1120-1122 Washington St

Quincy, IL 62301

$139,900C+

4 bd · 2.0 ba · 2,100 sqft · Built — · MultiFamily · Active · 310 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,178/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$0
• Vac / Maint / Mgmt: −$457
• Net cashflow: $754/mo
• Annual: $9,046/yr
• Cap rate: 12.76%
• Cash-on-cash: 23.09%
• DSCR: 2.03
• 1% rule: 1.56%
• Cash to close: $39,172

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k. Condition is rated average.
• At list price, monthly cash flow is $754 ($9k/yr) — positive. Per door: $377/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 310 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#506 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities D-.
• Quincy SD 172 (town): math 24% / reading 27% proficiency, ranked #328 of 620 in IL (top 53%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Quincy Jr High School (math 25% / reading 30%, grade F, #295 of 665 statewide, top 45%, 1,348 students, 0% FRL); Quincy Sr High School (math 21% / reading 28%, grade F, #256 of 693 statewide, top 44%, 1,924 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+10.8%/yr); 180 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 5 sale attempts since 15y ago; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 12.8% vs local median 4.3% in Quincy — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $2,178/mo this rent would consume 50% of the median local household income ($52k/yr) (locally 1238% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 310 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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)

• Moderate: exterior siding — Weathered and discolored
• Minor: interior walls — Some scuffing