Real Estate Investing in Milan, Illinois (61264)
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Should you buy in 61264 (Milan, IL)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Milan, IL (61264)?
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Market Analysis: 61264 Milan
The 61264 ZIP covers a section of Milan that demands careful diligence. Prices near $196K look accessible, but the work to make a deal cash flow is real.
For an experienced owner, 61264 can be a a credible choice for hunting ground — but the discount at $196K reflects genuine risk that outside investors often underestimate.
In practical terms, 61264 offers a low basis, the region around Milan has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The demographic picture in 61264 includes headwinds that any investor should price in. Income distribution skews lower than Milan averages, and tenant stability requires active management.
Strategically, 61264 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Milan:
Property Strategy for 61264
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $127,569 | $1,250 | 7.1% | +4.8% | $63,784 |
| 3BR | $177,500 | $1,640 | 6.7% | +5.5% | $59,167 |
| 4BR | $277,576 | $1,990 | 5.2% | +6.0% | $69,394 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 61264 Compare?
| Metric | 61264 | Milan | Illinois |
|---|---|---|---|
| Home Value | $195,765 | $195,765 | $279,761 |
| 5-Year CAGR | 4.9% | 4.9% | 6.6% |
| Avg Rent | $925 | $925 | - |
| Cap Rate | 3.7% | 3.7% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 61264 (Milan, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $195,765 |
| Monthly Rent | $925 |
| Price-to-Rent | 17.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.7% |
| Cap Rate | 3.7% |
| 5-Year IRR | 8.6% |
📈 Home Appreciation
| 1-Year | +9.9% ▲ |
| 3-Year CAGR | +4.9% ▲ |
| 5-Year CAGR | +4.9% ▲ |
| 10-Year CAGR | +4.6% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.7%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 61264
Population: 10,056
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 61264
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 2,196 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What do rentals go for in Milan, IL?
Rent in Milan, IL is around $925/mo. The resulting rent-to-value relationship with $196K pricing is reasonable for most investor models.
Which investment style suits Milan, IL?
Milan, IL investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($196K prices, $925/mo rents) make it a reasonable choice.
How do home values compare in Milan, IL?
Milan, IL home values average about $196K. That price point suits investors targeting rentals with $925/mo in monthly income.
How landlord-friendly is Milan, IL?
Milan, IL falls under IL landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
Is Milan, IL a good market for FHA house hackers?
The a challenging house-hack environment in Milan, IL reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
You know 61264 now. You don’t know where it ranks.
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