179 Aspen Dr #179

Mount Vernon, IL 62864

$27,000B-

3 bd · 2.0 ba · 924 sqft · Built 2026 · Manufactured · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,114/mo
• Mortgage (P&I): −$142
• Tax + insurance: −$45
• HOA: −$0
• Vac / Maint / Mgmt: −$234
• Net cashflow: $693/mo
• Annual: $8,320/yr
• Cap rate: 37.11%
• Cash-on-cash: 110.05%
• DSCR: 5.90
• 1% rule: 4.13%
• Cash to close: $7,560

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $27k. Condition is rated good.
• At list price, monthly cash flow is $693 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $27k).
• It's been on market 82 days — a 6% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $187 of loan paydown is wiped out by about $810 of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#413 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Mt Vernon Twp Hsd 201 (town): math 13% / reading 16% proficiency, ranked #532 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bethel Grade School (math 22% / reading 17%, grade F, #1,054 of 2,056 statewide, top 54%, 160 students, 0% FRL); Mount Vernon High School (math 13% / reading 16%, grade F, #479 of 693 statewide, top 71%, 1,210 students, 0% FRL).
• Market conditions: 193 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 6 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 37.1% vs local median 5.2% in Mount Vernon — 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

• It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• 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.