1945 E 550th Ave · Oblong, IL 62449

$40,000

2 bd · 1.0 ba · 784 sqft · SingleFamily public records · 35 Days on market

Built 1900

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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
• Appreciation +6.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0

Listing remarks MLS

Great country starter home! This 3 bedroom 1 bath home is situated on a little over a half an acre. All appliances included. Roof approximately 6 years old. Bathroom remodeled in 2014. All electric except gas heat. Rex Vault septic system with lifetime warranty in place. New aerator in 2019. It also includes a detached garage/pole building approximately 10 years old, with work area and electricity. This property is being sold "AS IS"

Key facts

• Quiet rural setting
• Built 1900
• Listed 34 days

Tags

• QUIET RURAL SETTING
• DETACHED GARAGE/OUTBUILDING
• ADDITION ALREADY STARTED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $393 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($846 rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#693 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.
• Oblong CUSD 4 (rural): math 10% / reading 23% proficiency, ranked #486 of 620 in IL (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 11 active listings in the ZIP; 14 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($277 loan paydown + $880 appreciation (2.2% local appreciation)).
• Crawford County population projected at -16% 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask is 11% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,800 (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 1900 — 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: 2.11% ✓
• Cap rate: 18.08%
• Cash-on-cash: 42.09%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.2% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.4%
• Equity multiple: 3.52×
• Total profit: $28,181
• Equity at exit: $16,211

10-year hold

• IRR: 46.9%
• Equity multiple: 7.02×
• Total profit: $67,426
• Equity at exit: $23,682

Cash invested: $11,200 (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 62449

• Home prices YoY: 1.8%
• Active inventory: 11
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $846 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$49 /mo · $586/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $393

Break-even live

Break-even rent $348

Max offer price $40,000

Occupancy floor 49%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-16
   days on market $40,000 Active 35 DOM
2. 2026-06-15
   days on market $40,000 Active 34 DOM
3. 2026-06-13
   days on market $40,000 Active 32 DOM
4. 2026-06-12
   days on market $40,000 Active 31 DOM
5. 2026-06-09
   days on market $40,000 Active 28 DOM
6. 2026-06-08
   days on market $40,000 Active 27 DOM
7. 2026-06-07
   days on market $40,000 Active 26 DOM
8. 2026-06-04
   days on market $40,000 Active 22 DOM
9. 2026-06-02
   days on market $40,000 Active 21 DOM
10. 2026-06-01
    days on market $40,000 Active 20 DOM
11. 2026-05-31
    days on market $40,000 Active 19 DOM
12. 2026-05-31
    days on market $40,000 Active 18 DOM
13. 2026-05-12
    listed $40,000 Active 1128-char remark
14. 2021-04-23
    soldstatus $36,000 447-char remark

    Show marketing remark (447 chars)

    Great country starter home! This 3 bedroom 1 bath home is situated on a little over a half an acre. All appliances included. Roof approximately 6 years old. Bathroom remodeled in 2014. All electric except gas heat. Rex Vault septic system with lifetime warranty in place. New aerator in 2019. It also includes a detached garage/pole building approximately 10 years old, with work area and electricity. This property is being sold "AS IS"

15. 2021-04-23
    soldstatus $36,000

    Show marketing remark (447 chars)

    Great country starter home! This 3 bedroom 1 bath home is situated on a little over a half an acre. All appliances included. Roof approximately 6 years old. Bathroom remodeled in 2014. All electric except gas heat. Rex Vault septic system with lifetime warranty in place. New aerator in 2019. It also includes a detached garage/pole building approximately 10 years old, with work area and electricity. This property is being sold "AS IS"

16. 2021-04-12
    soldstatus $36,000
17. 2020-12-04
    listed $36,000 447-char remark

    Show marketing remark (447 chars)

    Great country starter home! This 3 bedroom 1 bath home is situated on a little over a half an acre. All appliances included. Roof approximately 6 years old. Bathroom remodeled in 2014. All electric except gas heat. Rex Vault septic system with lifetime warranty in place. New aerator in 2019. It also includes a detached garage/pole building approximately 10 years old, with work area and electricity. This property is being sold "AS IS"

18. 2020-12-04
    listed $36,000

    Show marketing remark (447 chars)

    Great country starter home! This 3 bedroom 1 bath home is situated on a little over a half an acre. All appliances included. Roof approximately 6 years old. Bathroom remodeled in 2014. All electric except gas heat. Rex Vault septic system with lifetime warranty in place. New aerator in 2019. It also includes a detached garage/pole building approximately 10 years old, with work area and electricity. This property is being sold "AS IS"

19. 2011-06-21
    soldstatus $36,000

ⓘ 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: $586 · $49/mo
• Projected year-2 tax: $747 · $62/mo
• Expected delta: +$161/yr (+$13/mo · 27.5%)

ⓘ 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 4/10 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,148
• − Mortgage interest: −$2,241
• − Property taxes: −$586
• − Insurance: −$200
• − Repairs & maintenance: −$812
• − Management: −$812
• − Depreciation: −$1,164
• Taxable income: $4,334
• Est. tax owed @ 24.0%: −$1,040
• After-tax cash flow: $3,674/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: Oblong CUSD 4
• NCES district ID: 1729420
• Math proficiency: 10% ▼ -6.00%
• Reading proficiency: 23% ▼ -15.00%
• Median HH income: $45,809
• Composite: 14.56/100
• National rank: #9415
• State rank: #486 of 620 in IL

Livability — Oblong

• Score: 64/100
• State rank: #693
• US rank: #14139

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

• City population: 2,883
• Population (ZIP): 2,883

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 3% Black 1%
• Common ancestry: Lithuanian 2% Romanian 2% Polish 1%
• Foreign-born: 0% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 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: ▲ 2.20%
• Current HPI: 125.0605
• 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

6 events — show timeline

• 2021-04-23 Sold (MLS) $36,000 MRED as Distributed by MLS Grid
• 2021-04-23 Sold (MLS) $36,000 CIBR
• 2021-04-12 Sold (Public Records) $36,000 Public Records
• 2020-12-04 Listed $36,000 MRED as Distributed by MLS Grid
• 2020-12-04 Listed $36,000 CIBR
• 2011-06-21 Sold (Public Records) $36,000 Public Records

Property tax history

+5.4%/yr

Latest (2024): $586 · +25.4% YoY. Source: county tax records.