13629 Garden Plain Rd

Morrison, IL 61270

$89,900B-

2 bd · 2.0 ba · 1,050 sqft · Built — · SingleFamily · Pending · 239 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $957/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $203/mo
• Annual: $2,434/yr
• Cap rate: 9.00%
• Cash-on-cash: 9.67%
• DSCR: 1.43
• 1% rule: 1.06%
• Cash to close: $25,172

Investor read

• This is a 2-bed/2.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($957 rent vs $90k).
• It's been on market 239 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#85 in IL, #1,376 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, commute F.
• Morrison CUSD 6 (town): math 22% / reading 31% proficiency, ranked #292 of 620 in IL (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 36 active listings in the ZIP; 19 units permitted in Whiteside County in 2024 (0 in 5+ unit buildings).
• Whiteside County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $30k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 9.0% vs local median 4.6% in Morrison — 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 239 days. Have you received any prior offers? Is the seller open to a 12% 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.
• 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.