105 S Forest Ave #4 · Carbondale, IL 62901

$54,900

None bd · None ba · — sqft · Condo · 46 Days on market

Built 1898

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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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Rent growth +3.6/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity to invest in Carbondale with many possibilities with this rental property. This 1889 2 story Apartment Building houses 4 units! 3 units with 1 bed room @ $400.00 and l - 2 bedrooms @ $500.00 per month. Stove and refrigerator in each unit. Shared Coin Dryer and washer and storage in basement for tenants to use. Plenty of off-street private parking and on street. Utilities are paid for by the owner. CLOSE to SIU. PRICED TO BE SOLD AS IS! NO REPAIRS FROM SELLER. New Price $54,900

Key facts

• 4 units
• Shared coin dryer
• Close to siu

Tags

• 2 STORY APARTMENT BUILDING
• 4 UNITS
• STOVE AND REFRIGERATOR
• SHARED COIN DRYER
• OFF-STREET PRIVATE PARKING
• CLOSE TO SIU

Property features AI

Finance

• Financial info: Reported gross income: $20,700

Exterior

• Parking: Guest parking; Additional/other parking (tenant parking in back)
• Utilities: Public water; Public sewer
• Home design: Two- to four-unit property; Built more than 100 years ago; Built before 1978
• Construction: Brick/mortar and concrete perimeter foundation
• Exterior features: Level lot; Lot dimensions approximately 110.81 x 53

Interior

• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full basement; Common area laundry
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a condo listed at $55k.

Deal economics

• At list price, monthly cash flow is $188 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($719 rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 4.9% in Carbondale — 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 70/100 on livability (#375 in IL) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: housing C-, crime F, employment F.
• Carbondale Chsd 165 (urban): math 26% / reading 35% proficiency, ranked #279 of 620 in IL (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carbondale Comm H S (math 26% / reading 35%, grade F, #175 of 693 statewide, top 26%, 997 students, 0% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 202 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 5 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $15k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 1898 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $53,253 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 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 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 F 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 10.41%
• Cash-on-cash: 14.71%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

No comps found within radius.

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310-312 W Monroe St #4	0.32mi	—/—	—	3mo	$255,000	—	70
505 W Cherry St #2	0.31mi	—/—	—	7mo	$35,000	—	67
401 W Monroe St #3	0.30mi	—/—	—	10mo	$75,000	—	66
314 W Elm St #3	0.32mi	—/—	—	10mo	$30,000	—	64
502 W Freeman St #1	0.43mi	—/—	—	4mo	$700,000	—	64
801 W College St Unit A/B	0.34mi	—/—	1,644	10mo	$88,100	$54	63

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 · 4.51% rent growth · sell at horizon

5-year hold

• IRR: 6.9%
• Equity multiple: 1.27×
• Total profit: $4,223
• Equity at exit: $8,186

10-year hold

• IRR: 17.5%
• Equity multiple: 2.55×
• Total profit: $23,864
• Equity at exit: $4,747

Cash invested: $15,372 (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 62901

• Rents YoY: 4.5%
• Active inventory: 202
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $719 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $824/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$151
• Net cashflow: $188

Break-even live

Break-even rent $480

Max offer price $54,900

Occupancy floor 69%

Sensitivity live

Price	-10% $226	-5% $207	+0% $188	+5% $169	+10% $150
Rent	-10% $132	-5% $160	+0% $188	+5% $217	+10% $245
Rate	-1.0pp $216	-0.5pp $202	base $188	+0.5pp $174	+1.0pp $160

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 S Rawlings St Carbondale, IL	1.0	1.0	450	$625	$1.39	44d	5	0.30mi
600 W Mill St Carbondale, IL	1.0	1.0	615	$750	$1.22	44d	2	0.48mi
405 E College St Carbondale, IL	1.0	1.0	351	$690	$1.96	44d	10	0.83mi
250 S Lewis Ln Carbondale, IL	3.0	1.0	622	$650	$1.04	44d	1	1.37mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-05-22
   listed $54,900 Active
2. 2026-02-27
   soldstatus Closed
3. 2026-02-03
   status Pending
4. 2026-01-08
   status Active
5. 2026-01-05
   historical
6. 2025-05-22
   status Active
7. 2025-05-22
   historical
8. 2025-05-13
   historical
9. 2025-04-08
   price
10. 2025-03-03
    price
11. 2024-11-13
    listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $8,625
• − Mortgage interest: −$3,075
• − Property taxes: −$824
• − Insurance: −$274
• − Repairs & maintenance: −$690
• − Management: −$690
• − Depreciation: −$1,597
• Taxable income: $1,475
• Est. tax owed @ 24.0%: −$354
• After-tax cash flow: $1,907/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: Carbondale Chsd 165
• NCES district ID: 1708370
• Math proficiency: 26% ▼ -10.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $22,075
• Composite: 23.92/100
• National rank: #7787
• State rank: #279 of 620 in IL

Livability — Carbondale

• Score: 70/100
• State rank: #375
• US rank: #7806

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carbondale, IL
• County: Jackson County · 22,946 people
• City population: 22,946
• Metro: Carbondale-Marion, IL
• Population (ZIP): 22,946
• Household income: $35,089
• Rent vs Own: 70.0% rent · 30.0% own
• Severe rent burden: 2038.0

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 59,093 people
• By 2030: 59,628 · +0.9%
• By 2040: 59,495 · +0.7%
• By 2050: 58,811 · -0.5%
• By 2075: 57,683 · -2.4%
• By 2100: 55,337 · -6.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Black 26% Asian 6% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Italian 2% Slovak 2%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 87% English-only · Other Indo-European 4% Spanish 4% Arabic 2%

Political lean MEDSL · Jackson

• 2024 margin: Toss-up / Even · D 51.0% · R 47.5% · Other 1.4%
• 2008→2024 swing: -18.3pp toward R · 2008: 21.8pp · 2024: 3.5pp
• All cycles: 2024: D+3.5 2020: D+1.3 2016: D+3.0 2012: D+10.3 2008: D+21.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.62%
• Current HPI: 88.7209
• Rent YoY: ▲ 4.51%
• Metro: Carbondale-Marion, 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

11 events — show timeline

• 2026-05-22 Listed $54,900 MRED as Distributed by MLS Grid
• 2026-02-27 Sold (MLS) — MRED as Distributed by MLS Grid
• 2026-02-03 Pending — MRED as Distributed by MLS Grid
• 2026-01-08 Relisted — MRED as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-05-22 Relisted — RMLSA as Distributed by MLS Grid
• 2025-05-22 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-05-13 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-04-08 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-03-03 Price Changed — RMLSA as Distributed by MLS Grid
• 2024-11-13 Listed — RMLSA as Distributed by MLS Grid