622 W Walnut St · Canton, IL 61520

$24,900

2 bd · 1.0 ba · 812 sqft · Other public records · 42 Days on market

Built 1920 7,250 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
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

House with new roof!! With a new roof, we know that the rest of this project is going to still be standing when someone is ready to jump in and finish up this 2 bedroom bungalow! In addition to a new roof, most all interior has been stripped and ready for new walls, floors and fixtures. Due to out of state purchase and other unexpected circumstances current owner has not and will not be able to finish his vision. Make an offer if you're looking for something to keep yourself busy this summer while building equity!

Key facts

• New roof
• 7,250 sq ft lot
• 2 garage spots

Tags

• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $25k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($571 rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.8% vs local median 7.8% in Canton — 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 72/100 on livability (#318 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Canton Union SD 66 (town): math 19% / reading 23% proficiency, ranked #417 of 620 in IL (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Westview Elementary School (math 17% / reading 17%, grade F, #1,141 of 2,056 statewide, top 59%, 398 students, 0% FRL); Ingersoll Middle School (math 18% / reading 24%, grade F, #405 of 665 statewide, top 61%, 645 students, 0% FRL); Canton High School (math 22% / reading 27%, grade F, #256 of 693 statewide, top 44%, 641 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 108 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); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 14 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 of value loss. Plan a longer hold.
• Fulton County population projected at -20% 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 $7k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.
• Current owner paid $16k; list at $25k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.30% ✓
• Cap rate: 19.76%
• Cash-on-cash: 48.09%
• DSCR: 3.14
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 45.6%
• Equity multiple: 2.97×
• Total profit: $13,767
• Equity at exit: $3,713

10-year hold

• IRR: 51.4%
• Equity multiple: 6.01×
• Total profit: $34,935
• Equity at exit: $2,153

Cash invested: $6,972 (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 61520

• Active inventory: 108
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $571 medium
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $374/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$120
• Net cashflow: $279

Break-even live

Break-even rent $218

Max offer price $24,900

Occupancy floor 46%

Sensitivity live

Price	-10% $297	-5% $288	+0% $279	+5% $271	+10% $262
Rent	-10% $234	-5% $257	+0% $279	+5% $302	+10% $325
Rate	-1.0pp $292	-0.5pp $286	base $279	+0.5pp $273	+1.0pp $266

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
143 W Locust St Unit 6 Canton, IL	1.0	1.0	780	$650	$0.83	45d	1	0.71mi
1100 W Locust St Unit 32 Canton, IL	3.0	2.0	952	$698	$0.73	15d	1	0.93mi
1100 W Locust St Lot 127 Canton, IL	2.0	1.0	700	$325	$0.46	45d	1	0.95mi
437 N 8th Ave Canton, IL	2.0	1.0	690	$1,200	$1.74	15d	1	1.47mi

Listing history 4 events

1. 2026-05-12
   status Pending 519-char remark

   Show marketing remark (519 chars)

   House with new roof!! With a new roof, we know that the rest of this project is going to still be standing when someone is ready to jump in and finish up this 2 bedroom bungalow! In addition to a new roof, most all interior has been stripped and ready for new walls, floors and fixtures. Due to out of state purchase and other unexpected circumstances current owner has not and will not be able to finish his vision. Make an offer if you're looking for something to keep yourself busy this summer while building equity!

2. 2026-03-31
   listed $24,900 Active 519-char remark

   Show marketing remark (519 chars)

   House with new roof!! With a new roof, we know that the rest of this project is going to still be standing when someone is ready to jump in and finish up this 2 bedroom bungalow! In addition to a new roof, most all interior has been stripped and ready for new walls, floors and fixtures. Due to out of state purchase and other unexpected circumstances current owner has not and will not be able to finish his vision. Make an offer if you're looking for something to keep yourself busy this summer while building equity!

3. 2021-11-03
   soldstatus $16,000 189-char remark

   Show marketing remark (189 chars)

   Looking to expand your rental property? 2 bedroom/ 1 bath home. Some updating needed for that new tenant or home owner. Large 2 stall garage, back patio for enjoying those summer evenings.

4. 2021-07-12
   listed $24,900 189-char remark

   Show marketing remark (189 chars)

   Looking to expand your rental property? 2 bedroom/ 1 bath home. Some updating needed for that new tenant or home owner. Large 2 stall garage, back patio for enjoying those summer evenings.

ⓘ 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 3/10 Moderate 7 d/yr ≥105°F today · 18 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: $6,858
• − Mortgage interest: −$1,395
• − Property taxes: −$374
• − Insurance: −$124
• − Repairs & maintenance: −$549
• − Management: −$549
• − Depreciation: −$724
• Taxable income: $3,143
• Est. tax owed @ 24.0%: −$754
• After-tax cash flow: $2,598/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: Canton Union SD 66
• NCES district ID: 1708280
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 23% ▼ -12.00%
• Median HH income: $42,657
• Composite: 18.03/100
• National rank: #8980
• State rank: #417 of 620 in IL

Livability — Canton

• Score: 72/100
• State rank: #318
• US rank: #6313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Canton, IL
• Population (ZIP): 16,098

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 33,356 people
• By 2030: 32,144 · -3.6%
• By 2040: 29,518 · -11.5%
• By 2050: 26,775 · -19.7%
• By 2075: 19,972 · -40.1%
• By 2100: 13,580 · -59.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Black 5% Hispanic / Latino 4% Two or more races 4% Native American 1%
• Common ancestry: Slovak 3% Lithuanian 1% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Fulton

• 2024 margin: Strong R (+23.8) · D 37.1% · R 60.9% · Other 2.0%
• 2008→2024 swing: -45.2pp toward R · 2008: 21.3pp · 2024: -23.8pp
• All cycles: 2024: R+23.8 2020: R+20.1 2016: R+15.1 2012: D+11.1 2008: D+21.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.00%
• Current HPI: 123.8086
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-12 Pending — RMLSA as Distributed by MLS Grid
• 2026-03-31 Listed $24,900 RMLSA as Distributed by MLS Grid
• 2021-11-03 Sold (MLS) $16,000 RMLSA as Distributed by MLS Grid
• 2021-07-12 Listed $24,900 RMLSA as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2024): $1,305 · +1.7% YoY. Source: county tax records.