14929 Lakeshore

Casey, IL 62442

$124,900D

3 bd · 1.0 ba · 1,098 sqft · Built 2007 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,039/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$218
• Net cashflow: $-42/mo
• Annual: $-505/yr
• Cap rate: 5.89%
• Cash-on-cash: -1.44%
• DSCR: 0.94
• 1% rule: 0.83%
• Cash to close: $34,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $125k. Condition is rated fair.
• At list price, monthly cash flow is $-42 ($-505/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (16.8% below list).
• It's been on market 26 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (16.8% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($864 loan paydown + $4k appreciation (3.1% local appreciation)).
• 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-, amenities F, commute 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.
• Zoned schools: Monroe Elem School (math 18% / reading 33%, grade F, #829 of 2,056 statewide, top 41%, 534 students, 0% FRL); Casey-Westfield Jr/Sr Hs (math 22% / reading 32%, grade F, #218 of 693 statewide, top 35%, 365 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 10 active listings in the ZIP; 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.
• 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 (3.1% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — Outdated and in need of replacement.
• Major: Bathtub and fixtures — Dated appearance and potential need for replacement.
• Major: Paint — Peeling in some areas, indicating the need for repainting.
• Major: Flooring — Worn and may need replacement.
• Major: Deck — Appears to be in need of maintenance or replacement.