2009 Montague St · Rockford, IL 61108

$130,000

4 bd · 2.0 ba · — sqft · MultiFamily

Built 1955

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Two ranch style duplexes with shared parking to be sold as a package #1128254022, rented on month to month.

Key facts

• Built 1955

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 10.7% vs local median 6.1% in Rockford — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 62/100 on livability (#876 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Rockford SD 205 (urban): math 12% / reading 16% proficiency, ranked #533 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ellis Elementary School (math 2% / reading 2%, grade F, #1,927 of 2,056 statewide, top 100%, 401 students, 0% FRL); Thurgood Marshall School (math 82% / reading 82%, grade A+, #1 of 665 statewide, top 0%, 482 students, 0% FRL); Auburn High School (math 26% / reading 32%, grade F, #210 of 693 statewide, top 30%, 1,936 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 14% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the Rockford SD 205 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+8.1%/yr); 116 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Winnebago County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,000

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.30% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.79%
• DSCR: 1.70
• GRM: 6.4

CMA / ARV

No comps found within radius.

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2009 Montague St	0.00mi	4/2.0	—	1mo	$132,000	—	87
2003 Montague St	0.01mi	4/2.0	—	1mo	$130,000	—	86
1308 Montague St	0.49mi	3/3.0 (-1)	—	1mo	$140,000	—	55
1240 Clover Ave	0.52mi	3/2.0 (-1)	—	8mo	$70,000	—	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.50×
• Total profit: $18,366
• Equity at exit: $19,383

10-year hold

• IRR: 24.5%
• Equity multiple: 3.64×
• Total profit: $95,933
• Equity at exit: $11,240

Cash invested: $36,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 43 Moderately Tenant-Leaning
• State Illinois: 43 Moderately Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Chicago RTLO is among the strongest tenant ordinances in the Midwest; downstate is more landlord-friendly.

Methodology + full state rankings →

ZIP-level market 61108

• Home prices YoY: -29.2%
• Rents YoY: 8.1%
• Active inventory: 116
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,691 high
• Mortgage (P&I): −$682
• Tax from tax record: −$121 /mo · $1,453/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $479

Break-even live

Break-even rent $1,085

Max offer price $130,000

Occupancy floor 67%

Sensitivity live

Price	-10% $552	-5% $516	+0% $479	+5% $442	+10% $405
Rent	-10% $345	-5% $412	+0% $479	+5% $546	+10% $612
Rate	-1.0pp $544	-0.5pp $512	base $479	+0.5pp $445	+1.0pp $411

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2315 Green St Rockford, IL	3.0	1.0	1290	$1,600	$1.24	45d	1	0.95mi
3834 Preston St Rockford, IL	3.0	1.0	912	$1,300	$1.43	15d	1	1.15mi
1229 S Church St Unit 2 Rockford, IL	3.0	1.0	1096	$1,300	$1.19	45d	1	1.16mi
207 N Central Ave Rockford, IL	4.0	1.5	1296	$1,500	$1.16	15d	1	1.30mi
210 Irving Ave Rockford, IL	5.0	1.0	1202	$1,850	$1.54	45d	1	1.34mi
2222 Andrews St Rockford, IL	4.0	1.0	1400	$1,600	$1.14	15d	1	1.36mi
326 N Independence Ave Rockford, IL	3.0	1.0	—	$1,550	—	15d	1	1.42mi
2916 School St Rockford, IL	3.0	1.5	1578	$2,400	$1.52	45d	1	1.47mi
2011 School St Rockford, IL	3.0	1.0	950	$1,500	$1.58	45d	1	1.49mi
3016 School St Rockford, IL	4.0	1.0	1090	$1,400	$1.28	45d	1	1.49mi
303 Forest Ave Rockford, IL	4.0	1.0	1568	$1,800	$1.15	45d	1	1.49mi

Listing history 14 events

1. 2026-05-22
   soldstatus $132,000 Closed
2. 2026-05-05
   listed $130,000
3. 2026-05-05
   historical
4. 2024-10-30
   soldstatus $97,500
5. 2024-10-28
   soldstatus $195,000 Closed 107-char remark

   Show marketing remark (107 chars)

   Two ranch style duplexes with shared parking to be sold as a package #1128254022, rented on month to month.

6. 2024-10-11
   status Pending 107-char remark

   Show marketing remark (107 chars)

   Two ranch style duplexes with shared parking to be sold as a package #1128254022, rented on month to month.

7. 2024-10-07
   price $240,000 107-char remark

   Show marketing remark (107 chars)

   Two ranch style duplexes with shared parking to be sold as a package #1128254022, rented on month to month.

8. 2024-10-01
   listed $290,000 Active 107-char remark

   Show marketing remark (107 chars)

   Two ranch style duplexes with shared parking to be sold as a package #1128254022, rented on month to month.

9. 2014-10-31
   historical
10. 2014-10-31
    historical
11. 2014-06-24
    listed
12. 2014-05-16
    price Price Change
13. 2014-03-07
    listed New
14. 2010-10-01
    soldstatus $90,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IL · Partial reset (capped growth)

• Current annual tax: $1,453 · $121/mo
• Projected year-2 tax: $2,202 · $183/mo
• Expected delta: +$749/yr (+$62/mo · 51.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,290
• − Mortgage interest: −$7,282
• − Property taxes: −$1,453
• − Insurance: −$650
• − Repairs & maintenance: −$1,623
• − Management: −$1,623
• − Depreciation: −$3,782
• Taxable income: $3,877
• Est. tax owed @ 24.0%: −$931
• After-tax cash flow: $4,815/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Rockford SD 205
• NCES district ID: 1734510
• Math proficiency: 12% ▼ -2.00%
• Reading proficiency: 16% ▼ -3.00%
• Median HH income: $42,533
• Composite: 12.21/100
• National rank: #9649
• State rank: #533 of 620 in IL

Livability — Rockford

• Score: 62/100
• State rank: #876
• US rank: #17035

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockford, IL
• County: Winnebago County · 147,297 people
• City population: 147,297
• Metro: Rockford, IL
• Population (ZIP): 30,355
• Household income: $64,415
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1199.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 271,080 people
• By 2030: 260,684 · -3.8%
• By 2040: 238,405 · -12.1%
• By 2050: 216,129 · -20.3%
• By 2075: 172,882 · -36.2%
• By 2100: 135,336 · -50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 57% Hispanic / Latino 24% Black 11% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 18% Puerto Rican 2%
• Common ancestry: Romanian 3% Portuguese 3% Arab 2%
• Foreign-born: 15% · Canada, Philippines, China
• Languages at home: 75% English-only · Spanish 16% Arabic 3% Other Asian/Pacific 2%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 49.5% · R 49.0% · Other 1.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 12.8pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.5 2016: R+1.2 2012: D+5.7 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.38%
• Current HPI: 218.6339
• Rent YoY: ▲ 8.11%
• Metro: Rockford, IL
• State GDP YoY: ▲ 1.59%
• F500 in state: 60

Industry mix (Fortune 500 HQ in IL)

Industry	F500 HQs	Revenue
▸Insurance	4	$201B
▸Consumer Goods	4	$87B
▸Industrial Machinery	3	$64B
▸Healthcare	2	$55B
▸Retail / Pharmacy	1	$148B
▸Agriculture / Food	1	$86B

Price history

+46.7% since first listed

14 events — show timeline

• 2026-05-22 Sold (MLS) $132,000 NWIAR
• 2026-05-05 Delisted — NWIAR
• 2026-05-05 Listed $130,000 NWIAR
• 2024-10-30 Sold (Public Records) $97,500 Public Records
• 2024-10-28 Sold (MLS) $195,000 MRED as Distributed by MLS Grid
• 2024-10-11 Pending — MRED as Distributed by MLS Grid
• 2024-10-07 Price Changed $240,000 MRED as Distributed by MLS Grid
• 2024-10-01 Listed $290,000 MRED as Distributed by MLS Grid
• 2014-10-31 Listing Removed — MRED as Distributed by MLS Grid
• 2014-10-31 Listing Removed — MRED as Distributed by MLS Grid
• 2014-06-24 Listed — MRED as Distributed by MLS Grid
• 2014-05-16 Price Changed — MRED as Distributed by MLS Grid
• 2014-03-07 Listed — MRED as Distributed by MLS Grid
• 2010-10-01 Sold (Public Records) $90,000 Public Records

Property tax history

-0.4%/yr

Latest (2024): $1,453 · +3.5% YoY. Source: county tax records.