88 State

Eldred, IL 62027

$74,900B

2 bd · 2.0 ba · 1,064 sqft · Built 1940 · Other · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $977/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$60
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $319/mo
• Annual: $3,833/yr
• Cap rate: 11.41%
• Cash-on-cash: 18.28%
• DSCR: 1.81
• 1% rule: 1.30%
• Cash to close: $20,972

Investor read

• This is a 2-bed/2.0-bath other listed at $75k. Condition is rated fair.
• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($977 rent vs $75k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($518 loan paydown + $5k appreciation (7.0% local appreciation)).
• Location reads 53/100 on livability (#1,297 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities F.
• Carrollton CUSD 1 (rural): math 29% / reading 25% proficiency, ranked #288 of 620 in IL (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Carrollton High School (math 24% / reading 15%, grade F, #379 of 693 statewide, top 57%, 181 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 1 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1940 — 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 F-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.

Repairs flagged (vision-AI assessment)

• Minor: exterior siding — Some discoloration
• Major: flooring — Worn carpet
• Minor: interior walls — Some wear