120 N Commercial St

Winchester, IL 62694

$89,900C+

3 bd · 1.0 ba · 1,436 sqft · Built 1996 · Other · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,114/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$234
• Net cashflow: $220/mo
• Annual: $2,638/yr
• Cap rate: 9.23%
• Cash-on-cash: 10.48%
• DSCR: 1.47
• 1% rule: 1.24%
• Cash to close: $25,172

Investor read

• This is a 3-bed/1.0-bath other listed at $90k.
• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($622 loan paydown + $3k appreciation (3.1% local appreciation)).
• Location reads 68/100 on livability (#474 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.
• Winchester CUSD 1 (rural): math 26% / reading 29% proficiency, ranked #281 of 620 in IL (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Winchester High School (math 5% / reading 15%, grade F, #528 of 693 statewide, top 82%, 165 students, 0% FRL) — zoned schools average 0% FRL vs 36% district-wide (36 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 10% at this address vs 28% district-wide (-18 pts) — the specific schools serving this property underperform the Winchester CUSD 1 average; the district grade overstates school quality for this exact location.
• Market conditions: 8 active listings in the ZIP.
• Scott County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $62k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-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.