1302 State St · DeKalb, IL 60115

$153,000

3 bd · 1.5 ba · 1,200 sqft · Other · 27 Days on market

Built 1894 8,712 sqft lot

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Why this score? — see what drove the C 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 +23.5/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks

IN RECEIPT OF MULTIPLE OFFERS: SELLERS REQUEST SUBMISSION OF ALL OFFERS BY SATURDAY, 5/16/202 AT NOON. Generously sized 3-bedroom, 1.5 bath home located in WL Ellwoods Addition. This property is truly a diamond in the rough, offering great potential for the right buyer. The home has been used as a rental for many years, and the owners are unsure of the ages of the mechanical systems or the roof. Not your typical Cape Cod-style home, the layout begins with a spacious living room that flows into the dining area. The eat-in kitchen features oak cabinets and a large window that brings in abundant natural light. Adjacent to the kitchen is a flexible space perfect for an office or play area. A co

Key facts

• Useful storage space
• Covered patio
• 8,712 sq ft lot

Tags

• FIRST FLOOR LAUNDRY ROOM
• FULLY FENCED BACKYARD
• COVERED PATIO
• USEFUL STORAGE SPACE

Property features AI

Finance

• Other: School bus service available; Lot dimensions approx. 60 x 145 (less than 0.25 acre)
• HOA & community: No master association fee required; Community features include sidewalks, street lights, and paved streets

Exterior

• Parking: Detached garage (owned); Concrete driveway; Approximately 1.5 garage spaces and about 4.5 total parking spaces (includes driveway)
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Detached single-family home; 1.5-story design; Fee simple ownership; Rehab completed in 1990; Property over 100 years old
• Construction: Asphalt roof; Block and brick/mortar foundation; Other construction materials; Approximate finished area 1,200; Upper level area approx. 400; Total finished/unfinished area approx. 2,000
• Exterior features: Patio; Fenced yard

Interior

• Kitchen: Eating-area kitchen; Range; Dishwasher; Disposal
• Bedrooms: 3 bedrooms total (master bedroom on main level; additional bedrooms on second level); Loft (second level); Office (main level)
• Flooring: Carpet in most living areas and bedrooms; Vinyl in kitchen
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Natural gas heating; Central air conditioning; CO detectors installed
• Interior features: First-floor bedroom; Attic with dormer; Dining area combined with living room; Unfinished full basement with crawl space (approx. 800 unfinished)
• Laundry & utility: Laundry on main level; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $153k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $153k).
• Recommended offer: $151k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.4% in DeKalb — 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 77/100 on livability (#154 in IL, #2,835 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D+, crime D-, employment F.
• Dekalb CUSD 428 (suburban): math 11% / reading 16% proficiency, ranked #541 of 620 in IL (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Dekalb High School (math 18% / reading 28%, grade F, #312 of 693 statewide, top 46%, 2,083 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 85 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 260 units permitted in DeKalb County in 2024 (73 in 5+ unit buildings).
• At $1,872/mo this rent would consume 48% of the median local household income ($47k/yr) (locally 3794% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $43k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($151k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,705 (1.5% below list)

Questions for the listing agent

1. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.22% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.03%
• DSCR: 1.36
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.33% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $2,088
• Equity at exit: $22,813

10-year hold

• IRR: 15.1%
• Equity multiple: 2.49×
• Total profit: $63,972
• Equity at exit: $13,229

Cash invested: $42,840 (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 60115

• Home prices YoY: -31.9%
• Rents YoY: 7.3%
• Active inventory: 85
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,872 medium
• Mortgage (P&I): −$802
• Tax from tax record: −$326 /mo · $3,912/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $287

Break-even live

Break-even rent $1,509

Max offer price $153,000

Occupancy floor 80%

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: $38,250
• Closing costs: $4,590
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
172 Oak Dr DeKalb, IL	3.0	1.0	950	$2,000	$2.11	21d	1	0.57mi
219 S 7th St DeKalb, IL	2.0	1.5	1054	$1,700	$1.61	6d	1	0.62mi
1472 Cambria Dr DeKalb, IL	2.0	1.5	1200	$1,750	$1.46	44d	1	0.94mi
1535 Reserve Ln #1535 DeKalb, IL	2.0	2.0	1488	$2,300	$1.55	44d	1	1.00mi

Listing history 12 events

1. 2026-06-10
   status $153,000 Pending 27 DOM
2. 2026-06-09
   days on market $153,000 Contingent - Continue to Show 27 DOM
3. 2026-06-08
   days on market $153,000 Contingent - Continue to Show 26 DOM
4. 2026-06-07
   days on market $153,000 Contingent - Continue to Show 25 DOM
5. 2026-06-04
   days on market $153,000 Contingent - Continue to Show 22 DOM
6. 2026-06-03
   days on market $153,000 Contingent - Continue to Show 21 DOM
7. 2026-06-02
   days on market $153,000 Contingent - Continue to Show 20 DOM
8. 2026-06-01
   days on market $153,000 Contingent - Continue to Show 19 DOM
9. 2026-05-31
   days on market $153,000 Contingent - Continue to Show 18 DOM
10. 2026-05-17
    historical Contingent - Continue to Show 1448-char remark
11. 2026-05-12
    listed $153,000 Active 1448-char remark
12. 1995-07-27
    soldstatus $60,000

ⓘ 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: $3,912 · $326/mo
• Projected year-2 tax: $3,912 · $326/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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,462
• − Mortgage interest: −$8,570
• − Property taxes: −$3,912
• − Insurance: −$765
• − Repairs & maintenance: −$1,797
• − Management: −$1,797
• − Depreciation: −$4,451
• Taxable income: $1,170
• Est. tax owed @ 24.0%: −$281
• After-tax cash flow: $3,159/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: Dekalb CUSD 428
• NCES district ID: 1712000
• Math proficiency: 11% ▼ -9.00%
• Reading proficiency: 16% ▼ -6.00%
• Median HH income: $42,007
• Composite: 11.74/100
• National rank: #9685
• State rank: #541 of 620 in IL

Livability — DeKalb

• Score: 77/100
• State rank: #154
• US rank: #2835

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: DeKalb, IL
• County: DeKalb County · 64,760 people
• City population: 42,536
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 42,536
• Household income: $47,043
• Rent vs Own: 57.0% rent · 43.0% own
• Severe rent burden: 3794.0

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 104,983 people
• By 2030: 104,428 · -0.5%
• By 2040: 102,199 · -2.7%
• By 2050: 99,303 · -5.4%
• By 2075: 93,978 · -10.5%
• By 2100: 88,527 · -15.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Hispanic / Latino 18% Black 15% Two or more races 12% Asian 4%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 82% English-only · Spanish 10% Arabic 2% Other Indo-European 2%

Political lean MEDSL · DeKalb

• 2024 margin: Toss-up / Even · D 50.1% · R 48.1% · Other 1.7%
• 2008→2024 swing: -14.8pp toward R · 2008: 16.8pp · 2024: 2.0pp
• All cycles: 2024: D+2.0 2020: D+5.7 2016: D+3.0 2012: D+5.5 2008: D+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.56%
• Current HPI: 191.1189
• Rent YoY: ▲ 7.33%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• 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

+166.7% since first listed

5 events — show timeline

• 2026-06-17 Sold (MLS) $160,000 MRED as Distributed by MLS Grid
• 2026-06-09 Pending — MRED as Distributed by MLS Grid
• 2026-05-17 Contingent — MRED as Distributed by MLS Grid
• 2026-05-12 Listed $153,000 MRED as Distributed by MLS Grid
• 1995-07-27 Sold (Public Records) $60,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $3,912 · +8.6% YoY. Source: county tax records.