523 N 6th

Quincy, IL 62301

$31,000D+

7 bd · 3.0 ba · 3,182 sqft · Built 1872 · SingleFamily · Active · 551 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,552/mo
• Mortgage (P&I): −$163
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$326
• Net cashflow: $953/mo
• Annual: $11,438/yr
• Cap rate: 43.19%
• Cash-on-cash: 131.77%
• DSCR: 6.86
• 1% rule: 5.01%
• Cash to close: $8,680

Investor read

• This is a 7-bed/3.0-bath single-family listed at $31k.
• At list price, monthly cash flow is $953 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $31k).
• It's been on market 551 days — a 12% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $214 of loan paydown is wiped out by about $930 of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#506 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D, employment D.
• Quincy SD 172 (town): math 24% / reading 27% proficiency, ranked #328 of 620 in IL (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 3.8% of price; built in 1872 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.8%/yr); 180 active listings in the ZIP; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 18y ago; this cycle's ask has dropped $29k (48%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 43.2% vs local median 4.3% in Quincy — 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.
• This rent runs 36% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 551 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1872 — 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?