602 S Park Ave

La Moille, IL 61330

$104,900C-

3 bd · 2.0 ba · 1,150 sqft · Built 1947 · SingleFamily · Pending · 139 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $999/mo
• Mortgage (P&I): −$550
• Tax + insurance: −$267
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $-28/mo
• Annual: $-339/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.15%
• DSCR: 0.95
• 1% rule: 0.95%
• Cash to close: $29,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $-28 ($-339/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (4.8% below list).
• It's been on market 139 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($725 loan paydown + $3k appreciation (2.5% local appreciation)).
• Location reads 63/100 on livability (#737 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety C-, crime D, amenities F.
• La Moille CUSD 303 (rural): math 15% / reading 10% proficiency, ranked #788 of 919 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Allen School School (math 8% / reading 2%, grade F, #1,741 of 2,056 statewide, top 93%, 94 students, 0% FRL); Allen School School (math 8% / reading 2%, grade F, #1,741 of 2,056 statewide, top 93%, 94 students, 0% FRL); La Moille Jr/Sr High School (math 10% / reading 30%, grade F, #357 of 693 statewide, top 54%, 83 students, 0% FRL) — zoned schools average 0% FRL vs 34% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 2.6% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 17 units permitted in Bureau County in 2024 (0 in 5+ unit buildings).
• Bureau County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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?