100 W Main St

Ellisville, IL 61431

$39,900B

3 bd · 1.5 ba · 1,092 sqft · Built 1905 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,035/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$131
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $477/mo
• Annual: $5,727/yr
• Cap rate: 20.65%
• Cash-on-cash: 51.26%
• DSCR: 3.28
• 1% rule: 2.59%
• Cash to close: $11,172

Investor read

• This is a 3-bed/1.5-bath single-family listed at $40k.
• At list price, monthly cash flow is $477 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• It's been on market 42 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($276 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 59/100 on livability (#1,032 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, crime D-, amenities F.
• Spoon River Valley CUSD 4 (rural): math 35% / reading 45% proficiency, ranked #314 of 919 in IL (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spoon River Valley Sr High Sch (math 30% / reading 30%, grade F, #179 of 693 statewide, top 27%, 73 students, 0% FRL) — zoned schools average 0% FRL vs 35% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 3.4% of price; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 14 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts; this cycle's ask has dropped $10k (20%) 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1905 — 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?
• 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.