208 County Rd N

Hardin, IL 62047

$69,000B

11 bd · 12.0 ba · 4,700 sqft · Built 1929 · SingleFamily · Pending · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,397/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$293
• Net cashflow: $627/mo
• Annual: $7,526/yr
• Cap rate: 17.20%
• Cash-on-cash: 38.95%
• DSCR: 2.73
• 1% rule: 2.03%
• Cash to close: $19,320

Investor read

• This is a 11-bed/12.0-bath single-family listed at $69k. Condition is rated poor.
• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• It's been on market 78 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($477 loan paydown + $2k appreciation (2.3% local appreciation)).
• Location reads 56/100 on livability (#1,190 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: schools D, crime D, amenities F.
• Calhoun CUSD 40 (rural): math 24% / reading 26% proficiency, ranked #320 of 620 in IL (top 52%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 11 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• Calhoun County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1929 — 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 D-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.

Repairs flagged (vision-AI assessment)

• Major: Exposed plumbing and electrical — Safety hazard
• Major: Exposed subfloor — Structural integrity risk
• Major: Paint peeling — Aesthetic and safety concerns