205-207 W Perkins St

Payson, IL 62360

$108,750D+

3 bd · 2.0 ba · 1,188 sqft · Built — · Manufactured · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,128/mo
• Mortgage (P&I): −$570
• Tax + insurance: −$181
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $139/mo
• Annual: $1,673/yr
• Cap rate: 7.83%
• Cash-on-cash: 5.49%
• DSCR: 1.24
• 1% rule: 1.04%
• Cash to close: $30,450

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $109k. Condition is rated fair.
• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $752 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#536 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Payson CUSD 1 (rural): math 16% / reading 18% proficiency, ranked #463 of 620 in IL (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 9 active listings in the ZIP; 68 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 14y ago 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.
• Current owner paid $52k; list at $109k implies a 109% gain — meaningful room to come down on a strong offer.

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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn but not damaged.
• Minor: Bathroom fixtures — Functional but dated and may need replacement.
• Moderate: Exterior siding — Weathered and may need repainting or replacement.
• Moderate: Flooring — Worn and may need replacement or refinishing.
• Moderate: Paint — Worn and may need repainting.
• Moderate: Windows — May need replacement for better energy efficiency and appearance.