Ashton Plan

Plainfield, IL 60585

$393,990F

2 bd · 2.5 ba · 1,883 sqft · Built — · Townhouse · Active · 695 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,121/mo
• Mortgage (P&I): −$2,326
• Tax + insurance: −$739
• HOA: −$0
• Vac / Maint / Mgmt: −$655
• Net cashflow: $-599/mo
• Annual: $-7,192/yr
• Cap rate: 4.67%
• Cash-on-cash: -5.79%
• DSCR: 0.74
• 1% rule: 0.70%
• Cash to close: $124,167

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $394k. Condition is rated excellent.
• At list price, monthly cash flow is $-599 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $357k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $312k (20.8% below list).
• It's been on market 695 days — a 12% lower offer ($347k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $312k (20.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#496 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Plainfield SD 202 (suburban): math 25% / reading 32% proficiency, ranked #213 of 620 in IL (top 34%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Eagle Pointe Elementary School (math 31% / reading 32%, grade F, #631 of 2,056 statewide, top 31%, 580 students, 0% FRL); Heritage Grove Middle School (math 38% / reading 48%, grade D-, #107 of 665 statewide, top 16%, 866 students, 0% FRL); Plainfield North High School (math 40% / reading 40%, grade F, #85 of 693 statewide, top 12%, 2,377 students, 0% FRL) — zoned schools average 0% FRL vs 17% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 250 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals lingering (median 51d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 72% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 4.7% vs local median 3.9% in Plainfield — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 695 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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.
• 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.