1120 S Main St

Carrollton, IL 62016

$85,000B

3 bd · 1.0 ba · 1,072 sqft · Built 1927 · Other · Active · 272 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,000/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $178/mo
• Annual: $2,142/yr
• Cap rate: 8.81%
• Cash-on-cash: 9.00%
• DSCR: 1.40
• 1% rule: 1.18%
• Cash to close: $23,800

Investor read

• This is a 3-bed/1.0-bath other listed at $85k.
• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• It's been on market 272 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($588 loan paydown + $3k appreciation (3.1% local appreciation)).
• Location reads 64/100 on livability (#677 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Carrollton CUSD 1 (rural): math 29% / reading 25% proficiency, ranked #288 of 620 in IL (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Carrollton Grade School (math 32% / reading 27%, grade F, #658 of 2,056 statewide, top 35%, 309 students, 0% FRL); Carrollton High School (math 24% / reading 15%, grade F, #379 of 693 statewide, top 57%, 181 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 1 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $13k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $85k implies a 77% gain — meaningful room to come down on a strong offer.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 272 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1927 — 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 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.