7550 E Mathews Bay Rd

Bath, IL 62617

$69,900C+

2 bd · 1.0 ba · 878 sqft · Built — · SingleFamily · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $852/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $190/mo
• Annual: $2,285/yr
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• 1% rule: 1.22%
• Cash to close: $19,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k. Condition is rated fair.
• At list price, monthly cash flow is $190 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($852 rent vs $70k).
• It's been on market 61 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($483 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 58/100 on livability (#1,134 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, schools F, crime D-.
• Havana CUSD 126 (town): math 17% / reading 22% proficiency, ranked #448 of 620 in IL (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 3 active listings in the ZIP; 7 units permitted in Mason County in 2024 (0 in 5+ unit buildings).
• Mason County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Metal roof — Signs of significant weathering
• Major: Siding — Worn and peeling
• Major: Carpeted floors — Worn and in need of replacement
• Major: Painted walls — Worn and in need of repainting
• Major: Bathroom — Dated and in need of updates
• Major: Kitchen cabinets — Dated and in need of replacement