83 Lakeview Rd

Gays, IL 61928

$28,900F

2 bd · 1.5 ba · 744 sqft · Built 1970 · Manufactured · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $825/mo
• Mortgage (P&I): −$152
• Tax + insurance: −$48
• HOA: −$575
• Vac / Maint / Mgmt: −$173
• Net cashflow: $-123/mo
• Annual: $-1,476/yr
• Cap rate: 1.19%
• Cash-on-cash: -18.23%
• DSCR: 0.19
• 1% rule: 2.85%
• Cash to close: $8,092

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $29k. Condition is rated fair.
• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $11k (61.6% below list).
• Meets the 1% rule at list price ($825 rent vs $29k).
• It's been on market 123 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $11k (61.6% below list) — sets the bar for cash-flow.
• In year one you build about $1k of equity ($200 loan paydown + $1k appreciation (4.2% local appreciation)).
• Location reads 58/100 on livability (#1,104 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, employment B+; Watch: crime D, amenities F, commute F.
• Neoga CUSD 3 (rural): math 15% / reading 23% proficiency, ranked #442 of 620 in IL (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Neoga Elementary School (math 12% / reading 12%, grade F, #1,403 of 2,056 statewide, top 71%, 223 students, 0% FRL); Neoga Jr/Sr High School (math 17% / reading 27%, grade F, #319 of 693 statewide, top 50%, 278 students, 0% FRL) — zoned schools average 0% FRL vs 34% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 70% of rent.
• Market conditions: 3 active listings in the ZIP; 34 units permitted in Coles County in 2024 (30 in 5+ unit buildings).
• Coles County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 123 days. Have you received any prior offers? Is the seller open to a 62% 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 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — The independent image shows a dark, possibly weathered roof.
• Major: exterior siding — The independent image shows peeling paint and siding, indicating the need for repainting or replacement.
• Major: exterior paint — The independent image shows walls with some discoloration, indicating the need for touch-up or repainting.
• Major: landscaping — The independent image shows a lack of landscaping and a simple fence, which could be improved to enhance curb appeal.