614 French St

Chapin, IL 62628

$89,900C+

2 bd · 1.0 ba · 1,260 sqft · Built 1930 · SingleFamily · Under Contract · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,057/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$84
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $280/mo
• Annual: $3,355/yr
• Cap rate: 10.03%
• Cash-on-cash: 13.33%
• DSCR: 1.59
• 1% rule: 1.18%
• Cash to close: $25,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 40 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.4%/yr); year-one equity from $622 of loan paydown is wiped out by about $1k 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 1930 — 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.
• At projected returns (-1.4% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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?
• 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.