2280 E Hickory St · Decatur, IL 62526

$14,000

2 bd · 1.0 ba · 800 sqft · SingleFamily · 126 Days on market

Built 1934 0.82 ac lot $18/sqft · 74% below area ↓ 53% since listing

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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
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +3.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0

Listing remarks MLS

Bring your vision to this 2-bedroom, 1-bath Decatur home on a generous 5,520 sq ft lot! Perfect for investors or buyers ready to renovate and add value. Vacant and utilities in place, this property is being sold as-is with huge potential to create a modern, updated space in a convenient location near shopping, schools, and main roads.

Key facts

• Generous lot
• Convenient location
• 0.82 acre lot

Tags

• GENEROUS LOT
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $14k.

Deal economics

• At list price, monthly cash flow is $647 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($942 rent vs $14k).
• Recommended offer: $12k (12.0% below list) — sets the bar for market timing.
• Cap rate 61.7% vs local median 7.0% in Decatur — 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 59/100 on livability (#1,076 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Decatur SD 61 (urban): math 3% / reading 6% proficiency, ranked #605 of 620 in IL (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 135 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; 63 units permitted in Macon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.2%/yr); year-one equity from $97 of loan paydown is wiped out by about $310 of value loss. Plan a longer hold.
• Macon County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-2.2% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($12k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $12,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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. 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?
8. 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.
9. 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.
10. 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: 6.73% ✓
• Cap rate: 61.71%
• Cash-on-cash: 197.93%
• DSCR: 9.81
• GRM: 1.2

CMA / ARV

• ARV (median comp): $54,000
• List price: $14,000
• Delta: -74.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2320 E Olive St	0.21mi	2/1.0	768 (-4%)	6mo	$54,000	$70	79
2582 E Geddes Ave	0.32mi	2/1.0	818 (+2%)	10mo	$48,000	$59	72
2316 E Division St	0.16mi	2/1.0	865 (+8%)	9mo	$55,000	$64	72
2324 E Division St	0.17mi	2/1.0	728 (-9%)	8mo	$84,900	$117	70
1781 E Division St	0.38mi	2/1.0	840 (+5%)	12mo	$47,000	$56	64
1242 N Woodford St	0.61mi	2/1.0	816 (+2%)	14mo	$36,000	$44	57
2645 E Logan St	0.46mi	2/1.0	716 (-10%)	6mo	$71,500	$100	56
3060 Hickory St	0.68mi	2/1.0	789 (-1%)	12mo	$56,000	$71	56
2504 E Division St	0.24mi	2/1.0	919 (+15%)	13mo	$70,000	$76	53
1537 E Division St	0.57mi	2/1.0	720 (-10%)	6mo	$34,000	$47	52
1371 E Division St	0.69mi	2/1.0	884 (+10%)	14mo	$35,900	$41	38
1750 N 31st St	0.75mi	3/1.0 (+1)	885 (+11%)	10mo	$34,000	$38	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-2.21% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.05×
• Total profit: $39,392
• Equity at exit: $2,583

10-year hold

• IRR: —
• Equity multiple: 23.40×
• Total profit: $87,799
• Equity at exit: $2,078

Cash invested: $3,920 (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 62526

• Home prices YoY: -1.2%
• Active inventory: 135
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $942 high
• Mortgage (P&I): −$73
• Tax from tax record: −$18 /mo · $219/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$198
• Net cashflow: $647

Break-even live

Break-even rent $123

Max offer price $14,000

Occupancy floor 26%

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: $3,500
• Closing costs: $420
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1729 N Woodford St Decatur, IL	2.0	1.0	728	$825	$1.13	43d	1	0.63mi
2032 E North St Decatur, IL	2.0	1.0	754	$900	$1.19	43d	1	0.87mi
249 N 17th St Decatur, IL	3.0	2.0	700	$995	$1.42	43d	1	1.11mi
927 E Harrison Ave Decatur, IL	2.0	1.0	720	$675	$0.94	20d	1	1.14mi
347 N Stone St Decatur, IL	2.0	1.0	850	$875	$1.03	43d	1	1.14mi
2448 E Wood St Decatur, IL	3.0	1.0	800	$995	$1.24	13d	1	1.15mi
165 S East Ave Unit NA Decatur, IL	2.0	1.0	850	$800	$0.94	43d	1	1.32mi

Listing history 19 events

1. 2026-06-19
   days on market $14,000 Active 126 DOM
2. 2026-06-18
   days on market $14,000 Active 125 DOM
3. 2026-06-17
   days on market $14,000 Active 124 DOM
4. 2026-06-16
   days on market $14,000 Active 123 DOM
5. 2026-06-15
   days on market $14,000 Active 122 DOM
6. 2026-06-14
   days on market $14,000 Active 120 DOM
7. 2026-06-13
   days on market $14,000 Active 119 DOM
8. 2026-06-10
   days on market $14,000 Active 117 DOM
9. 2026-06-09
   days on market $14,000 Active 116 DOM
10. 2026-06-08
    days on market $14,000 Active 115 DOM
11. 2026-06-07
    days on market $14,000 Active 114 DOM
12. 2026-06-05
    days on market $14,000 Active 111 DOM
13. 2026-06-02
    days on market $14,000 Active 109 DOM
14. 2026-06-01
    days on market $14,000 Active 108 DOM
15. 2026-05-31
    days on market $14,000 Active 107 DOM
16. 2026-05-30
    days on market $14,000 Active 106 DOM
17. 2026-05-04
    price $14,000 336-char remark

    Show marketing remark (336 chars)

    Bring your vision to this 2-bedroom, 1-bath Decatur home on a generous 5,520 sq ft lot! Perfect for investors or buyers ready to renovate and add value. Vacant and utilities in place, this property is being sold as-is with huge potential to create a modern, updated space in a convenient location near shopping, schools, and main roads.

18. 2026-04-14
    price $19,999 336-char remark

    Show marketing remark (336 chars)

    Bring your vision to this 2-bedroom, 1-bath Decatur home on a generous 5,520 sq ft lot! Perfect for investors or buyers ready to renovate and add value. Vacant and utilities in place, this property is being sold as-is with huge potential to create a modern, updated space in a convenient location near shopping, schools, and main roads.

19. 2026-02-13
    listed $30,000 Active 336-char remark

    Show marketing remark (336 chars)

    Bring your vision to this 2-bedroom, 1-bath Decatur home on a generous 5,520 sq ft lot! Perfect for investors or buyers ready to renovate and add value. Vacant and utilities in place, this property is being sold as-is with huge potential to create a modern, updated space in a convenient location near shopping, schools, and main roads.

ⓘ 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: $219 · $18/mo
• Projected year-2 tax: $269 · $22/mo
• Expected delta: +$49/yr (+$4/mo · 22.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,303
• − Mortgage interest: −$784
• − Property taxes: −$219
• − Insurance: −$70
• − Repairs & maintenance: −$904
• − Management: −$904
• − Depreciation: −$407
• Taxable income: $8,014
• Est. tax owed @ 24.0%: −$1,923
• After-tax cash flow: $5,836/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: Decatur SD 61
• NCES district ID: 1711850
• Math proficiency: 3% ▼ -4.00%
• Reading proficiency: 6% ▼ -6.00%
• Median HH income: $38,864
• Composite: 3.99/100
• National rank: #10059
• State rank: #605 of 620 in IL

Livability — Decatur

• Score: 59/100
• State rank: #1076
• US rank: #20533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IL
• County: Macon County · 78,333 people
• City population: 78,333
• Metro: Decatur, IL
• Population (ZIP): 30,483
• Household income: $49,062
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 1041.0

Population outlook (Macon County) Hauer SSP2

• Today (2025): 99,568 people
• By 2030: 94,973 · -4.6%
• By 2040: 85,250 · -14.4%
• By 2050: 75,920 · -23.8%
• By 2075: 55,962 · -43.8%
• By 2100: 36,468 · -63.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 22% Two or more races 6% Hispanic / Latino 3% Asian 2%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Macon

• 2024 margin: R (+18.9) · D 39.8% · R 58.7% · Other 1.4%
• 2008→2024 swing: -20.0pp toward R · 2008: 1.1pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+17.7 2016: R+18.1 2012: R+5.2 2008: D+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.21%
• Current HPI: 182.871
• Rent YoY: —
• Metro: Decatur, 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

-53.3% since first listed

3 events — show timeline

• 2026-05-04 Price Changed $14,000 MRED as Distributed by MLS Grid
• 2026-04-14 Price Changed $19,999 MRED as Distributed by MLS Grid
• 2026-02-13 Listed $30,000 MRED as Distributed by MLS Grid

Property tax history

-0.4%/yr

Latest (2024): $219 · -2.7% YoY. Source: county tax records.