124 N Whistler Ave Unit B8

Freeport, IL 61032

$75,900D

2 bd · 1.0 ba · 890 sqft · Built 1974 · Condo · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,015/mo
• Mortgage (P&I): −$398
• Tax + insurance: −$126
• HOA: −$255
• Vac / Maint / Mgmt: −$213
• Net cashflow: $23/mo
• Annual: $272/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.28%
• DSCR: 1.06
• 1% rule: 1.34%
• Cash to close: $21,252

Investor read

• This is a 2-bed/1.0-bath condo listed at $76k. Condition is rated good.
• At list price, monthly cash flow is $23 ($272/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $76k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $525 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Empire Elem School (math 12% / reading 12%, grade F, #1,403 of 2,056 statewide, top 71%, 325 students, 0% FRL); Carl Sandburg Middle Sch (math 10% / reading 10%, grade F, #583 of 665 statewide, top 89%, 397 students, 0% FRL); Freeport High School (math 11% / reading 18%, grade F, #479 of 693 statewide, top 71%, 1,080 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 25% of rent.
• Market conditions: 206 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 88% of comp listings sitting > 30 days — soft ceiling on asking rent; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).
• Stephenson County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 2y 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.

Questions for listing agent

• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• 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.
• 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.