601 N Grand Ave

St. David, IL 61563

$77,500B

3 bd · 1.0 ba · 1,197 sqft · Built — · Other · Pending · 151 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,089/mo
• Mortgage (P&I): −$406
• Tax + insurance: −$147
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $307/mo
• Annual: $3,680/yr
• Cap rate: 11.04%
• Cash-on-cash: 16.96%
• DSCR: 1.75
• 1% rule: 1.40%
• Cash to close: $21,700

Investor read

• This is a 3-bed/1.0-bath other listed at $78k.
• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• It's been on market 151 days — a 12% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($536 loan paydown + $7k appreciation (9.6% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Lewistown CUSD 97 (rural): math 11% / reading 14% proficiency, ranked #546 of 620 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 2 active listings in the ZIP; 14 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $8k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (9.6% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.