3623 N Sterling Ave Unit A-1 · Peoria, IL 61604

$45,900

2 bd · 1.0 ba · 780 sqft · Condo public records · 69 Days on market

Built 1970 $59/sqft · 6% below area Est $49k · 6% under $210/mo HOA · 19% of rent

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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
• ARV discount +10.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to affordable & carefree condo living! This ground-level 2BR unit is the gem you have been searching for, offering comfort and convenience without breaking the bank. Step inside and discover updated vinyl flooring and neutral paint colors that flow seamlessly through the living spaces, creating a clean and modern aesthetic. The eat-in kitchen features tile flooring, refreshed countertops, painted cabinetry with updated hardware and includes the stove and refrigerator. The bathroom also features durable tile flooring. Both bedrooms feature spacious double closets, giving you plenty of room to organize your wardrobe. A hallway utility room houses the furnace, water heater and fu

Key facts

• $210 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $46k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• Recommended offer: $43k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 5.5% 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+, 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.
• Zoned schools: Valeska Hinton Early Ch Ed Ctr (495 students, 0% FRL); Sterling Middle School (math 0% / reading 4%, grade F, #664 of 665 statewide, top 100%, 385 students, 0% FRL); Peoria High School (math 4% / reading 7%, grade F, #609 of 693 statewide, top 88%, 1,447 students, 0% FRL) — zoned schools average 0% FRL vs 70% district-wide (70 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.3%/yr); 180 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $317 of loan paydown is wiped out by about $1k 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 + 2.3% rent growth), your $13k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 22 sale attempts since 26y ago; this cycle's ask is 26% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price.

Recommended offer $43,146 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 2.38% ✓
• Cap rate: 14.04%
• Cash-on-cash: 27.65%
• DSCR: 2.23
• GRM: 3.5

CMA / ARV

• ARV (median comp): $48,736
• List price: $45,900
• Delta: -5.82%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.3% rent growth · sell at horizon

5-year hold

• IRR: 20.9%
• Equity multiple: 1.84×
• Total profit: $10,829
• Equity at exit: $6,844

10-year hold

• IRR: 28.5%
• Equity multiple: 3.44×
• Total profit: $31,315
• Equity at exit: $3,969

Cash invested: $12,852 (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 61604

• Home prices YoY: -24.6%
• Rents YoY: 2.3%
• Active inventory: 180
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,093 high
• Mortgage (P&I): −$241
• Tax from tax record: −$97 /mo · $1,170/yr
• Insurance: −$19
• HOA: −$210
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $296

Break-even live

Break-even rent $718

Max offer price $45,900

Occupancy floor 68%

Sensitivity live

Price	-10% $322	-5% $309	+0% $296	+5% $283	+10% $270
Rent	-10% $210	-5% $253	+0% $296	+5% $339	+10% $382
Rate	-1.0pp $319	-0.5pp $308	base $296	+0.5pp $284	+1.0pp $272

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: $11,475
• Closing costs: $1,377
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3629 N Leroy Ave Unit A Peoria, IL	2.0	1.0	1000	$1,150	$1.15	45d	1	0.24mi
2805 W Larchmont Ln Peoria, IL	1.0–2.0	1.0	695	$1,060	$1.53	15d	3	0.41mi
3601 N Kingston Dr Peoria, IL	2.0	2.0	1030	$1,420	$1.38	15d	3	0.49mi
2700 W Forrest Hill Ave Peoria, IL	2.0	1.0	850	$850	$1.00	45d	1	0.51mi
2511 W Wardcliffe Dr Unit H Peoria, IL	2.0	1.0	800	$875	$1.09	45d	1	0.58mi
2920 N Rockwood Dr Apt B Peoria, IL	2.0	1.0	800	$895	$1.12	15d	1	0.58mi
4010 N Brandywine Dr Peoria, IL	1.0–2.0	1.0–2.0	797	$1,082	$1.36	15d	17	0.73mi
2610 N Renwood Ave Peoria, IL	2.0	1.0	904	$1,300	$1.44	15d	1	0.86mi
3438 W Villa Rdg Unit A Peoria, IL	2.0	1.5	874	$1,200	$1.37	23d	1	0.97mi
3444 W Dorchester Rdg Peoria, IL	2.0	2.0	1089	$1,275	$1.17	15d	1	0.98mi
2600 N Lavalle Ct Peoria, IL	1.0–3.0	1.0–2.0	803	$1,000	$1.25	15d	26	1.23mi
3108 N Parish Ave Peoria, IL	3.0	1.5	967	$1,750	$1.81	45d	1	1.27mi
4020 N Bryer Pl Peoria, IL	2.0	1.0	720	$1,250	$1.74	23d	1	1.28mi
1327 W Covington Ct Peoria, IL	2.0	2.0	1025	$1,295	$1.26	45d	1	1.35mi
1308 W Covington Ct Peoria, IL	2.0	1.5	975	$1,170	$1.20	23d	1	1.35mi
811 W Purtscher Dr Peoria, IL	3.0	1.0	864	$1,100	$1.27	45d	1	1.45mi
W Crestwood Dr Peoria, IL	1.0–2.0	1.0	800	$975	$1.22	15d	4	1.45mi

HOA detail condo

• Monthly dues: $210 · $2,520/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-22
   days on market $45,900 Active 69 DOM
2. 2026-06-19
   days on market $45,900 Active 67 DOM
3. 2026-06-18
   days on market $45,900 Active 66 DOM
4. 2026-06-17
   price $45,900 Active 65 DOM
5. 2026-06-17
   status $48,000 Active 65 DOM
6. 2026-06-17
   days on market $48,000 Under Contract 65 DOM
7. 2026-06-16
   days on market $48,000 Under Contract 64 DOM
8. 2026-06-15
   days on market $48,000 Under Contract 63 DOM
9. 2026-06-14
   days on market $48,000 Under Contract 61 DOM
10. 2026-06-13
    days on market $48,000 Under Contract 60 DOM
11. 2026-06-10
    days on market $48,000 Under Contract 58 DOM
12. 2026-06-09
    days on market $48,000 Under Contract 57 DOM
13. 2026-06-08
    days on market $48,000 Under Contract 56 DOM
14. 2026-06-07
    days on market $48,000 Under Contract 55 DOM
15. 2026-06-03
    days on market $48,000 Under Contract 51 DOM
16. 2026-06-02
    days on market $48,000 Under Contract 50 DOM
17. 2026-06-01
    days on market $48,000 Under Contract 49 DOM
18. 2026-06-01
    status $48,000 Under Contract 48 DOM
19. 2026-05-31
    days on market $48,000 Active 48 DOM
20. 2026-05-30
    days on market $48,000 Active 47 DOM
21. 2024-05-21
    soldstatus $45,901
22. 2021-08-06
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23. 2021-08-06
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48. 2021-08-06
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49. 2021-08-06
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50. 2007-07-27
    soldstatus $36,400

ⓘ 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: $1,170 · $97/mo
• Projected year-2 tax: $1,170 · $97/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $13,115
• − Mortgage interest: −$2,571
• − Property taxes: −$1,170
• − Insurance: −$230
• − Repairs & maintenance: −$1,049
• − Management: −$1,049
• − HOA: −$2,520
• − Depreciation: −$1,335
• Taxable income: $3,192
• Est. tax owed @ 24.0%: −$766
• After-tax cash flow: $2,788/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): 28,313
• Household income: $52,414
• Rent vs Own: 32.0% rent · 68.0% own
• Severe rent burden: 815.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Black 29% Two or more races 10% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Slovak 1% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Chinese 1% French/Haitian/Cajun 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: ▼ -54.15%
• Current HPI: 165.8838
• Rent YoY: ▲ 2.30%
• 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

+24.1% since first listed

73 events — show timeline

• 2024-05-21 Sold (Public Records) $45,901 Public Records
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2007-07-27 Sold (MLS) $36,400 RMLSA as Distributed by MLS Grid
• 2007-06-15 Sold (MLS) $35,700 RMLSA as Distributed by MLS Grid
• 2007-04-03 Listed $36,500 RMLSA as Distributed by MLS Grid
• 2007-01-09 Listed $38,900 RMLSA as Distributed by MLS Grid
• 2006-12-22 Sold (MLS) $36,000 RMLSA as Distributed by MLS Grid
• 2006-12-22 Sold (MLS) $38,000 RMLSA as Distributed by MLS Grid
• 2006-11-26 Listed $39,900 RMLSA as Distributed by MLS Grid
• 2006-10-04 Listed $39,900 RMLSA as Distributed by MLS Grid
• 2006-04-21 Sold (MLS) $34,000 RMLSA as Distributed by MLS Grid
• 2006-02-17 Listed $39,900 RMLSA as Distributed by MLS Grid
• 2006-02-16 Sold (MLS) $34,000 RMLSA as Distributed by MLS Grid
• 2006-01-01 Listed $36,000 RMLSA as Distributed by MLS Grid
• 2005-12-30 Sold (MLS) $29,900 RMLSA as Distributed by MLS Grid
• 2005-11-22 Sold (MLS) $36,000 RMLSA as Distributed by MLS Grid
• 2005-09-20 Listed $38,750 RMLSA as Distributed by MLS Grid
• 2005-09-08 Listed $30,900 RMLSA as Distributed by MLS Grid
• 2005-07-29 Sold (MLS) $36,000 RMLSA as Distributed by MLS Grid
• 2005-07-29 Sold (MLS) $36,000 RMLSA as Distributed by MLS Grid
• 2005-07-18 Sold (MLS) $36,000 RMLSA as Distributed by MLS Grid
• 2005-07-15 Sold (MLS) $33,500 RMLSA as Distributed by MLS Grid
• 2005-07-06 Listed $36,000 RMLSA as Distributed by MLS Grid
• 2005-05-31 Sold (MLS) $33,500 RMLSA as Distributed by MLS Grid
• 2005-05-19 Listed $36,000 RMLSA as Distributed by MLS Grid
• 2005-05-19 Listed $39,900 RMLSA as Distributed by MLS Grid
• 2005-05-07 Listed $36,900 RMLSA as Distributed by MLS Grid
• 2005-03-09 Listed $36,500 RMLSA as Distributed by MLS Grid
• 2005-02-28 Sold (MLS) $33,000 RMLSA as Distributed by MLS Grid
• 2004-12-10 Listed $37,500 RMLSA as Distributed by MLS Grid
• 2004-10-19 Sold (MLS) $35,775 RMLSA as Distributed by MLS Grid
• 2004-07-23 Listed $39,000 RMLSA as Distributed by MLS Grid
• 2003-07-29 Sold (MLS) $35,900 RMLSA as Distributed by MLS Grid
• 2003-05-02 Listed $39,900 RMLSA as Distributed by MLS Grid
• 2003-04-25 Sold (MLS) $35,500 RMLSA as Distributed by MLS Grid
• 2003-03-10 Listed $36,900 RMLSA as Distributed by MLS Grid
• 2003-01-31 Sold (MLS) $35,500 RMLSA as Distributed by MLS Grid
• 2002-12-03 Listed $36,900 RMLSA as Distributed by MLS Grid
• 2002-02-27 Sold (MLS) $34,000 RMLSA as Distributed by MLS Grid
• 2002-02-22 Sold (MLS) $33,500 RMLSA as Distributed by MLS Grid
• 2001-12-19 Listed $36,000 RMLSA as Distributed by MLS Grid
• 2001-12-17 Listed $35,900 RMLSA as Distributed by MLS Grid
• 2001-08-31 Sold (MLS) $32,500 RMLSA as Distributed by MLS Grid
• 2001-04-02 Listed $33,900 RMLSA as Distributed by MLS Grid
• 2001-02-02 Sold (MLS) $37,000 RMLSA as Distributed by MLS Grid
• 2000-08-09 Listed $37,000 RMLSA as Distributed by MLS Grid

Property tax history

+3.2%/yr

Latest (2024): $1,170 · +41.3% YoY. Source: county tax records.