233 N US Hwy 45

Cisne, IL 62823

$63,500B

3 bd · 1.0 ba · 1,100 sqft · Built 1940 · SingleFamily · Active · 183 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $943/mo
• Mortgage (P&I): −$333
• Tax + insurance: −$49
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $363/mo
• Annual: $4,354/yr
• Cap rate: 13.15%
• Cash-on-cash: 24.49%
• DSCR: 2.09
• 1% rule: 1.49%
• Cash to close: $17,780

Investor read

• This is a 3-bed/1.0-bath single-family listed at $64k.
• At list price, monthly cash flow is $363 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($943 rent vs $64k).
• It's been on market 183 days — a 12% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($439 loan paydown + $1k appreciation (2.3% local appreciation)).
• Location reads 59/100 on livability (#1,064 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• North Wayne CUSD 200 (rural): math 30% / reading 35% proficiency, ranked #440 of 919 in IL (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP.
• Wayne County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 8y ago; this cycle's ask is 41% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $48k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.3% 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

• It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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?
• 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.