Frequently Asked Questions
Q: Where is Cahokia, Illinois?
Cahokia is a village in St. Clair County, Illinois, United States. It is part of Greater St. Louis metropolitan area. The village was founded as a French Canadian mission in 1696. Early European settlers also named Cahokia Mounds after the Illini. Located only 7 min from downtown St. Louis. Cahokia has a lot to offer in this town that any other small town would have. Cahokia has several businesses such as Walgreen’s, Walmart and Shop-Save. There is almost every chain of fast food restaurants located in Cahokia as well.
Q: Average Household Income in Cahokia, Illinois?
Cahokia, IL has a population of 14,740 people with a median age of 33.2 and a median household income of $31,000 per year.
Q: What is the current unemployment rate in Cahokia, Illinois?
The unemployment rate in Cahokia, Illinois, is 6.10%, with job growth of 1.71%. Future job growth over the next ten years is predicted to be 37.31%
Q: Average Home Prices in Cahokia, Illinois?
The average home price in Cahokia, Illinois as a completed rehabbed home sells for anything from $40,000.00 and upwards. This is based on the extensive rehab on the home. Retail sales of the same home would be at least $55,000 and up.
Q: Average Rental Prices?
The average 3-bedroom / 1 bath home that has just been rehabbed goes from $750 to $800 a month depending on the parking. If the home has a garage or not are things we take in consideration when renting out the homes. Rent in this area depending on the bedrooms and bathrooms could go as high as $1,000.00 a month for a 5 bedroom/2 bath home.
Q: Real estate Trends for metro area?
The metro area is no different than many others across the county, in the sense that it too was the beneficiary of historically high appreciation. Over the course of three years, homes in the St. Louis area gained enough value to pull them out of a period of post-recession price weakness. Even though appreciation has begun to tapper, the St. Louis housing market boasts a current median home price of $149,900. The rest of the country, however, has a median home price of $212,267. That price is a result of a 25.8% appreciation rate in the last three years. It is important to note, that despite increases, metro area remains a balanced market. At the moment, conditions neither favor buyers nor sellers. This goes for Cahokia as well but the current median home prices of $40,000.
Q: What supports the majority of the economy in Cahokia, Illinois?
Several different businesses and factories are located in Cahokia, Illinois plus being only 7 min from downtown St. Louis, Mo. We have several large factories and mail centers such as Fedex.
Q: What’s the vacancy rate? How long will I have to wait to re-rent my home?
The normal turn around time on a rental is less than 30 days.
Q: What is the eviction process?
The eviction price is currently $585.00. This cover's everything from court to the set out conducted by the Sheriffs Office. A normal eviction can take up to 45 days. Rent is due on the 1st through the 5th, On the 5th day at 5pm all tenants who are late are given a hand delivered 5 day notice, On the 11th of that month an eviction is filed.
Q: How are you protected against tenant damages?
JMR tries to use every method possible when rehabbing a home to make sure it is what we call “Tenant proof”. Damages do happen by tenants and if it is caused by tenant abuse they must pay for all repairs. Those repairs are added onto the rent. If not paid the eviction process begins. We have a zero tolerance on our investors property for damages caused by tenant abuse.
Q: With such a small population how can you be certain of high quality tenants in the future? What happens if the people lose their jobs due to economy downturn? How is the investors investment protected?
We have seen over the course of the last 12 years that there is always a need for cheap housing no matter what the economy decides to do. If a huge economy downturn happens their may have to be some evictions but they are replaced by the people who have to move out of their higher dollar home and downsize making this market to grow even more with renters. There is a lot more people who can afford a $750 house vs a $1000 a month payment on a home. At the cost factor of the home and the amount of rent you should be more the likely safer than owning a $100,000+ home.
Q: How can we be certain that each investors property is managed with the same high quality as the others and there is no preference/priority to certain investors as some may have multiple properties to manage vs the one or two I may purchase?
JMR Holdings LLC has served the surrounding area with comprehensive real estate management, maintenance and leasing services for residential properties.
At JMR Holdings LLC (JMR), it is our philosophy to provide all of our customers and clients with the highest level of reliability, responsiveness and customer service. We excel at responding promptly to the needs of both our clients (property owners) and customers (renters). We treat our customers and clients fairly and with respect. This is why renters use our service repeatedly and therefore keep our clients investment units occupied consistently at the highest rents. We pride ourselves on returning calls quickly, taking care of maintenance concerns promptly, and getting available units rented as efficiently as possible.
When you have JMR managing your property, you can rest assured that you have a team of highly trained, motivated and professionals working to achieve results for your investment property. We understand the importance of carefully managing, and maximizing profitability on your rental! Ryan O’Donnell, owner and operator of JMR has been an owner of both residential and commercial rental units since 2005.
At JMR we manage your property like it were our own by finding you the most qualified tenants, minimizing vacancy, maximizing rents, and promptly taking care of maintenance concerns to preserve your valuable investment. Everyone is investor is treated equally.