223 N Broadway St #215

Central City, IL 62801

$365,400B-

18 bd · 6.0 ba · 6,530 sqft · Built 1967 · MultiFamily · Active · 177 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,321/mo
• Mortgage (P&I): −$1,916
• Tax + insurance: −$609
• HOA: −$0
• Vac / Maint / Mgmt: −$1,537
• Net cashflow: $3,258/mo
• Annual: $39,101/yr
• Cap rate: 16.99%
• Cash-on-cash: 38.22%
• DSCR: 2.70
• 1% rule: 2.00%
• Cash to close: $102,312

Investor read

• This is a 6 × 3-bed/1.0-bath units multifamily listed at $365k.
• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $543/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $365k).
• It's been on market 177 days — a 12% lower offer ($322k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $322k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#742 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A-; Watch: amenities F, commute F, employment F.
• Centralia Hsd 200 (town): math 21% / reading 26% proficiency, ranked #668 of 919 in IL (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Central City Elem School (math 16% / reading 27%, grade F, #1,017 of 2,056 statewide, top 50%, 323 students, 0% FRL); Centralia High School (math 22% / reading 17%, grade F, #397 of 693 statewide, top 61%, 863 students, 0% FRL).
• Market conditions: 107 active listings in the ZIP; 2 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $102k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 177 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.