313 Wabash Ave

Belleville, IL 62220

$155,000D

4 bd · 3.0 ba · 676 sqft · Built 1889 · SingleFamily · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,505/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$395
• HOA: −$0
• Vac / Maint / Mgmt: −$316
• Net cashflow: $-19/mo
• Annual: $-226/yr
• Cap rate: 6.15%
• Cash-on-cash: -0.52%
• DSCR: 0.98
• 1% rule: 0.97%
• Cash to close: $43,400

Investor read

• This is a 4-bed/3.0-bath single-family listed at $155k.
• At list price, monthly cash flow is $-19 ($-226/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (2.9% below list).
• It's been on market 118 days — a 9% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#142 in IL, #2,604 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, amenities D-.
• Belleville Twp Hsd 201 (suburban): math 21% / reading 28% proficiency, ranked #308 of 620 in IL (top 50%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Douglas Elem School (math 12% / reading 22%, grade F, #1,141 of 2,056 statewide, top 59%, 248 students, 0% FRL); Central Jr High School (math 14% / reading 27%, grade F, #410 of 665 statewide, top 62%, 366 students, 0% FRL); Belleville High School-East (math 23% / reading 30%, grade F, #241 of 693 statewide, top 35%, 2,568 students, 0% FRL).
• Watch-outs: property tax is 2.6% of price; built in 1889 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+14.5%/yr); 152 active listings in the ZIP; 783 units permitted in St. Clair County in 2024 (378 in 5+ unit buildings).
• St. Clair County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $34k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1889 — 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?
• 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.
• Crime grade is F 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?