123 W Waupansie St

Dwight, IL 60420

$130,000B-

6 bd · 2.0 ba · 2,232 sqft · Built 1908 · MultiFamily · Active · 255 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,000/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$351
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $547/mo
• Annual: $6,562/yr
• Cap rate: 11.34%
• Cash-on-cash: 18.03%
• DSCR: 1.80
• 1% rule: 1.54%
• Cash to close: $36,400

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $130k.
• At list price, monthly cash flow is $547 ($7k/yr) — positive. Per door: $273/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 255 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#304 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F.
• Dwight Twp Hsd 230 (town): math 40% / reading 40% proficiency, ranked #301 of 919 in IL (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dwight High School (math 24% / reading 15%, grade F, #379 of 693 statewide, top 57%, 215 students, 0% FRL).
• Zoned-school proficiency averages 20% at this address vs 40% district-wide (-20 pts) — the specific schools serving this property underperform the Dwight Twp Hsd 230 average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 2.7% of price; built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 29 active listings in the ZIP; 35 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts since 20y ago; this cycle's ask has dropped $30k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 255 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 1908 — 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 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?