410 Wilshire Dr

Washington, IL 61571

$194,900B-

3 bd · 1.5 ba · 1,444 sqft · Built 1957 · SingleFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,488/mo
• Mortgage (P&I): −$1,022
• Tax + insurance: −$384
• HOA: −$0
• Vac / Maint / Mgmt: −$523
• Net cashflow: $560/mo
• Annual: $6,715/yr
• Cap rate: 9.74%
• Cash-on-cash: 12.31%
• DSCR: 1.55
• 1% rule: 1.28%
• Cash to close: $54,572

Investor read

• This is a 3-bed/1.5-bath single-family listed at $195k.
• At list price, monthly cash flow is $560 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• It's been on market 20 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#272 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Washington Chsd 308 (suburban): math 42% / reading 42% proficiency, ranked #112 of 620 in IL (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Washington Comm High School (math 42% / reading 42%, grade F, #76 of 693 statewide, top 12%, 1,484 students, 0% FRL).
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 132 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 77 units permitted in Tazewell County in 2024 (0 in 5+ unit buildings).
• Tazewell County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $128k; list at $195k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.7% vs local median 3.3% in Washington — 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

• Built in 1957 — 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.
• 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.