815 21st St

East Moline, IL 61244

$70,000B

2 bd · 1.0 ba · 720 sqft · Built 1978 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $958/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $208/mo
• Annual: $2,495/yr
• Cap rate: 9.86%
• Cash-on-cash: 12.73%
• DSCR: 1.57
• 1% rule: 1.37%
• Cash to close: $19,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($958 rent vs $70k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#870 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment C-, amenities F.
• United Twp Hsd 30 (suburban): math 12% / reading 15% proficiency, ranked #536 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ridgewood Elem School (math 8% / reading 17%, grade F, #1,371 of 2,056 statewide, top 68%, 413 students, 0% FRL); Glenview Middle School (math 10% / reading 13%, grade F, #571 of 665 statewide, top 86%, 1,150 students, 0% FRL); United Twp High School (math 12% / reading 15%, grade F, #498 of 693 statewide, top 72%, 1,789 students, 0% FRL).
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 126 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 116 units permitted in Rock Island County in 2024 (50 in 5+ unit buildings).
• Rock Island County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 21y ago; this cycle's ask is 28% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.9% vs local median 3.5% in East Moline — 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

• Built in 1978 — 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 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.