50,000 Active 52 DOM
15. 2026-06-01
    days on market $50,000 Active 51 DOM
16. 2026-05-31
    days on market $50,000 Active 50 DOM
17. 2026-05-31
    days on market $50,000 Active 49 DOM
18. 2026-04-09
    listed $50,000 Active 211-char remark

    Show marketing remark (211 chars)

    Home is being sold completely AS-IS. Cash Only A lot of potential for the right buyer. 1 acre lot rural setting. Large home, lots of square footage for the price. 4 bedroom potential 6 bedroom and 3 bathrooms.

ⓘ 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: $2,191 · $183/mo
• Projected year-2 tax: $2,191 · $183/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 2/10 Low 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,441
• − Mortgage interest: −$2,801
• − Property taxes: −$2,191
• − Insurance: −$250
• − Repairs & maintenance: −$1,235
• − Management: −$1,235
• − Depreciation: −$1,455
• Taxable income: $6,274
• Est. tax owed @ 24.0%: −$1,506
• After-tax cash flow: $5,105/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: Galesburg CUSD 205
• NCES district ID: 1716080
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 22% ▼ -11.00%
• Median HH income: $35,901
• Composite: 14.46/100
• National rank: #9427
• State rank: #488 of 620 in IL

Livability — Henderson

• Score: 58/100
• State rank: #1086
• US rank: #20663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

No demographic data for this ZIP.

Market trends

• HPI YoY: —
• Current HPI: —
• 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

1 event — show timeline

• 2026-04-09 Listed $50,000 RMLSA as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2024): $2,191 · +3.4% YoY. Source: county tax records.