510 Greencastle Dr

Wyanet, IL 61379

$125,900C+

4 bd · 1.0 ba · 1,894 sqft · Built 1977 · SingleFamily · Active · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,310/mo
• Mortgage (P&I): −$660
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$275
• Net cashflow: $294/mo
• Annual: $3,533/yr
• Cap rate: 9.10%
• Cash-on-cash: 10.02%
• DSCR: 1.45
• 1% rule: 1.04%
• Cash to close: $35,252

Investor read

• This is a 4-bed/1.0-bath single-family listed at $126k.
• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $126k).
• It's been on market 150 days — a 12% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($870 loan paydown + $8k appreciation (6.0% local appreciation)).
• Location reads 65/100 on livability (#644 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D, amenities F.
• Bureau Valley CUSD 340 (rural): math 20% / reading 31% proficiency, ranked #310 of 620 in IL (top 50%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 7 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.
• 2 sale attempts since 7y 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 $27k; list at $126k implies a 366% gain — meaningful room to come down on a strong offer.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.