408 N Washington St · Carbondale, IL 62901

$28,000

1 bd · 1.0 ba · 1,237 sqft · SingleFamily public records · 25 Days on market

Built 1933

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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
• 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

2 bedrooms with a third possible bedroom. One bathroom. Nice backyard, perfect for a fixer upper. Great location close to school, restraunts and hospitals. House will be sold as is.

Key facts

• Built 1933
• Listed 24 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $28k.

Deal economics

• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($766 rent vs $28k).
• Recommended offer: $28k (1.5% below list) — sets the bar for market timing.
• Cap rate 23.9% 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-, schools D+, crime 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.
• Market conditions: Rents rising fast (+4.5%/yr); 202 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $194 of loan paydown is wiped out by about $840 of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($28k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1933 — 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 $27,580 (1.5% below list)

Questions for the listing agent

1. Built in 1933 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 2.74% ✓
• Cap rate: 23.93%
• Cash-on-cash: 62.98%
• DSCR: 3.80
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $84,116
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
406 N Washington St	0.01mi	2/1.0 (+1)	1,172 (-5%)	8mo	$15,000	$13	79
518 N Almond St	0.47mi	2/1.5 (+1)	1,228 (-1%)	10mo	$99,900	$81	61
105 N Springer St	0.52mi	2/1.0 (+1)	1,242 (+0%)	14mo	$33,500	$27	59
105 N Springer St	0.53mi	2/1.0 (+1)	1,242 (+0%)	14mo	$33,500	$27	58
505 W Cherry St	0.62mi	2/1.5 (+1)	1,219 (-2%)	8mo	$35,000	$29	56
517 N Michaels St	0.24mi	2/1.0 (+1)	1,060 (-14%)	13mo	$72,000	$68	49
517 N Michaels St	0.24mi	2/1.0 (+1)	1,060 (-14%)	13mo	$72,000	$68	49
511 N Springer St	0.50mi	2/1.0 (+1)	1,344 (+9%)	12mo	$125,000	$93	47
603 N Allyn St	0.57mi	2/2.0 (+1)	1,088 (-12%)	2mo	$119,500	$110	42
204 N Almond St	0.47mi	2/1.0 (+1)	1,344 (+9%)	22mo	$55,595	$41	40
620 N Almond St	0.50mi	2/2.0 (+1)	1,056 (-15%)	5mo	$109,000	$103	39
512 E Willow St	0.43mi	2/1.0 (+1)	1,077 (-13%)	22mo	$40,000	$37	36

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: 63.7%
• Equity multiple: 3.92×
• Total profit: $22,864
• Equity at exit: $4,175

10-year hold

• IRR: 68.6%
• Equity multiple: 8.49×
• Total profit: $58,702
• Equity at exit: $2,421

Cash invested: $7,840 (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: 3.0×

Monthly cashflow live

• Estimated rent: $766 medium
• Mortgage (P&I): −$147
• Tax est. 1.5%: −$35 /mo · $420/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$161
• Net cashflow: $411

Break-even live

Break-even rent $245

Max offer price $28,000

Occupancy floor 41%

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 S Lewis Ln Carbondale, IL	3.0	1.0	622	$550	$0.88	43d	1	0.99mi

Listing history 16 events

1. 2026-06-19
   days on market $28,000 Active 25 DOM
2. 2026-06-18
   days on market $28,000 Active 24 DOM
3. 2026-06-17
   days on market $28,000 Active 23 DOM
4. 2026-06-16
   days on market $28,000 Active 22 DOM
5. 2026-06-15
   days on market $28,000 Active 21 DOM
6. 2026-06-14
   days on market $28,000 Active 19 DOM
7. 2026-06-13
   days on market $28,000 Active 18 DOM
8. 2026-06-10
   days on market $28,000 Active 16 DOM
9. 2026-06-09
   days on market $28,000 Active 15 DOM
10. 2026-06-08
    days on market $28,000 Active 14 DOM
11. 2026-06-07
    days on market $28,000 Active 13 DOM
12. 2026-06-02
    days on market $28,000 Active 8 DOM
13. 2026-06-01
    days on market $28,000 Active 7 DOM
14. 2026-05-31
    days on market $28,000 Active 6 DOM
15. 2026-05-30
    days on market $28,000 Active 5 DOM
16. 2026-05-26
    listed $28,000 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 2% 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: $9,190
• − Mortgage interest: −$1,568
• − Property taxes: −$420
• − Insurance: −$140
• − Repairs & maintenance: −$735
• − Management: −$735
• − Depreciation: −$815
• Taxable income: $4,776
• Est. tax owed @ 24.0%: −$1,146
• After-tax cash flow: $3,792/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

1 event — show timeline

• 2026-05-26 Listed $28,000 FSBO.com

Property tax history

+4.4%/yr

Latest (2024): $2,274 · +6.4% YoY. Source: county tax records.