1620 W Fredonia Ave · Peoria, IL 61606

$155,000

3 bd · 2.0 ba · 1,648 sqft · MultiFamily public records · 217 Days on market

Built 1924 6,534 sqft lot $94/sqft · 99% above area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

PRIME BRADLEY UNIVERSITY INVESTMENT OPPORTUNITY! Unlock a phenomenal investment with this multi-family property located at 1620 West Fredonia Avenue, a powerhouse for rental income. Situated just 0.1 miles from Bradley University, this home is a student housing dream, offering an unbeatable walk-to-campus location that tenants will compete for. This two-story duplex is an investor's perfect setup. This Duplex has a total of 6 bedrooms and 2 bathrooms across 1,648 sq. ft. This layout is ideally suited to accommodate up to six students, allowing you to maximize your rental yield and capitalize on the constant demand for student housing. The property also includes a full basement for extra storage and a detached garage - a highly-sought-after amenity for renters. This isn't just a house; it's a turn-key business opportunity. The proximity to campus ensures a consistent pool of tenants and a strong, reliable cash flow. Stop searching for the perfect investment; you've found it. Don't miss your chance to own one of the best rental locations in Peoria's West Bluff.

Key facts

• Two-story duplex
• Full basement
• Detached garage

Tags

• INVESTMENT OPPORTUNITY
• MULTI-FAMILY PROPERTY
• WALK-TO-CAMPUS LOCATION
• TWO-STORY DUPLEX
• FULL BASEMENT
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.2-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $738 ($9k/yr) — positive. Per door: $369/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 5.6% in Peoria — 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 73/100 on livability (#270 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, schools F, crime F.
• Peoria SD 150 (urban): math 11% / reading 14% proficiency, ranked #554 of 620 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 33 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• At $2,341/mo this rent would consume 72% of the median local household income ($39k/yr) (locally 620% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 217 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 217 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.51% ✓
• Cap rate: 12.01%
• Cash-on-cash: 20.41%
• DSCR: 1.91
• GRM: 5.5

CMA / ARV

• ARV (median comp): $77,748
• List price: $155,000
• Delta: 99.36%
• Verdict: OVERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 12.7%
• Equity multiple: 1.51×
• Total profit: $21,966
• Equity at exit: $23,111

10-year hold

• IRR: 21.6%
• Equity multiple: 2.84×
• Total profit: $79,920
• Equity at exit: $13,402

Cash invested: $43,400 (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 61606

• Home prices YoY: -34.0%
• Active inventory: 33
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,341 high
• Mortgage (P&I): −$813
• Tax from tax record: −$234 /mo · $2,804/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $738

Break-even live

Break-even rent $1,406

Max offer price $155,000

Occupancy floor 63%

Sensitivity live

Price	-10% $826	-5% $782	+0% $738	+5% $694	+10% $651
Rent	-10% $553	-5% $646	+0% $738	+5% $831	+10% $923
Rate	-1.0pp $816	-0.5pp $778	base $738	+0.5pp $698	+1.0pp $657

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.2	$2,340
Total (2 units)			$2,341

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1723 W Fredonia Ave Peoria, IL	4.0	2.5	1219	$2,100	$1.72	14d	1	0.13mi
1816 W Callender Ave Peoria, IL	3.0	2.0	1628	$1,650	$1.01	44d	1	0.20mi
1019 N Farmington Rd Unit 1017 Peoria, IL	3.0	1.0	1304	$1,600	$1.23	44d	1	0.41mi
1401 W Adrian G Hinton Ave Peoria, IL	2.0	1.0	1100	$775	$0.70	44d	1	0.44mi
102 N Cedar Ave West Peoria, IL	4.0	1.0	1272	$995	$0.78	44d	1	0.53mi
818 W Moss Ave Peoria, IL	2.0	2.0	1580	$1,800	$1.14	14d	1	0.70mi
2601 W Kenwood Ave West Peoria, IL	3.0	1.5	1405	$1,500	$1.07	14d	1	0.82mi
1214 W Butler St Peoria, IL	4.0	1.0	1440	$795	$0.55	44d	1	0.83mi
416 W Main St Unit A Peoria, IL	2.0	1.0	1050	$950	$0.90	44d	1	1.04mi
501 W Columbia Ter Unit 3 Peoria, IL	3.0	1.0	1500	$1,400	$0.93	44d	1	1.12mi
945 S Shelley St Peoria, IL	1.0–3.0	1.0–2.0	929	$1,025	$1.10	14d	1	1.15mi
928 S Matthew St Peoria, IL	2.0	1.0	1080	$748	$0.69	14d	1	1.16mi
214 Pecan St Peoria, IL	2.0	1.0	1050	$1,595	$1.52	14d	1	1.19mi
2807 W Howett St Peoria, IL	3.0	2.0	1388	$1,550	$1.12	44d	1	1.20mi
2847 W Howett St Peoria, IL	3.0	2.0	2000	$1,150	$0.57	44d	1	1.20mi
2023 N Underhill St Peoria, IL	3.0	1.0	1050	$1,200	$1.14	14d	1	1.28mi
2523 W Nebraska Ave Peoria, IL	3.0	2.0	1600	$1,450	$0.91	22d	1	1.34mi
123 SW Jefferson Ave Unit E15SW Peoria, IL	2.0	2.0	1100	$1,750	$1.59	14d	1	1.42mi
123 SW Jefferson Ave Unit E16 NE Peoria, IL	2.0	2.0	1199	$2,250	$1.88	22d	1	1.42mi
2320 W Garden St Peoria, IL	2.0	1.0	1096	$1,000	$0.91	44d	1	1.45mi
100 Walnut St Unit 402 Peoria, IL	3.0	2.0	1464	$2,400	$1.64	22d	1	1.45mi
100 Walnut St Peoria, IL	2.0	2.0	1102	$2,000	$1.81	14d	1	1.45mi

Listing history 17 events

1. 2026-06-19
   days on market $155,000 Active 217 DOM
2. 2026-06-18
   days on market $155,000 Active 216 DOM
3. 2026-06-17
   days on market $155,000 Active 215 DOM
4. 2026-06-16
   days on market $155,000 Active 214 DOM
5. 2026-06-15
   days on market $155,000 Active 213 DOM
6. 2026-06-14
   days on market $155,000 Active 211 DOM
7. 2026-06-13
   days on market $155,000 Active 210 DOM
8. 2026-06-10
   days on market $155,000 Active 208 DOM
9. 2026-06-09
   days on market $155,000 Active 207 DOM
10. 2026-06-08
    days on market $155,000 Active 206 DOM
11. 2026-06-07
    days on market $155,000 Active 205 DOM
12. 2026-06-03
    days on market $155,000 Active 201 DOM
13. 2026-06-02
    pricedays on market $155,000 Active 200 DOM
14. 2026-06-01
    days on market $168,000 Active 199 DOM
15. 2026-05-31
    days on market $168,000 Active 198 DOM
16. 2026-05-30
    days on market $168,000 Active 197 DOM
17. 2025-11-13
    listed $168,000 Active 1076-char remark

    Show marketing remark (1076 chars)

    PRIME BRADLEY UNIVERSITY INVESTMENT OPPORTUNITY! Unlock a phenomenal investment with this multi-family property located at 1620 West Fredonia Avenue, a powerhouse for rental income. Situated just 0.1 miles from Bradley University, this home is a student housing dream, offering an unbeatable walk-to-campus location that tenants will compete for. This two-story duplex is an investor's perfect setup. This Duplex has a total of 6 bedrooms and 2 bathrooms across 1,648 sq. ft. This layout is ideally suited to accommodate up to six students, allowing you to maximize your rental yield and capitalize on the constant demand for student housing. The property also includes a full basement for extra storage and a detached garage - a highly-sought-after amenity for renters. This isn't just a house; it's a turn-key business opportunity. The proximity to campus ensures a consistent pool of tenants and a strong, reliable cash flow. Stop searching for the perfect investment; you've found it. Don't miss your chance to own one of the best rental locations in Peoria's West Bluff.

ⓘ 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: $2,804 · $234/mo
• Projected year-2 tax: $3,161 · $263/mo
• Expected delta: +$357/yr (+$30/mo · 12.7%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,092
• − Mortgage interest: −$8,682
• − Property taxes: −$2,804
• − Insurance: −$775
• − Repairs & maintenance: −$2,247
• − Management: −$2,247
• − Depreciation: −$4,509
• Taxable income: $6,827
• Est. tax owed @ 24.0%: −$1,638
• After-tax cash flow: $7,221/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: Peoria SD 150
• NCES district ID: 1731230
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 14% ▼ -4.00%
• Median HH income: $41,951
• Composite: 10.92/100
• National rank: #9751
• State rank: #554 of 620 in IL

Livability — Peoria

• Score: 73/100
• State rank: #270
• US rank: #5096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peoria, IL
• County: Peoria County · 120,495 people
• City population: 114,670
• Metro: Peoria, IL
• Population (ZIP): 6,684
• Household income: $39,196
• Rent vs Own: 57.9% rent · 42.1% own
• Severe rent burden: 620.0

Population outlook (Peoria County) Hauer SSP2

• Today (2025): 183,007 people
• By 2030: 179,643 · -1.8%
• By 2040: 171,782 · -6.1%
• By 2050: 163,508 · -10.7%
• By 2075: 140,178 · -23.4%
• By 2100: 114,493 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Black 17% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 4% Slovak 2% Lithuanian 2%
• Foreign-born: 4% · Vietnam, Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Peoria

• 2024 margin: Toss-up / Even · D 51.5% · R 46.9% · Other 1.6%
• 2008→2024 swing: -9.2pp toward R · 2008: 13.9pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+6.3 2016: D+2.8 2012: D+4.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.67%
• Current HPI: 166.329
• Rent YoY: —
• Metro: Peoria, 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

1 event — show timeline

• 2025-11-13 Listed $168,000 RMLSA as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2024): $2,804 · +4.8% YoY. Source: county tax records.