511 South Washington

McLeansboro, IL 62859

$129,000D+

4 bd · 2.0 ba · 3,075 sqft · Built 1927 · SingleFamily · Active · 213 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,233/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$265
• HOA: −$0
• Vac / Maint / Mgmt: −$259
• Net cashflow: $32/mo
• Annual: $384/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.06%
• DSCR: 1.05
• 1% rule: 0.96%
• Cash to close: $36,120

Investor read

• This is a 4-bed/2.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $32 ($384/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 $123k (4.4% below list).
• It's been on market 213 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#381 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Hamilton County CUSD 10 (town): math 23% / reading 33% proficiency, ranked #285 of 620 in IL (top 46%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hamilton County Jr/Sr High School (math 17% / reading 30%, grade F, #309 of 693 statewide, top 45%, 512 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP.
• Hamilton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $16k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $129k implies a 158% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.