315 W Washington St

Blandinsville, IL 61420

$13,000D+

2 bd · 1.0 ba · 880 sqft · Built 1964 · Other · Active · 119 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $853/mo
• Mortgage (P&I): −$68
• Tax + insurance: −$22
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $584/mo
• Annual: $7,012/yr
• Cap rate: 60.23%
• Cash-on-cash: 192.64%
• DSCR: 9.57
• 1% rule: 6.56%
• Cash to close: $3,640

Investor read

• This is a 2-bed/1.0-bath other listed at $13k.
• At list price, monthly cash flow is $584 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($853 rent vs $13k).
• It's been on market 119 days — a 9% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $12k (9.0% below list) — sets the bar for market timing.
• In year one you build about $334 of equity ($90 loan paydown + $244 appreciation (1.9% local appreciation)).
• Location reads 61/100 on livability (#916 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools D, crime D-.
• West Prairie CUSD 103 (rural): math 20% / reading 23% proficiency, ranked #408 of 620 in IL (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 6 active listings in the ZIP.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.