530 Reynolds Dr #70

Charleston, IL 61920

$14,000D

2 bd · 1.0 ba · 980 sqft · Built 2023 · Manufactured · Active · 378 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $725/mo
• Mortgage (P&I): −$73
• Tax + insurance: −$23
• HOA: −$0
• Vac / Maint / Mgmt: −$152
• Net cashflow: $476/mo
• Annual: $5,709/yr
• Cap rate: 47.07%
• Cash-on-cash: 145.63%
• DSCR: 7.48
• 1% rule: 5.18%
• Cash to close: $3,920

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $14k. Condition is rated poor.
• At list price, monthly cash flow is $476 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($725 rent vs $14k).
• It's been on market 378 days — a 12% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $12k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $97 of loan paydown is wiped out by about $420 of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#293 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities C-, schools F.
• Charleston CUSD 1 (town): math 14% / reading 21% proficiency, ranked #489 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 125 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $19k (58%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 47.1% vs local median 4.0% in Charleston — 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.
• This rent is only 17% of the median local income ($52k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 378 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: roof — No visible damage, but age is unknown
• Major: landscaping — Overgrown lawn, unkempt appearance