314 1/2 E Seminary Ave

Onarga, IL 60955

$49,900B

3 bd · 2.0 ba · 1,326 sqft · Built 1992 · SingleFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,096/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $521/mo
• Annual: $6,252/yr
• Cap rate: 18.82%
• Cash-on-cash: 44.75%
• DSCR: 2.99
• 1% rule: 2.20%
• Cash to close: $13,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $50k. Condition is rated poor.
• At list price, monthly cash flow is $521 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 48 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• In year one you build about $26 of equity ($345 loan paydown + $-319 appreciation (-0.6% local appreciation)).
• Location reads 64/100 on livability (#721 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: amenities F, commute F, employment D-.
• Iroquois West CUSD 10 (town): math 29% / reading 30% proficiency, ranked #255 of 620 in IL (top 41%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Iroquois West Elem School/Gilman (math 62% / reading 62%, grade B, #53 of 2,056 statewide, top 3%, 154 students, 0% FRL); Iroquois West Middle School (math 27% / reading 22%, grade F, #332 of 665 statewide, top 55%, 197 students, 0% FRL); Iroquois West High School (math 12% / reading 22%, grade F, #430 of 693 statewide, top 66%, 313 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 5 active listings in the ZIP; 14 units permitted in Iroquois County in 2024 (0 in 5+ unit buildings).
• Iroquois County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely worn
• Major: bathroom fixtures — dated and worn
• Major: exterior siding — weathered and missing trim
• Major: flooring — worn carpet
• Major: interior walls — peeling paint
• Major: appliances — outdated and worn