955 W Carter St

Fairview, IL 61432

$81,900C-

2 bd · 1.0 ba · 850 sqft · Built 1925 · Other · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $860/mo
• Mortgage (P&I): −$429
• Tax + insurance: −$181
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $69/mo
• Annual: $823/yr
• Cap rate: 7.30%
• Cash-on-cash: 3.59%
• DSCR: 1.16
• 1% rule: 1.05%
• Cash to close: $22,932

Investor read

• This is a 2-bed/1.0-bath other listed at $82k.
• At list price, monthly cash flow is $69 ($823/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($860 rent vs $82k).
• It's been on market 21 days — a 2% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($566 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#919 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Spoon River Valley CUSD 4 (rural): math 35% / reading 45% proficiency, ranked #314 of 919 in IL (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spoon River Valley Sr High Sch (math 30% / reading 30%, grade F, #179 of 693 statewide, top 27%, 73 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: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 14 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago 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.
• Current owner paid $57k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1925 — 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?
• 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.
• 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.