306 S Alkire St

Greenview, IL 62642

$119,900D

2 bd · 1.0 ba · 1,120 sqft · Built 1920 · Other · Coming Soon · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $991/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$181
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $-27/mo
• Annual: $-325/yr
• Cap rate: 6.02%
• Cash-on-cash: -0.97%
• DSCR: 0.96
• 1% rule: 0.83%
• Cash to close: $33,572

Investor read

• This is a 2-bed/1.0-bath other listed at $120k.
• At list price, monthly cash flow is $-27 ($-325/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (4.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (17.4% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $99k (17.4% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($829 loan paydown + $6k appreciation (4.7% local appreciation)).
• Location reads 59/100 on livability (#1,071 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: employment D+, crime D-, amenities F.
• Greenview CUSD 200 (rural): math 15% / reading 10% proficiency, ranked #790 of 919 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Greenview Elementary School (math 44% / reading 24%, grade F, #517 of 2,056 statewide, top 28%, 104 students, 0% FRL); Greenview Jr/Sr High School (math 5% / reading 5%, grade F, #614 of 693 statewide, top 95%, 107 students, 0% FRL) — zoned schools average 0% FRL vs 35% district-wide (35 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: 3 active listings in the ZIP; 9 units permitted in Menard County in 2024 (0 in 5+ unit buildings).
• Menard County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $7k; list at $120k implies a 1613% gain — meaningful room to come down on a strong offer.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.