Good deal for a pair of duplexes? N. Illinois

[Zack Carlson]

Hello, 

Trying to judge if this is a good deal or not. There's a pair of 2bd/1ba duplexes with attached 1 car garages for each unit (so 9bd 4ba, 4 1car garages for the whole purchase) 

It's in a pretty rural town in N. Illinois (pop. 350) My parents would manage it for me as it's 2 min down the street from them. 

Purchase price is $148k. Property taxes are $7500 (worst part if you ask me). Gross rents per month are $2.250. 

It's at the 1.5% rule, but not quote to 2%. Tenants pay electric, gas, heat. Water is via community well and sewage is private septic field. The buildings look in great shape and they were built in 1989. 

On paper this whole thing makes sense, but it seems they've been on the market for some time and haven't sold. So maybe I'm missing something. 

Thanks!

[Zack Carlson]

Thanks for all the advice. The property is in Lee County and i shudder to even think about Cook County taxes. 

The town is tiny for sure, and there is a 5 unit apartment complex, a couple SFR rentals, and these two duplexes. Most of the homes are owned but it seems they stay rented. I don't see many vacancies in the properties over the years.

I'm going to try harder to buy local here in Spokane I guess for now and when a good deal presents itself in IL I'll go that way too. I may just try do flip in IL instead.