90 Carlock Rd

Murphysboro, IL 62966

$17,900D

3 bd · 1.5 ba · 1,500 sqft · Built 1998 · Other · Pending · 178 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,290/mo
• Mortgage (P&I): −$94
• Tax + insurance: −$30
• HOA: −$21
• Vac / Maint / Mgmt: −$271
• Net cashflow: $874/mo
• Annual: $10,491/yr
• Cap rate: 64.90%
• Cash-on-cash: 209.31%
• DSCR: 10.31
• 1% rule: 7.21%
• Cash to close: $5,012

Investor read

• This is a 3-bed/1.5-bath other listed at $18k.
• At list price, monthly cash flow is $874 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• It's been on market 178 days — a 12% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $16k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $124 of loan paydown is wiped out by about $537 of value loss. Plan a longer hold.
• Location reads 54/100 on livability (#1,265 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: schools F, crime D-, amenities F.
• Murphysboro CUSD 186 (town): math 9% / reading 10% proficiency, ranked #585 of 620 in IL (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 79 active listings in the ZIP; 5 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 64.9% vs local median 6.2% in Murphysboro — 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.

Questions for listing agent

• It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?