2200 Iowa St · Granite City, IL 62040

$300,000

6 bd · None ba · 4,148 sqft · MultiFamily · 8 Days on market

Built 1963 7,405 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 +9.7/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

Coming Soon June 15th! Outstanding 6-unit brick investment property featuring six 1-bedroom, 1-bath apartments with living room, kitchen, laundry area, and bedroom. Several units have been updated. Three units currently occupied and three vacant for easy viewing. Newer roof, side parking, fenced front yard area, and a mix of central air and window units. Located directly across from a hospital, making it an ideal opportunity for long-term rentals or traveling nurse housing. Occupied units require 48-hour notice. Seller requests buyers view vacant units first; occupied unit access available upon accepted contract.

Key facts

• 7,405 sq ft lot
• Built 1963
• Listed 8 days

Property features AI

Finance

• Other: 6 total units in the building; 1-unit type listed, 3 units currently leased; Number of buildings: 1; Lot size about 0.17 acre
• Financial info: Owner pays insurance and trash; Net operating income reported at $42,000; No second mortgage indicated; Lease not considered
• HOA & community: No association fees; No community amenities listed

Exterior

• Parking: Additional parking available
• Utilities: Public water; Sewer connected; Electricity connected (Ameren); Cable available
• Home design: Residential income property (5 family or more); Apartment building; Two levels; Updated/remodeled condition; Private ownership
• Construction: Brick construction; Architectural shingle roof; Slab foundation; Built date per public records
• Exterior features: Front porch; Concrete road frontage on a city street; No pool; No fencing

Interior

• Kitchen: Oven; Refrigerator
• Bedrooms: No main or upper level bedrooms reported; Unit type includes 1-bedroom units
• Flooring: Carpet; Laminate
• Bathrooms: No main or upper level bathrooms reported
• Heating & cooling: Forced air heating (varies by unit); Central air; Wall/window unit(s)
• Interior features: Walk-in closet(s); Accessible entrance
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $254/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Cap rate 12.4% vs local median 7.0% in Granite City — 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 65/100 on livability (#623 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Granite City CUSD 9 (suburban): math 9% / reading 11% proficiency, ranked #570 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Granite City High School (math 10% / reading 12%, grade F, #522 of 693 statewide, top 76%, 1,805 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.7%/yr); 194 active listings in the ZIP; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $4,417/mo this rent would consume 88% of the median local household income ($60k/yr) (locally 923% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Madison County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $300,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.47% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.81%
• DSCR: 1.97
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $91,256
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2121 Edison Ave	0.30mi	7/3.0 (+1)	3,898 (-6%)	15mo	$85,000	$22	59

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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.51×
• Total profit: $42,806
• Equity at exit: $44,731

10-year hold

• IRR: 20.8%
• Equity multiple: 2.66×
• Total profit: $139,193
• Equity at exit: $25,939

Cash invested: $84,000 (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 62040

• Home prices YoY: -21.8%
• Rents YoY: 1.7%
• Active inventory: 194
• Price-to-rent: 34.0×

Monthly cashflow live

• Estimated rent: $4,417 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$264 /mo · $3,171/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$928
• Net cashflow: $1,527

Break-even live

Break-even rent $2,484

Max offer price $300,000

Occupancy floor 60%

Sensitivity live

Price	-10% $1,697	-5% $1,612	+0% $1,527	+5% $1,442	+10% $1,357
Rent	-10% $1,178	-5% $1,353	+0% $1,527	+5% $1,701	+10% $1,876
Rate	-1.0pp $1,678	-0.5pp $1,603	base $1,527	+0.5pp $1,449	+1.0pp $1,370

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$4,416
Total (6 units)			$4,417

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $300,000 Active 8 DOM
2. 2026-06-17
   days on market $300,000 Active 7 DOM
3. 2026-06-16
   days on market $300,000 Active 6 DOM
4. 2026-06-15
   days on market $300,000 Active 5 DOM
5. 2026-06-13
   days on market $300,000 Active 3 DOM
6. 2026-06-13
   statusdays on market $300,000 Active 2 DOM
7. 2026-06-09
   days on market $300,000 Coming Soon 11 DOM
8. 2026-06-08
   days on market $300,000 Coming Soon 10 DOM
9. 2026-06-07
   days on market $300,000 Coming Soon 9 DOM
10. 2026-06-05
    days on market $300,000 Coming Soon 6 DOM
11. 2026-06-03
    days on market $300,000 Coming Soon 5 DOM
12. 2026-06-02
    days on market $300,000 Coming Soon 4 DOM
13. 2026-06-01
    days on market $300,000 Coming Soon 3 DOM
14. 2026-05-31
    days on market $300,000 Coming Soon 2 DOM

ⓘ 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: $3,171 · $264/mo
• Projected year-2 tax: $4,990 · $416/mo
• Expected delta: +$1,820/yr (+$152/mo · 57.4%)

ⓘ 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 6/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,004
• − Mortgage interest: −$16,805
• − Property taxes: −$3,171
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,240
• − Management: −$4,240
• − Depreciation: −$8,727
• Taxable income: $14,321
• Est. tax owed @ 24.0%: −$3,437
• After-tax cash flow: $14,887/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: Granite City CUSD 9
• NCES district ID: 1717280
• Math proficiency: 9% ▼ -4.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $45,082
• Composite: 9.15/100
• National rank: #9864
• State rank: #570 of 620 in IL

Livability — Granite City

• Score: 65/100
• State rank: #623
• US rank: #12751

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granite City, IL
• County: Madison County · 189,064 people
• City population: 40,404
• Metro: St. Louis, MO-IL
• Population (ZIP): 40,404
• Household income: $60,031
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 923.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.88%
• Current HPI: 204.4612
• Rent YoY: ▲ 1.67%
• Metro: St. Louis, MO-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

1 event — show timeline

• 2026-05-29 Coming Soon $300,000 MARIS as Distributed by MLS Grid

Property tax history

+2.4%/yr

Latest (2024): $3,171 · +1.5% YoY. Source: county tax records.