256A N IL Route 146 Hwy

Elizabethtown, IL 62931

$89,000C+

1 bd · 1.0 ba · 869 sqft · Built 1950 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $840/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$176
• Net cashflow: $124/mo
• Annual: $1,482/yr
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• 1% rule: 0.94%
• Cash to close: $24,920

Investor read

• This is a 1-bed/1.0-bath single-family listed at $89k.
• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $84k (5.6% below list).
• It's been on market 42 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (5.6% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($615 loan paydown + $6k appreciation (6.2% local appreciation)).
• Location reads 56/100 on livability (#1,225 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Hardin County CUSD 1 (rural): math 7% / reading 17% proficiency, ranked #564 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hardin County High School (math 5% / reading 24%, grade F, #473 of 693 statewide, top 69%, 161 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP.
• Hardin County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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 F 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.