1378 Skelcher Blvd

Makanda, IL 62958

$112,500C

3 bd · 2.0 ba · 1,680 sqft · Built 1968 · Other · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,199/mo
• Mortgage (P&I): −$590
• Tax + insurance: −$306
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $51/mo
• Annual: $613/yr
• Cap rate: 6.84%
• Cash-on-cash: 1.95%
• DSCR: 1.09
• 1% rule: 1.07%
• Cash to close: $31,500

Investor read

• This is a 3-bed/2.0-bath other listed at $112k.
• At list price, monthly cash flow is $51 ($613/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $112k).
• It's been on market 146 days — a 12% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($778 loan paydown + $5k appreciation (4.3% local appreciation)).
• Location reads 63/100 on livability (#757 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: schools C-, amenities F, commute 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.
• Watch-outs: property tax is 2.8% of price.
• Market conditions: 33 active listings in the ZIP; 130 units permitted in Williamson County in 2024 (5 in 5+ unit buildings).
• 5 sale attempts since 3y ago; this cycle's ask is 9275% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $40k; list at $112k implies a 181% gain — meaningful room to come down on a strong offer.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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.
• 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.