317 S Walnut St

Shannon, IL 61078

$120,000B

4 bd · 2.0 ba · 1,668 sqft · Built 1928 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,292/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $271/mo
• Annual: $3,247/yr
• Cap rate: 9.00%
• Cash-on-cash: 9.66%
• DSCR: 1.43
• 1% rule: 1.08%
• Cash to close: $33,600

Investor read

• This is a 4-bed/2.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $9k of equity ($830 loan paydown + $8k appreciation (6.7% local appreciation)).
• Location reads 61/100 on livability (#900 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D, amenities F.
• Eastland CUSD 308 (rural): math 36% / reading 45% proficiency, ranked #138 of 620 in IL (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastland Elementary School (math 42% / reading 57%, grade D, #182 of 2,056 statewide, top 10%, 377 students, 0% FRL); Eastland Jr/Sr High School (math 32% / reading 37%, grade F, #126 of 693 statewide, top 21%, 337 students, 0% FRL) — zoned schools average 0% FRL vs 30% district-wide (30 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 23 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).
• Carroll County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1928 — 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.
• 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.