209 N Springer St

Carbondale, IL 62901

$166,900B-

6 bd · 6.0 ba · 3,288 sqft · Built 1900 · MultiFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,327/mo
• Mortgage (P&I): −$875
• Tax + insurance: −$278
• HOA: −$0
• Vac / Maint / Mgmt: −$909
• Net cashflow: $2,265/mo
• Annual: $27,179/yr
• Cap rate: 22.58%
• Cash-on-cash: 58.16%
• DSCR: 3.59
• 1% rule: 2.59%
• Cash to close: $46,732

Investor read

• This is a 6-bed/6.0-bath multifamily listed at $167k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $167k).
• It's been on market 35 days — a 3% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (3.0% 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 70/100 on livability (#375 in IL) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: housing C-, crime F, employment F.
• Carbondale Chsd 165 (urban): math 26% / reading 35% proficiency, ranked #279 of 620 in IL (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Parrish Elem School (495 students, 0% FRL); Carbondale Middle School (math 5% / reading 14%, grade F, #597 of 665 statewide, top 91%, 446 students, 0% FRL); Carbondale Comm H S (math 26% / reading 35%, grade F, #175 of 693 statewide, top 26%, 997 students, 0% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.5%/yr); 201 active listings in the ZIP; lower-income renter base — watch delinquency; 5 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts 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.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $47k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 22.6% vs local median 4.7% in Carbondale — 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.
• At $4,327/mo this rent would consume 148% of the median local household income ($35k/yr) (locally 2038% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — Outdated and in poor condition.
• Major: Bathroom fixtures — Worn and in poor condition.
• Minor: Exterior siding — Some areas show wear, but overall in fair condition.
• Minor: Interior walls/paint — Signs of wear and tear, but not severe.
• Minor: Windows — Some may need replacement, but overall in fair condition.
• Minor: Landscaping — Overgrown areas and debris need attention.