301 E 2nd St

Kingston Mines, IL 61539-0135

$65,000A-

3 bd · 1.0 ba · 1,020 sqft · Built 1900 · SingleFamily · Under Contract · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,123/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $426/mo
• Annual: $5,109/yr
• Cap rate: 14.15%
• Cash-on-cash: 28.07%
• DSCR: 2.25
• 1% rule: 1.73%
• Cash to close: $18,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $426 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 18 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($449 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 60/100 on livability (#988 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• Illini Bluffs CUSD 327 (rural): math 16% / reading 28% proficiency, ranked #343 of 620 in IL (top 55%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Illini Bluffs High School (math 15% / reading 24%, grade F, #379 of 693 statewide, top 57%, 267 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: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• Peoria County population projected at -11% 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.
• Current owner paid $16k; list at $65k implies a 306% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1900 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.