303 N Broadway St

Newman, IL 61942

$32,000B

5 bd · 2.0 ba · 3,019 sqft · Built 1875 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,277/mo
• Mortgage (P&I): −$168
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $788/mo
• Annual: $9,453/yr
• Cap rate: 35.83%
• Cash-on-cash: 105.51%
• DSCR: 5.69
• 1% rule: 3.99%
• Cash to close: $8,960

Investor read

• This is a 5-bed/2.0-bath single-family listed at $32k.
• At list price, monthly cash flow is $788 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $221 of loan paydown is wiped out by about $960 of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#416 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Shiloh CUSD 1 (rural): math 9% / reading 13% proficiency, ranked #816 of 919 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 36 units permitted in Douglas County in 2024 (0 in 5+ unit buildings).
• Douglas County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1875 — 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.
• 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.