2301 Charleston Ave · Mattoon, IL 61938

$33,500

6 bd · 3.0 ba · 2,328 sqft · SingleFamily public records · 56 Days on market

Built 1900 4,792 sqft lot ↓ 50% since listing

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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
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Looking for an income producing property? This is the one for you! It is a 2-unit building with some updating needed but priced to sell! Call us today to schedule your showing.

Key facts

• 4,792 sq ft lot
• Built 1900
• Listed 55 days

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; Two-story
• Exterior features: Shingle roof; Lot approximately 0.11 acres; Zoned MLT

Interior

• Heating & cooling: Natural gas heating; No cooling
• Interior features: Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath single-family listed at $34k.

Deal economics

• At list price, monthly cash flow is $591 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).
• Recommended offer: $32k (3.0% below list) — sets the bar for market timing.
• Cap rate 27.5% vs local median 3.6% in Mattoon — 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 64/100 on livability (#706 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, schools D-, amenities F.
• Mattoon CUSD 2 (town): math 13% / reading 24% proficiency, ranked #462 of 620 in IL (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 117 active listings in the ZIP; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $232 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $16k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $32,495 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% 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. 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: 3.37% ✓
• Cap rate: 27.48%
• Cash-on-cash: 75.66%
• DSCR: 4.37
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $193,224
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2421 Western Ave	0.22mi	5/2.5 (-1)	2,252 (-3%)	17mo	$173,900	$77	63
2316 Western Ave	0.22mi	5/2.0 (-1)	2,178 (-6%)	13mo	$219,500	$101	59
2521 Western Ave	0.27mi	5/2.0 (-1)	2,456 (+6%)	13mo	$203,000	$83	59

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 75.6%
• Equity multiple: 4.44×
• Total profit: $32,296
• Equity at exit: $4,995

10-year hold

• IRR: 79.3%
• Equity multiple: 9.19×
• Total profit: $76,861
• Equity at exit: $2,896

Cash invested: $9,380 (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 61938

• Active inventory: 117
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,127 medium
• Mortgage (P&I): −$176
• Tax from tax record: −$110 /mo · $1,315/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $591

Break-even live

Break-even rent $379

Max offer price $33,500

Occupancy floor 43%

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: $8,375
• Closing costs: $1,005
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $33,500 Active 56 DOM
2. 2026-06-18
   days on market $33,500 Active 55 DOM
3. 2026-06-17
   days on market $33,500 Active 54 DOM
4. 2026-06-16
   days on market $33,500 Active 53 DOM
5. 2026-06-15
   days on market $33,500 Active 52 DOM
6. 2026-06-14
   days on market $33,500 Active 50 DOM
7. 2026-06-12
   days on market $33,500 Active 49 DOM
8. 2026-06-09
   days on market $33,500 Active 46 DOM
9. 2026-06-08
   days on market $33,500 Active 45 DOM
10. 2026-06-07
    days on market $33,500 Active 44 DOM
11. 2026-06-03
    days on market $33,500 Active 40 DOM
12. 2026-06-02
    days on market $33,500 Active 39 DOM
13. 2026-06-01
    days on market $33,500 Active 38 DOM
14. 2026-05-31
    days on market $33,500 Active 37 DOM
15. 2026-05-30
    days on market $33,500 Active 36 DOM
16. 2026-05-22
    status Active
17. 2026-05-22
    price $33,500
18. 2026-04-22
    status Pending
19. 2026-04-09
    price $39,900
20. 2026-03-20
    listed $49,900 Active
21. 2025-12-12
    price $52,000
22. 2025-11-24
    listed $67,000 Active
23. 2020-10-01
    historical
24. 2005-03-26
    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: $1,315 · $110/mo
• Projected year-2 tax: $1,315 · $110/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 4/10 Moderate 7 d/yr ≥104°F today · 19 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,528
• − Mortgage interest: −$1,877
• − Property taxes: −$1,315
• − Insurance: −$168
• − Repairs & maintenance: −$1,082
• − Management: −$1,082
• − Depreciation: −$975
• Taxable income: $7,030
• Est. tax owed @ 24.0%: −$1,687
• After-tax cash flow: $5,409/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: Mattoon CUSD 2
• NCES district ID: 1725050
• Math proficiency: 13% ▼ -9.00%
• Reading proficiency: 24% ▼ -12.00%
• Median HH income: $40,452
• Composite: 15.71/100
• National rank: #9280
• State rank: #462 of 620 in IL

Livability — Mattoon

• Score: 64/100
• State rank: #706
• US rank: #14352

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mattoon, IL
• County: Coles County · 41,301 people
• City population: 20,350
• Metro: Charleston-Mattoon, IL
• Population (ZIP): 20,350
• Household income: $57,503
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 453.0

Population outlook (Coles County) Hauer SSP2

• Today (2025): 53,967 people
• By 2030: 53,829 · -0.3%
• By 2040: 52,332 · -3.0%
• By 2050: 49,989 · -7.4%
• By 2075: 42,226 · -21.8%
• By 2100: 34,675 · -35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Black 2%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Coles

• 2024 margin: Strong R (+28.5) · D 34.9% · R 63.4% · Other 1.7%
• 2008→2024 swing: -31.7pp toward R · 2008: 3.2pp · 2024: -28.5pp
• All cycles: 2024: R+28.5 2020: R+26.4 2016: R+26.4 2012: R+11.1 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.29%
• Current HPI: 133.8791
• Rent YoY: —
• Metro: Charleston-Mattoon, 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

-50.0% since first listed

9 events — show timeline

• 2026-05-22 Relisted — CIBR
• 2026-05-22 Price Changed $33,500 CIBR
• 2026-04-22 Pending — CIBR
• 2026-04-09 Price Changed $39,900 CIBR
• 2026-03-20 Listed $49,900 CIBR
• 2025-12-12 Price Changed $52,000 CIBR
• 2025-11-24 Listed $67,000 CIBR
• 2020-10-01 Listing Removed — MRED as Distributed by MLS Grid
• 2005-03-26 Listing Removed — MRED as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2024): $1,315 · +12.9% YoY. Source: county tax records.