106 Henry St

Bulpitt, IL 62517

$109,900D-

2 bd · 2.0 ba · 1,104 sqft · Built 1920 · SingleFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $979/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $9/mo
• Annual: $109/yr
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• 1% rule: 0.89%
• Cash to close: $30,772

Investor read

• This is a 2-bed/2.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $9 ($109/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (10.9% below list).
• It's been on market 73 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (10.9% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($760 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 59/100 on livability (#1,060 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D-, amenities F.
• South Fork SD 14 (rural): math 10% / reading 25% proficiency, ranked #744 of 919 in IL (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: South Fork Elementary School (math 5% / reading 15%, grade F, #1,477 of 2,056 statewide, top 74%, 146 students, 0% FRL); South Fork Jr Sr High School (math 2% / reading 17%, grade F, #567 of 693 statewide, top 83%, 155 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 26 units permitted in Christian County in 2024 (0 in 5+ unit buildings).
• Christian County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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 $78k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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?
• 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.