934 N Adams St

Mason, IL 62443

$39,900B

2 bd · 1.0 ba · 1,470 sqft · Built 1950 · SingleFamily · Active · 234 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,063/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $559/mo
• Annual: $6,703/yr
• Cap rate: 23.09%
• Cash-on-cash: 60.00%
• DSCR: 3.67
• 1% rule: 2.66%
• Cash to close: $11,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $40k.
• At list price, monthly cash flow is $559 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• It's been on market 234 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• In year one you build about $814 of equity ($276 loan paydown + $538 appreciation (1.4% local appreciation)).
• Location reads 60/100 on livability (#979 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• Effingham CUSD 40 (town): math 18% / reading 26% proficiency, ranked #387 of 620 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 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.
• 9 sale attempts since 10y ago; this cycle's ask has dropped $20k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $26k; list at $40k implies a 51% gain — meaningful room to come down on a strong offer.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 234 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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?
• 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.
• 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.