103 Washington St

Ste. Marie, IL 62459

$82,000C-

2 bd · 1.0 ba · 616 sqft · Built 1954 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $813/mo
• Mortgage (P&I): −$430
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$171
• Net cashflow: $76/mo
• Annual: $910/yr
• Cap rate: 7.40%
• Cash-on-cash: 3.97%
• DSCR: 1.18
• 1% rule: 0.99%
• Cash to close: $22,960

Investor read

• This is a 2-bed/1.0-bath single-family listed at $82k. Condition is rated good.
• At list price, monthly cash flow is $76 ($910/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $81k (0.8% below list).
• It's been on market 30 days — a 2% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($567 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Jasper County CUD 1 (town): math 29% / reading 30% proficiency, ranked #253 of 620 in IL (top 41%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP.
• Jasper County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1954 — 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.
• 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.