216 N Boss St St

Kewanee, IL 61443

$108,500D-

2 bd · 1.0 ba · 1,309 sqft · Built 1919 · SingleFamily · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,062/mo
• Mortgage (P&I): −$569
• Tax + insurance: −$190
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $80/mo
• Annual: $960/yr
• Cap rate: 7.18%
• Cash-on-cash: 3.16%
• DSCR: 1.14
• 1% rule: 0.98%
• Cash to close: $30,380

Investor read

• This is a 2-bed/1.0-bath single-family listed at $108k.
• At list price, monthly cash flow is $80 ($960/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 $106k (2.1% below list).
• It's been on market 25 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (2.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $750 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#409 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools F, crime D-, amenities F.
• Kewanee CUSD 229 (town): math 8% / reading 20% proficiency, ranked #540 of 620 in IL (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 32 units permitted in Henry County in 2024 (0 in 5+ unit buildings).
• Henry County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.
• 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.