413 W Fort St

Farmington, IL 61531

$99,000D

4 bd · 2.0 ba · 1,408 sqft · Built — · Other · Active · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,041/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$275
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $28/mo
• Annual: $336/yr
• Cap rate: 6.63%
• Cash-on-cash: 1.21%
• DSCR: 1.05
• 1% rule: 1.05%
• Cash to close: $27,720

Investor read

• This is a 4-bed/2.0-bath other listed at $99k.
• At list price, monthly cash flow is $28 ($336/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 86 days — a 6% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#835 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: amenities F, commute F, employment D-.
• Farmington Central CUSD 265 (rural): math 23% / reading 29% proficiency, ranked #293 of 620 in IL (top 47%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Farmington Central Elem Sch (math 25% / reading 23%, grade F, #922 of 2,056 statewide, top 45%, 622 students, 0% FRL); Farmington Central Jr High Sch (math 24% / reading 36%, grade F, #246 of 665 statewide, top 38%, 262 students, 0% FRL); Farmington Central High Sch (math 17% / reading 17%, grade F, #430 of 693 statewide, top 66%, 375 students, 0% FRL) — zoned schools average 0% FRL vs 32% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 2.8% of price.
• Market conditions: 13 active listings in the ZIP; 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.
• 2 sale attempts since 2y 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 $48k; list at $99k implies a 106% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• 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.