3 Riviera Dr Unit RIVI3

Belleville, IL 62221

$22,200D+

2 bd · 1.0 ba · 924 sqft · Built 2026 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,156/mo
• Mortgage (P&I): −$116
• Tax + insurance: −$37
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $760/mo
• Annual: $9,117/yr
• Cap rate: 47.36%
• Cash-on-cash: 146.67%
• DSCR: 7.53
• 1% rule: 5.21%
• Cash to close: $6,216

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $22k.
• At list price, monthly cash flow is $760 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $153 of loan paydown is wiped out by about $666 of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#142 in IL, #2,604 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, amenities D-.
• Belleville Twp Hsd 201 (suburban): math 21% / reading 28% proficiency, ranked #308 of 620 in IL (top 50%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Whiteside Elem School (math 18% / reading 18%, grade F, #1,126 of 2,056 statewide, top 55%, 670 students, 0% FRL); Whiteside Middle School (math 10% / reading 22%, grade F, #488 of 665 statewide, top 74%, 496 students, 0% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 160 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 783 units permitted in St. Clair County in 2024 (378 in 5+ unit buildings).
• St. Clair County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 47.4% vs local median 5.6% in Belleville — 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.
• This rent is only 17% of the median local income ($82k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• 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.