505 S Washington St

Manito, IL 61546

$52,500B-

2 bd · 1.0 ba · 644 sqft · Built — · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $809/mo
• Mortgage (P&I): −$275
• Tax + insurance: −$88
• HOA: −$0
• Vac / Maint / Mgmt: −$170
• Net cashflow: $276/mo
• Annual: $3,312/yr
• Cap rate: 12.60%
• Cash-on-cash: 22.53%
• DSCR: 2.00
• 1% rule: 1.54%
• Cash to close: $14,700

Investor read

• This is a 2-bed/1.0-bath single-family listed at $52k. Condition is rated fair.
• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($809 rent vs $52k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $363 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#711 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, health & safety F.
• Midwest Central CUSD 191 (rural): math 19% / reading 23% proficiency, ranked #398 of 620 in IL (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Midwest Central High School (math 8% / reading 12%, grade F, #567 of 693 statewide, top 83%, 252 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 9 active listings in the ZIP; 7 units permitted in Mason County in 2024 (0 in 5+ unit buildings).
• Mason County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and discoloration suggest significant damage.
• Major: exterior siding — Peeling paint and faded appearance indicate extensive damage.
• Major: landscaping — Overgrown and untended appearance suggests neglect and requires significant work to improve curb appeal.
• Major: interior walls/paint — No photos of interior walls or paint, but exterior condition suggests poor condition.
• Major: systems — No photos of systems, but overall condition suggests they may be outdated or in need of repair.