1001 S Macoupin St

Gillespie, IL 62033

$112,000D

2 bd · 1.0 ba · 1,135 sqft · Built 1940 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $994/mo
• Mortgage (P&I): −$587
• Tax + insurance: −$136
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $62/mo
• Annual: $744/yr
• Cap rate: 6.96%
• Cash-on-cash: 2.37%
• DSCR: 1.11
• 1% rule: 0.89%
• Cash to close: $31,360

Investor read

• This is a 2-bed/1.0-bath single-family listed at $112k.
• At list price, monthly cash flow is $62 ($744/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 $99k (11.3% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $99k (11.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $774 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#261 in IL, #4,848 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute D-, employment F.
• Gillespie CUSD 7 (town): math 14% / reading 20% proficiency, ranked #485 of 620 in IL (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ben-Gil Elementary School (math 7% / reading 15%, grade F, #1,460 of 2,056 statewide, top 72%, 552 students, 0% FRL); Gillespie Middle School (math 16% / reading 20%, grade F, #444 of 665 statewide, top 67%, 248 students, 0% FRL); Gillespie High School (math 27% / reading 32%, grade F, #187 of 693 statewide, top 30%, 340 students, 0% FRL) — zoned schools average 0% FRL vs 57% district-wide (57 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 70 units permitted in Macoupin County in 2024 (0 in 5+ unit buildings).
• Macoupin County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 22y ago; this cycle's ask is 22% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $50k; list at $112k implies a 124% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1940 — 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 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?
• 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.
• 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.