506 W Mclean St · Colchester, IL 62326

$9,900

4 bd · 2.0 ba · 1,611 sqft · Other public records · 35 Days on market

Built 1970 7,920 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks

Affordable opportunity just minutes from Macomb; welcome to 506 W. McLean St in Colchester. This lot is ready for your next move with water and electrical in place, perfect for building new or brining in a modular or mobile home. The existing structure is not livable and will need some work, making this a clean slate for your vision. Enjoy the same commute to WIU, shopping, and major employers, but with significantly lower annual property taxes, more affordable utility rates, and an overall reduced cost of living. Whether you are a first time buyer, retiree, or investor, this location offers long term savings and small town convince without sacrificing access to the amenities you need. Sto

Key facts

• Access to amenities
• 7,920 sq ft lot
• Garage

Tags

• WATER AND ELECTRICAL IN PLACE
• LOWER ANNUAL PROPERTY TAXES
• AFFORDABLE UTILITY RATES
• REDUCED COST OF LIVING
• ACCESS TO AMENITIES

Property features AI

Exterior

• Parking: 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1970
• Construction: Shingle roof
• Exterior features: Level lot; Lot dimensions approximately 66 x 120

Interior

• Kitchen: Kitchen (main level)
• Bedrooms: 4 bedrooms (all on the main level)
• Flooring: Other flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Crawl space basement; No fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $10k.

Deal economics

• At list price, monthly cash flow is $934 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• Recommended offer: $10k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#485 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• West Prairie CUSD 103 (rural): math 20% / reading 23% proficiency, ranked #408 of 620 in IL (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: West Prairie Senior High School (math 10% / reading 30%, grade F, #357 of 693 statewide, top 54%, 162 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 7 active listings in the ZIP.

Forward outlook

• In year one you build about $339 of equity ($68 loan paydown + $271 appreciation (2.7% local appreciation)).
• At projected returns (2.7% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($10k) 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: property tax is 3.6% of price.

Recommended offer $9,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1970 — 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 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 13.04% ✓
• Cap rate: 119.45%
• Cash-on-cash: 404.14%
• DSCR: 18.98
• GRM: 0.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.74% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 22.84×
• Total profit: $60,546
• Equity at exit: $4,307

10-year hold

• IRR: —
• Equity multiple: 48.77×
• Total profit: $132,422
• Equity at exit: $6,527

Cash invested: $2,772 (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 62326

• Home prices YoY: 1.8%
• Active inventory: 7
• Price-to-rent: 0.6×

Monthly cashflow live

• Estimated rent: $1,291 medium
• Mortgage (P&I): −$52
• Tax from tax record: −$30 /mo · $360/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $934

Break-even live

Break-even rent $109

Max offer price $9,900

Occupancy floor 23%

Sensitivity live

Price	-10% $939	-5% $936	+0% $934	+5% $931	+10% $928
Rent	-10% $832	-5% $883	+0% $934	+5% $985	+10% $1,036
Rate	-1.0pp $939	-0.5pp $936	base $934	+0.5pp $931	+1.0pp $928

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: $2,475
• Closing costs: $297
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $9,900 Active 35 DOM
2. 2026-06-19
   days on market $9,900 Active 33 DOM
3. 2026-06-18
   days on market $9,900 Active 32 DOM
4. 2026-06-17
   days on market $9,900 Active 31 DOM
5. 2026-06-16
   days on market $9,900 Active 30 DOM
6. 2026-06-15
   days on market $9,900 Active 29 DOM
7. 2026-06-14
   days on market $9,900 Active 27 DOM
8. 2026-06-12
   days on market $9,900 Active 26 DOM
9. 2026-06-09
   days on market $9,900 Active 23 DOM
10. 2026-06-08
    days on market $9,900 Active 22 DOM
11. 2026-06-07
    days on market $9,900 Active 21 DOM
12. 2026-06-05
    days on market $9,900 Active 19 DOM
13. 2026-06-04
    days on market $9,900 Active 17 DOM
14. 2026-06-02
    days on market $9,900 Active 16 DOM
15. 2026-06-01
    days on market $9,900 Active 15 DOM
16. 2026-05-31
    days on market $9,900 Active 14 DOM
17. 2026-05-31
    days on market $9,900 Active 13 DOM
18. 2026-05-17
    listed $9,900 Active
19. 2026-05-01
    historical
20. 2026-02-02
    listed Active
21. 2026-02-01
    historical
22. 2025-07-17
    listed Active
23. 2025-07-17
    historical
24. 2025-05-01
    price
25. 2025-02-12
    price
26. 2024-09-17
    listed Active

ⓘ 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: $360 · $30/mo
• Projected year-2 tax: $360 · $30/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,488
• − Mortgage interest: −$555
• − Property taxes: −$360
• − Insurance: −$50
• − Repairs & maintenance: −$1,239
• − Management: −$1,239
• − Depreciation: −$288
• Taxable income: $11,758
• Est. tax owed @ 24.0%: −$2,822
• After-tax cash flow: $8,381/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: West Prairie CUSD 103
• NCES district ID: 1700314
• Math proficiency: 20% ▬ 0.00%
• Reading proficiency: 23% ▼ -8.00%
• Median HH income: $44,721
• Composite: 18.65/100
• National rank: #8890
• State rank: #408 of 620 in IL

Livability — Colchester

• Score: 68/100
• State rank: #485
• US rank: #10073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colchester, IL
• Population (ZIP): 2,317

Population outlook (McDonough County) Hauer SSP2

• Today (2025): 33,242 people
• By 2030: 33,318 · +0.2%
• By 2040: 33,520 · +0.8%
• By 2050: 33,630 · +1.2%
• By 2075: 33,657 · +1.2%
• By 2100: 33,127 · -0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Iranian 9% Slovak 5% Italian 2%
• Foreign-born: 0%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · McDonough

• 2024 margin: R (+18.9) · D 39.7% · R 58.5% · Other 1.8%
• 2008→2024 swing: -24.4pp toward R · 2008: 5.6pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+16.6 2016: R+11.7 2012: R+1.5 2008: D+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.74%
• Current HPI: 157.9142
• 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

9 events — show timeline

• 2026-05-17 Listed $9,900 RMLSA as Distributed by MLS Grid
• 2026-05-01 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-02-02 Listed — RMLSA as Distributed by MLS Grid
• 2026-02-01 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-07-17 Listing Removed — MRED as Distributed by MLS Grid
• 2025-07-17 Listed — RMLSA as Distributed by MLS Grid
• 2025-05-01 Price Changed — MRED as Distributed by MLS Grid
• 2025-02-12 Price Changed — MRED as Distributed by MLS Grid
• 2024-09-17 Listed — MRED as Distributed by MLS Grid

Property tax history

-14.8%/yr

Latest (2024): $360 · -68.9% YoY. Source: county tax records.