718 Superior St

Chapin, IL 62628

$24,900D+

3 bd · 1.0 ba · 1,103 sqft · Built 1920 · Other · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,073/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$29
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $689/mo
• Annual: $8,266/yr
• Cap rate: 39.49%
• Cash-on-cash: 118.56%
• DSCR: 6.28
• 1% rule: 4.31%
• Cash to close: $6,972

Investor read

• This is a 3-bed/1.0-bath other listed at $25k.
• At list price, monthly cash flow is $689 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• It's been on market 72 days — a 6% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $23k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.4%/yr); year-one equity from $172 of loan paydown is wiped out by about $351 of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#974 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime D, schools F, amenities F.
• Triopia CUSD 27 (rural): math 40% / reading 35% proficiency, ranked #353 of 919 in IL (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 3 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• Morgan County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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 (-1.4% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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?
• 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.