712 3rd St

Seaton, IL 61476

$85,000D+

2 bd · 2.0 ba · 1,120 sqft · Built 1952 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $978/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$229
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $98/mo
• Annual: $1,175/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.94%
• DSCR: 1.22
• 1% rule: 1.15%
• Cash to close: $23,800

Investor read

• This is a 2-bed/2.0-bath single-family listed at $85k.
• At list price, monthly cash flow is $98 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($978 rent vs $85k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($588 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 62/100 on livability (#848 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment D+, health & safety D+, schools D.
• Mercer County School District 404 (town): math 14% / reading 24% proficiency, ranked #439 of 620 in IL (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 2.7% of price; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 15 units permitted in Mercer County in 2024 (0 in 5+ unit buildings).
• Mercer County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1952 — 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.
• Schools are D-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?
• 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.