108 E Grant St

Avon, IL 61415

$59,900B+

3 bd · 1.0 ba · 1,016 sqft · Built 1921 · Other · Active · 582 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,011/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$212
• Net cashflow: $342/mo
• Annual: $4,109/yr
• Cap rate: 13.15%
• Cash-on-cash: 24.50%
• DSCR: 2.09
• 1% rule: 1.69%
• Cash to close: $16,772

Investor read

• This is a 3-bed/1.0-bath other listed at $60k.
• At list price, monthly cash flow is $342 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 582 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($414 loan paydown + $2k appreciation (2.6% local appreciation)).
• Location reads 56/100 on livability (#1,220 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Zoned schools: Abingdon-Avon High Sch (math 8% / reading 22%, grade F, #473 of 693 statewide, top 69%, 285 students, 0% FRL).
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 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; this cycle's ask has dropped $20k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $33k; list at $60k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 582 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1921 — 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?
• 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.