945-947 South St

Woodstock, IL 60098

$269,000C

4 bd · 2.0 ba · — sqft · Built 1880 · MultiFamily · Active · 394 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,005/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$448
• HOA: −$0
• Vac / Maint / Mgmt: −$631
• Net cashflow: $515/mo
• Annual: $6,179/yr
• Cap rate: 8.59%
• Cash-on-cash: 8.20%
• DSCR: 1.37
• 1% rule: 1.12%
• Cash to close: $75,320

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $269k. Condition is rated fair.
• At list price, monthly cash flow is $515 ($6k/yr) — positive. Per door: $257/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• It's been on market 394 days — a 12% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $237k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#66 in IL, #1,114 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+.
• Woodstock CUSD 200 (town): math 24% / reading 38% proficiency, ranked #220 of 620 in IL (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Verda Dierzen Early Learning Ctr (701 students, 0% FRL); Creekside Middle School (math 29% / reading 47%, grade F, #159 of 665 statewide, top 25%, 728 students, 0% FRL); Woodstock High School (math 28% / reading 40%, grade F, #147 of 693 statewide, top 22%, 1,021 students, 0% FRL) — zoned schools average 0% FRL vs 36% district-wide (36 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 137 active listings in the ZIP; solid renter incomes; 1,595 units permitted in McHenry County in 2024 (485 in 5+ unit buildings).
• McHenry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 8.6% vs local median 2.6% in Woodstock — 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 runs 40% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 394 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — 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?

Repairs flagged (vision-AI assessment)

• Moderate: siding — Weathered and discolored
• Minor: landscaping — Overgrown grass