1321 N Schneblin Ct

Bellevue, IL 61604

$118,000D

3 bd · 1.0 ba · 1,076 sqft · Built 1977 · SingleFamily · Under Contract · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,082/mo
• Mortgage (P&I): −$619
• Tax + insurance: −$287
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $-51/mo
• Annual: $-611/yr
• Cap rate: 5.77%
• Cash-on-cash: -1.85%
• DSCR: 0.92
• 1% rule: 0.92%
• Cash to close: $33,040

Investor read

• This is a 3-bed/1.0-bath single-family listed at $118k.
• At list price, monthly cash flow is $-51 ($-611/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (7.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (8.3% below list).
• It's been on market 46 days — a 3% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (8.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $816 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#601 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Limestone Chsd 310 (rural): math 25% / reading 35% proficiency, ranked #486 of 919 in IL (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Limestone Community High School (math 17% / reading 22%, grade F, #397 of 693 statewide, top 61%, 924 students, 0% FRL).
• Market conditions: Rents rising (+2.3%/yr); 180 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• Built in 1977 — 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.
• 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?
• 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.