303 S Sherman St

Girard, IL 62640

$30,000B

3 bd · 2.0 ba · 1,404 sqft · Built 2001 · Manufactured · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $844/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$177
• Net cashflow: $460/mo
• Annual: $5,514/yr
• Cap rate: 24.67%
• Cash-on-cash: 65.65%
• DSCR: 3.92
• 1% rule: 2.81%
• Cash to close: $8,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $30k.
• At list price, monthly cash flow is $460 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($844 rent vs $30k).
• It's been on market 18 days — a 2% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#787 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment D-.
• Zoned schools: North Mac Elementary (349 students, 0% FRL); North Mac Middle School (math 11% / reading 19%, grade F, #501 of 665 statewide, top 77%, 234 students, 0% FRL); North Mac High School (math 12% / reading 32%, grade F, #319 of 693 statewide, top 50%, 388 students, 0% FRL).
• Market conditions: 13 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• 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?
• 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.