37 Griffith Dr

Carbondale, IL 62903

$27,500B

1 bd · 1.0 ba · 1,128 sqft · Built 1975 · SingleFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $907/mo
• Mortgage (P&I): −$144
• Tax + insurance: −$46
• HOA: −$0
• Vac / Maint / Mgmt: −$191
• Net cashflow: $527/mo
• Annual: $6,322/yr
• Cap rate: 29.28%
• Cash-on-cash: 82.10%
• DSCR: 4.65
• 1% rule: 3.30%
• Cash to close: $7,700

Investor read

• This is a 1-bed/1.0-bath single-family listed at $28k.
• At list price, monthly cash flow is $527 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($907 rent vs $28k).
• It's been on market 58 days — a 3% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($190 loan paydown + $876 appreciation (3.2% local appreciation)).
• Location reads 70/100 on livability (#375 in IL) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: housing C-, crime F, employment F.
• Carbondale Chsd 165 (urban): math 26% / reading 35% proficiency, ranked #279 of 620 in IL (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carbondale Comm H S (math 26% / reading 35%, grade F, #175 of 693 statewide, top 26%, 997 students, 0% FRL).
• Market conditions: 11 active listings in the ZIP; 5 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• At projected returns (3.2% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.3% vs local median 4.9% in Carbondale — 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 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F 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.
• 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.