803 S Cockrum St

Sesser, IL 62884-2036

$40,000B

2 bd · 1.0 ba · 980 sqft · Built 1930 · Other · Under Contract · 143 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,131/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $546/mo
• Annual: $6,554/yr
• Cap rate: 22.68%
• Cash-on-cash: 58.52%
• DSCR: 3.60
• 1% rule: 2.83%
• Cash to close: $11,200

Investor read

• This is a 2-bed/1.0-bath other listed at $40k.
• At list price, monthly cash flow is $546 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• It's been on market 143 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($277 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#722 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Sesser-Valier CUSD 196 (rural): math 21% / reading 24% proficiency, ranked #389 of 620 in IL (top 63%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Sesser-Valier Elem School (math 27% / reading 22%, grade F, #850 of 2,056 statewide, top 45%, 282 students, 0% FRL); Sesser-Valier Jr High School (math 12% / reading 22%, grade F, #460 of 665 statewide, top 72%, 135 students, 0% FRL); Sesser-Valier High School (math 24% / reading 34%, grade F, #187 of 693 statewide, top 30%, 192 students, 0% FRL) — zoned schools average 0% FRL vs 40% district-wide (40 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 3.6% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 17 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts; this cycle's ask has dropped $5k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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?
• 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.