112 Walnut St

Oakland, IL 61943

$19,000D

3 bd · 1.0 ba · 1,177 sqft · Built 1867 · SingleFamily · Active · 140 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,017/mo
• Mortgage (P&I): −$100
• Tax + insurance: −$59
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $645/mo
• Annual: $7,740/yr
• Cap rate: 47.03%
• Cash-on-cash: 145.49%
• DSCR: 7.47
• 1% rule: 5.35%
• Cash to close: $5,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $19k.
• At list price, monthly cash flow is $645 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $19k).
• It's been on market 140 days — a 12% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $17k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $131 of loan paydown is wiped out by about $570 of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#703 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Oakland CUSD 5 (rural): math 15% / reading 15% proficiency, ranked #776 of 919 in IL (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 3.2% of price; built in 1867 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $4k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1867 — 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 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?
• 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.