304 N Market St

Topeka, IL 61567

$79,000B+

3 bd · 1.0 ba · 1,374 sqft · Built 1892 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,308/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$148
• HOA: −$0
• Vac / Maint / Mgmt: −$275
• Net cashflow: $471/mo
• Annual: $5,656/yr
• Cap rate: 13.45%
• Cash-on-cash: 25.57%
• DSCR: 2.14
• 1% rule: 1.66%
• Cash to close: $22,120

Investor read

• This is a 3-bed/1.0-bath single-family listed at $79k.
• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($546 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 53/100 on livability (#1,289 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime D, amenities F, commute F.
• Midwest Central CUSD 191 (rural): math 19% / reading 23% proficiency, ranked #398 of 620 in IL (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Midwest Central High School (math 8% / reading 12%, grade F, #567 of 693 statewide, top 83%, 252 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.
• 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.
• 2 sale attempts since 4y ago 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.
• Current owner paid $62k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1892 — 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?
• 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.