4115 Harrison Ave · Rockford, IL 61108

$2,449,000

1056 bd · 576.0 ba · 21,516 sqft · MultiFamily · 159 Days on market

Built 1970 1.82 ac lot

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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
• 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 (5+ Unit). Listing-text estimate: 24 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Currently fully occupied 24-unit, this building has 76 new windows, 16 new sliding doors, all new steel siding costing over 100K, many apartments have updated plumbing. Water heater is from 2018, building is fully turn key, most units are updated/renovated. Monthly rent roll is just over $20k with a lot more room for growth and potential. Only 5 minutes to I-39, I-90, and US20, and in the hottest market in the US. Rents should be $1200 for 2 bedroom units and $1100 for 1 bedroom units, building should be producing $30k proforma, without doing much work. Not many buildings like this for sale in Rockford! SHOWING WILL BE SATURDAY 1/17 AT 3:30 PM

Key facts

• 16 new sliding doors
• 76 new windows
• New steel siding

Tags

• 76 NEW WINDOWS
• 16 NEW SLIDING DOORS
• NEW STEEL SIDING
• UPDATED PLUMBING
• WATER HEATER FROM 2018
• UPDATED RENOVATED UNITS

What this means for you Summary

Snapshot

• This is a 24 × 44-bed/24.0-bath units multifamily listed at $2.45M.

Deal economics

• At list price, monthly cash flow is $15k ($176k/yr) — positive. Per door: $612/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($40k rent vs $2.45M).
• Recommended offer: $2.16M (12.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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: schools F, crime F, amenities 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.
• Market conditions: Rents rising fast (+8.1%/yr); 114 active listings in the ZIP; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $40,023/mo this rent would consume 746% of the median local household income ($64k/yr) (locally 1199% 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 $17k of loan paydown is wiped out by about $73k 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 $686k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($2.16M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y 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 $1.50M; list at $2.45M implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $2,155,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 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 1970 — 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: 1.63% ✓
• Cap rate: 13.49%
• Cash-on-cash: 25.71%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 24.9%
• Equity multiple: 2.10×
• Total profit: $751,121
• Equity at exit: $365,154

10-year hold

• IRR: 35.7%
• Equity multiple: 5.12×
• Total profit: $2,824,250
• Equity at exit: $211,745

Cash invested: $685,720 (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: 114
• Price-to-rent: 122.4×

Monthly cashflow live

• Estimated rent: $40,023 medium
• Mortgage (P&I): −$12,843
• Tax est. 1.5%: −$3,061 /mo · $36,735/yr
• Insurance: −$1,020
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,405
• Net cashflow: $14,694

Break-even live

Break-even rent $21,423

Max offer price $2,449,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 24× units	44	24	$40,032
Total (24 units)			$40,023

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: $612,250
• Closing costs: $73,470
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on market $2,449,000 Active 159 DOM
2. 2026-06-18
   days on market $2,449,000 Active 158 DOM
3. 2026-06-17
   days on market $2,449,000 Active 157 DOM
4. 2026-06-16
   days on market $2,449,000 Active 156 DOM
5. 2026-06-15
   days on market $2,449,000 Active 155 DOM
6. 2026-06-14
   days on market $2,449,000 Active 153 DOM
7. 2026-06-13
   days on market $2,449,000 Active 152 DOM
8. 2026-06-10
   days on market $2,449,000 Active 150 DOM
9. 2026-06-09
   days on market $2,449,000 Active 149 DOM
10. 2026-06-08
    days on market $2,449,000 Active 148 DOM
11. 2026-06-07
    days on market $2,449,000 Active 147 DOM
12. 2026-06-03
    days on market $2,449,000 Active 143 DOM
13. 2026-06-02
    days on market $2,449,000 Active 142 DOM
14. 2026-06-01
    days on market $2,449,000 Active 141 DOM
15. 2026-05-31
    days on market $2,449,000 Active 140 DOM
16. 2026-05-30
    days on market $2,449,000 Active 139 DOM
17. 2026-02-17
    price $2,449,000 653-char remark

    Show marketing remark (653 chars)

    Currently fully occupied 24-unit, this building has 76 new windows, 16 new sliding doors, all new steel siding costing over 100K, many apartments have updated plumbing. Water heater is from 2018, building is fully turn key, most units are updated/renovated. Monthly rent roll is just over $20k with a lot more room for growth and potential. Only 5 minutes to I-39, I-90, and US20, and in the hottest market in the US. Rents should be $1200 for 2 bedroom units and $1100 for 1 bedroom units, building should be producing $30k proforma, without doing much work. Not many buildings like this for sale in Rockford! SHOWING WILL BE SATURDAY 1/17 AT 3:30 PM

18. 2026-02-01
    price $2,450,000 653-char remark

    Show marketing remark (653 chars)

    Currently fully occupied 24-unit, this building has 76 new windows, 16 new sliding doors, all new steel siding costing over 100K, many apartments have updated plumbing. Water heater is from 2018, building is fully turn key, most units are updated/renovated. Monthly rent roll is just over $20k with a lot more room for growth and potential. Only 5 minutes to I-39, I-90, and US20, and in the hottest market in the US. Rents should be $1200 for 2 bedroom units and $1100 for 1 bedroom units, building should be producing $30k proforma, without doing much work. Not many buildings like this for sale in Rockford! SHOWING WILL BE SATURDAY 1/17 AT 3:30 PM

19. 2026-01-11
    listed $2,500,000 Active 653-char remark

    Show marketing remark (653 chars)

    Currently fully occupied 24-unit, this building has 76 new windows, 16 new sliding doors, all new steel siding costing over 100K, many apartments have updated plumbing. Water heater is from 2018, building is fully turn key, most units are updated/renovated. Monthly rent roll is just over $20k with a lot more room for growth and potential. Only 5 minutes to I-39, I-90, and US20, and in the hottest market in the US. Rents should be $1200 for 2 bedroom units and $1100 for 1 bedroom units, building should be producing $30k proforma, without doing much work. Not many buildings like this for sale in Rockford! SHOWING WILL BE SATURDAY 1/17 AT 3:30 PM

20. 2024-06-28
    soldstatus $1,500,000 Closed 391-char remark

    Show marketing remark (391 chars)

    Currently fully occupied, this building has 76 new windows, 16 new sliding doors, all new steel siding costing over 100K, many apartments have updated plumbing. 2018 water heater less than 5 year old. Building is fully turn key, most units are renovated. Monthly rent roll is just under $20k. Only 5 minutes to I-39, I-90, and US20, 2.5 miles from Cherry Valley mall. SOLD BEFORE PROCESSING

21. 2024-06-04
    listed $1,575,000 391-char remark

    Show marketing remark (391 chars)

    Currently fully occupied, this building has 76 new windows, 16 new sliding doors, all new steel siding costing over 100K, many apartments have updated plumbing. 2018 water heater less than 5 year old. Building is fully turn key, most units are renovated. Monthly rent roll is just under $20k. Only 5 minutes to I-39, I-90, and US20, 2.5 miles from Cherry Valley mall. SOLD BEFORE PROCESSING

22. 2024-06-04
    historical 391-char remark

    Show marketing remark (391 chars)

    Currently fully occupied, this building has 76 new windows, 16 new sliding doors, all new steel siding costing over 100K, many apartments have updated plumbing. 2018 water heater less than 5 year old. Building is fully turn key, most units are renovated. Monthly rent roll is just under $20k. Only 5 minutes to I-39, I-90, and US20, 2.5 miles from Cherry Valley mall. SOLD BEFORE PROCESSING

23. 2021-02-28
    historical
24. 2020-08-29
    price
25. 2020-04-09
    status Reactivated
26. 2020-03-03
    historical Contingent
27. 2019-08-21
    listed New
28. 2010-02-01
    historical
29. 2009-01-20
    listed

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

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: $480,276
• − Mortgage interest: −$137,182
• − Property taxes: −$36,735
• − Insurance: −$12,245
• − Repairs & maintenance: −$38,422
• − Management: −$38,422
• − Depreciation: −$71,244
• Taxable income: $146,026
• Est. tax owed @ 24.0%: −$35,046
• After-tax cash flow: $141,278/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

+55.5% since first listed

13 events — show timeline

• 2026-02-17 Price Changed $2,449,000 MRED as Distributed by MLS Grid
• 2026-02-01 Price Changed $2,450,000 MRED as Distributed by MLS Grid
• 2026-01-11 Listed $2,500,000 MRED as Distributed by MLS Grid
• 2024-06-28 Sold (MLS) $1,500,000 MRED as Distributed by MLS Grid
• 2024-06-04 Listing Removed — MRED as Distributed by MLS Grid
• 2024-06-04 Listed $1,575,000 MRED as Distributed by MLS Grid
• 2021-02-28 Listing Removed — MRED as Distributed by MLS Grid
• 2020-08-29 Price Changed — MRED as Distributed by MLS Grid
• 2020-04-09 Relisted — MRED as Distributed by MLS Grid
• 2020-03-03 Contingent — MRED as Distributed by MLS Grid
• 2019-08-21 Listed — MRED as Distributed by MLS Grid
• 2010-02-01 Listing Removed — MRED as Distributed by MLS Grid
• 2009-01-20 Listed — MRED as Distributed by MLS Grid