615 S Central St

Gilman, IL 60938

$80,000B-

3 bd · 1.0 ba · 1,260 sqft · Built 1886 · SingleFamily · Active · 125 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,065/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$210
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $212/mo
• Annual: $2,544/yr
• Cap rate: 9.47%
• Cash-on-cash: 11.36%
• DSCR: 1.51
• 1% rule: 1.33%
• Cash to close: $22,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 125 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#912 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Iroquois West CUSD 10 (town): math 29% / reading 30% proficiency, ranked #255 of 620 in IL (top 41%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Iroquois West Elem School/Gilman (math 62% / reading 62%, grade B, #53 of 2,056 statewide, top 3%, 154 students, 0% FRL); Iroquois West Middle School (math 27% / reading 22%, grade F, #332 of 665 statewide, top 55%, 197 students, 0% FRL); Iroquois West High School (math 12% / reading 22%, grade F, #430 of 693 statewide, top 66%, 313 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 2.6% of price; built in 1886 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 14 active listings in the ZIP; 14 units permitted in Iroquois County in 2024 (0 in 5+ unit buildings).
• Iroquois County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1886 — 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.