217 N Market St

Golconda, IL 62938-9998

$19,875C-

3 bd · None ba · 1,190 sqft · Built 1910 · SingleFamily · Active · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $861/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$18
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $558/mo
• Annual: $6,692/yr
• Cap rate: 39.96%
• Cash-on-cash: 120.25%
• DSCR: 6.35
• 1% rule: 4.33%
• Cash to close: $5,565

Investor read

• This is a 3-bed/?-bath single-family listed at $20k.
• At list price, monthly cash flow is $558 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($861 rent vs $20k).
• It's been on market 145 days — a 12% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $17k (12.0% below list) — sets the bar for market timing.
• In year one you build about $733 of equity ($137 loan paydown + $596 appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#920 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Pope County CUD 1 (rural): math 9% / reading 25% proficiency, ranked #492 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 1 comparable units currently listed for rent nearby.
• Pope County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; 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 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.