304 Buchanan St

Ashland, IL 62612

$94,900D+

3 bd · 1.0 ba · 960 sqft · Built 1940 · Other · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,032/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $132/mo
• Annual: $1,582/yr
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• 1% rule: 1.09%
• Cash to close: $26,572

Investor read

• This is a 3-bed/1.0-bath other listed at $95k.
• At list price, monthly cash flow is $132 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 44 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#875 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• A-C Central CUSD 262 (rural): math 15% / reading 25% proficiency, ranked #691 of 919 in IL (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: A-C Central Elementary School (math 15% / reading 5%, grade F, #1,477 of 2,056 statewide, top 74%, 148 students, 0% FRL); A-C Central Middle School (math 2% / reading 17%, grade F, #592 of 665 statewide, top 90%, 84 students, 0% FRL); A-C Central High School (math 5% / reading 15%, grade F, #528 of 693 statewide, top 82%, 112 students, 0% FRL) — zoned schools average 0% FRL vs 34% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 2 units permitted in Cass County in 2024 (0 in 5+ unit buildings).
• Cass County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $30k; list at $95k implies a 222% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.