10 N 3rd St

Chatsworth, IL 60921

$19,000B+

2 bd · 1.0 ba · 902 sqft · Built 1890 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $752/mo
• Mortgage (P&I): −$100
• Tax + insurance: −$32
• HOA: −$0
• Vac / Maint / Mgmt: −$158
• Net cashflow: $463/mo
• Annual: $5,552/yr
• Cap rate: 35.51%
• Cash-on-cash: 104.35%
• DSCR: 5.64
• 1% rule: 3.96%
• Cash to close: $5,320

Investor read

• This is a 2-bed/1.0-bath single-family listed at $19k.
• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($752 rent vs $19k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($131 loan paydown + $2k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#784 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Prairie Central CUSD 8 (rural): math 32% / reading 32% proficiency, ranked #223 of 620 in IL (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Prairie Central Jr High School (math 33% / reading 35%, grade F, #209 of 665 statewide, top 32%, 228 students, 0% FRL); Prairie Central High School (math 22% / reading 22%, grade F, #319 of 693 statewide, top 50%, 516 students, 0% FRL) — zoned schools average 0% FRL vs 36% district-wide (36 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 35 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $8k; list at $19k implies a 153% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1890 — 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.