350 Van Buren St

Warsaw, IL 62379

$100,000B+

None bd · None ba · 2,824 sqft · Built 1890 · MultiFamily · Active · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,212/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$675
• Net cashflow: $1,846/mo
• Annual: $22,157/yr
• Cap rate: 28.45%
• Cash-on-cash: 79.13%
• DSCR: 4.52
• 1% rule: 3.21%
• Cash to close: $28,000

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $100k. Condition is rated poor.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $462/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• It's been on market 129 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($691 loan paydown + $8k appreciation (8.0% local appreciation)).
• Location reads 68/100 on livability (#459 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D, employment D.
• Warsaw CUSD 316 (rural): math 25% / reading 35% proficiency, ranked #489 of 919 in IL (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP.
• Hancock County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1890 — 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 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?

Repairs flagged (vision-AI assessment)

• Major: Kitchen flooring — Severe damage and unevenness
• Major: Bathroom flooring — Severe damage and unevenness
• Major: Exterior siding — General disrepair
• Major: Interior walls/paint — Peeling paint and general disrepair
• Major: Windows — Exposed windows and general disrepair