1057 S Pearl St · Galesburg, IL 61401

$44,900

3 bd · 2.0 ba · 820 sqft · Other public records · 51 Days on market

Built 1896 0.29 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
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Ready for its next chapter, this character-filled home is waiting for the right buyer to bring it back to its former glory. The main floor offers spacious living and dining areas, a convenient bedroom, a full bathroom, and a sizable kitchen creating an ideal canvas for transformation. Upstairs features two generously sized bedrooms with lots of storage and a second full bathroom offering ample space to reimagine and design for your own needs. Detailed woodwork and hardwood flooring throughout add character and offer potential for beautiful restoration. Outdoors, this property delivers an expansive backyard filled with many mature trees & perennials as well as a covered front porch, a

Key facts

• 0.29 acre lot
• Garage
• Built 1896

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Built in 1896
• Construction: Shingle roof; Crawl space / partial unfinished basement
• Exterior features: Level lot; Shed(s) in yard; Lot dimensions approximately 66 x 192

Interior

• Kitchen: Kitchen on main level (vinyl flooring, approx. 13.6 x 11.3 ft)
• Bedrooms: 3 bedrooms (located on main, upper and additional/other levels); Primary bedroom on main level with egress window (approx. 10.6 x 8 ft); Second bedroom on upper level with egress window (approx. 13.5 x 13.3 ft); Third bedroom on upper level with egress window (approx. 13.1 x 10.7 ft)
• Flooring: Hardwood flooring in most living areas and bedrooms; Vinyl flooring in the kitchen
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans
• Laundry & utility: Crawl space/partial unfinished basement for utility or storage access

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $45k.

Deal economics

• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.5% vs local median 6.4% in Galesburg — 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 70/100 on livability (#367 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F, employment D-.
• Galesburg CUSD 205 (town): math 13% / reading 22% proficiency, ranked #488 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Galesburg Senior High School (math 19% / reading 24%, grade F, #345 of 693 statewide, top 50%, 1,762 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 198 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Knox County population projected at -19% 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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: property tax is 4.0% of price; built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — 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. 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. 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?
7. 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.
8. 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.
9. 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: 2.43% ✓
• Cap rate: 18.53%
• Cash-on-cash: 43.70%
• DSCR: 2.94
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 40.7%
• Equity multiple: 2.75×
• Total profit: $21,954
• Equity at exit: $6,695

10-year hold

• IRR: 47.0%
• Equity multiple: 5.53×
• Total profit: $56,960
• Equity at exit: $3,882

Cash invested: $12,572 (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 61401

• Active inventory: 198
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,090 medium
• Mortgage (P&I): −$235
• Tax from tax record: −$149 /mo · $1,791/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $458

Break-even live

Break-even rent $511

Max offer price $44,900

Occupancy floor 53%

Sensitivity live

Price	-10% $483	-5% $470	+0% $458	+5% $445	+10% $432
Rent	-10% $372	-5% $415	+0% $458	+5% $501	+10% $544
Rate	-1.0pp $480	-0.5pp $469	base $458	+0.5pp $446	+1.0pp $434

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $44,900 Active 51 DOM
2. 2026-06-18
   days on market $44,900 Active 49 DOM
3. 2026-06-17
   days on market $44,900 Active 48 DOM
4. 2026-06-16
   days on market $44,900 Active 47 DOM
5. 2026-06-15
   days on market $44,900 Active 46 DOM
6. 2026-06-13
   days on market $44,900 Active 44 DOM
7. 2026-06-12
   days on market $44,900 Active 43 DOM
8. 2026-06-09
   days on market $44,900 Active 40 DOM
9. 2026-06-08
   days on market $44,900 Active 39 DOM
10. 2026-06-07
    days on market $44,900 Active 38 DOM
11. 2026-06-07
    days on market $44,900 Active 37 DOM
12. 2026-06-04
    days on market $44,900 Active 34 DOM
13. 2026-06-02
    days on market $44,900 Active 33 DOM
14. 2026-06-01
    days on market $44,900 Active 32 DOM
15. 2026-05-31
    days on market $44,900 Active 31 DOM
16. 2026-05-31
    days on market $44,900 Active 30 DOM
17. 2026-04-30
    listed $44,900 Active 880-char remark
18. 2021-08-06
    historical
19. 2021-08-06
    historical
20. 2021-08-06
    historical
21. 2021-08-06
    historical
22. 2006-04-26
    soldstatus $42,000
23. 2001-12-12
    soldstatus $35,000
24. 2001-11-22
    listed $40,000

ⓘ 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: $1,791 · $149/mo
• Projected year-2 tax: $1,791 · $149/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,081
• − Mortgage interest: −$2,515
• − Property taxes: −$1,791
• − Insurance: −$224
• − Repairs & maintenance: −$1,046
• − Management: −$1,046
• − Depreciation: −$1,306
• Taxable income: $5,152
• Est. tax owed @ 24.0%: −$1,236
• After-tax cash flow: $4,257/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: Galesburg CUSD 205
• NCES district ID: 1716080
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 22% ▼ -11.00%
• Median HH income: $35,901
• Composite: 14.46/100
• National rank: #9427
• State rank: #488 of 620 in IL

Livability — Galesburg

• Score: 70/100
• State rank: #367
• US rank: #7601

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galesburg, IL
• City population: 32,318
• Population (ZIP): 30,684

Population outlook (Knox County) Hauer SSP2

• Today (2025): 48,224 people
• By 2030: 46,333 · -3.9%
• By 2040: 42,424 · -12.0%
• By 2050: 38,929 · -19.3%
• By 2075: 31,523 · -34.6%
• By 2100: 24,092 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 8% Hispanic / Latino 8% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Serbian 1% Slovak 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Knox

• 2024 margin: Lean R (+9.4) · D 44.4% · R 53.7% · Other 1.9%
• 2008→2024 swing: -29.3pp toward R · 2008: 19.9pp · 2024: -9.4pp
• All cycles: 2024: R+9.4 2020: R+5.6 2016: R+3.3 2012: D+17.1 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.48%
• Current HPI: 157.276
• 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

+12.2% since first listed

8 events — show timeline

• 2026-04-30 Listed $44,900 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
• 2006-04-26 Sold (Public Records) $42,000 Public Records
• 2001-12-12 Sold (MLS) $35,000 RMLSA as Distributed by MLS Grid
• 2001-11-22 Listed $40,000 RMLSA as Distributed by MLS Grid

Property tax history

+16.3%/yr

Latest (2025): $1,791 · +5.7% YoY. Source: county tax records.