301 S 3rd St

Altamont, IL 62411

$99,900C

1 bd · 1.0 ba · 1,080 sqft · Built 1900 · SingleFamily · Active · 141 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $952/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$200
• Net cashflow: $114/mo
• Annual: $1,370/yr
• Cap rate: 7.66%
• Cash-on-cash: 4.90%
• DSCR: 1.22
• 1% rule: 0.95%
• Cash to close: $27,972

Investor read

• This is a 1-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (4.7% below list).
• It's been on market 141 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#578 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, schools F, amenities F.
• Altamont CUSD 10 (rural): math 24% / reading 30% proficiency, ranked #284 of 620 in IL (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 27 units permitted in Effingham County in 2024 (0 in 5+ unit buildings).
• Effingham County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 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?
• 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.