303 W 2nd St

Assumption, IL 62510

$74,900B-

4 bd · 2.0 ba · 999 sqft · Built 1895 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $828/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$174
• Net cashflow: $111/mo
• Annual: $1,337/yr
• Cap rate: 8.08%
• Cash-on-cash: 6.37%
• DSCR: 1.28
• 1% rule: 1.10%
• Cash to close: $20,972

Investor read

• This is a 4-bed/2.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($828 rent vs $75k).
• It's been on market 41 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($518 loan paydown + $3k appreciation (4.0% local appreciation)).
• Location reads 64/100 on livability (#717 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, schools F, amenities F.
• Central A & M CUD 21 (rural): math 13% / reading 20% proficiency, ranked #477 of 620 in IL (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 26 units permitted in Christian County in 2024 (0 in 5+ unit buildings).
• Christian County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $50k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1895 — 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 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.