504 N Market St

Astoria, IL 61501

$49,900B

2 bd · 1.0 ba · 1,072 sqft · Built 1920 · Other · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $958/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $378/mo
• Annual: $4,538/yr
• Cap rate: 15.39%
• Cash-on-cash: 32.48%
• DSCR: 2.45
• 1% rule: 1.92%
• Cash to close: $13,972

Investor read

• This is a 2-bed/1.0-bath other listed at $50k.
• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($958 rent vs $50k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($345 loan paydown + $1k appreciation (2.7% local appreciation)).
• Location reads 61/100 on livability (#904 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: amenities F, commute F, employment F.
• Astoria CUSD 1 (rural): math 6% / reading 30% proficiency, ranked #739 of 919 in IL (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Astoria High School (math 10% / reading 30%, grade F, #357 of 693 statewide, top 54%, 73 students, 0% FRL) — zoned schools average 0% FRL vs 45% district-wide (45 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 14 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 11y 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 (2.7% 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

• Built in 1920 — 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 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.