301 N Logan St

New Holland, IL 62671

$62,000B+

2 bd · 1.0 ba · 869 sqft · Built 1930 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $857/mo
• Mortgage (P&I): −$325
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$180
• Net cashflow: $257/mo
• Annual: $3,087/yr
• Cap rate: 11.27%
• Cash-on-cash: 17.78%
• DSCR: 1.79
• 1% rule: 1.38%
• Cash to close: $17,360

Investor read

• This is a 2-bed/1.0-bath single-family listed at $62k.
• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($857 rent vs $62k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($429 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 63/100 on livability (#767 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: crime D, schools D-, amenities F.
• New Holland-Middletown Ed 88 (rural): math 15% / reading 25% proficiency, ranked #684 of 919 in IL (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 10 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 14y ago 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.
• Current owner paid $50k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1930 — 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 D-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?
• 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.