110 N Mansfield Ave

Milford, IL 60953

$62,500B

2 bd · 1.0 ba · 920 sqft · Built — · SingleFamily · Pending · 287 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $874/mo
• Mortgage (P&I): −$328
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$184
• Net cashflow: $235/mo
• Annual: $2,825/yr
• Cap rate: 10.81%
• Cash-on-cash: 16.14%
• DSCR: 1.72
• 1% rule: 1.40%
• Cash to close: $17,500

Investor read

• This is a 2-bed/1.0-bath single-family listed at $62k.
• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($874 rent vs $62k).
• It's been on market 287 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($432 loan paydown + $1k appreciation (1.9% local appreciation)).
• Location reads 62/100 on livability (#854 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A-; Watch: employment D, amenities F, commute F.
• Milford Area PSD 124 (rural): math 30% / reading 26% proficiency, ranked #278 of 620 in IL (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Milford Grade School West Campus (math 32% / reading 22%, grade F, #749 of 2,056 statewide, top 40%, 356 students, 0% FRL); Milford High School Campus (math 34% / reading 34%, grade F, #126 of 693 statewide, top 21%, 163 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 10 active listings in the ZIP; 14 units permitted in Iroquois County in 2024 (0 in 5+ unit buildings).
• Iroquois County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $8k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 287 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• 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.