2345 State St · Granite City, IL 62040

$22,500

6 bd · None ba · 1,218 sqft · MultiFamily public records · 1 Days on market

Built 1910 8,925 sqft lot ↓ 25% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Looking for an investment or to have your mortgage paid for you? Then look no further than this Granite City duplex. Live in one unit and rent the other, turn into a single family, rent both units...the possibilities are endless. Each unit offers 2 bedrooms, a full bath and a bonus room that could be converted to a third bedroom, office or den. Conveniently located close to shopping, schools and highways, just a short 20 minute commute to downtown St Louis. This one won't last long, call your favorite agent today to find out more information! This is a Fannie Mae Property. Before making an offer Buyer and/or buyer agent should verify all MLS data.

Key facts

• 8,925 sq ft lot
• Built 1910

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $22k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $544/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $22k).
• Cap rate 64.3% 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); 191 active listings in the ZIP; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($60k/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 $156 of loan paydown is wiped out by about $675 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y 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: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• 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 $22,500

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 1910 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 7.00% ✓
• Cap rate: 64.32%
• Cash-on-cash: 207.23%
• DSCR: 10.22
• GRM: 1.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.67% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.09×
• Total profit: $63,592
• Equity at exit: $3,355

10-year hold

• IRR: —
• Equity multiple: 22.65×
• Total profit: $136,392
• Equity at exit: $1,945

Cash invested: $6,300 (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: 191
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,574 high
• Mortgage (P&I): −$118
• Tax est. 1.5%: −$28 /mo · $338/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $1,088

Break-even live

Break-even rent $197

Max offer price $22,500

Occupancy floor 26%

Sensitivity live

Price	-10% $1,104	-5% $1,096	+0% $1,088	+5% $1,080	+10% $1,072
Rent	-10% $964	-5% $1,026	+0% $1,088	+5% $1,150	+10% $1,212
Rate	-1.0pp $1,099	-0.5pp $1,094	base $1,088	+0.5pp $1,082	+1.0pp $1,076

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,574
Total (2 units)			$1,574

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-03-31
   status Pending
2. 2026-03-31
   listed $22,500 Active
3. 2025-09-29
   status Pending
4. 2025-09-26
   listed $35,000 Active
5. 2023-09-29
   soldstatus Closed 656-char remark

   Show marketing remark (656 chars)

   Looking for an investment or to have your mortgage paid for you? Then look no further than this Granite City duplex. Live in one unit and rent the other, turn into a single family, rent both units...the possibilities are endless. Each unit offers 2 bedrooms, a full bath and a bonus room that could be converted to a third bedroom, office or den. Conveniently located close to shopping, schools and highways, just a short 20 minute commute to downtown St Louis. This one won't last long, call your favorite agent today to find out more information! This is a Fannie Mae Property. Before making an offer Buyer and/or buyer agent should verify all MLS data.

6. 2023-08-23
   status Pending 656-char remark

   Show marketing remark (656 chars)

   Looking for an investment or to have your mortgage paid for you? Then look no further than this Granite City duplex. Live in one unit and rent the other, turn into a single family, rent both units...the possibilities are endless. Each unit offers 2 bedrooms, a full bath and a bonus room that could be converted to a third bedroom, office or den. Conveniently located close to shopping, schools and highways, just a short 20 minute commute to downtown St Louis. This one won't last long, call your favorite agent today to find out more information! This is a Fannie Mae Property. Before making an offer Buyer and/or buyer agent should verify all MLS data.

7. 2023-08-17
   listed $25,000 Active 656-char remark

   Show marketing remark (656 chars)

   Looking for an investment or to have your mortgage paid for you? Then look no further than this Granite City duplex. Live in one unit and rent the other, turn into a single family, rent both units...the possibilities are endless. Each unit offers 2 bedrooms, a full bath and a bonus room that could be converted to a third bedroom, office or den. Conveniently located close to shopping, schools and highways, just a short 20 minute commute to downtown St Louis. This one won't last long, call your favorite agent today to find out more information! This is a Fannie Mae Property. Before making an offer Buyer and/or buyer agent should verify all MLS data.

8. 2007-02-22
   soldstatus $90,000
9. 2000-04-20
   soldstatus $64,000
10. 1997-10-03
    soldstatus $30,000

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 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: $18,888
• − Mortgage interest: −$1,260
• − Property taxes: −$338
• − Insurance: −$112
• − Repairs & maintenance: −$1,511
• − Management: −$1,511
• − Depreciation: −$655
• Taxable income: $13,501
• Est. tax owed @ 24.0%: −$3,240
• After-tax cash flow: $9,815/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

-25.0% since first listed

10 events — show timeline

• 2026-03-31 Pending — MARIS as Distributed by MLS Grid
• 2026-03-31 Listed $22,500 MARIS as Distributed by MLS Grid
• 2025-09-29 Pending — MARIS as Distributed by MLS Grid
• 2025-09-26 Listed $35,000 MARIS as Distributed by MLS Grid
• 2023-09-29 Sold (MLS) — MARIS as Distributed by MLS Grid
• 2023-08-23 Pending — MARIS as Distributed by MLS Grid
• 2023-08-17 Listed $25,000 MARIS as Distributed by MLS Grid
• 2007-02-22 Sold (Public Records) $90,000 Public Records
• 2000-04-20 Sold (Public Records) $64,000 Public Records
• 1997-10-03 Sold (Public Records) $30,000 Public Records

Property tax history

+2.4%/yr

Latest (2024): $3,931 · +1.5% YoY. Source: county tax records.