203 Fair Ave

Flora, IL 62839

$93,500C

3 bd · 2.0 ba · 1,144 sqft · Built 1922 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $998/mo
• Mortgage (P&I): −$490
• Tax + insurance: −$111
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $187/mo
• Annual: $2,240/yr
• Cap rate: 8.69%
• Cash-on-cash: 8.56%
• DSCR: 1.38
• 1% rule: 1.07%
• Cash to close: $26,180

Investor read

• This is a 3-bed/2.0-bath single-family listed at $94k.
• At list price, monthly cash flow is $187 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($998 rent vs $94k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $646 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#624 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, amenities F, commute F.
• Flora CUSD 35 (town): math 17% / reading 37% proficiency, ranked #299 of 620 in IL (top 48%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Flora Elementary School (math 21% / reading 37%, grade F, #727 of 2,056 statewide, top 36%, 681 students, 0% FRL); Floyd Henson Jr High Sch (math 14% / reading 42%, grade F, #284 of 665 statewide, top 44%, 289 students, 0% FRL); Flora High School (math 8% / reading 17%, grade F, #506 of 693 statewide, top 74%, 375 students, 0% FRL) — zoned schools average 0% FRL vs 45% district-wide (45 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 active listings in the ZIP; 2 units permitted in Clay County in 2024 (0 in 5+ unit buildings).
• Clay County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Questions for listing agent

• Built in 1922 — 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?
• 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.