502 Hope St · Washington, IL 61571

$122,500

2 bd · 1.0 ba · 768 sqft · SingleFamily public records · 1 Days on market

Built 1959 0.28 ac lot Est $107k · 15% over

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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 +20.9/30.0
• DSCR +6.6/10.0
• 1% rule +5.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.9/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great location for this nicely cared for 2 bedroom home! Updated roof, windows, siding and furnace. Informal dining area/den. Main floor laundry. Private backyard with 2 outbuildings. Two window air conditioner units will stay, but not warranted. This won't last long!

Key facts

• 0.28 acre lot
• Parking
• Built 1959

Property features AI

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer
• Home design: Single family residence; One story (primary living on main level)
• Construction: Shingle roof; Built in 1959
• Exterior features: Level lot; Shed(s); Outbuilding; Paved road access

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 1 bedroom (main level) with egress window and walk-in closet
• Flooring: Laminate flooring throughout primary living areas
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Gas water heater
• Interior features: Refrigerator included; No basement; No fireplaces
• Laundry & utility: Main level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $122k.

Deal economics

• At list price, monthly cash flow is $170 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $122k).
• Cap rate 8.0% vs local median 3.3% in Washington — 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 (#272 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• District 50 Schools (suburban): math 12% / reading 11% proficiency, ranked #553 of 620 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: J L Hensey Elem School (math 22% / reading 12%, grade F, #1,141 of 2,056 statewide, top 59%, 265 students, 0% FRL); Beverly Manor Elementary School (math 10% / reading 12%, grade F, #574 of 665 statewide, top 87%, 340 students, 0% FRL); Washington Comm High School (math 42% / reading 42%, grade F, #76 of 693 statewide, top 12%, 1,484 students, 0% FRL) — zoned schools average 0% FRL vs 45% district-wide (45 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 132 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 77 units permitted in Tazewell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $847 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Tazewell County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $68k; list at $122k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,500

Questions for the listing agent

1. Built in 1959 — 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. 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?
4. 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.
5. 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.
6. 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: 1.04% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.94%
• DSCR: 1.26
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $106,752
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2115 Washington Rd	0.48mi	2/1.5	712 (-7%)	16mo	$84,999	$119	50
2173 Washington Rd	0.40mi	3/1.0 (+1)	828 (+8%)	19mo	$115,000	$139	48
2233 Northridge Ln	0.71mi	3/1.0 (+1)	875 (+14%)	12mo	$148,000	$169	29

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: -7.1%
• Equity multiple: 0.74×
• Total profit: $-9,028
• Equity at exit: $18,265

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $6,113
• Equity at exit: $10,592

Cash invested: $34,300 (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 61571

• Active inventory: 132
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,276 medium
• Mortgage (P&I): −$642
• Tax from tax record: −$145 /mo · $1,742/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $170

Break-even live

Break-even rent $1,061

Max offer price $122,500

Occupancy floor 82%

Sensitivity live

Price	-10% $239	-5% $204	+0% $170	+5% $135	+10% $100
Rent	-10% $69	-5% $119	+0% $170	+5% $220	+10% $271
Rate	-1.0pp $231	-0.5pp $201	base $170	+0.5pp $138	+1.0pp $106

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: $30,625
• Closing costs: $3,675
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
924 School St Washington, IL	2.0	2.0	1000	$1,250	$1.25	15d	1	0.44mi
2244 Northridge Ln Washington, IL	3.0	1.0	825	$1,500	$1.82	15d	1	0.77mi
1910 Canterbury Dr Washington, IL	2.0	1.0	850	$950	$1.12	15d	1	1.32mi

Listing history 7 events

1. 2026-05-22
   historical $122,500
2. 2024-05-31
   soldstatus $68,000
3. 2021-08-27
   soldstatus $67,000 274-char remark

   Show marketing remark (274 chars)

   Great location for this nicely cared for 2 bedroom home! Updated roof, windows, siding and furnace. Informal dining area/den. Main floor laundry. Private backyard with 2 outbuildings. Two window air conditioner units will stay, but not warranted. This won't last long!

4. 2021-06-17
   listed $72,900 274-char remark

   Show marketing remark (274 chars)

   Great location for this nicely cared for 2 bedroom home! Updated roof, windows, siding and furnace. Informal dining area/den. Main floor laundry. Private backyard with 2 outbuildings. Two window air conditioner units will stay, but not warranted. This won't last long!

5. 2001-07-16
   soldstatus $49,500
6. 2001-07-09
   soldstatus $49,500 300-char remark

   Show marketing remark (300 chars)

   A perfect home for the first time homebuyer or if you are downsizing. SUPER DEEP LOT. QUIET, CONVENIENT NEIGHBORHOOD. FAMILY ROOM HEATED BY GAS FIRE- PLACE/HEATER. CARPORT 14 X 24 CAN EASILY BE ENCLOSED. WOODED IN BACK. CALL ALICE FOR ADDITIONAL INFO 453-5300. Can Be Seen @ ASKFORALICE.COM NEW FURN-

7. 2000-10-19
   listed $49,500 300-char remark

   Show marketing remark (300 chars)

   A perfect home for the first time homebuyer or if you are downsizing. SUPER DEEP LOT. QUIET, CONVENIENT NEIGHBORHOOD. FAMILY ROOM HEATED BY GAS FIRE- PLACE/HEATER. CARPORT 14 X 24 CAN EASILY BE ENCLOSED. WOODED IN BACK. CALL ALICE FOR ADDITIONAL INFO 453-5300. Can Be Seen @ ASKFORALICE.COM NEW FURN-

ⓘ 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: $1,742 · $145/mo
• Projected year-2 tax: $2,261 · $188/mo
• Expected delta: +$520/yr (+$43/mo · 29.8%)

ⓘ 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 ≥104°F today · 18 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,315
• − Mortgage interest: −$6,862
• − Property taxes: −$1,742
• − Insurance: −$612
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − Depreciation: −$3,564
• Taxable income: $85
• Est. tax owed @ 24.0%: −$20
• After-tax cash flow: $2,016/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: District 50 Schools
• NCES district ID: 1741010
• Math proficiency: 12% ▼ -2.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $50,613
• Composite: 10.93/100
• National rank: #9748
• State rank: #553 of 620 in IL

Livability — Washington

• Score: 73/100
• State rank: #272
• US rank: #5136

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washington, IL
• City population: 24,544
• Population (ZIP): 24,544

Population outlook (Tazewell County) Hauer SSP2

• Today (2025): 131,252 people
• By 2030: 128,028 · -2.5%
• By 2040: 120,443 · -8.2%
• By 2050: 111,872 · -14.8%
• By 2075: 89,843 · -31.5%
• By 2100: 66,468 · -49.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 3% Asian 1%
• Common ancestry: Lithuanian 4% Italian 3% Iranian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Tazewell

• 2024 margin: Strong R (+26.7) · D 35.8% · R 62.5% · Other 1.8%
• 2008→2024 swing: -20.6pp toward R · 2008: -6.0pp · 2024: -26.7pp
• All cycles: 2024: R+26.7 2020: R+25.6 2016: R+28.5 2012: R+17.9 2008: R+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -135.85%
• Current HPI: 149.5627
• 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

+147.5% since first listed

9 events — show timeline

• 2026-05-26 Pending — RMLSA as Distributed by MLS Grid
• 2026-05-25 Listed $122,500 RMLSA as Distributed by MLS Grid
• 2026-05-22 Coming Soon $122,500 RMLSA as Distributed by MLS Grid
• 2024-05-31 Sold (Public Records) $68,000 Public Records
• 2021-08-27 Sold (MLS) $67,000 RMLSA as Distributed by MLS Grid
• 2021-06-17 Listed $72,900 RMLSA as Distributed by MLS Grid
• 2001-07-16 Sold (Public Records) $49,500 Public Records
• 2001-07-09 Sold (MLS) $49,500 RMLSA as Distributed by MLS Grid
• 2000-10-19 Listed $49,500 RMLSA as Distributed by MLS Grid

Property tax history

+10.1%/yr

Latest (2025): $1,742 · -20.2% YoY. Source: county tax records.