2404 Windward Blvd #201

Champaign, IL 61821

$183,900D

2 bd · 2.0 ba · 1,200 sqft · Built 2001 · Condo · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,756/mo
• Mortgage (P&I): −$964
• Tax + insurance: −$306
• HOA: −$250
• Vac / Maint / Mgmt: −$369
• Net cashflow: $-134/mo
• Annual: $-1,608/yr
• Cap rate: 5.42%
• Cash-on-cash: -3.12%
• DSCR: 0.86
• 1% rule: 0.95%
• Cash to close: $51,492

Investor read

• This is a 2-bed/2.0-bath condo listed at $184k. Condition is rated good.
• At list price, monthly cash flow is $-134 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (4.5% below list).
• It's been on market 103 days — a 9% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (10.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#44 in IL, #902 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Champaign CUSD 4 (urban): math 24% / reading 26% proficiency, ranked #333 of 620 in IL (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: International Prep Academy (math 12% / reading 8%, grade F, #1,517 of 2,056 statewide, top 78%, 568 students, 0% FRL); Jefferson Middle School (math 9% / reading 18%, grade F, #535 of 665 statewide, top 81%, 738 students, 0% FRL); Central High School (math 32% / reading 38%, grade F, #125 of 693 statewide, top 18%, 1,597 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+9.3%/yr); 92 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 573 units permitted in Champaign County in 2024 (359 in 5+ unit buildings).
• Champaign County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 5.4% vs local median 3.8% in Champaign — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• Crime grade is F 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?