214 W 3rd St

Brocton, IL 61917

$28,000B

1 bd · 1.0 ba · 800 sqft · Built 1900 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $805/mo
• Mortgage (P&I): −$147
• Tax + insurance: −$34
• HOA: −$0
• Vac / Maint / Mgmt: −$169
• Net cashflow: $455/mo
• Annual: $5,461/yr
• Cap rate: 25.80%
• Cash-on-cash: 69.65%
• DSCR: 4.10
• 1% rule: 2.88%
• Cash to close: $7,840

Investor read

• This is a 1-bed/1.0-bath single-family listed at $28k.
• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($805 rent vs $28k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($194 loan paydown + $840 appreciation (3.0% local appreciation)).
• Location reads 55/100 on livability (#1,239 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: employment D, schools F, crime 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 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 6 units permitted in Edgar County in 2024 (0 in 5+ unit buildings).
• Edgar County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• 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 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 F 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.