209 N Willis St

Heyworth, IL 61745

$60,000B-

4 bd · 1.0 ba · 1,090 sqft · Built 1899 · Other · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,194/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$251
• Net cashflow: $441/mo
• Annual: $5,289/yr
• Cap rate: 15.11%
• Cash-on-cash: 31.48%
• DSCR: 2.40
• 1% rule: 1.99%
• Cash to close: $16,800

Investor read

• This is a 4-bed/1.0-bath other listed at $60k. Condition is rated poor.
• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 38 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#382 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.
• Heyworth CUSD 4 (town): math 28% / reading 35% proficiency, ranked #204 of 620 in IL (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Heyworth Elem School (math 32% / reading 41%, grade F, #497 of 2,056 statewide, top 24%, 490 students, 0% FRL); Heyworth Jr-Sr High School (math 24% / reading 28%, grade F, #244 of 693 statewide, top 35%, 408 students, 0% FRL) — zoned schools average 0% FRL vs 20% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 3.3% of price; built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 247 units permitted in McLean County in 2024 (54 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1899 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering
• Major: roof — Signs of wear