515 S 5th St · Warsaw, IL 62379

$35,000

3 bd · 1.0 ba · 916 sqft · SingleFamily · 1 Days on market

Built 1896 8,748 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
• Appreciation +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

FIXER UPPER!!!!!!!! Corner Lot, 3 bedrooms, Kitchen, Living Room, Full Bath! " SELLING AS IS!! "

Key facts

• Kitchen
• Living room
• Full bath

Tags

• CORNER LOT
• KITCHEN
• LIVING ROOM
• FULL BATH

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story single family residence; Residential property
• Construction: Brick construction
• Exterior features: Lot approximately 60.75' wide by 144' deep

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($906 rent vs $35k).

Location & tenants

• Location reads 68/100 on livability (#459 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D, employment D.
• Warsaw CUSD 316 (rural): math 25% / reading 35% proficiency, ranked #489 of 919 in IL (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP.

Forward outlook

• In year one you build about $3k of equity ($242 loan paydown + $3k appreciation (8.0% local appreciation)).
• Hancock County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,000

Questions for the listing agent

1. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.59% ✓
• Cap rate: 23.71%
• Cash-on-cash: 62.19%
• DSCR: 3.77
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $91,600
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
930 Crawford St	0.34mi	2/1.0 (-1)	909 (-1%)	7mo	$75,000	$83	72
725 Bunker Dr	0.20mi	3/1.0	1,008 (+10%)	5mo	$105,000	$104	70
415 Illinois St	0.39mi	3/1.0	1,008 (+10%)	11mo	$101,000	$100	56
330 Cedar St	0.16mi	2/2.0 (-1)	1,044 (+14%)	6mo	$36,000	$34	55
730 Liberty Dr	0.25mi	4/2.0 (+1)	1,008 (+10%)	22mo	$137,000	$136	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.99% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 72.0%
• Equity multiple: 5.77×
• Total profit: $46,737
• Equity at exit: $26,569

10-year hold

• IRR: 67.5%
• Equity multiple: 12.38×
• Total profit: $111,554
• Equity at exit: $52,720

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 62379

• Home prices YoY: 5.6%
• Active inventory: 20
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $906 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$10 /mo · $119/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $508

Break-even live

Break-even rent $263

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 3 events

1. 2026-06-17
   status $35,000 Pending 1 DOM
2. 2026-06-16
   remarks 96-char remark
3. 2026-06-16
   listed $35,000 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: $119 · $10/mo
• Projected year-2 tax: $457 · $38/mo
• Expected delta: +$338/yr (+$28/mo · 283.0%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,875
• − Mortgage interest: −$1,961
• − Property taxes: −$119
• − Insurance: −$175
• − Repairs & maintenance: −$870
• − Management: −$870
• − Depreciation: −$1,018
• Taxable income: $5,862
• Est. tax owed @ 24.0%: −$1,407
• After-tax cash flow: $4,687/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: Warsaw CUSD 316
• NCES district ID: 1740890
• Math proficiency: 25% ▲ 5.00%
• Reading proficiency: 35% ▬ 0.00%
• Median HH income: $48,724
• Composite: 28.9/100
• National rank: #11950
• State rank: #489 of 919 in IL

Livability — Warsaw

• Score: 68/100
• State rank: #459
• US rank: #9523

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warsaw, IL
• Population (ZIP): 1,828

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 17,042 people
• By 2030: 16,056 · -5.8%
• By 2040: 13,912 · -18.4%
• By 2050: 11,879 · -30.3%
• By 2075: 8,302 · -51.3%
• By 2100: 5,846 · -65.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Slovak 5% Lithuanian 2% Iranian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 2%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+50.0) · D 24.1% · R 74.1% · Other 1.8%
• 2008→2024 swing: -39.2pp toward R · 2008: -10.8pp · 2024: -50.0pp
• All cycles: 2024: R+50.0 2020: R+48.9 2016: R+50.8 2012: R+19.0 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.99%
• Current HPI: 150.9375
• 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

• 2026-06-14 Listed $35,000 IAR

Property tax history

-29.7%/yr

Latest (2019): $119 · -81.3% YoY. Source: county tax records.