102 Center St

Augusta, IL 62311

$74,000B

4 bd · 1.5 ba · 2,112 sqft · Built 1888 · SingleFamily · Active · 262 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,291/mo
• Mortgage (P&I): −$388
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $489/mo
• Annual: $5,868/yr
• Cap rate: 14.22%
• Cash-on-cash: 28.32%
• DSCR: 2.26
• 1% rule: 1.74%
• Cash to close: $20,720

Investor read

• This is a 4-bed/1.5-bath single-family listed at $74k.
• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• It's been on market 262 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($512 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 59/100 on livability (#1,037 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime D-, amenities F.
• Southeastern CUSD 337 (rural): math 20% / reading 26% proficiency, ranked #375 of 620 in IL (top 60%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP.
• Hancock County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 15y ago 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.
• Current owner paid $10k; list at $74k implies a 605% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 262 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1888 — 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?
• 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.