22335 S Woodside Dr #73

Channahon, IL 60410

$134,500B

3 bd · 2.0 ba · 1,290 sqft · Built 2026 · Manufactured · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,200/mo
• Mortgage (P&I): −$705
• Tax + insurance: −$224
• HOA: −$0
• Vac / Maint / Mgmt: −$462
• Net cashflow: $809/mo
• Annual: $9,702/yr
• Cap rate: 13.51%
• Cash-on-cash: 25.76%
• DSCR: 2.15
• 1% rule: 1.64%
• Cash to close: $37,660

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $134k. Condition is rated good.
• At list price, monthly cash flow is $809 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• It's been on market 43 days — a 3% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $930 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#143 in IL, #2,614 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Minooka Chsd 111 (suburban): math 28% / reading 36% proficiency, ranked #187 of 620 in IL (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Troy Heritage Trail School (math 17% / reading 27%, grade F, #940 of 2,056 statewide, top 49%, 422 students, 0% FRL); Troy Middle School (math 36% / reading 42%, grade F, #151 of 665 statewide, top 23%, 912 students, 0% FRL); Minooka Community High School (math 28% / reading 36%, grade F, #157 of 693 statewide, top 25%, 2,930 students, 0% FRL).
• Market conditions: 106 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,028 units permitted in Will County in 2024 (530 in 5+ unit buildings).
• Will County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.5% vs local median 2.3% in Channahon — 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 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.