465 Main St

Vergennes, IL 62994

$100,000B

3 bd · 2.0 ba · 1,660 sqft · Built 2005 · SingleFamily · Under Contract · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,257/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$264
• Net cashflow: $302/mo
• Annual: $3,623/yr
• Cap rate: 9.92%
• Cash-on-cash: 12.94%
• DSCR: 1.58
• 1% rule: 1.26%
• Cash to close: $28,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $100k. Condition is rated good.
• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 69 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($691 loan paydown + $4k appreciation (3.7% local appreciation)).
• Location reads 59/100 on livability (#1,078 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• Elverado CUSD 196 (rural): math 25% / reading 45% proficiency, ranked #418 of 919 in IL (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elverado High School (math 10% / reading 10%, grade F, #528 of 693 statewide, top 82%, 112 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 10% at this address vs 35% district-wide (-25 pts) — the specific schools serving this property underperform the Elverado CUSD 196 average; the district grade overstates school quality for this exact location.
• Market conditions: 2 active listings in the ZIP; 5 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• At projected returns (3.7% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: 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 69 days. Have you received any prior offers? Is the seller open to a 6% 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?
• Crime grade is D 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.

Repairs flagged (vision-AI assessment)

• Minor: paint — paint appears faded and could be refreshed
• Minor: flooring — carpeted floors could be replaced with hardwood or tile
• Minor: exterior siding — some discoloration could be cleaned