Wabash County

Wabash County sits at the extreme affordable end of Illinois real estate, with a median home price of $134,309 and an affordability index of 100, the highest possible score in this dataset. At 3.41% year-over-year price appreciation, the market is moving, and the county ranks in the 96th percentile nationally out of 1,000 counties evaluated, landing 28th in a state with 102 counties tracked. That is a notable position for a county of 11,321 people. The cash flow score, however, is recorded at zero, and the cap rate and cash-on-cash return fields carry no computed values, which is a direct signal that this is not a market where the numbers pencil easily on a financed acquisition at the current 6.85% rate. Investors should treat this as an appreciation and affordability play first, not an income-from-day-one market.

The appreciation score of 81 and the affordability score of 100 tell you exactly who this market suits: a buyer willing to accept thin or break-even cash flow in exchange for a low entry price and upside on value. At $134,309, you are buying a county ranked near the top of the country for affordability, which limits your downside in a correction and lowers the equity at risk if you need to exit. A value-add operator with a low acquisition cost basis can find more room to force appreciation through renovation, since the spread between distressed and retail pricing compresses less painfully at this price point than it would in a $300,000 market. The stability score of 50 is a caution flag, though: this is not a market to load up heavily with leverage if you need reliable, consistent rent collections to service debt. A cash buyer or near-cash buyer has a much stronger case here than someone financing at current rates.

No economic anchors or employer data were provided for Wabash County, so this analysis will not speculate on the local job base. What the population figure of 11,321 does tell you is that this is a small, rural Illinois county. Small population markets come with their own demand dynamics: the renter pool is narrower, lease-up timelines can be longer, and your exit is more dependent on a small buyer market when you sell. These are structural realities, not invented risks.

The tax and insurance picture deserves serious attention on any underwrite. Using a state-average effective property tax rate of 2.27%, which the Tax Foundation estimates for Illinois, the annual tax bill on the median-priced property runs approximately $3,049, and annual insurance adds another $363. Combined, that is $284 per month in carrying costs before you pay a dollar of mortgage, maintenance, or management. Illinois's 2.27% state-average rate is very high by national standards and must have its own line on your underwrite, not buried in a blended expense ratio. The caveat that matters: this is a state-average estimate, and actual county and township rates in Wabash can differ materially, so pull the assessor data before you close. If local rates run even modestly above the state average, the carrying cost picture gets worse fast on a property at this price point.

The concentration risk is real and arithmetic. In an 11,321-person county, a single large employer slowdown, a school closing, or a demographic contraction hits the rental pool immediately. There is no diversification buffer the way you get in a metro market. The stability score of 50 quantifies this: it is the weakest dimension in this county's profile and should be the reason you size your position carefully rather than concentrating capital here.

Against its neighbors, Wabash's case is primarily one of price. Saint Clair County comes in at $173,515 median with a rent-to-price ratio of 0.0844 and an overall score of 77, essentially matching Wabash's overall score of 77 at a meaningfully higher entry cost. McDonough County at $92,986 and a rent-to-price ratio of 0.1209 is the most compelling cash flow option in this comparison set, outperforming Wabash on income yield by a wide margin at a lower price. Iroquois County at $149,561 and Bureau County at $143,471 both score 78 overall, edging Wabash by one point while sitting at higher price points. Clinton County at $212,337 and a score of 76 is the most expensive and lowest-scoring neighbor. Choose Wabash over this peer group when your thesis is maximum affordability with appreciation exposure and you are either buying cash or have a specific value-add angle that justifies the entry. If income yield and day-one cash flow are the priority, McDonough's 0.1209 rent-to-price ratio makes it the stronger underwrite.