2716 W Delmar Ave #50

Godfrey, IL 62035

$45,200B-

3 bd · 2.0 ba · 1,216 sqft · Built 2026 · Manufactured · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,077/mo
• Mortgage (P&I): −$237
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $538/mo
• Annual: $6,461/yr
• Cap rate: 20.59%
• Cash-on-cash: 51.05%
• DSCR: 3.27
• 1% rule: 2.38%
• Cash to close: $12,656

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $45k. Condition is rated fair.
• At list price, monthly cash flow is $538 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $313 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#683 in IL) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Alton CUSD 11 (suburban): math 12% / reading 13% proficiency, ranked #544 of 620 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gilson Brown Elem School (274 students, 0% FRL); Alton Middle School (math 10% / reading 11%, grade F, #580 of 665 statewide, top 88%, 1,241 students, 0% FRL); Alton High School (math 20% / reading 25%, grade F, #317 of 693 statewide, top 46%, 1,990 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 70 active listings in the ZIP; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• Madison County population projected at -18% 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.6% vs local median 3.6% in Godfrey — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and discoloration suggest significant damage and potential water intrusion.
• Major: siding — The siding is visibly worn and discolored, indicating it needs repainting or replacement.
• Major: landscaping — The overgrown landscaping detracts from the home's curb appeal and requires trimming and maintenance.
• Major: interior walls/paint — The exterior condition suggests the interior may also be in poor condition, requiring repainting or repairs.
• Major: systems — The overall condition suggests the systems may need updating or replacement to ensure the home is move-in ready.