1002 Oak Ave S · Freeport, IL 61032

$120,000

6 bd · 4.0 ba · — sqft · SingleFamily · 253 Days on market

Built 1892 4,800 sqft 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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

1002 S. OAK AVE. & 205 W. JOHN ST. - DUPLEX on a Corner Lot Tenant pays Gas and Electric utilities. Updates in Nov & Dec 2021 - New Kitchen in Main Floor, Electric Updated, Furnaces serviced, Some More New Windows & Both water heaters New 9/2021. Steel Roof.

Key facts

• New kitchen
• Steel roof
• Corner lot

Tags

• CORNER LOT
• NEW KITCHEN
• ELECTRIC UPDATED
• NEW WINDOWS
• BOTH WATER HEATERS NEW
• STEEL ROOF

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $462 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 5.8% in Freeport — 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 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 205 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Stephenson County population projected at -29% 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 $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 253 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 4 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 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 253 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 1892 — 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: 1.36% ✓
• Cap rate: 10.91%
• Cash-on-cash: 16.50%
• DSCR: 1.73
• GRM: 6.1

CMA / ARV

• ARV (median comp): $72,807
• List price: $120,000
• Delta: 64.82%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1020 S Oak Ave	0.03mi	5/2.0 (-1)	2,104	3mo	$38,550	$18	70
1393 US Business 20 E	0.46mi	6/2.0	5,292	7mo	$236,000	$45	52
9 W Washington St	0.33mi	5/2.0 (-1)	2,120	9mo	$40,000	$19	52
1254 S Carroll Ave	0.37mi	5/3.0 (-1)	2,390	13mo	$200,000	$84	50
1226 S Float Ave	0.42mi	5/2.0 (-1)	2,004	12mo	$104,000	$52	45
624 S Benton Ave	0.36mi	5/2.0 (-1)	2,631	17mo	$79,900	$30	44
1108 S Locust Ave	0.39mi	5/1.0 (-1)	1,773	12mo	$73,000	$41	42
642 W Stephenson St	0.68mi	5/2.0 (-1)	3,804	3mo	$90,100	$24	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.30×
• Total profit: $10,007
• Equity at exit: $17,892

10-year hold

• IRR: 16.9%
• Equity multiple: 2.39×
• Total profit: $46,707
• Equity at exit: $10,375

Cash invested: $33,600 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 205
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,635 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $462

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 67%

Sensitivity live

Price	-10% $545	-5% $504	+0% $462	+5% $421	+10% $379
Rent	-10% $333	-5% $397	+0% $462	+5% $527	+10% $591
Rate	-1.0pp $522	-0.5pp $493	base $462	+0.5pp $431	+1.0pp $399

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1219 1/2 S Chicago Ave Freeport, IL	5.0	2.0	2672	$1,625	$0.61	45d	1	0.20mi
1776 S Hance Dr Unit 1776 Freeport, IL	5.0	2.0	—	$1,695	—	45d	1	1.25mi

Listing history 23 events

1. 2026-06-21
   days on market $120,000 Active 253 DOM
2. 2026-06-18
   days on market $120,000 Active 251 DOM
3. 2026-06-17
   days on market $120,000 Active 250 DOM
4. 2026-06-16
   days on market $120,000 Active 249 DOM
5. 2026-06-15
   days on market $120,000 Active 248 DOM
6. 2026-06-13
   days on market $120,000 Active 246 DOM
7. 2026-06-12
   days on market $120,000 Active 245 DOM
8. 2026-06-09
   days on market $120,000 Active 242 DOM
9. 2026-06-08
   days on market $120,000 Active 241 DOM
10. 2026-06-07
    days on market $120,000 Active 240 DOM
11. 2026-06-07
    days on market $120,000 Active 239 DOM
12. 2026-06-04
    days on market $120,000 Active 236 DOM
13. 2026-06-02
    days on market $120,000 Active 235 DOM
14. 2026-06-01
    days on market $120,000 Active 234 DOM
15. 2026-05-31
    days on market $120,000 Active 233 DOM
16. 2026-05-31
    days on market $120,000 Active 232 DOM
17. 2025-11-25
    status Active 272-char remark

    Show marketing remark (272 chars)

    1002 S. OAK AVE. & 205 W. JOHN ST. - DUPLEX on a Corner Lot Tenant pays Gas and Electric utilities. Updates in Nov & Dec 2021 - New Kitchen in Main Floor, Electric Updated, Furnaces serviced, Some More New Windows & Both water heaters New 9/2021. Steel Roof.

18. 2025-10-09
    historical 272-char remark

    Show marketing remark (272 chars)

    1002 S. OAK AVE. & 205 W. JOHN ST. - DUPLEX on a Corner Lot Tenant pays Gas and Electric utilities. Updates in Nov & Dec 2021 - New Kitchen in Main Floor, Electric Updated, Furnaces serviced, Some More New Windows & Both water heaters New 9/2021. Steel Roof.

19. 2025-08-23
    listed $120,000 Active 272-char remark

    Show marketing remark (272 chars)

    1002 S. OAK AVE. & 205 W. JOHN ST. - DUPLEX on a Corner Lot Tenant pays Gas and Electric utilities. Updates in Nov & Dec 2021 - New Kitchen in Main Floor, Electric Updated, Furnaces serviced, Some More New Windows & Both water heaters New 9/2021. Steel Roof.

20. 2022-04-13
    historical
21. 2022-03-03
    status Active
22. 2022-02-24
    status Pending
23. 2021-09-30
    listed Active

ⓘ 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 3/10 Moderate 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: $19,615
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,569
• − Management: −$1,569
• − Depreciation: −$3,491
• Taxable income: $3,864
• Est. tax owed @ 24.0%: −$927
• After-tax cash flow: $4,617/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: Freeport SD 145
• NCES district ID: 1715900
• Math proficiency: 11% ▼ -3.00%
• Reading proficiency: 12% ▼ -5.00%
• Median HH income: $39,803
• Composite: 9.89/100
• National rank: #9821
• State rank: #565 of 620 in IL

Livability — Freeport

• Score: 72/100
• State rank: #302
• US rank: #5927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, IL
• Population (ZIP): 29,072

Population outlook (Stephenson County) Hauer SSP2

• Today (2025): 41,802 people
• By 2030: 39,487 · -5.5%
• By 2040: 34,534 · -17.4%
• By 2050: 29,693 · -29.0%
• By 2075: 21,196 · -49.3%
• By 2100: 14,596 · -65.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Stephenson

• 2024 margin: R (+19.4) · D 39.5% · R 58.9% · Other 1.6%
• 2008→2024 swing: -26.1pp toward R · 2008: 6.7pp · 2024: -19.4pp
• All cycles: 2024: R+19.4 2020: R+15.7 2016: R+17.0 2012: R+4.6 2008: D+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.75%
• Current HPI: 163.677
• 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

7 events — show timeline

• 2025-11-25 Relisted — MRED as Distributed by MLS Grid
• 2025-10-09 Listing Removed — MRED as Distributed by MLS Grid
• 2025-08-23 Listed $120,000 MRED as Distributed by MLS Grid
• 2022-04-13 Listing Removed — MRED as Distributed by MLS Grid
• 2022-03-03 Relisted — MRED as Distributed by MLS Grid
• 2022-02-24 Pending — MRED as Distributed by MLS Grid
• 2021-09-30 Listed — MRED as Distributed by MLS Grid