601 E Harrison St

Saybrook, IL 61770

$74,500B

4 bd · 1.5 ba · 1,262 sqft · Built 1894 · Other · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,100/mo
• Mortgage (P&I): −$391
• Tax + insurance: −$124
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $354/mo
• Annual: $4,250/yr
• Cap rate: 12.00%
• Cash-on-cash: 20.37%
• DSCR: 1.91
• 1% rule: 1.48%
• Cash to close: $20,860

Investor read

• This is a 4-bed/1.5-bath other listed at $74k.
• At list price, monthly cash flow is $354 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• It's been on market 44 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (3.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($515 loan paydown + $4k appreciation (4.7% local appreciation)).
• Location reads 58/100 on livability (#1,139 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D, amenities F.
• Ridgeview CUSD 19 (rural): math 13% / reading 13% proficiency, ranked #519 of 620 in IL (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ridgeview Elementary School (math 12% / reading 17%, grade F, #1,278 of 2,056 statewide, top 65%, 236 students, 0% FRL); Ridgeview Jr High School (math 12% / reading 12%, grade F, #562 of 665 statewide, top 86%, 133 students, 0% FRL); Ridgeview High School (math 24% / reading 15%, grade F, #379 of 693 statewide, top 57%, 163 students, 0% FRL) — zoned schools average 0% FRL vs 37% district-wide (37 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 247 units permitted in McLean County in 2024 (54 in 5+ unit buildings).
• Current owner paid $6k; list at $74k implies a 1255% gain — meaningful room to come down on a strong offer.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1894 — 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 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?
• 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.