410 E North St

Cambridge, IL 61238

$124,900C+

4 bd · 1.5 ba · 1,456 sqft · Built 1907 · Other · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,477/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$342
• HOA: −$0
• Vac / Maint / Mgmt: −$310
• Net cashflow: $170/mo
• Annual: $2,042/yr
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• 1% rule: 1.18%
• Cash to close: $34,972

Investor read

• This is a 4-bed/1.5-bath other listed at $125k.
• At list price, monthly cash flow is $170 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• It's been on market 116 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($864 loan paydown + $10k appreciation (8.3% local appreciation)).
• Location reads 66/100 on livability (#584 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Cambridge CUSD 227 (rural): math 28% / reading 37% proficiency, ranked #215 of 620 in IL (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cambridge Comm Grade School (math 37% / reading 52%, grade F, #267 of 2,056 statewide, top 15%, 234 students, 0% FRL); Cambridge Jr/Sr High School (math 22% / reading 27%, grade F, #256 of 693 statewide, top 44%, 227 students, 0% FRL) — zoned schools average 0% FRL vs 26% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 2.8% of price; built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 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.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (8.3% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1907 — 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?
• 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.