301 E Main St

Pleasant Plains, IL 62677

$150,000D

3 bd · 1.0 ba · 1,430 sqft · Built — · Other · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,276/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$200
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $22/mo
• Annual: $258/yr
• Cap rate: 6.46%
• Cash-on-cash: 0.61%
• DSCR: 1.03
• 1% rule: 0.85%
• Cash to close: $42,000

Investor read

• This is a 3-bed/1.0-bath other listed at $150k.
• At list price, monthly cash flow is $22 ($258/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 $128k (15.0% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $128k (15.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#468 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.
• Pleasant Plains CUSD 8 (rural): math 29% / reading 29% proficiency, ranked #216 of 620 in IL (top 35%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 10 active listings in the ZIP; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• Sangamon County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.