105 Lasalle St

Streator, IL 61364

$87,000C+

2 bd · 1.0 ba · 821 sqft · Built 1900 · SingleFamily · Contingent - Continue to Show · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,287/mo
• Mortgage (P&I): −$456
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $376/mo
• Annual: $4,512/yr
• Cap rate: 11.48%
• Cash-on-cash: 18.52%
• DSCR: 1.82
• 1% rule: 1.48%
• Cash to close: $24,360

Investor read

• This is a 2-bed/1.0-bath single-family listed at $87k.
• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $87k).
• It's been on market 36 days — a 3% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#752 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: schools F, amenities F, commute F.
• Streator Twp Hsd 40 (town): math 11% / reading 19% proficiency, ranked #513 of 620 in IL (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 85 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 82 units permitted in LaSalle County in 2024 (0 in 5+ unit buildings).
• LaSalle County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 12y ago; this cycle's ask is 47% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $57k; list at $87k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.5% vs local median 7.8% in Streator — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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.