229 Richard Ave

Dupo, IL 62239

$114,900C

3 bd · 2.0 ba · 1,680 sqft · Built 2003 · Manufactured · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,074/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$70
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $176/mo
• Annual: $2,110/yr
• Cap rate: 8.13%
• Cash-on-cash: 6.56%
• DSCR: 1.29
• 1% rule: 0.93%
• Cash to close: $32,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (6.5% below list).
• It's been on market 81 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (6.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#208 in IL, #3,916 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, crime A-; Watch: amenities F, employment F.
• Dupo CUSD 196 (suburban): math 7% / reading 19% proficiency, ranked #543 of 620 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bluffview Elem School (math 7% / reading 25%, grade F, #1,231 of 2,056 statewide, top 60%, 511 students, 0% FRL); Dupo Jr High School (math 2% / reading 12%, grade F, #620 of 665 statewide, top 94%, 144 students, 0% FRL); Dupo High School (math 12% / reading 12%, grade F, #511 of 693 statewide, top 75%, 267 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 22 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 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

• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 7% 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.
• 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.