117 N Monroe St

Golconda, IL 62938

$41,500A-

2 bd · 1.0 ba · 1,572 sqft · Built 1941 · SingleFamily · Active · 181 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $956/mo
• Mortgage (P&I): −$218
• Tax + insurance: −$45
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $492/mo
• Annual: $5,909/yr
• Cap rate: 20.53%
• Cash-on-cash: 50.85%
• DSCR: 3.26
• 1% rule: 2.30%
• Cash to close: $11,620

Investor read

• This is a 2-bed/1.0-bath single-family listed at $42k.
• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($956 rent vs $42k).
• It's been on market 181 days — a 12% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($287 loan paydown + $1k appreciation (3.2% local appreciation)).
• Location reads 61/100 on livability (#920 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Pope County CUD 1 (rural): math 9% / reading 25% proficiency, ranked #492 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP.
• Pope County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 6y ago; this cycle's ask is 46% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $15k; list at $42k implies a 177% gain — meaningful room to come down on a strong offer.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→22/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 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1941 — 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 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?
• 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.