30 N Walnut St

Manteno, IL 60950

$179,000D

2 bd · 1.5 ba · 1,214 sqft · Built 1920 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,628/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$392
• HOA: −$0
• Vac / Maint / Mgmt: −$342
• Net cashflow: $-45/mo
• Annual: $-535/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.07%
• DSCR: 0.95
• 1% rule: 0.91%
• Cash to close: $50,120

Investor read

• This is a 2-bed/1.5-bath single-family listed at $179k.
• At list price, monthly cash flow is $-45 ($-535/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (9.0% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $163k (9.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#464 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A; Watch: health & safety C-, amenities F, commute F.
• Manteno CUSD 5 (suburban): math 27% / reading 35% proficiency, ranked #224 of 620 in IL (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Manteno Elem School (math 29% / reading 31%, grade F, #648 of 2,056 statewide, top 32%, 696 students, 0% FRL); Manteno Middle School (math 26% / reading 40%, grade F, #217 of 665 statewide, top 33%, 553 students, 0% FRL); Manteno High School (math 27% / reading 22%, grade F, #256 of 693 statewide, top 44%, 637 students, 0% FRL) — zoned schools average 0% FRL vs 28% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 145 units permitted in Kankakee County in 2024 (5 in 5+ unit buildings).
• Kankakee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 6.0% vs local median 2.3% in Manteno — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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?
• Built in 1920 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.