107 N Market St

Jonesboro, IL 62952

$34,000B

3 bd · 2.0 ba · 2,776 sqft · Built 1891 · Other · Active · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,278/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $759/mo
• Annual: $9,103/yr
• Cap rate: 33.07%
• Cash-on-cash: 95.62%
• DSCR: 5.25
• 1% rule: 3.76%
• Cash to close: $9,520

Investor read

• This is a 3-bed/2.0-bath other listed at $34k.
• At list price, monthly cash flow is $759 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).
• It's been on market 150 days — a 12% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (12.0% below list) — sets the bar for market timing.
• In year one you build about $330 of equity ($235 loan paydown + $95 appreciation (0.3% local appreciation)).
• Location reads 64/100 on livability (#699 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• County Of Union School District No43 (town): math 36% / reading 55% proficiency, ranked #246 of 919 in IL (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jonesboro Elem School (reading 24%, 341 students, 0% FRL) — zoned schools average 0% FRL vs 50% district-wide (50 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 10 units permitted in Union County in 2024 (0 in 5+ unit buildings).
• Union County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts; this cycle's ask has dropped $11k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.3% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.