1116 Candlewood Rd

Elgin, IL 60123

$156,900B-

2 bd · 2.0 ba · 1,198 sqft · Built 2025 · Manufactured · Active · 331 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,038/mo
• Mortgage (P&I): −$823
• Tax + insurance: −$262
• HOA: −$0
• Vac / Maint / Mgmt: −$428
• Net cashflow: $526/mo
• Annual: $6,306/yr
• Cap rate: 10.31%
• Cash-on-cash: 14.35%
• DSCR: 1.64
• 1% rule: 1.30%
• Cash to close: $43,932

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $157k. Condition is rated excellent.
• At list price, monthly cash flow is $526 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $157k).
• It's been on market 331 days — a 12% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#47 in IL, #975 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: health & safety C-.
• SD U-46 (suburban): math 19% / reading 20% proficiency, ranked #386 of 620 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Century Oaks Elem School (math 12% / reading 12%, grade F, #1,403 of 2,056 statewide, top 71%, 543 students, 0% FRL); Kimball Middle School (math 5% / reading 15%, grade F, #583 of 665 statewide, top 89%, 527 students, 0% FRL); Larkin High School (math 10% / reading 13%, grade F, #520 of 693 statewide, top 75%, 2,264 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.
• Market conditions: Rents rising (+3.7%/yr); 89 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,944 units permitted in Kane County in 2024 (357 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $44k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.3% vs local median 3.4% in Elgin — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 331 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.