6011 Grigsby Ln

Athens, IL 62677

$41,500B-

2 bd · 1.0 ba · 910 sqft · Built 1976 · Other · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $927/mo
• Mortgage (P&I): −$218
• Tax + insurance: −$65
• HOA: −$0
• Vac / Maint / Mgmt: −$195
• Net cashflow: $449/mo
• Annual: $5,392/yr
• Cap rate: 19.29%
• Cash-on-cash: 46.41%
• DSCR: 3.06
• 1% rule: 2.23%
• Cash to close: $11,620

Investor read

• This is a 2-bed/1.0-bath other listed at $42k.
• At list price, monthly cash flow is $449 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($927 rent vs $42k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $287 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#267 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: schools D+, amenities F, commute F.
• Pleasant Plains CUSD 8 (rural): math 29% / reading 29% proficiency, ranked #216 of 620 in IL (top 35%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 10 active listings in the ZIP; 225 units permitted in Sangamon County in 2024 (48 in 5+ unit buildings).
• Sangamon County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1976 — 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.
• Schools are D-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.