306 S Gridley St · Bloomington, IL 61701

$168,500

4 bd · 4.0 ba · — sqft · Other · 63 Days on market

Built 1920 3,049 sqft lot Est $203k · 17% under

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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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +6.4/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very nicely updated and remodeled duplex with two one-bedroom, one full bathroom units. Both units are redone in a super cute "cozy cabin" look and feel. Main level has high ceilings and beautiful, bold colored paint choices. Upper unit is all neutral in paint colors. All newer windows throughout entire building. Newer furnace and central air conditioners installed in both units and even a newer roof was put on the building! Each unit comes with one off street parking spot right behind the building. The tenants pay electric. Upper unit is all electric, even the furnace. Owner pays water for both and gas for main unit currently but gas bill can be transferred to the tenant since there is only only one gas meter and it is only for that main level furnace. Super close to downtown Bloomington in the adorable and historic area of Dimmitts Grove! Buy as an investment or buy as owner occupied to live in one unit and rent the other to cover your mortgage!

Key facts

• Newer furnace
• Updated duplex
• Remodeled units

Tags

• UPDATED DUPLEX
• REMODELED UNITS
• HIGH CEILINGS
• NEWER WINDOWS
• NEWER FURNACE
• CENTRAL AIR CONDITIONERS

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath other listed at $168k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $158k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 5.4% in Bloomington — 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 77/100 on livability (#161 in IL, #2,987 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities C-, commute F.
• Bloomington SD 87 (urban): math 14% / reading 19% proficiency, ranked #476 of 620 in IL (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+5.6%/yr); 88 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 247 units permitted in McLean County in 2024 (54 in 5+ unit buildings).
• This rent runs 40% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $47k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $158,390 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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. 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: 1.14% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.41%
• DSCR: 1.42
• GRM: 7.3

CMA / ARV

• ARV (median comp): $202,674
• List price: $168,500
• Delta: -16.86%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.6% rent growth · sell at horizon

5-year hold

• IRR: 0.8%
• Equity multiple: 1.03×
• Total profit: $1,417
• Equity at exit: $25,124

10-year hold

• IRR: 12.9%
• Equity multiple: 2.14×
• Total profit: $53,918
• Equity at exit: $14,569

Cash invested: $47,180 (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 61701

• Rents YoY: 5.6%
• Active inventory: 88
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,918 high
• Mortgage (P&I): −$884
• Tax from tax record: −$191 /mo · $2,298/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $370

Break-even live

Break-even rent $1,450

Max offer price $168,500

Occupancy floor 76%

Sensitivity live

Price	-10% $465	-5% $418	+0% $370	+5% $322	+10% $274
Rent	-10% $218	-5% $294	+0% $370	+5% $446	+10% $521
Rate	-1.0pp $455	-0.5pp $413	base $370	+0.5pp $326	+1.0pp $282

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: $42,125
• Closing costs: $5,055
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 1/2 S Clayton St Bloomington, IL	3.0	1.0	1003	$1,895	$1.89	21d	1	0.27mi
318 E Locust St Apt A Bloomington, IL	3.0	2.0	1200	$3,000	$2.50	44d	1	0.54mi
703 W Olive St Bloomington, IL	3.0	1.0	1000	$1,495	$1.50	21d	1	0.60mi
503 E Empire St Bloomington, IL	3.0	2.0	1000	$1,795	$1.79	44d	1	0.76mi
1110 E Jefferson St Unit 16 Bloomington, IL	3.0	1.5	1476	$1,675	$1.13	44d	1	0.81mi
1002 N Center St Bloomington, IL	4.0	2.0	—	$2,000	—	44d	1	0.83mi
507 E Graham St Bloomington, IL	3.0	1.5	1300	$1,900	$1.46	44d	1	0.83mi
1102 N Madison St Bloomington, IL	3.0	2.0	1603	$1,950	$1.22	21d	1	0.88mi
1619 R T Dunn Dr Bloomington, IL	3.0	2.0	1200	$1,300	$1.08	21d	1	1.05mi
501 E Emerson St Bloomington, IL	3.0	1.5	2825	$2,500	$0.88	44d	1	1.12mi
1223 Butler Ave Bloomington, IL	3.0	3.0	—	$2,000	—	44d	1	1.22mi
1116 Doral Dr Bloomington, IL	3.0	3.5	2064	$2,150	$1.04	21d	1	1.25mi
1910 Golden Dr Bloomington, IL	3.0	1.0	1144	$1,650	$1.44	44d	1	1.32mi

Listing history 22 events

1. 2026-06-19
   days on market $168,500 Active 63 DOM
2. 2026-06-18
   days on market $168,500 Active 62 DOM
3. 2026-06-17
   days on market $168,500 Active 61 DOM
4. 2026-06-16
   days on market $168,500 Active 60 DOM
5. 2026-06-15
   days on market $168,500 Active 59 DOM
6. 2026-06-14
   days on market $168,500 Active 57 DOM
7. 2026-06-13
   days on market $168,500 Active 56 DOM
8. 2026-06-10
   days on market $168,500 Active 54 DOM
9. 2026-06-09
   days on market $168,500 Active 53 DOM
10. 2026-06-08
    days on market $168,500 Active 52 DOM
11. 2026-06-07
    days on market $168,500 Active 51 DOM
12. 2026-06-03
    days on market $168,500 Active 47 DOM
13. 2026-06-02
    pricedays on market $168,500 Active 46 DOM
14. 2026-06-01
    days on market $175,000 Active 45 DOM
15. 2026-05-31
    days on market $175,000 Active 44 DOM
16. 2026-05-30
    days on market $175,000 Active 43 DOM
17. 2023-05-10
    soldstatus $125,000
18. 2023-05-05
    soldstatus $125,000 Closed 982-char remark

    Show marketing remark (982 chars)

    Very nicely updated and remodeled duplex with two one-bedroom, one full bathroom units. Both units are redone in a super cute "cozy cabin" look and feel. Main level has high ceilings and beautiful, bold colored paint choices. Upper unit is all neutral in paint colors. All newer windows throughout entire building. Newer furnace and central air conditioners installed in both units and even a newer roof was put on the building! Each unit comes with one off street parking spot right behind the building. The tenants pay electric. Upper unit is all electric, even the furnace. Owner pays water for both and gas for main unit currently but gas bill can be transferred to the tenant since there is only only one gas meter and it is only for that main level furnace. Super close to downtown Bloomington in the adorable and historic area of Dimmitts Grove! Buy as an investment or buy as owner occupied to live in one unit and rent the other to cover your mortgage!

19. 2023-03-20
    historical Contingent - No Showings 982-char remark

    Show marketing remark (982 chars)

    Very nicely updated and remodeled duplex with two one-bedroom, one full bathroom units. Both units are redone in a super cute "cozy cabin" look and feel. Main level has high ceilings and beautiful, bold colored paint choices. Upper unit is all neutral in paint colors. All newer windows throughout entire building. Newer furnace and central air conditioners installed in both units and even a newer roof was put on the building! Each unit comes with one off street parking spot right behind the building. The tenants pay electric. Upper unit is all electric, even the furnace. Owner pays water for both and gas for main unit currently but gas bill can be transferred to the tenant since there is only only one gas meter and it is only for that main level furnace. Super close to downtown Bloomington in the adorable and historic area of Dimmitts Grove! Buy as an investment or buy as owner occupied to live in one unit and rent the other to cover your mortgage!

20. 2023-03-16
    listed $124,900 Active 982-char remark

    Show marketing remark (982 chars)

    Very nicely updated and remodeled duplex with two one-bedroom, one full bathroom units. Both units are redone in a super cute "cozy cabin" look and feel. Main level has high ceilings and beautiful, bold colored paint choices. Upper unit is all neutral in paint colors. All newer windows throughout entire building. Newer furnace and central air conditioners installed in both units and even a newer roof was put on the building! Each unit comes with one off street parking spot right behind the building. The tenants pay electric. Upper unit is all electric, even the furnace. Owner pays water for both and gas for main unit currently but gas bill can be transferred to the tenant since there is only only one gas meter and it is only for that main level furnace. Super close to downtown Bloomington in the adorable and historic area of Dimmitts Grove! Buy as an investment or buy as owner occupied to live in one unit and rent the other to cover your mortgage!

21. 2008-05-13
    soldstatus $31,000
22. 1996-09-01
    soldstatus $20,500

ⓘ 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: $2,298 · $191/mo
• Projected year-2 tax: $3,061 · $255/mo
• Expected delta: +$764/yr (+$64/mo · 33.2%)

ⓘ 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 ≥106°F today · 18 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,015
• − Mortgage interest: −$9,439
• − Property taxes: −$2,298
• − Insurance: −$842
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$4,902
• Taxable income: $1,852
• Est. tax owed @ 24.0%: −$445
• After-tax cash flow: $3,994/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: Bloomington SD 87
• NCES district ID: 1706480
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 19% ▼ -7.00%
• Median HH income: $50,544
• Composite: 15.05/100
• National rank: #9351
• State rank: #476 of 620 in IL

Livability — Bloomington

• Score: 77/100
• State rank: #161
• US rank: #2987

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bloomington, IL
• County: McLean County · 126,490 people
• City population: 72,415
• Metro: Bloomington, IL
• Population (ZIP): 35,136
• Household income: $57,130
• Rent vs Own: 43.3% rent · 56.7% own
• Severe rent burden: 1493.0

Population outlook (McLean County) Hauer SSP2

• Today (2025): 176,468 people
• By 2030: 178,002 · +0.9%
• By 2040: 178,592 · +1.2%
• By 2050: 177,090 · +0.4%
• By 2075: 173,224 · -1.8%
• By 2100: 158,425 · -10.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 13% Two or more races 9% Hispanic / Latino 9% Asian 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 3% Slovak 2% Italian 1%
• Foreign-born: 6% · Canada, Philippines, Vietnam
• Languages at home: 91% English-only · Spanish 5% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · McLean

• 2024 margin: Toss-up / Even · D 51.6% · R 46.8% · Other 1.6%
• 2008→2024 swing: +3.7pp toward D · 2008: 1.2pp · 2024: 4.9pp
• All cycles: 2024: D+4.9 2020: D+3.9 2016: R+1.5 2012: R+11.1 2008: D+1.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.13%
• Current HPI: 172.3659
• Rent YoY: ▲ 5.60%
• Metro: Bloomington, 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

+509.8% since first listed

6 events — show timeline

• 2023-05-10 Sold (Public Records) $125,000 Public Records
• 2023-05-05 Sold (MLS) $125,000 MRED as Distributed by MLS Grid
• 2023-03-20 Contingent — MRED as Distributed by MLS Grid
• 2023-03-16 Listed $124,900 MRED as Distributed by MLS Grid
• 2008-05-13 Sold (Public Records) $31,000 Public Records
• 1996-09-01 Sold (Public Records) $20,500 Public Records

Property tax history

+8.6%/yr

Latest (2023): $2,298 · +10.0% YoY. Source: county tax records.