3311 N Leroy Ave · Peoria, IL 61604

$21,900

2 bd · 1.0 ba · 504 sqft · SingleFamily public records · 7 Days on market

Built 1959 6,600 sqft lot Est $29k · 24% under ↓ 36% since listing

---

Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 MLS

Rent keeps going up why don't you consider purchasing instead. This one bedroom Home has a spacious Living Room with partial Cathedral ceiling. Kitchen includes all appliances. Full bathroom. Detached 1 car garage. All measurements are approx. & not deemed reliable. Call for an appt. today.

Key facts

• 6,600 sq ft lot
• Garage
• Built 1959

Property features AI

Finance

• Other: Zoned RES
• HOA & community: No association fee

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1959
• Construction: Shingle roof
• Exterior features: Level lot; Paved road frontage

Interior

• Kitchen: Kitchen on main level (approximately 8' x 7')
• Bedrooms: 1 bedroom on the main level (approximately 11' x 11') with an egress window
• Flooring: Other flooring throughout listed rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Gas water heater (heating listed as Gas Water Heater)
• Interior features: Crawl space basement; No fireplaces
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $22k.

Deal economics

• At list price, monthly cash flow is $638 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($994 rent vs $22k).
• Cap rate 41.3% 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+, 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: 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; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $151 of loan paydown is wiped out by about $657 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $21,900

Questions for the listing agent

1. Built in 1959 — 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 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: 4.54% ✓
• Cap rate: 41.26%
• Cash-on-cash: 124.88%
• DSCR: 6.56
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $28,728
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3311 N Leroy Ave	0.00mi	1/1.0 (-1)	504 (0%)	0mo	$18,500	$37	95
2218 W Tripp Ave	0.06mi	1/1.0 (-1)	480 (-5%)	4mo	$30,000	$63	81
3220 N Gale Ave	0.23mi	2/1.0	464 (-8%)	8mo	$37,500	$81	69
1917 W Hudson St	0.36mi	2/1.0	560 (+11%)	2mo	$32,000	$57	63
3336 N Sterling Ave	0.11mi	1/1.0 (-1)	440 (-13%)	10mo	$31,000	$70	60
2232 W Albany St	0.07mi	1/1.0 (-1)	440 (-13%)	14mo	$25,000	$57	59
3520 N Finnell Ave	0.26mi	1/1.0 (-1)	572 (+14%)	8mo	$11,500	$20	54

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 · 2.3% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.94×
• Total profit: $36,412
• Equity at exit: $3,265

10-year hold

• IRR: —
• Equity multiple: 14.25×
• Total profit: $81,279
• Equity at exit: $1,894

Cash invested: $6,132 (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: 1.8×

Monthly cashflow live

• Estimated rent: $994 high
• Mortgage (P&I): −$115
• Tax from tax record: −$23 /mo · $277/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $638

Break-even live

Break-even rent $186

Max offer price $21,900

Occupancy floor 31%

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: $5,475
• Closing costs: $657
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2805 W Larchmont Ln Peoria, IL	1.0–2.0	1.0	695	$1,060	$1.53	13d	3	0.71mi
4010 N Brandywine Dr Peoria, IL	1.0–2.0	1.0–2.0	797	$1,082	$1.36	13d	17	0.80mi
2600 N Lavalle Ct Peoria, IL	1.0–3.0	1.0–2.0	803	$1,000	$1.25	13d	26	1.15mi
4020 N Bryer Pl Peoria, IL	2.0	1.0	720	$1,250	$1.74	21d	1	1.29mi
2214 N Linsley St Peoria, IL	2.0	1.0	575	$550	$0.96	43d	1	1.40mi
W Crestwood Dr Peoria, IL	1.0–2.0	1.0	800	$975	$1.22	13d	4	1.42mi
905 W Thrush Ave Peoria, IL	2.0	1.0	750	$950	$1.27	21d	1	1.49mi

Listing history 5 events

1. 2026-05-20
   listed $21,900 Active
2. 2021-12-07
   soldstatus $41,500
3. 2021-12-01
   soldstatus $41,500 296-char remark

   Show marketing remark (296 chars)

   Rent keeps going up why don't you consider purchasing instead. This one bedroom Home has a spacious Living Room with partial Cathedral ceiling. Kitchen includes all appliances. Full bathroom. Detached 1 car garage. All measurements are approx. & not deemed reliable. Call for an appt. today.

4. 2021-07-24
   listed $44,900 296-char remark

   Show marketing remark (296 chars)

   Rent keeps going up why don't you consider purchasing instead. This one bedroom Home has a spacious Living Room with partial Cathedral ceiling. Kitchen includes all appliances. Full bathroom. Detached 1 car garage. All measurements are approx. & not deemed reliable. Call for an appt. today.

5. 2004-12-03
   soldstatus $34,000

ⓘ 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: $277 · $23/mo
• Projected year-2 tax: $387 · $32/mo
• Expected delta: +$110/yr (+$9/mo · 39.8%)

ⓘ 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: $11,927
• − Mortgage interest: −$1,227
• − Property taxes: −$277
• − Insurance: −$110
• − Repairs & maintenance: −$954
• − Management: −$954
• − Depreciation: −$637
• Taxable income: $7,768
• Est. tax owed @ 24.0%: −$1,864
• After-tax cash flow: $5,793/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

-35.6% since first listed

5 events — show timeline

• 2026-05-20 Listed $21,900 RMLSA as Distributed by MLS Grid
• 2021-12-07 Sold (Public Records) $41,500 Public Records
• 2021-12-01 Sold (MLS) $41,500 RMLSA as Distributed by MLS Grid
• 2021-07-24 Listed $44,900 RMLSA as Distributed by MLS Grid
• 2004-12-03 Sold (Public Records) $34,000 Public Records

Property tax history

-12.3%/yr

Latest (2024): $277 · -47.0% YoY. Source: county tax records.