705 S Central Ave

Casey, IL 62420

$84,900D+

2 bd · 1.0 ba · 1,014 sqft · Built 1900 · SingleFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $795/mo
• Mortgage (P&I): −$445
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$167
• Net cashflow: $41/mo
• Annual: $496/yr
• Cap rate: 6.88%
• Cash-on-cash: 2.09%
• DSCR: 1.09
• 1% rule: 0.94%
• Cash to close: $23,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $85k. Condition is rated good.
• At list price, monthly cash flow is $41 ($496/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $80k (6.4% below list).
• It's been on market 32 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (6.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#849 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools D, amenities F.
• Casey-Westfield CUSD 4C (town): math 19% / reading 32% proficiency, ranked #322 of 620 in IL (top 52%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1 units permitted in Clark County in 2024 (0 in 5+ unit buildings).
• Clark County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.