415 N Town Ave

Princeville, IL 61559

$389,000D+

8 bd · 4.0 ba · 3,800 sqft · Built 1973 · MultiFamily · Under Contract · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,599/mo
• Mortgage (P&I): −$2,040
• Tax + insurance: −$648
• HOA: −$0
• Vac / Maint / Mgmt: −$756
• Net cashflow: $155/mo
• Annual: $1,859/yr
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• 1% rule: 0.93%
• Cash to close: $108,920

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $389k. Condition is rated good.
• At list price, monthly cash flow is $155 ($2k/yr) — positive. Per door: $39/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $360k (7.5% below list).
• It's been on market 46 days — a 3% lower offer ($377k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $360k (7.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#461 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Princeville CUSD 326 (rural): math 42% / reading 38% proficiency, ranked #136 of 620 in IL (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Princeville Elem School (math 37% / reading 37%, grade F, #457 of 2,056 statewide, top 24%, 318 students, 0% FRL); Princeville High School (math 47% / reading 37%, grade F, #76 of 693 statewide, top 12%, 332 students, 0% FRL) — zoned schools average 0% FRL vs 18% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 12 active listings in the ZIP; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 7% 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?
• Built in 1973 — 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint — The exterior siding and paint appear to be in good condition with no visible damage or wear.
• Minor: Flooring — The flooring in the interior appears to be carpeted and in average condition.