2003 Cleveland Ave · Charleston, IL 61920

$44,000

3 bd · 1.0 ba · 1,024 sqft · SingleFamily public records · 7 Days on market

Built 1956 ↓ 37% since listing

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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
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home to 2003 Cleveland Avenue! This ranch-style home features 2 Bedrooms/2 Bathrooms, an attached 2 car garage and approximately 1,024 square feet! This property is Sold AS-IS. Equal Housing Opportunity

Key facts

• 2 garage spots
• Built 1956
• Listed 6 days

Property features AI

Finance

• Other: Fee simple ownership
• HOA & community: No master association fee required

Exterior

• Parking: Attached garage with 2 garage spaces (2 total parking spaces)
• Utilities: Public water; Public sewer
• Home design: Detached single-family home; One-story
• Construction: Frame construction; Built 61–70 years ago; Built before 1978
• Exterior features: Quarter-acre to half-acre lot

Interior

• Kitchen: Kitchen (main level, 12 x 10)
• Bedrooms: Master bedroom (main level); Bedroom 2 (main level, 11 x 10); Bedroom 3; Bedroom 4
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 4 total rooms; Dining room; Family room; Living room
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $44k.

Deal economics

• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($963 rent vs $44k).
• Cap rate 16.3% vs local median 4.0% in Charleston — 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 73/100 on livability (#293 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities C-, schools F.
• Charleston CUSD 1 (town): math 14% / reading 21% proficiency, ranked #489 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 125 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $304 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $44,000

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.19% ✓
• Cap rate: 16.34%
• Cash-on-cash: 35.90%
• DSCR: 2.60
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $106,496
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2001 20th St	0.03mi	3/1.0	960 (-6%)	20mo	$35,000	$36	71
1714 12th St	0.53mi	3/1.0	1,072 (+5%)	1mo	$122,500	$114	66
1801 Garfield Ave	0.21mi	2/2.0 (-1)	1,056 (+3%)	19mo	$110,000	$104	60
1801 Garfield Ave	0.21mi	2/2.0 (-1)	1,056 (+3%)	19mo	$110,000	$104	60
2019 10th St	0.58mi	2/1.5 (-1)	1,065 (+4%)	3mo	$119,500	$112	57
1416 13th St	0.61mi	2/1.0 (-1)	994 (-3%)	15mo	$103,500	$104	49
2015 9th St	0.66mi	3/2.0	1,084 (+6%)	10mo	$122,000	$113	48
1410 14th St	0.60mi	3/2.0	1,113 (+9%)	10mo	$90,000	$81	45
2015 & 2017 10th St	0.59mi	3/2.0	1,152 (+12%)	3mo	$42,000	$36	45
1413 13th St	0.61mi	2/1.0 (-1)	1,111 (+8%)	11mo	$101,000	$91	43
1414 14th St	0.60mi	2/1.0 (-1)	880 (-14%)	19mo	$114,000	$130	28
1810 10th St	0.64mi	2/1.5 (-1)	1,174 (+15%)	16mo	$45,000	$38	25

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: 31.7%
• Equity multiple: 2.33×
• Total profit: $16,412
• Equity at exit: $6,561

10-year hold

• IRR: 38.8%
• Equity multiple: 4.64×
• Total profit: $44,794
• Equity at exit: $3,804

Cash invested: $12,320 (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 61920

• Home prices YoY: -28.1%
• Active inventory: 125
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $963 medium
• Mortgage (P&I): −$231
• Tax from tax record: −$143 /mo · $1,713/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $369

Break-even live

Break-even rent $496

Max offer price $44,000

Occupancy floor 57%

Sensitivity live

Price	-10% $393	-5% $381	+0% $369	+5% $356	+10% $344
Rent	-10% $293	-5% $331	+0% $369	+5% $407	+10% $445
Rate	-1.0pp $391	-0.5pp $380	base $369	+0.5pp $357	+1.0pp $346

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: $11,000
• Closing costs: $1,320
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2204 9th St Charleston, IL	2.0	1.0	800	$1,145	$1.43	44d	1	0.73mi
1408 6th St Charleston, IL	2.0	1.0	1346	$729	$0.54	45d	3	0.93mi

Listing history 7 events

1. 2026-06-19
   days on market $44,000 Active 7 DOM
2. 2026-06-18
   days on market $44,000 Active 6 DOM
3. 2026-06-17
   days on market $44,000 Active 5 DOM
4. 2026-06-16
   days on market $44,000 Active 4 DOM
5. 2026-06-15
   days on market $44,000 Active 3 DOM
6. 2026-06-13
   remarks 210-char remark
7. 2026-06-13
   listed $44,000 Active 1 DOM

ⓘ 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: $1,713 · $143/mo
• Projected year-2 tax: $1,713 · $143/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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $11,550
• − Mortgage interest: −$2,465
• − Property taxes: −$1,713
• − Insurance: −$220
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$1,280
• Taxable income: $4,024
• Est. tax owed @ 24.0%: −$966
• After-tax cash flow: $3,457/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: Charleston CUSD 1
• NCES district ID: 1709600
• Math proficiency: 14% ▼ -6.00%
• Reading proficiency: 21% ▼ -8.00%
• Median HH income: $35,724
• Composite: 14.45/100
• National rank: #9429
• State rank: #489 of 620 in IL

Livability — Charleston

• Score: 73/100
• State rank: #293
• US rank: #5627

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charleston, IL
• County: Coles County · 41,301 people
• City population: 20,951
• Metro: Charleston-Mattoon, IL
• Population (ZIP): 20,951
• Household income: $52,429
• Rent vs Own: 46.7% rent · 53.3% own
• Severe rent burden: 1209.0

Population outlook (Coles County) Hauer SSP2

• Today (2025): 53,967 people
• By 2030: 53,829 · -0.3%
• By 2040: 52,332 · -3.0%
• By 2050: 49,989 · -7.4%
• By 2075: 42,226 · -21.8%
• By 2100: 34,675 · -35.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 3% Asian 2%
• Common ancestry: Italian 2% Romanian 2% Iranian 2%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Coles

• 2024 margin: Strong R (+28.5) · D 34.9% · R 63.4% · Other 1.7%
• 2008→2024 swing: -31.7pp toward R · 2008: 3.2pp · 2024: -28.5pp
• All cycles: 2024: R+28.5 2020: R+26.4 2016: R+26.4 2012: R+11.1 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.97%
• Current HPI: 153.8607
• Rent YoY: —
• Metro: Charleston-Mattoon, 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

-37.1% since first listed

2 events — show timeline

• 2026-06-10 Listed $44,000 MRED as Distributed by MLS Grid
• 2020-12-08 Sold (Public Records) $70,000 Public Records

Property tax history

-0.4%/yr

Latest (2025): $1,713 · +6.2% YoY. Source: county tax records.