221 W Garfield Ave

Cissna Park, IL 60924

$119,000C+

4 bd · 1.0 ba · 1,702 sqft · Built 1921 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,280/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$184
• HOA: −$0
• Vac / Maint / Mgmt: −$269
• Net cashflow: $203/mo
• Annual: $2,436/yr
• Cap rate: 8.34%
• Cash-on-cash: 7.31%
• DSCR: 1.33
• 1% rule: 1.08%
• Cash to close: $33,320

Investor read

• This is a 4-bed/1.0-bath single-family listed at $119k.
• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($823 loan paydown + $3k appreciation (2.7% local appreciation)).
• Location reads 62/100 on livability (#827 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D, amenities F.
• Cissna Park CUSD 6 (rural): math 25% / reading 25% proficiency, ranked #315 of 620 in IL (top 51%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 14 units permitted in Iroquois County in 2024 (0 in 5+ unit buildings).
• Iroquois County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 27y 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.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1921 — 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.
• 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?
• 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.