319 S Sheridan St

Edinburg, IL 62531

$117,500C-

3 bd · 3.0 ba · 1,792 sqft · Built 2001 · Manufactured · Pending · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,127/mo
• Mortgage (P&I): −$616
• Tax + insurance: −$195
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $79/mo
• Annual: $948/yr
• Cap rate: 7.10%
• Cash-on-cash: 2.88%
• DSCR: 1.13
• 1% rule: 0.96%
• Cash to close: $32,900

Investor read

• This is a 3-bed/3.0-bath manufactured listed at $118k.
• At list price, monthly cash flow is $79 ($948/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 $113k (4.1% below list).
• It's been on market 95 days — a 9% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $812 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#501 in IL) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Edinburg CUSD 4 (rural): math 10% / reading 10% proficiency, ranked #810 of 919 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 8 active listings in the ZIP; 26 units permitted in Christian County in 2024 (0 in 5+ unit buildings).
• Christian County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Questions for listing agent

• It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% 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.
• 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.