1706 Erie Ave · Savanna, IL 61074

$42,000

2 bd · 1.0 ba · 776 sqft · Other public records · 214 Days on market

Built 1929 $54/sqft · 37% below area Est $67k · 37% under

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two bed and one bath in Savanna, where all of your living space is on one floor. Front door enters into the living room. Bedrooms are separated; first bedroom entrance from the living room, and second from the kitchen. Bathroom is accessed from kitchen area. Rear door enters into the laundry/mudroom. Ready for new ideas and TLC. Home is being sold with the vacant lot next door on separate PIN. Both lots have access to Erie Street and alley behind. Buyer to verify all information and measurements.

Key facts

• Vacant lot next door
• Built 1929
• Listed 213 days

Tags

• LIVING SPACE ON ONE FLOOR
• ENTRANCE FROM LIVING ROOM
• ENTRANCE FROM KITCHEN
• ENTERS INTO LAUNDRY MUDROOM
• VACANT LOT NEXT DOOR
• ACCESS TO ERIE STREET

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $42k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($757 rent vs $42k).
• Recommended offer: $37k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.2% vs local median 6.4% in Savanna — 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 64/100 on livability (#684 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• West Carroll CUSD 314 (rural): math 12% / reading 20% proficiency, ranked #498 of 620 in IL (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 38 active listings in the ZIP; 23 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $290 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Carroll County population projected at -30% 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 $12k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 214 days — a 12% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.
• Current owner paid $14k; list at $42k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $36,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 214 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.80% ✓
• Cap rate: 15.19%
• Cash-on-cash: 31.78%
• DSCR: 2.41
• GRM: 4.6

CMA / ARV

• ARV (median comp): $67,162
• List price: $42,000
• Delta: -37.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 26.7%
• Equity multiple: 2.11×
• Total profit: $13,040
• Equity at exit: $6,262

10-year hold

• IRR: 34.3%
• Equity multiple: 4.14×
• Total profit: $36,935
• Equity at exit: $3,631

Cash invested: $11,760 (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 61074

• Home prices YoY: -14.6%
• Active inventory: 38
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $757 medium
• Mortgage (P&I): −$220
• Tax from tax record: −$49 /mo · $584/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$159
• Net cashflow: $311

Break-even live

Break-even rent $363

Max offer price $42,000

Occupancy floor 54%

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: $10,500
• Closing costs: $1,260
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $42,000 Active 214 DOM
2. 2026-06-18
   days on market $42,000 Active 213 DOM
3. 2026-06-17
   days on market $42,000 Active 212 DOM
4. 2026-06-16
   days on market $42,000 Active 211 DOM
5. 2026-06-15
   days on market $42,000 Active 210 DOM
6. 2026-06-14
   days on market $42,000 Active 208 DOM
7. 2026-06-12
   days on market $42,000 Active 207 DOM
8. 2026-06-09
   days on market $42,000 Active 204 DOM
9. 2026-06-08
   days on market $42,000 Active 203 DOM
10. 2026-06-07
    days on market $42,000 Active 202 DOM
11. 2026-06-07
    days on market $42,000 Active 201 DOM
12. 2026-06-02
    days on market $42,000 Active 197 DOM
13. 2026-06-01
    days on market $42,000 Active 196 DOM
14. 2026-05-31
    days on market $42,000 Active 195 DOM
15. 2026-05-30
    days on market $42,000 Active 194 DOM
16. 2025-11-17
    listed $42,000 Active 501-char remark

    Show marketing remark (501 chars)

    Two bed and one bath in Savanna, where all of your living space is on one floor. Front door enters into the living room. Bedrooms are separated; first bedroom entrance from the living room, and second from the kitchen. Bathroom is accessed from kitchen area. Rear door enters into the laundry/mudroom. Ready for new ideas and TLC. Home is being sold with the vacant lot next door on separate PIN. Both lots have access to Erie Street and alley behind. Buyer to verify all information and measurements.

17. 2021-01-14
    soldstatus $14,000 390-char remark

    Show marketing remark (390 chars)

    Enter the home into the living room with the first bedroom off. Living room and kitchen/dining area divided with decorative pillars. Full bath is located off the kitchen. Through the kitchen you will find the second bedroom with covered door in floor to basement. At the back of the home you will find the laundry room. Needs some TLC! Property that is being sold "as is where is"

18. 2020-11-13
    listed $18,000 390-char remark

    Show marketing remark (390 chars)

    Enter the home into the living room with the first bedroom off. Living room and kitchen/dining area divided with decorative pillars. Full bath is located off the kitchen. Through the kitchen you will find the second bedroom with covered door in floor to basement. At the back of the home you will find the laundry room. Needs some TLC! Property that is being sold "as is where is"

19. 2013-01-25
    soldstatus $6,000

ⓘ 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: $584 · $49/mo
• Projected year-2 tax: $769 · $64/mo
• Expected delta: +$185/yr (+$15/mo · 31.7%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 16 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: $9,081
• − Mortgage interest: −$2,353
• − Property taxes: −$584
• − Insurance: −$210
• − Repairs & maintenance: −$726
• − Management: −$726
• − Depreciation: −$1,222
• Taxable income: $3,260
• Est. tax owed @ 24.0%: −$782
• After-tax cash flow: $2,955/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: West Carroll CUSD 314
• NCES district ID: 1700310
• Math proficiency: 12% ▼ -5.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $43,090
• Composite: 13.91/100
• National rank: #9483
• State rank: #498 of 620 in IL

Livability — Savanna

• Score: 64/100
• State rank: #684
• US rank: #13971

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Savanna, IL
• Population (ZIP): 4,009

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 13,010 people
• By 2030: 12,150 · -6.6%
• By 2040: 10,462 · -19.6%
• By 2050: 9,078 · -30.2%
• By 2075: 6,704 · -48.5%
• By 2100: 5,004 · -61.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 5% Romanian 3% Slovak 2%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 96% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+31.7) · D 33.2% · R 64.8% · Other 2.0%
• 2008→2024 swing: -36.5pp toward R · 2008: 4.8pp · 2024: -31.7pp
• All cycles: 2024: R+31.7 2020: R+29.4 2016: R+27.1 2012: D+1.4 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.68%
• Current HPI: 144.9327
• Rent YoY: —
• Metro: —
• 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

+600.0% since first listed

4 events — show timeline

• 2025-11-17 Listed $42,000 MRED as Distributed by MLS Grid
• 2021-01-14 Sold (MLS) $14,000 NWIAR
• 2020-11-13 Listed $18,000 NWIAR
• 2013-01-25 Sold (Public Records) $6,000 Public Records

Property tax history

-2.8%/yr

Latest (2024): $584 · +8.0% YoY. Source: county tax records.