1028 Coyne Center Rd

Coyne Center, IL 61264

$79,900B-

3 bd · 2.0 ba · 1,464 sqft · Built 1951 · Other · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,595/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$220
• HOA: −$0
• Vac / Maint / Mgmt: −$335
• Net cashflow: $621/mo
• Annual: $7,449/yr
• Cap rate: 15.62%
• Cash-on-cash: 33.30%
• DSCR: 2.48
• 1% rule: 2.00%
• Cash to close: $22,372

Investor read

• This is a 3-bed/2.0-bath other listed at $80k.
• At list price, monthly cash flow is $621 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#526 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools F, amenities F, commute F.
• Sherrard CUSD 200 (rural): math 29% / reading 30% proficiency, ranked #240 of 620 in IL (top 39%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 2.8% of price; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 116 units permitted in Rock Island County in 2024 (50 in 5+ unit buildings).
• Rock Island County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.