87 E 3rd St

Dallas City, IL 62330

$21,000B

1 bd · 1.0 ba · 640 sqft · Built 1885 · SingleFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $780/mo
• Mortgage (P&I): −$110
• Tax + insurance: −$35
• HOA: −$0
• Vac / Maint / Mgmt: −$164
• Net cashflow: $471/mo
• Annual: $5,654/yr
• Cap rate: 33.22%
• Cash-on-cash: 96.16%
• DSCR: 5.28
• 1% rule: 3.72%
• Cash to close: $5,880

Investor read

• This is a 1-bed/1.0-bath single-family listed at $21k. Condition is rated fair.
• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($780 rent vs $21k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $225 of equity ($145 loan paydown + $80 appreciation (0.4% local appreciation)).
• Location reads 66/100 on livability (#549 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Illini West H S District 307 (town): math 25% / reading 25% proficiency, ranked #611 of 919 in IL (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Illini West High School (math 17% / reading 27%, grade F, #319 of 693 statewide, top 50%, 342 students, 0% FRL).
• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP.
• Hancock County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.4% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1885 — 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 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)

• Minor: Kitchen cabinets — The cabinets are in good condition, but the clutter suggests a need for organization.
• Minor: Bathroom shower curtain — The shower curtain is dated and could be replaced for a fresh look.
• Moderate: Flooring — The carpeted flooring in the kitchen and living areas is dated and may need replacement.
• Minor: Paint — Peeling paint in some areas suggests a need for touch-ups or repainting.