2304 17th Ave · Rockford, IL 61104

$170,000

4 bd · 2.0 ba · — sqft · MultiFamily · 4 Days on market

Built 1913 5,400 sqft lot Est $118k · 45% over

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Rent growth +4.9/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Turnkey and beautifully remodeled spacious brick two-family offering 2,000 SF of move-in ready living space with flexibility for both owner-occupants and investors. Current owner has completed extensive updates throughout including kitchens, baths, mostly new windows, major concrete work and sump pump installation. An enclosed rear staircase adds convenience along with additional storage potential and separate lockable storage areas in the lower level provide extra space for each unit with generous common space too. Off-street parking adds to the convenience complimenting the available street parking. Ideal for anyone looking for a smart investment opportunity or a chance to offset a mortgage by living in one unit while collecting rent from the other. Don't miss out!

Key facts

• Remodeled
• Extensive updates
• Off-street parking

Tags

• REMODELED
• EXTENSIVE UPDATES
• ENCLOSED REAR STAIRCASE
• LOCKABLE STORAGE AREAS
• OFF-STREET PARKING

Property features AI

Finance

• Other: Property listed with tenant rights for possession
• Financial info: Special service area: No; First-floor unit rent $600; security deposit $600; lease through June 1, 2026; Second-floor unit rent $500; lease through May 1, 2026

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Two- to four-unit property (2 units total); Fee simple ownership; Rehab completed in 2014; Over 100 years old; Built before 1978; Brick construction
• Construction: Brick exterior
• Exterior features: Lot dimensions approximately 45 x 120; Lot less than 0.25 acre

Interior

• Kitchen: Stove; Refrigerator
• Bedrooms: 4 bedrooms (2 on first floor, 2 on second floor)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Window air conditioner in second-floor unit
• Interior features: 10 total rooms; Unfinished full basement
• Laundry & utility: Tenant pays gas and heat for each unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive. Per door: $305/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 10.6% 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 (+9.7%/yr); 67 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $2,321/mo this rent would consume 82% of the median local household income ($34k/yr) (locally 1406% 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 $1k of loan paydown is wiped out by about $5k 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 $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $170,000

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 1913 — 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: 1.37% ✓
• Cap rate: 10.59%
• Cash-on-cash: 15.35%
• DSCR: 1.68
• GRM: 6.1

CMA / ARV

• ARV (median comp): $117,562
• List price: $170,000
• Delta: 44.60%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2304 17th Ave	0.00mi	4/2.0	—	0mo	$188,500	—	87
1308 19th St	0.29mi	4/2.0	—	1mo	$185,000	—	73
1507-09 16th Ave	0.24mi	5/2.0 (+1)	—	1mo	$203,000	—	71
1320 20th St	0.28mi	4/2.0	—	7mo	$210,000	—	69
2225 Broadway	0.16mi	4/4.0	—	5mo	$284,900	—	68
2002 13th Ave	0.35mi	4/2.0	—	6mo	$200,000	—	66
2017 19th Ave	0.34mi	4/2.0	—	8mo	$75,000	—	65
1009-1011 24th St	0.59mi	4/2.0	—	8mo	$230,000	—	53
2617 9th Ave	0.57mi	5/2.0 (+1)	—	6mo	$235,000	—	51
1509 16th Ave	0.71mi	5/2.0 (+1)	—	1mo	$203,000	—	49
907 21st St	0.57mi	5/4.0 (+1)	—	6mo	$190,000	—	43
1531 12th Ave	0.72mi	4/4.0	—	4mo	$160,000	—	43

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.8%
• Equity multiple: 1.50×
• Total profit: $23,574
• Equity at exit: $25,348

10-year hold

• IRR: 24.5%
• Equity multiple: 3.66×
• Total profit: $126,570
• Equity at exit: $14,698

Cash invested: $47,600 (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 61104

• Home prices YoY: -21.4%
• Rents YoY: 9.7%
• Active inventory: 67
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $2,321 high
• Mortgage (P&I): −$891
• Tax from tax record: −$262 /mo · $3,147/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $609

Break-even live

Break-even rent $1,550

Max offer price $170,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,320
Total (2 units)			$2,321

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1202 18th St Unit 3 Rockford, IL	3.0	1.0	1500	$1,700	$1.13	13d	1	0.39mi
1004 15th St Rockford, IL	4.0	1.5	1267	$1,450	$1.14	20d	1	0.59mi
1519 17th Ave Rockford, IL	3.0	2.0	1500	$1,600	$1.07	13d	1	0.71mi
1612 10th St Unit 2 Rockford, IL	3.0	1.0	—	$1,250	—	43d	1	0.82mi
708 29th St Rockford, IL	3.0	2.0	1800	$1,600	$0.89	20d	1	0.97mi
1231 11th Ave Rockford, IL	4.0	1.0	1284	$1,450	$1.13	43d	1	1.01mi
1351 7th Ave Rockford, IL	4.0	2.0	1040	$2,000	$1.92	43d	1	1.03mi
333 S Gardiner Ave Unit AVE2 Rockford, IL	4.0	1.0	1306	$1,600	$1.23	43d	1	1.03mi
2217 8th St Rockford, IL	3.0	1.0	1260	$1,500	$1.19	43d	1	1.13mi
3516 Constance Dr Rockford, IL	3.0	2.0	2400	$1,795	$0.75	20d	1	1.18mi
1119 9th Ave Unit 1W Rockford, IL	3.0	1.0	1155	$1,600	$1.39	43d	1	1.18mi
1209 6th Ave Rockford, IL	3.0	1.0	—	$1,500	—	20d	1	1.22mi
2723 Silent Wood Trl Unit 2735-7 Rockford, IL	3.0	1.5	1050	$1,310	$1.25	20d	1	1.42mi

Listing history 4 events

1. 2026-05-11
   status Pending 775-char remark

   Show marketing remark (777 chars)

   Turnkey and beautifully remodeled spacious brick two-family offering 2,000 SF of move-in ready living space with flexibility for both owner-occupants and investors. Current owner has completed extensive updates throughout including kitchens, baths, mostly new windows, major concrete work and sump pump installation. An enclosed rear staircase adds convenience along with additional storage potential and separate lockable storage areas in the lower level provide extra space for each unit with generous common space too. Off-street parking adds to the convenience complimenting the available street parking. Ideal for anyone looking for a smart investment opportunity or a chance to offset a mortgage by living in one unit while collecting rent from the other. Don't miss out!

2. 2026-05-11
   status Pending 777-char remark

   Show marketing remark (777 chars)

   Turnkey and beautifully remodeled spacious brick two-family offering 2,000 SF of move-in ready living space with flexibility for both owner-occupants and investors. Current owner has completed extensive updates throughout including kitchens, baths, mostly new windows, major concrete work and sump pump installation. An enclosed rear staircase adds convenience along with additional storage potential and separate lockable storage areas in the lower level provide extra space for each unit with generous common space too. Off-street parking adds to the convenience complimenting the available street parking. Ideal for anyone looking for a smart investment opportunity or a chance to offset a mortgage by living in one unit while collecting rent from the other. Don't miss out!

3. 2026-05-06
   listed $170,000 Active 775-char remark

   Show marketing remark (777 chars)

   Turnkey and beautifully remodeled spacious brick two-family offering 2,000 SF of move-in ready living space with flexibility for both owner-occupants and investors. Current owner has completed extensive updates throughout including kitchens, baths, mostly new windows, major concrete work and sump pump installation. An enclosed rear staircase adds convenience along with additional storage potential and separate lockable storage areas in the lower level provide extra space for each unit with generous common space too. Off-street parking adds to the convenience complimenting the available street parking. Ideal for anyone looking for a smart investment opportunity or a chance to offset a mortgage by living in one unit while collecting rent from the other. Don't miss out!

4. 2026-05-06
   listed $170,000 Active 777-char remark

   Show marketing remark (777 chars)

   Turnkey and beautifully remodeled spacious brick two-family offering 2,000 SF of move-in ready living space with flexibility for both owner-occupants and investors. Current owner has completed extensive updates throughout including kitchens, baths, mostly new windows, major concrete work and sump pump installation. An enclosed rear staircase adds convenience along with additional storage potential and separate lockable storage areas in the lower level provide extra space for each unit with generous common space too. Off-street parking adds to the convenience complimenting the available street parking. Ideal for anyone looking for a smart investment opportunity or a chance to offset a mortgage by living in one unit while collecting rent from the other. Don't miss out!

ⓘ 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: $3,147 · $262/mo
• Projected year-2 tax: $3,503 · $292/mo
• Expected delta: +$356/yr (+$30/mo · 11.3%)

ⓘ 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 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: $27,852
• − Mortgage interest: −$9,523
• − Property taxes: −$3,147
• − Insurance: −$850
• − Repairs & maintenance: −$2,228
• − Management: −$2,228
• − Depreciation: −$4,945
• Taxable income: $4,931
• Est. tax owed @ 24.0%: −$1,183
• After-tax cash flow: $6,125/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): 17,222
• Household income: $33,772
• Rent vs Own: 62.2% rent · 37.8% own
• Severe rent burden: 1406.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Hispanic / Latino 26% Black 25% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 2% Portuguese 2% Lithuanian 2%
• Foreign-born: 16% · Canada, South Korea, Philippines
• Languages at home: 74% English-only · Spanish 18% Other Asian/Pacific 3% Russian/Polish/Slavic 1%

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: ▼ -63.40%
• Current HPI: 233.0219
• Rent YoY: ▲ 9.67%
• 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

+10.9% since first listed

6 events — show timeline

• 2026-06-09 Sold (MLS) $188,500 MRED as Distributed by MLS Grid
• 2026-06-09 Sold (MLS) $188,500 NWIAR
• 2026-05-11 Pending — MRED as Distributed by MLS Grid
• 2026-05-11 Pending — NWIAR
• 2026-05-06 Listed $170,000 MRED as Distributed by MLS Grid
• 2026-05-06 Listed $170,000 NWIAR

Property tax history

-0.1%/yr

Latest (2025): $3,147 · +3.8% YoY. Source: county tax records.