67 Lakeview Rd

Neoga, IL 61928

$34,000B-

2 bd · 1.0 ba · 724 sqft · Built 1969 · Manufactured · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $825/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$173
• Net cashflow: $417/mo
• Annual: $5,004/yr
• Cap rate: 21.01%
• Cash-on-cash: 52.57%
• DSCR: 3.34
• 1% rule: 2.43%
• Cash to close: $9,520

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $34k. Condition is rated fair.
• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($825 rent vs $34k).
• It's been on market 100 days — a 9% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($235 loan paydown + $1k appreciation (4.2% local appreciation)).
• Location reads 73/100 on livability (#282 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Neoga CUSD 3 (rural): math 15% / reading 23% proficiency, ranked #442 of 620 in IL (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 3 active listings in the ZIP; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — visible wear on roof structure
• Major: exterior siding — weathered siding, peeling paint
• Major: deck — damaged
• Major: windows — broken window panes
• Major: HVAC/mechanicals — no visible systems