620 NE 1st Ave

Galva, IL 61434

$65,000A-

3 bd · 1.0 ba · 1,450 sqft · Built 1907 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,176/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$145
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $443/mo
• Annual: $5,312/yr
• Cap rate: 14.46%
• Cash-on-cash: 29.19%
• DSCR: 2.30
• 1% rule: 1.81%
• Cash to close: $18,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($449 loan paydown + $1k appreciation (1.7% local appreciation)).
• Location reads 67/100 on livability (#497 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A-; Watch: employment D+, amenities F, commute F.
• Galva CUSD 224 (rural): math 18% / reading 14% proficiency, ranked #497 of 620 in IL (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Galva Elem School (math 17% / reading 8%, grade F, #1,371 of 2,056 statewide, top 68%, 270 students, 0% FRL); Galva Jr-Sr High School (math 22% / reading 22%, grade F, #319 of 693 statewide, top 50%, 209 students, 0% FRL) — zoned schools average 0% FRL vs 39% district-wide (39 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 32 units permitted in Henry County in 2024 (0 in 5+ unit buildings).
• Henry County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1907 — 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.