500 N Main St

Benton, IL 62812

$137,500B-

16 bd · 16.0 ba · 2,100 sqft · Built 1921 · MultiFamily · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,059/mo
• Mortgage (P&I): −$721
• Tax + insurance: −$229
• HOA: −$0
• Vac / Maint / Mgmt: −$642
• Net cashflow: $1,466/mo
• Annual: $17,597/yr
• Cap rate: 19.09%
• Cash-on-cash: 45.71%
• DSCR: 3.03
• 1% rule: 2.22%
• Cash to close: $38,500

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $138k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $367/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $138k).
• It's been on market 71 days — a 6% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $951 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#785 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• BentonConsolidatedHsd 103 (town): math 20% / reading 20% proficiency, ranked #727 of 919 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Benton Cons High School (math 17% / reading 27%, grade F, #319 of 693 statewide, top 50%, 577 students, 0% FRL).
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 74 active listings in the ZIP; 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.
• 5 sale attempts since 10y 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 $78k; list at $138k implies a 76% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.1% vs local median 5.4% in Benton — 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 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1921 — 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?

Repairs flagged (vision-AI assessment)

• Major: roof — visible wear
• Major: exterior siding — weathered condition
• Major: landscaping — overgrown vegetation