213 N Water St · Wilmington, IL 60481

$325,000

None bd · None ba · 3,100 sqft · Condo · 10 Days on market

Built 1890

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Two story commercial building with 2 second floor apartments. All in good condition. Each apartment is 2 bedroom, 1 bath approx 800 sqft each, Down stairs (1-2 units) is approx 1600 sgft, 2 full baths, laundry room, and store room.

Key facts

• 2,860 sq ft lot
• Built 1890
• Listed 10 days

Property features AI

Finance

• Other: Water and sewer expense listed; Trash and insurance expenses listed; Possession at closing with tenant rights
• Financial info: Four-unit building; Gross income approximately $35,000/year; Total monthly income approximately $2,900; Gross rent multiplier 9.28; Annual tax amount listed

Exterior

• Utilities: Circuit breaker electrical service; Separate electrical meters; Service capacity up to 200 amps; 120V power
• Home design: Mixed-use property; Limited Liability Corporation ownership
• Construction: Brick construction; Stone foundation; Rubber flat roof; Built before 1978
• Exterior features: City street frontage; Lot dimensions approximately 22 x 130; Zoned RTAIL

Interior

• Flooring: Wood
• Heating & cooling: Central heat with individual controls; Electric and gas forced air; Chiller cooling; Four window AC units
• Interior features: Wood flooring
• Laundry & utility: One washer and one dryer; Two ranges

What this means for you Summary

Snapshot

• This is a condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-2k ($-27k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.

Location & tenants

• Location reads 74/100 on livability (#252 in IL, #4,676 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Wilmington CUSD 209U (town): math 35% / reading 48% proficiency, ranked #127 of 620 in IL (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 81 active listings in the ZIP; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 15y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.00% ✗
• Cap rate: -2.00%
• Cash-on-cash: -29.62%
• DSCR: -0.32
• GRM: 0.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -87.0%
• Equity multiple: -1.15×
• Total profit: $-195,713
• Equity at exit: $48,459

10-year hold

• IRR: —
• Equity multiple: -2.90×
• Total profit: $-354,622
• Equity at exit: $28,100

Cash invested: $91,000 (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 60481

• Active inventory: 81

Monthly cashflow live

• Estimated rent: $0 none
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$0
• Net cashflow: $-2,246

Break-even live

Break-even rent $2,843

Max offer price —

Occupancy floor —

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-18
   days on market $325,000 Active 10 DOM
2. 2026-06-17
   days on market $325,000 Active 9 DOM
3. 2026-06-16
   days on market $325,000 Active 8 DOM
4. 2026-06-15
   days on market $325,000 Active 7 DOM
5. 2026-06-13
   days on market $325,000 Active 5 DOM
6. 2026-06-13
   days on market $325,000 Active 4 DOM
7. 2026-06-08
   remarks 231-char remark
8. 2026-06-08
   listed $325,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $0
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$0
• − Management: −$0
• − Depreciation: −$9,455
• Taxable loss: −$34,160
• Est. tax savings @ 24.0%: +$8,198
• After-tax cash flow: $-18,754/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: Wilmington CUSD 209U
• NCES district ID: 1742630
• Math proficiency: 35% ▼ -3.00%
• Reading proficiency: 48% ▼ -6.00%
• Median HH income: $58,261
• Composite: 36.48/100
• National rank: #4654
• State rank: #127 of 620 in IL

Livability — Wilmington

• Score: 74/100
• State rank: #252
• US rank: #4676

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wilmington, IL
• Population (ZIP): 11,277

Population outlook (Will County) Hauer SSP2

• Today (2025): 705,368 people
• By 2030: 708,154 · +0.4%
• By 2040: 702,692 · -0.4%
• By 2050: 680,249 · -3.6%
• By 2075: 611,990 · -13.2%
• By 2100: 516,215 · -26.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 6% Iranian 3% Lithuanian 2%
• Foreign-born: 4% · Canada, Dominican Republic
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Will

• 2024 margin: Toss-up / Even · D 50.1% · R 48.5% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 13.2pp · 2024: 1.6pp
• All cycles: 2024: D+1.6 2020: D+8.3 2016: D+5.7 2012: D+3.7 2008: D+13.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -224.12%
• Current HPI: 230.6346
• 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

6 events — show timeline

• 2026-06-08 Listed $325,000 MRED as Distributed by MLS Grid
• 2025-04-16 Rental Removed $950 RENTALBEAST
• 2025-04-03 Listed for Rent $950 RENTALBEAST
• 2011-06-21 Listing Removed — MRED as Distributed by MLS Grid
• 2011-04-26 Contingent — MRED as Distributed by MLS Grid
• 2011-01-24 Listed — MRED as Distributed by MLS Grid