124 W Central St

Atwood, IL 61913

$40,000B

2 bd · 1.0 ba · 1,504 sqft · Built 1900 · Other · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,076/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$155
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $485/mo
• Annual: $5,816/yr
• Cap rate: 20.83%
• Cash-on-cash: 51.93%
• DSCR: 3.31
• 1% rule: 2.69%
• Cash to close: $11,200

Investor read

• This is a 2-bed/1.0-bath other listed at $40k.
• At list price, monthly cash flow is $485 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $337 of equity ($277 loan paydown + $60 appreciation (0.1% local appreciation)).
• Location reads 62/100 on livability (#885 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Arthur CUSD 305 (rural): math 24% / reading 36% proficiency, ranked #252 of 620 in IL (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Atwood-Hammond Grade School (math 17% / reading 37%, grade F, #749 of 2,056 statewide, top 40%, 236 students, 0% FRL) — zoned schools average 0% FRL vs 35% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 4.2% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 34 units permitted in Piatt County in 2024 (0 in 5+ unit buildings).
• Piatt County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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 (0.1% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.