622 Spring St

Quincy, IL 62301

$15,000D+

2 bd · 2.0 ba · 1,368 sqft · Built — · SingleFamily · Under Contract · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,593/mo
• Mortgage (P&I): −$79
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$335
• Net cashflow: $1,138/mo
• Annual: $13,652/yr
• Cap rate: 97.31%
• Cash-on-cash: 325.06%
• DSCR: 15.46
• 1% rule: 10.62%
• Cash to close: $4,200

Investor read

• This is a 2-bed/2.0-bath single-family listed at $15k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• It's been on market 81 days — a 6% lower offer ($14k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $14k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $104 of loan paydown is wiped out by about $450 of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#506 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Quincy SD 172 (town): math 24% / reading 27% proficiency, ranked #328 of 620 in IL (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 2.9% of price.
• Market conditions: Rents rising fast (+10.8%/yr); 180 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; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $5k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 97.3% vs local median 4.3% in Quincy — 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.
• This rent runs 37% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.