210 S High St

Havana, IL 62644

$31,000D

2 bd · 1.0 ba · 1,300 sqft · Built 1952 · SingleFamily · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,360/mo
• Mortgage (P&I): −$163
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $819/mo
• Annual: $9,831/yr
• Cap rate: 38.01%
• Cash-on-cash: 113.26%
• DSCR: 6.04
• 1% rule: 4.39%
• Cash to close: $8,680

Investor read

• This is a 2-bed/1.0-bath single-family listed at $31k.
• At list price, monthly cash flow is $819 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $31k).
• It's been on market 121 days — a 12% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $214 of loan paydown is wiped out by about $930 of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#989 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D-, crime F, amenities F.
• Havana CUSD 126 (town): math 17% / reading 22% proficiency, ranked #448 of 620 in IL (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 3.1% of price; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 36 active listings in the ZIP; 7 units permitted in Mason County in 2024 (0 in 5+ unit buildings).
• Mason County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $2k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• 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 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 F 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?