201 S Carson St

Long Point, IL 61333

$130,000C+

4 bd · 1.0 ba · 1,475 sqft · Built 1956 · SingleFamily · Active · 195 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,243/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $117/mo
• Annual: $1,409/yr
• Cap rate: 7.38%
• Cash-on-cash: 3.87%
• DSCR: 1.17
• 1% rule: 0.96%
• Cash to close: $36,400

Investor read

• This is a 4-bed/1.0-bath single-family listed at $130k.
• 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 $124k (4.4% below list).
• It's been on market 195 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($899 loan paydown + $5k appreciation (4.2% local appreciation)).
• Location reads 62/100 on livability (#837 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety C-, schools F, crime D-.
• Woodland CUSD 5 (rural): math 18% / reading 20% proficiency, ranked #427 of 620 in IL (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 35 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $34k; list at $130k implies a 277% gain — meaningful room to come down on a strong offer.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1956 — 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 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?
• 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?
• 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.