115 West St

Xenia, IL 62899

$35,000B

2 bd · 1.0 ba · 2,236 sqft · Built 1886 · Other · Pending · 228 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,065/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $568/mo
• Annual: $6,818/yr
• Cap rate: 25.77%
• Cash-on-cash: 69.57%
• DSCR: 4.10
• 1% rule: 3.04%
• Cash to close: $9,800

Investor read

• This is a 2-bed/1.0-bath other listed at $35k.
• At list price, monthly cash flow is $568 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 228 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($242 loan paydown + $1k appreciation (4.0% local appreciation)).
• Location reads 57/100 on livability (#1,169 in IL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• Flora CUSD 35 (town): math 17% / reading 37% proficiency, ranked #299 of 620 in IL (top 48%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Flora Elementary School (math 21% / reading 37%, grade F, #727 of 2,056 statewide, top 36%, 681 students, 0% FRL); Floyd Henson Jr High Sch (math 14% / reading 42%, grade F, #284 of 665 statewide, top 44%, 289 students, 0% FRL); Flora High School (math 8% / reading 17%, grade F, #506 of 693 statewide, top 74%, 375 students, 0% FRL) — zoned schools average 0% FRL vs 45% district-wide (45 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 2.6% of price; built in 1886 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 2 units permitted in Clay County in 2024 (0 in 5+ unit buildings).
• Clay County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts; this cycle's ask has dropped $20k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $35k implies a 119% gain — meaningful room to come down on a strong offer.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 228 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.