308 S Pike St · Palestine, IL 62451

$93,000

4 bd · 1.5 ba · 1,308 sqft · SingleFamily public records · 87 Days on market

Built 1900 7,125 sqft lot $71/sqft · 14% above area Est $82k · 14% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +1.2/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This spacious 5-bedroom, 1.5-bath home offers flexibility and energy-smart living. The main floor includes a living room, kitchen, three bedrooms, and a full bath. The unfinished basement features two additional bedrooms, a half bath, and plenty of room for storage or future finishing. Enjoy year-round comfort in the four-season enclosed front porch. Exterior features include a shared garage and a shed attached to the back half of the yard. Solar panels will transfer to the new owner, with the buyer assuming the monthly payments. A great opportunity with space, efficiency, and future potential!

Key facts

• Shared garage
• Solar panels
• 7,125 sq ft lot

Tags

• SHARED GARAGE
• SHED ATTACHED TO THE BACK YARD
• SOLAR PANELS

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $93k.

Deal economics

• At list price, monthly cash flow is $360 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $93k).
• Recommended offer: $87k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#571 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Palestine CUSD 3 (rural): math 10% / reading 20% proficiency, ranked #786 of 919 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 8 active listings in the ZIP; 14 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $643 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Crawford County population projected at -16% 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 $26k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $93k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,420 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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: 1.35% ✓
• Cap rate: 10.93%
• Cash-on-cash: 16.58%
• DSCR: 1.74
• GRM: 6.2

CMA / ARV

• ARV (median comp): $81,500
• List price: $93,000
• Delta: 14.11%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 S Pike St	0.00mi	4/1.5	1,308 (0%)	0mo	$89,500	$68	100
206 S Washington St	0.40mi	3/1.0 (-1)	1,184 (-10%)	18mo	$75,000	$63	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.7%
• Equity multiple: 1.30×
• Total profit: $7,851
• Equity at exit: $13,867

10-year hold

• IRR: 17.0%
• Equity multiple: 2.40×
• Total profit: $36,386
• Equity at exit: $8,041

Cash invested: $26,040 (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 62451

• Home prices YoY: -27.6%
• Active inventory: 8
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,256 medium
• Mortgage (P&I): −$488
• Tax from tax record: −$106 /mo · $1,272/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $360

Break-even live

Break-even rent $801

Max offer price $93,000

Occupancy floor 66%

Sensitivity live

Price	-10% $412	-5% $386	+0% $360	+5% $333	+10% $307
Rent	-10% $260	-5% $310	+0% $360	+5% $409	+10% $459
Rate	-1.0pp $407	-0.5pp $383	base $360	+0.5pp $336	+1.0pp $311

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: $23,250
• Closing costs: $2,790
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-04
   status Pending 601-char remark

   Show marketing remark (601 chars)

   This spacious 5-bedroom, 1.5-bath home offers flexibility and energy-smart living. The main floor includes a living room, kitchen, three bedrooms, and a full bath. The unfinished basement features two additional bedrooms, a half bath, and plenty of room for storage or future finishing. Enjoy year-round comfort in the four-season enclosed front porch. Exterior features include a shared garage and a shed attached to the back half of the yard. Solar panels will transfer to the new owner, with the buyer assuming the monthly payments. A great opportunity with space, efficiency, and future potential!

2. 2026-03-24
   price $93,000 601-char remark

   Show marketing remark (601 chars)

   This spacious 5-bedroom, 1.5-bath home offers flexibility and energy-smart living. The main floor includes a living room, kitchen, three bedrooms, and a full bath. The unfinished basement features two additional bedrooms, a half bath, and plenty of room for storage or future finishing. Enjoy year-round comfort in the four-season enclosed front porch. Exterior features include a shared garage and a shed attached to the back half of the yard. Solar panels will transfer to the new owner, with the buyer assuming the monthly payments. A great opportunity with space, efficiency, and future potential!

3. 2026-02-09
   status Active 601-char remark

   Show marketing remark (601 chars)

   This spacious 5-bedroom, 1.5-bath home offers flexibility and energy-smart living. The main floor includes a living room, kitchen, three bedrooms, and a full bath. The unfinished basement features two additional bedrooms, a half bath, and plenty of room for storage or future finishing. Enjoy year-round comfort in the four-season enclosed front porch. Exterior features include a shared garage and a shed attached to the back half of the yard. Solar panels will transfer to the new owner, with the buyer assuming the monthly payments. A great opportunity with space, efficiency, and future potential!

4. 2026-02-02
   status Pending 601-char remark

   Show marketing remark (601 chars)

   This spacious 5-bedroom, 1.5-bath home offers flexibility and energy-smart living. The main floor includes a living room, kitchen, three bedrooms, and a full bath. The unfinished basement features two additional bedrooms, a half bath, and plenty of room for storage or future finishing. Enjoy year-round comfort in the four-season enclosed front porch. Exterior features include a shared garage and a shed attached to the back half of the yard. Solar panels will transfer to the new owner, with the buyer assuming the monthly payments. A great opportunity with space, efficiency, and future potential!

5. 2026-01-29
   listed $98,000 Active 601-char remark

   Show marketing remark (601 chars)

   This spacious 5-bedroom, 1.5-bath home offers flexibility and energy-smart living. The main floor includes a living room, kitchen, three bedrooms, and a full bath. The unfinished basement features two additional bedrooms, a half bath, and plenty of room for storage or future finishing. Enjoy year-round comfort in the four-season enclosed front porch. Exterior features include a shared garage and a shed attached to the back half of the yard. Solar panels will transfer to the new owner, with the buyer assuming the monthly payments. A great opportunity with space, efficiency, and future potential!

6. 2021-01-29
   soldstatus $60,000
7. 2002-08-20
   soldstatus $45,000

ⓘ 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: $1,272 · $106/mo
• Projected year-2 tax: $1,692 · $141/mo
• Expected delta: +$420/yr (+$35/mo · 33.0%)

ⓘ 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 5/10 Major 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,070
• − Mortgage interest: −$5,209
• − Property taxes: −$1,272
• − Insurance: −$465
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$2,705
• Taxable income: $3,007
• Est. tax owed @ 24.0%: −$722
• After-tax cash flow: $3,594/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: Palestine CUSD 3
• NCES district ID: 1730480
• Math proficiency: 10% ▼ -5.00%
• Reading proficiency: 20% ▬ 0.00%
• Median HH income: $40,692
• Composite: 16.31/100
• National rank: #14268
• State rank: #786 of 919 in IL

Livability — Palestine

• Score: 66/100
• State rank: #571
• US rank: #12004

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palestine, IL
• Population (ZIP): 1,955

Population outlook (Crawford County) Hauer SSP2

• Today (2025): 18,610 people
• By 2030: 18,078 · -2.9%
• By 2040: 16,963 · -8.9%
• By 2050: 15,662 · -15.8%
• By 2075: 12,384 · -33.5%
• By 2100: 8,916 · -52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Serbian 1% Italian 1%
• Foreign-born: 1%

Political lean MEDSL · Crawford

• 2024 margin: Solid R (+52.4) · D 22.9% · R 75.4% · Other 1.7%
• 2008→2024 swing: -39.4pp toward R · 2008: -13.0pp · 2024: -52.4pp
• All cycles: 2024: R+52.4 2020: R+51.3 2016: R+49.1 2012: R+31.6 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.57%
• Current HPI: 96.1492
• 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

+106.7% since first listed

7 events — show timeline

• 2026-05-04 Pending — CIBR
• 2026-03-24 Price Changed $93,000 CIBR
• 2026-02-09 Relisted — CIBR
• 2026-02-02 Pending — CIBR
• 2026-01-29 Listed $98,000 CIBR
• 2021-01-29 Sold (Public Records) $60,000 Public Records
• 2002-08-20 Sold (Public Records) $45,000 Public Records

Property tax history

+2.7%/yr

Latest (2024): $1,272 · +17.8% YoY. Source: county tax records.