1020-1022 S Allen Ave

Bellevue, IL 61605

$185,000C-

4 bd · 2.0 ba · 1,904 sqft · Built 1957 · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,039/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$379
• HOA: −$0
• Vac / Maint / Mgmt: −$428
• Net cashflow: $261/mo
• Annual: $3,135/yr
• Cap rate: 7.99%
• Cash-on-cash: 6.05%
• DSCR: 1.27
• 1% rule: 1.10%
• Cash to close: $51,800

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $185k.
• At list price, monthly cash flow is $261 ($3k/yr) — positive. Per door: $131/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($1k loan paydown + $1k appreciation (0.6% local appreciation)).
• Location reads 65/100 on livability (#601 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Limestone Chsd 310 (rural): math 25% / reading 35% proficiency, ranked #486 of 919 in IL (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Limestone Community High School (math 17% / reading 22%, grade F, #397 of 693 statewide, top 61%, 924 students, 0% FRL).
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 21y 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 $136k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~7 years — after that, you're playing with house money.
• At $2,039/mo this rent would consume 93% of the median local household income ($26k/yr) (locally 1385% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1957 — 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.