310 S 2nd St

Easton, IL 62633

$65,000C+

2 bd · 1.0 ba · 1,108 sqft · Built — · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $973/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$204
• Net cashflow: $350/mo
• Annual: $4,201/yr
• Cap rate: 12.76%
• Cash-on-cash: 23.08%
• DSCR: 2.03
• 1% rule: 1.50%
• Cash to close: $18,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $350 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($973 rent vs $65k).
• It's been on market 18 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($449 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 58/100 on livability (#1,138 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities F.
• Illini Central CUSD 189 (rural): math 11% / reading 18% proficiency, ranked #514 of 620 in IL (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Illini Central Grade School (math 17% / reading 22%, grade F, #1,054 of 2,056 statewide, top 54%, 252 students, 0% FRL); Illini Central Middle School (math 8% / reading 17%, grade F, #550 of 665 statewide, top 84%, 142 students, 0% FRL); Illini Central High School (math 5% / reading 15%, grade F, #528 of 693 statewide, top 82%, 185 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 2 active listings in the ZIP; 7 units permitted in Mason County in 2024 (0 in 5+ unit buildings).
• Mason County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $27k; list at $65k implies a 141% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• 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.
• 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.