658 Keeling Ct

Canton, IL 61520

$122,500F

3 bd · 3.0 ba · 1,236 sqft · Built 1923 · Other · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $536/mo
• Mortgage (P&I): −$642
• Tax + insurance: −$79
• HOA: −$0
• Vac / Maint / Mgmt: −$113
• Net cashflow: $-298/mo
• Annual: $-3,578/yr
• Cap rate: 3.37%
• Cash-on-cash: -10.43%
• DSCR: 0.54
• 1% rule: 0.44%
• Cash to close: $34,300

Investor read

• This is a 3-bed/3.0-bath other listed at $122k.
• At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $70k (43.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $54k (56.2% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $54k (56.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $847 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#318 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Canton Union SD 66 (town): math 19% / reading 23% proficiency, ranked #417 of 620 in IL (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Westview Elementary School (math 17% / reading 17%, grade F, #1,141 of 2,056 statewide, top 59%, 398 students, 0% FRL); Ingersoll Middle School (math 18% / reading 24%, grade F, #405 of 665 statewide, top 61%, 645 students, 0% FRL); Canton High School (math 22% / reading 27%, grade F, #256 of 693 statewide, top 44%, 641 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 108 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 14 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 3.4% vs local median 7.8% in Canton — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1923 — 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 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.
• 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.