210 N Grant St

Martinsville, IL 62442

$34,900B

3 bd · 1.0 ba · 1,363 sqft · Built 1940 · SingleFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,165/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$55
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $683/mo
• Annual: $8,193/yr
• Cap rate: 29.77%
• Cash-on-cash: 83.84%
• DSCR: 4.73
• 1% rule: 3.34%
• Cash to close: $9,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $35k.
• At list price, monthly cash flow is $683 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 46 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($241 loan paydown + $1k appreciation (3.1% local appreciation)).
• Location reads 61/100 on livability (#944 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment F.
• Martinsville CUSD 3C (rural): math 15% / reading 15% proficiency, ranked #778 of 919 in IL (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Martinsville Elem School (math 17% / reading 22%, grade F, #1,054 of 2,056 statewide, top 54%, 230 students, 0% FRL); Martinsville Jr- Sr High School (math 12% / reading 22%, grade F, #430 of 693 statewide, top 66%, 148 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 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: 10 active listings in the ZIP; 1 units permitted in Clark County in 2024 (0 in 5+ unit buildings).
• Clark County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $25k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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.