102 S Grove St

Middletown, IL 62666

$16,500D+

1 bd · None ba · 1,056 sqft · Built 1963 · SingleFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $940/mo
• Mortgage (P&I): −$87
• Tax + insurance: −$52
• HOA: −$0
• Vac / Maint / Mgmt: −$197
• Net cashflow: $604/mo
• Annual: $7,249/yr
• Cap rate: 50.23%
• Cash-on-cash: 156.90%
• DSCR: 7.98
• 1% rule: 5.70%
• Cash to close: $4,620

Investor read

• This is a 1-bed/?-bath single-family listed at $16k.
• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($940 rent vs $16k).
• It's been on market 36 days — a 3% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $16k (3.0% below list) — sets the bar for market timing.
• In year one you build about $609 of equity ($114 loan paydown + $495 appreciation (3.0% local appreciation)).
• Location reads 58/100 on livability (#1,088 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• New Holland-Middletown Ed 88 (rural): math 15% / reading 25% proficiency, ranked #684 of 919 in IL (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 3.3% of price.
• Market conditions: 5 active listings in the ZIP; 10 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $10k; list at $16k implies a 65% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.