411 E Mazon St

Gardner, IL 60424

$114,900A

2 bd · 1.0 ba · 891 sqft · Built — · SingleFamily · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,659/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$224
• HOA: −$0
• Vac / Maint / Mgmt: −$348
• Net cashflow: $484/mo
• Annual: $5,811/yr
• Cap rate: 11.35%
• Cash-on-cash: 18.06%
• DSCR: 1.80
• 1% rule: 1.44%
• Cash to close: $32,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $484 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 138 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($794 loan paydown + $11k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#511 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Gardner S Wilmington Twp Hsd 73 (rural): math 20% / reading 30% proficiency, ranked #567 of 919 in IL (top 62%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Gardner-South Wilmington Twp H S (math 24% / reading 34%, grade F, #187 of 693 statewide, top 30%, 147 students, 0% FRL).
• Market conditions: 11 active listings in the ZIP; 84 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).
• Grundy County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 8 sale attempts since 19y ago; this cycle's ask is 121% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $44k; list at $115k implies a 164% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, 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 138 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.