337 Laharpe St

LaSalle, IL 61301

$98,500D-

2 bd · 1.0 ba · 984 sqft · Built 1960 · SingleFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,089/mo
• Mortgage (P&I): −$517
• Tax + insurance: −$305
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $38/mo
• Annual: $459/yr
• Cap rate: 6.76%
• Cash-on-cash: 1.66%
• DSCR: 1.07
• 1% rule: 1.11%
• Cash to close: $27,580

Investor read

• This is a 2-bed/1.0-bath single-family listed at $98k.
• At list price, monthly cash flow is $38 ($459/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• It's been on market 21 days — a 2% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $681 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#718 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• La Salle-Peru Twp Hsd 120 (town): math 15% / reading 26% proficiency, ranked #427 of 620 in IL (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Northwest Elem School (math 4% / reading 18%, grade F, #1,460 of 2,056 statewide, top 72%, 634 students, 0% FRL); Lincoln Jr High School (math 4% / reading 11%, grade F, #612 of 665 statewide, top 93%, 258 students, 0% FRL); La Salle-Peru Twp High School (math 15% / reading 26%, grade F, #350 of 693 statewide, top 51%, 1,198 students, 0% FRL).
• Watch-outs: property tax is 3.2% of price.
• Market conditions: 69 active listings in the ZIP; 82 units permitted in LaSalle County in 2024 (0 in 5+ unit buildings).
• LaSalle County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $40k; list at $98k implies a 146% gain — meaningful room to come down on a strong offer.
• Cap rate 6.8% vs local median 5.6% in LaSalle — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• Built in 1960 — 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.