209/211 Madison

Washington, IL 61571

$179,900B-

6 bd · 4.0 ba · 1,250 sqft · Built 1945 · MultiFamily · Coming Soon · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,595/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$0
• Vac / Maint / Mgmt: −$545
• Net cashflow: $807/mo
• Annual: $9,682/yr
• Cap rate: 11.67%
• Cash-on-cash: 19.22%
• DSCR: 1.86
• 1% rule: 1.44%
• Cash to close: $50,372

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $180k. Condition is rated average.
• At list price, monthly cash flow is $807 ($10k/yr) — positive. Per door: $403/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#272 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Washington Chsd 308 (suburban): math 42% / reading 42% proficiency, ranked #112 of 620 in IL (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincoln Grade School (math 42% / reading 42%, grade F, #336 of 2,056 statewide, top 18%, 484 students, 0% FRL); Washington Middle School (math 50% / reading 51%, grade C, #48 of 665 statewide, top 7%, 359 students, 0% FRL); Washington Comm High School (math 42% / reading 42%, grade F, #76 of 693 statewide, top 12%, 1,484 students, 0% FRL).
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 132 active listings in the ZIP; 77 units permitted in Tazewell County in 2024 (0 in 5+ unit buildings).
• Tazewell County population projected at -15% 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 $50k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.7% vs local median 3.3% in Washington — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1945 — 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Minor: roof — Some discoloration visible
• Minor: exterior paint — Light wear and tear on siding