401 N Main St

Saybrook, IL 61770

$49,900B

4 bd · 2.0 ba · 920 sqft · Built 1889 · Other · Active · 282 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,100/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$210
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $398/mo
• Annual: $4,771/yr
• Cap rate: 15.85%
• Cash-on-cash: 34.15%
• DSCR: 2.52
• 1% rule: 2.20%
• Cash to close: $13,972

Investor read

• This is a 4-bed/2.0-bath other listed at $50k.
• At list price, monthly cash flow is $398 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 282 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($345 loan paydown + $2k appreciation (4.7% local appreciation)).
• Location reads 58/100 on livability (#1,139 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D, schools F.
• Ridgeview CUSD 19 (rural): math 13% / reading 13% proficiency, ranked #519 of 620 in IL (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 4.5% of price; built in 1889 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 247 units permitted in McLean County in 2024 (54 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $7k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 282 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1889 — 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?
• 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.