813 S Market St

Hoopeston, IL 60942

$79,900B

2 bd · 2.0 ba · 1,500 sqft · Built 1905 · Other · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,162/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$213
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $286/mo
• Annual: $3,430/yr
• Cap rate: 10.59%
• Cash-on-cash: 15.33%
• DSCR: 1.68
• 1% rule: 1.45%
• Cash to close: $22,372

Investor read

• This is a 2-bed/2.0-bath other listed at $80k.
• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($552 loan paydown + $2k appreciation (2.8% local appreciation)).
• Location reads 57/100 on livability (#1,152 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime D+, schools F, amenities F.
• Hoopeston Area CUSD 11 (town): math 9% / reading 15% proficiency, ranked #559 of 620 in IL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 2.7% of price; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 8 units permitted in Vermilion County in 2024 (0 in 5+ unit buildings).
• Vermilion County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 8y 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.
• Current owner paid $63k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 10.6% vs local median 7.7% in Hoopeston — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1905 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.