2003 Chicory Rd

Pekin, IL 61554

$103,000C-

3 bd · 1.0 ba · 810 sqft · Built 1981 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,187/mo
• Mortgage (P&I): −$540
• Tax + insurance: −$270
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $128/mo
• Annual: $1,537/yr
• Cap rate: 7.79%
• Cash-on-cash: 5.33%
• DSCR: 1.24
• 1% rule: 1.15%
• Cash to close: $28,840

Investor read

• This is a 3-bed/1.0-bath single-family listed at $103k.
• At list price, monthly cash flow is $128 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $103k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $712 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#222 in IL, #4,159 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime D, schools D-.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: 10 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 77 units permitted in Tazewell County in 2024 (0 in 5+ unit buildings).
• Tazewell County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $58k; list at $103k implies a 79% gain — meaningful room to come down on a strong offer.

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 D-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.