207 S Grove St

Rankin, IL 60960

$29,900B

4 bd · 1.0 ba · 1,600 sqft · Built — · SingleFamily · Active · 173 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $875/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$184
• Net cashflow: $420/mo
• Annual: $5,036/yr
• Cap rate: 23.14%
• Cash-on-cash: 60.15%
• DSCR: 3.68
• 1% rule: 2.93%
• Cash to close: $8,372

Investor read

• This is a 4-bed/1.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $420 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($875 rent vs $30k).
• It's been on market 173 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• In year one you build about $453 of equity ($207 loan paydown + $246 appreciation (0.8% local appreciation)).
• Location reads 55/100 on livability (#1,248 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: schools F, crime F, amenities F.
• Hoopeston Area CUSD 11 (town): math 9% / reading 15% proficiency, ranked #559 of 620 in IL (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 4.1% of price.
• Market conditions: 16 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 8 units permitted in Vermilion County in 2024 (0 in 5+ unit buildings).
• Vermilion County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 15y ago; this cycle's ask has dropped $9k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.8% 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

• It's been on market 173 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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.