147 S Mchenry St

Equality, IL 62934

$32,500B+

2 bd · 1.0 ba · 750 sqft · Built — · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $818/mo
• Mortgage (P&I): −$170
• Tax + insurance: −$40
• HOA: −$0
• Vac / Maint / Mgmt: −$172
• Net cashflow: $435/mo
• Annual: $5,224/yr
• Cap rate: 22.37%
• Cash-on-cash: 57.41%
• DSCR: 3.55
• 1% rule: 2.52%
• Cash to close: $9,100

Investor read

• This is a 2-bed/1.0-bath single-family listed at $32k.
• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($818 rent vs $32k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($225 loan paydown + $975 appreciation (3.0% local appreciation)).
• Location reads 56/100 on livability (#1,182 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• Gallatin CUSD 7 (rural): math 11% / reading 35% proficiency, ranked #387 of 620 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 4 active listings in the ZIP.
• Gallatin County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $16k; list at $32k implies a 110% gain — meaningful room to come down on a strong offer.
• 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.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.
• 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.