409 Main St

Crescent City, IL 60928

$94,900B

3 bd · 1.5 ba · 1,364 sqft · Built 1960 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,100/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $227/mo
• Annual: $2,729/yr
• Cap rate: 9.17%
• Cash-on-cash: 10.27%
• DSCR: 1.46
• 1% rule: 1.16%
• Cash to close: $26,572

Investor read

• This is a 3-bed/1.5-bath single-family listed at $95k.
• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 30 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($656 loan paydown + $2k appreciation (1.9% local appreciation)).
• Location reads 62/100 on livability (#822 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D+, amenities F.
• Crescent Iroquois CUSD 249 (rural): math 30% / reading 50% proficiency, ranked #305 of 919 in IL (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 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 10y 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 $29k; list at $95k implies a 227% gain — meaningful room to come down on a strong offer.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1960 — 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.
• 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.