310 N 4th St

Elkville, IL 62932

$42,000A-

1 bd · 1.0 ba · 1,056 sqft · Built 1990 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $926/mo
• Mortgage (P&I): −$220
• Tax + insurance: −$163
• HOA: −$0
• Vac / Maint / Mgmt: −$194
• Net cashflow: $348/mo
• Annual: $4,180/yr
• Cap rate: 16.25%
• Cash-on-cash: 35.55%
• DSCR: 2.58
• 1% rule: 2.21%
• Cash to close: $11,760

Investor read

• This is a 1-bed/1.0-bath single-family listed at $42k.
• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($926 rent vs $42k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $511 of equity ($290 loan paydown + $221 appreciation (0.5% local appreciation)).
• Location reads 58/100 on livability (#1,123 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, crime D-, amenities F.
• Elverado CUSD 196 (rural): math 25% / reading 45% proficiency, ranked #418 of 919 in IL (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elverado Primary School (113 students, 0% FRL); Elverado Junior High School (math 22% / reading 52%, grade F, #167 of 665 statewide, top 27%, 73 students, 0% FRL); Elverado High School (math 10% / reading 10%, grade F, #528 of 693 statewide, top 82%, 112 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 4.2% of price.
• Market conditions: 12 active listings in the ZIP; 5 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (0.5% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• 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?
• 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.