404 Mckibben St

Rossville, IL 60963

$46,900B

4 bd · 2.5 ba · 1,657 sqft · Built 1920 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,233/mo
• Mortgage (P&I): −$246
• Tax + insurance: −$194
• HOA: −$0
• Vac / Maint / Mgmt: −$259
• Net cashflow: $534/mo
• Annual: $6,409/yr
• Cap rate: 19.96%
• Cash-on-cash: 48.81%
• DSCR: 3.17
• 1% rule: 2.63%
• Cash to close: $13,132

Investor read

• This is a 4-bed/2.5-bath single-family listed at $47k.
• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $47k).
• It's been on market 29 days — a 2% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $46k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-1.9%/yr); year-one equity from $324 of loan paydown is wiped out by about $884 of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#665 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment D+, amenities F, commute F.
• Rossville-Alvin CUSD 7 (rural): math 20% / reading 15% proficiency, ranked #731 of 919 in IL (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Rossville-Alvin Elem School (math 17% / reading 22%, grade F, #1,054 of 2,056 statewide, top 54%, 258 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 4.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 8 units permitted in Vermilion County in 2024 (0 in 5+ unit buildings).
• Vermilion County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $38k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-1.9% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.