204 S Union St

Toulon, IL 61483

$48,000B

4 bd · 1.0 ba · 1,850 sqft · Built — · Other · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,026/mo
• Mortgage (P&I): −$252
• Tax + insurance: −$210
• HOA: −$0
• Vac / Maint / Mgmt: −$215
• Net cashflow: $348/mo
• Annual: $4,181/yr
• Cap rate: 15.00%
• Cash-on-cash: 31.11%
• DSCR: 2.38
• 1% rule: 2.14%
• Cash to close: $13,440

Investor read

• This is a 4-bed/1.0-bath other listed at $48k.
• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($332 loan paydown + $2k appreciation (5.0% local appreciation)).
• Location reads 65/100 on livability (#659 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D, amenities F, commute F.
• Stark County CUSD 100 (rural): math 17% / reading 21% proficiency, ranked #435 of 620 in IL (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Stark County High School (math 24% / reading 24%, grade F, #256 of 693 statewide, top 44%, 241 students, 0% FRL) — zoned schools average 0% FRL vs 34% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 4.8% of price.
• Market conditions: 7 active listings in the ZIP; 2 units permitted in Stark County in 2024 (0 in 5+ unit buildings).
• Stark County population projected at -36% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $38k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.