1805 Creekview Dr

O'Fallon, IL 62269

$95,000B

2 bd · 2.0 ba · 1,056 sqft · Built 1994 · Manufactured · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,641/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$190
• HOA: −$0
• Vac / Maint / Mgmt: −$345
• Net cashflow: $608/mo
• Annual: $7,295/yr
• Cap rate: 14.81%
• Cash-on-cash: 30.42%
• DSCR: 2.35
• 1% rule: 1.73%
• Cash to close: $26,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $608 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• O Fallon Twp Hsd 203 (suburban): math 32% / reading 40% proficiency, ranked #145 of 620 in IL (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+6.6%/yr); 199 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 783 units permitted in St. Clair County in 2024 (378 in 5+ unit buildings).
• St. Clair County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 4y 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 $40k; list at $95k implies a 138% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.8% vs local median 2.8% in O'Fallon — 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's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.