314 Plummer Ave

Chadwick, IL 61014

$139,900D+

3 bd · 2.0 ba · 2,020 sqft · Built 1910 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,328/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$279
• Net cashflow: $117/mo
• Annual: $1,410/yr
• Cap rate: 7.30%
• Cash-on-cash: 3.60%
• DSCR: 1.16
• 1% rule: 0.95%
• Cash to close: $39,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $117 ($1k/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 $133k (5.1% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $133k (5.1% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($967 loan paydown + $12k appreciation (8.5% local appreciation)).
• Location reads 62/100 on livability (#825 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Chadwick-Milledgeville CUSD 399 (rural): math 41% / reading 46% proficiency, ranked #249 of 919 in IL (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chadwick-Milledgeville Elem Sch (math 42% / reading 37%, grade F, #392 of 2,056 statewide, top 21%, 218 students, 0% FRL); Chadwick-Milledgeville Jr Hs (math 27% / reading 42%, grade F, #126 of 693 statewide, top 21%, 190 students, 0% FRL) — zoned schools average 0% FRL vs 29% district-wide (29 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 23 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).
• Carroll County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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 (8.5% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1910 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.