406 E North St

Danvers, IL 61732

$99,900C

3 bd · 1.0 ba · 954 sqft · Built 1874 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,055/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $85/mo
• Annual: $1,017/yr
• Cap rate: 7.31%
• Cash-on-cash: 3.64%
• DSCR: 1.16
• 1% rule: 1.06%
• Cash to close: $27,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $85 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#429 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.
• Olympia CUSD 16 (rural): math 29% / reading 30% proficiency, ranked #237 of 620 in IL (top 38%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Olympia South Elem Sch (math 22% / reading 37%, grade F, #658 of 2,056 statewide, top 35%, 327 students, 0% FRL); Olympia Middle School (math 26% / reading 26%, grade F, #318 of 665 statewide, top 48%, 386 students, 0% FRL); Olympia High School (math 32% / reading 32%, grade F, #157 of 693 statewide, top 25%, 503 students, 0% FRL) — zoned schools average 0% FRL vs 30% district-wide (30 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1874 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 247 units permitted in McLean County in 2024 (54 in 5+ unit buildings).

Questions for listing agent

• Built in 1874 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.