213 S Gardner St

West Frankfort, IL 62896-2517

$78,000C-

3 bd · 1.0 ba · 1,000 sqft · Built 1950 · Other · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $879/mo
• Mortgage (P&I): −$409
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $145/mo
• Annual: $1,739/yr
• Cap rate: 8.52%
• Cash-on-cash: 7.96%
• DSCR: 1.35
• 1% rule: 1.13%
• Cash to close: $21,840

Investor read

• This is a 3-bed/1.0-bath other listed at $78k.
• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($879 rent vs $78k).
• It's been on market 94 days — a 9% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($539 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 56/100 on livability (#1,210 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Frankfort CUSD 168 (town): math 6% / reading 16% proficiency, ranked #577 of 620 in IL (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Denning Elementary School (467 students, 0% FRL); Central Jr High School (math 4% / reading 24%, grade F, #529 of 665 statewide, top 80%, 219 students, 0% FRL); Frankfort Comm High School (math 12% / reading 12%, grade F, #511 of 693 statewide, top 75%, 434 students, 0% FRL) — zoned schools average 0% FRL vs 55% district-wide (55 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 17 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 17y ago 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.
• Current owner paid $26k; list at $78k implies a 200% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.5% vs local median 5.8% in West Frankfort — 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 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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?
• 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.