307 Casey St

Woodlawn, IL 62898

$58,500A-

2 bd · 1.0 ba · 720 sqft · Built 1940 · SingleFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $838/mo
• Mortgage (P&I): −$307
• Tax + insurance: −$98
• HOA: −$0
• Vac / Maint / Mgmt: −$176
• Net cashflow: $258/mo
• Annual: $3,098/yr
• Cap rate: 11.59%
• Cash-on-cash: 18.91%
• DSCR: 1.84
• 1% rule: 1.43%
• Cash to close: $16,380

Investor read

• This is a 2-bed/1.0-bath single-family listed at $58k. Condition is rated good.
• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($838 rent vs $58k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $6k of equity ($404 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#803 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Zoned schools: Woodlawn High School (math 15% / reading 24%, grade F, #379 of 693 statewide, top 57%, 176 students, 0% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 6 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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 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.