204 S 6th St · Rockford, IL 61104

$799,000

324 bd · 324.0 ba · 9,161 sqft · MultiFamily · 54 Days on market

Built 1927 Good condition 4,791 sqft lot $87/sqft · 83% above area

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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
• Rent growth +4.9/5.0
• Condition / age +3.8/5.0
• Livability +3.1/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 18 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 MLS

THE KATHERINE! This property offers an excellent opportunity for an Investor. This listing features an 18-unit apartment complex constructed entirely of brick. The building received a new roof in 2020 and is equipped with a new boiler 2023 and water heater. All units are studio apartments with Murphy beds and private bathrooms; twelve of the units also include kitchens. Some stove and Refrigerators are included "AS IS" The basement offers each unit an individual storage space and laundry hookups Additionally, the sale includes the lot at 212 S. 6th St. , which could possibly used for parking lot.

Key facts

• New boiler
• New water heater
• New roof

Tags

• 18 UNIT APARTMENT COMPLEX
• NEW ROOF
• NEW BOILER
• NEW WATER HEATER
• INDIVIDUAL STORAGE SPACE
• LAUNDRY HOOKUPS

Property features AI

Finance

• Financial info: 18-unit multifamily investment (unit mix: twelve 2-room/1-bed/1-bath units and six 1-room/1-bed/1-bath units)

Exterior

• Utilities: No additional utility details provided
• Home design: Multi-family property (5+ units)
• Construction: Brick construction
• Exterior features: Lot dimensions approximately 65 x 72 x 65 x 72; Zoned commercial/residential (COMMR)

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: One-bedroom floor plan (Unit type 1 and 2 both include 1 bedroom)
• Bathrooms: One full bathroom in each unit type
• Heating & cooling: Hot water heating
• Interior features: Building contains a total of 18 units; Some units were built before 1978
• Laundry & utility: No in-unit washer/dryer leased

What this means for you Summary

Snapshot

• This is a 18 × 1-bed/1-bath units multifamily listed at $799k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $8k ($92k/yr) — positive. Per door: $427/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $799k).
• Recommended offer: $775k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.8% 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); 69 active listings in the ZIP; lower-income renter base — watch delinquency; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $16,717/mo this rent would consume 594% 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 $6k of loan paydown is wiped out by about $24k 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 $224k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($775k) 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.
• Current owner paid $480k; list at $799k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $775,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.09% ✓
• Cap rate: 17.83%
• Cash-on-cash: 41.22%
• DSCR: 2.83
• GRM: 4.0

CMA / ARV

• ARV (median comp): $435,950
• List price: $799,000
• Delta: 83.28%
• Verdict: OVERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 43.4%
• Equity multiple: 3.01×
• Total profit: $448,569
• Equity at exit: $119,133

10-year hold

• IRR: 51.6%
• Equity multiple: 7.36×
• Total profit: $1,423,965
• Equity at exit: $69,083

Cash invested: $223,720 (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: 69
• Price-to-rent: 71.7×

Monthly cashflow live

• Estimated rent: $16,717 high
• Mortgage (P&I): −$4,190
• Tax est. 1.5%: −$999 /mo · $11,985/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,511
• Net cashflow: $7,685

Break-even live

Break-even rent $6,990

Max offer price $799,000

Occupancy floor 49%

Sensitivity live

Price	-10% $8,237	-5% $7,961	+0% $7,685	+5% $7,409	+10% $7,133
Rent	-10% $6,364	-5% $7,024	+0% $7,685	+5% $8,345	+10% $9,005
Rate	-1.0pp $8,087	-0.5pp $7,888	base $7,685	+0.5pp $7,478	+1.0pp $7,267

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

Units	Beds	Baths	Est. rent
▸ 18× units	1	1	$16,722
Total (18 units)			$16,717

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $799,000 Active 54 DOM
2. 2026-06-19
   days on market $799,000 Active 52 DOM
3. 2026-06-18
   days on market $799,000 Active 51 DOM
4. 2026-06-17
   days on market $799,000 Active 50 DOM
5. 2026-06-16
   days on market $799,000 Active 49 DOM
6. 2026-06-15
   days on market $799,000 Active 48 DOM
7. 2026-06-14
   days on market $799,000 Active 46 DOM
8. 2026-06-13
   days on market $799,000 Active 45 DOM
9. 2026-06-10
   days on market $799,000 Active 43 DOM
10. 2026-06-09
    days on market $799,000 Active 42 DOM
11. 2026-06-08
    days on market $799,000 Active 41 DOM
12. 2026-06-07
    days on market $799,000 Active 40 DOM
13. 2026-06-03
    days on market $799,000 Active 36 DOM
14. 2026-06-02
    days on market $799,000 Active 35 DOM
15. 2026-06-01
    days on market $799,000 Active 34 DOM
16. 2026-05-31
    days on market $799,000 Active 33 DOM
17. 2026-05-30
    days on market $799,000 Active 32 DOM
18. 2026-04-28
    listed $799,000 Active 612-char remark
19. 2026-04-27
    listed $799,000 Active 616-char remark

    Show marketing remark (616 chars)

    THE KATHERINE! This property offers an excellent opportunity for an Investor. This listing features an 18-unit apartment complex constructed entirely of brick. The building received a new roof in 2020 and is equipped with a new boiler 2023 and water heater. All units are studio apartments with Murphy beds and private bathrooms; twelve of the units also include kitchens. Some stove and Refrigerators are included "AS IS" The basement offers each unit an individual storage space and laundry hookups Additionally, the sale includes the lot at 212 S. 6th St. , which could possibly used for parking lot.

20. 2021-12-16
    soldstatus $480,000

    Show marketing remark (490 chars)

    18 UNIT APARTMENT COMPLEX. ALL BRICK BUILDING IN GREAT CONDITION. NEW ROOF IN 2020. NEWER BOILER AND WATER HEATER. ALL UNITS ARE STUDIO APARTMENTS WITH MURPHY BEDS. EACH HAS A BATHROOM. 12 HAVE A KITCHEN. OFFICE AND WORKSHOP IN BASEMENT. EACH UNIT HAS A STORAGE UNIT IN THE BASEMENT. THIS PROPRTY ISIMMACULATE AND A MUST SEE THE 1500 SF HOME AT 212 S. 6TH ST WITH PARKING LOT ALSO GO WITH THIS SALE. THE HOUSE IS 4 BEDROOMS AND RENTED. IT IS VINYL SIDED AND IN VERY NICE CONDITION.

21. 2021-12-16
    soldstatus $480,000

    Show marketing remark (490 chars)

    18 UNIT APARTMENT COMPLEX. ALL BRICK BUILDING IN GREAT CONDITION. NEW ROOF IN 2020. NEWER BOILER AND WATER HEATER. ALL UNITS ARE STUDIO APARTMENTS WITH MURPHY BEDS. EACH HAS A BATHROOM. 12 HAVE A KITCHEN. OFFICE AND WORKSHOP IN BASEMENT. EACH UNIT HAS A STORAGE UNIT IN THE BASEMENT. THIS PROPRTY ISIMMACULATE AND A MUST SEE THE 1500 SF HOME AT 212 S. 6TH ST WITH PARKING LOT ALSO GO WITH THIS SALE. THE HOUSE IS 4 BEDROOMS AND RENTED. IT IS VINYL SIDED AND IN VERY NICE CONDITION.

22. 2021-11-09
    listed $499,000
23. 2021-11-08
    listed $499,000

    Show marketing remark (490 chars)

    18 UNIT APARTMENT COMPLEX. ALL BRICK BUILDING IN GREAT CONDITION. NEW ROOF IN 2020. NEWER BOILER AND WATER HEATER. ALL UNITS ARE STUDIO APARTMENTS WITH MURPHY BEDS. EACH HAS A BATHROOM. 12 HAVE A KITCHEN. OFFICE AND WORKSHOP IN BASEMENT. EACH UNIT HAS A STORAGE UNIT IN THE BASEMENT. THIS PROPRTY ISIMMACULATE AND A MUST SEE THE 1500 SF HOME AT 212 S. 6TH ST WITH PARKING LOT ALSO GO WITH THIS SALE. THE HOUSE IS 4 BEDROOMS AND RENTED. IT IS VINYL SIDED AND IN VERY NICE CONDITION.

ⓘ 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: $200,604
• − Mortgage interest: −$44,756
• − Property taxes: −$11,985
• − Insurance: −$3,995
• − Repairs & maintenance: −$16,048
• − Management: −$16,048
• − Depreciation: −$23,244
• Taxable income: $84,527
• Est. tax owed @ 24.0%: −$20,287
• After-tax cash flow: $71,930/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This 18-unit apartment complex is in good condition with a new roof and boiler, offering a solid investment opportunity.

Repairs flagged

• Minor Stove and Refrigerators — AS IS condition
• Minor Staircase railings — Slight wear

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace stove and refrigerators — Improves living conditions and attracts tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
Stove and Refrigerators · AS IS condition	Minor	$500–3,000
Staircase railings · Slight wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace stove and refrigerators — Improves living conditions and attracts tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+60.1% since first listed

6 events — show timeline

• 2026-04-28 Listed $799,000 MRED as Distributed by MLS Grid
• 2026-04-27 Listed $799,000 NWIAR
• 2021-12-16 Sold (MLS) $480,000 NWIAR
• 2021-12-16 Sold (MLS) $480,000 MRED as Distributed by MLS Grid
• 2021-11-09 Listed $499,000 NWIAR
• 2021-11-08 Listed $499,000 MRED as Distributed by MLS Grid