312 School St

Wilsonville, IL 62093

$117,000D

2 bd · 1.0 ba · 1,491 sqft · Built 1949 · SingleFamily · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,068/mo
• Mortgage (P&I): −$614
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $93/mo
• Annual: $1,114/yr
• Cap rate: 7.24%
• Cash-on-cash: 3.40%
• DSCR: 1.15
• 1% rule: 0.91%
• Cash to close: $32,760

Investor read

• This is a 2-bed/1.0-bath single-family listed at $117k.
• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (8.7% below list).
• It's been on market 147 days — a 12% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($809 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 54/100 on livability (#1,263 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D-, amenities F.
• Gillespie CUSD 7 (town): math 14% / reading 20% proficiency, ranked #485 of 620 in IL (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ben-Gil Elementary School (math 7% / reading 15%, grade F, #1,460 of 2,056 statewide, top 72%, 552 students, 0% FRL); Gillespie Middle School (math 16% / reading 20%, grade F, #444 of 665 statewide, top 67%, 248 students, 0% FRL); Gillespie High School (math 27% / reading 32%, grade F, #187 of 693 statewide, top 30%, 340 students, 0% FRL) — zoned schools average 0% FRL vs 57% district-wide (57 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 70 units permitted in Macoupin County in 2024 (0 in 5+ unit buildings).
• Macoupin County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $25k; list at $117k implies a 368% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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?
• 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.