6985 S Verona Rd

Verona, IL 60479

$99,900C+

3 bd · 1.0 ba · 864 sqft · Built 1900 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,264/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$260
• HOA: −$0
• Vac / Maint / Mgmt: −$265
• Net cashflow: $215/mo
• Annual: $2,578/yr
• Cap rate: 8.87%
• Cash-on-cash: 9.22%
• DSCR: 1.41
• 1% rule: 1.27%
• Cash to close: $27,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-1.3%/yr); year-one equity from $691 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#1,115 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety C-, crime D, amenities F.
• Seneca Twp Hsd 160 (rural): math 30% / reading 35% proficiency, ranked #416 of 919 in IL (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Seneca High School (math 32% / reading 32%, grade F, #157 of 693 statewide, top 25%, 385 students, 0% FRL).
• Watch-outs: property tax is 2.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 84 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).
• Grundy County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 20y 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 $78k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-1.3% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.