420 N Church St

Princeton, IL 61356

$84,000B-

3 bd · 1.5 ba · 1,248 sqft · Built 1891 · SingleFamily · Active · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,066/mo
• Mortgage (P&I): −$441
• Tax + insurance: −$237
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $165/mo
• Annual: $1,975/yr
• Cap rate: 8.64%
• Cash-on-cash: 8.40%
• DSCR: 1.37
• 1% rule: 1.27%
• Cash to close: $23,520

Investor read

• This is a 3-bed/1.5-bath single-family listed at $84k.
• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• It's been on market 184 days — a 12% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $581 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#62 in IL, #1,086 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F.
• Princeton Hsd 500 (town): math 25% / reading 35% proficiency, ranked #488 of 919 in IL (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Douglas Elementary School (221 students, 0% FRL); Logan Jr High School (math 14% / reading 30%, grade F, #389 of 665 statewide, top 60%, 424 students, 0% FRL); Princeton High School (math 27% / reading 32%, grade F, #187 of 693 statewide, top 30%, 473 students, 0% FRL).
• Watch-outs: property tax is 2.9% of price; built in 1891 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 17 units permitted in Bureau County in 2024 (0 in 5+ unit buildings).
• Bureau County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $13k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 8.6% vs local median 2.2% in Princeton — 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 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.