642 W Stephenson St · Freeport, IL 61032

$89,000

5 bd · 2.0 ba · 3,926 sqft · SingleFamily · 9 Days on market

Built 1892 0.27 ac lot Est $94k · 6% under ↓ 11% since listing

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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 +10.0/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into the timeless charm of this stately five-bedroom, two-bath Victorian home, rich with character and beautiful original woodwork throughout. A welcoming foyer with a dedicated sitting area sets the tone, leading into the formal living room and spacious dining room, creating the perfect setting for everyday living and effortless entertaining. An additional flex space off the living room provides an ideal location for a home office, reading nook, or playroom. The generously sized kitchen offers ample cabinetry, counter space, and storage, while a convenient main-floor full bath and access to the backyard complete the main level. Upstairs, you'll find five well-proportioned bedrooms, gorgeous hardwood floors, and a second full bath. A finished attic space, accessible from the hallway, offers endless possibilities for a hobby room, studio, or additional living area. The unfinished lower level provides abundant storage and room for future expansion. Outside, mature landscaping surrounds the property, complemented by a spacious fenced yard and a two-stall detached garage. While this home could benefit from some TLC, it presents an incredible opportunity to restore and personalize a true Victorian gem. Conveniently located near shopping, downtown amenities, restaurants, and major highways, this property is ready for its next chapter. Some photos are virtually staged but there are no alterations to the home.

Key facts

• Victorian home
• Spacious dining room
• Flex space

Tags

• VICTORIAN HOME
• ORIGINAL WOODWORK
• DEDICATED SITTING AREA
• FORMAL LIVING ROOM
• SPACIOUS DINING ROOM
• FLEX SPACE

Property features AI

Finance

• Other: Annual tax amount available

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water service; Public sewer
• Home design: Residential single-family house; Two stories
• Exterior features: Shingle roof; Lot approximately 0.27 acres; Public water; Public sewer

Interior

• Kitchen: Gas cooktop; Dishwasher; Refrigerator
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Walk-in closets; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $426 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Cap rate 12.0% vs local median 5.8% in Freeport — 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 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Freeport High School (math 11% / reading 18%, grade F, #479 of 693 statewide, top 71%, 1,080 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 205 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Stephenson County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 17 sale attempts since 10y 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: property tax is 4.8% of price; built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,000

Questions for the listing agent

1. Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.83% ✓
• Cap rate: 12.04%
• Cash-on-cash: 20.52%
• DSCR: 1.91
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $94,224
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
642 W Stephenson St	0.00mi	5/2.0	3,804 (-3%)	3mo	$90,100	$24	93

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.52×
• Total profit: $12,890
• Equity at exit: $13,270

10-year hold

• IRR: 21.9%
• Equity multiple: 2.88×
• Total profit: $46,875
• Equity at exit: $7,695

Cash invested: $24,920 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 205
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,625 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$354 /mo · $4,246/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $426

Break-even live

Break-even rent $1,086

Max offer price $89,000

Occupancy floor 69%

Sensitivity live

Price	-10% $730	-5% $699	+0% $426	+5% $401	+10% $376
Rent	-10% $298	-5% $362	+0% $426	+5% $490	+10% $554
Rate	-1.0pp $471	-0.5pp $449	base $426	+0.5pp $403	+1.0pp $380

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1219 1/2 S Chicago Ave Freeport, IL	5.0	2.0	2672	$1,625	$0.61	44d	1	0.86mi

Listing history 9 events

1. 2026-06-21
   status $89,000 Pending 9 DOM
2. 2026-06-18
   days on market $89,000 Active 9 DOM
3. 2026-06-17
   days on market $89,000 Active 8 DOM
4. 2026-06-16
   days on market $89,000 Active 7 DOM
5. 2026-06-15
   days on market $89,000 Active 6 DOM
6. 2026-06-13
   days on market $89,000 Active 4 DOM
7. 2026-06-12
   days on market $89,000 Active 3 DOM
8. 2026-06-09
   remarks 699-char remark

   Show marketing remark (1430 chars)

   Step into the timeless charm of this stately five-bedroom, two-bath Victorian home, rich with character and beautiful original woodwork throughout. A welcoming foyer with a dedicated sitting area sets the tone, leading into the formal living room and spacious dining room, creating the perfect setting for everyday living and effortless entertaining. An additional flex space off the living room provides an ideal location for a home office, reading nook, or playroom. The generously sized kitchen offers ample cabinetry, counter space, and storage, while a convenient main-floor full bath and access to the backyard complete the main level. Upstairs, you'll find five well-proportioned bedrooms, gorgeous hardwood floors, and a second full bath. A finished attic space, accessible from the hallway, offers endless possibilities for a hobby room, studio, or additional living area. The unfinished lower level provides abundant storage and room for future expansion. Outside, mature landscaping surrounds the property, complemented by a spacious fenced yard and a two-stall detached garage. While this home could benefit from some TLC, it presents an incredible opportunity to restore and personalize a true Victorian gem. Conveniently located near shopping, downtown amenities, restaurants, and major highways, this property is ready for its next chapter. Some photos are virtually staged but there are no alterations to the home.

9. 2026-06-09
   listed $89,000 Active 1 DOM

   Show marketing remark (1430 chars)

   Step into the timeless charm of this stately five-bedroom, two-bath Victorian home, rich with character and beautiful original woodwork throughout. A welcoming foyer with a dedicated sitting area sets the tone, leading into the formal living room and spacious dining room, creating the perfect setting for everyday living and effortless entertaining. An additional flex space off the living room provides an ideal location for a home office, reading nook, or playroom. The generously sized kitchen offers ample cabinetry, counter space, and storage, while a convenient main-floor full bath and access to the backyard complete the main level. Upstairs, you'll find five well-proportioned bedrooms, gorgeous hardwood floors, and a second full bath. A finished attic space, accessible from the hallway, offers endless possibilities for a hobby room, studio, or additional living area. The unfinished lower level provides abundant storage and room for future expansion. Outside, mature landscaping surrounds the property, complemented by a spacious fenced yard and a two-stall detached garage. While this home could benefit from some TLC, it presents an incredible opportunity to restore and personalize a true Victorian gem. Conveniently located near shopping, downtown amenities, restaurants, and major highways, this property is ready for its next chapter. Some photos are virtually staged but there are no alterations to the home.

ⓘ 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: $4,246 · $354/mo
• Projected year-2 tax: $4,246 · $354/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥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: $19,500
• − Mortgage interest: −$4,985
• − Property taxes: −$4,246
• − Insurance: −$445
• − Repairs & maintenance: −$1,560
• − Management: −$1,560
• − Depreciation: −$2,589
• Taxable income: $4,114
• Est. tax owed @ 24.0%: −$987
• After-tax cash flow: $4,126/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: Freeport SD 145
• NCES district ID: 1715900
• Math proficiency: 11% ▼ -3.00%
• Reading proficiency: 12% ▼ -5.00%
• Median HH income: $39,803
• Composite: 9.89/100
• National rank: #9821
• State rank: #565 of 620 in IL

Livability — Freeport

• Score: 72/100
• State rank: #302
• US rank: #5927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, IL
• Population (ZIP): 29,072

Population outlook (Stephenson County) Hauer SSP2

• Today (2025): 41,802 people
• By 2030: 39,487 · -5.5%
• By 2040: 34,534 · -17.4%
• By 2050: 29,693 · -29.0%
• By 2075: 21,196 · -49.3%
• By 2100: 14,596 · -65.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Stephenson

• 2024 margin: R (+19.4) · D 39.5% · R 58.9% · Other 1.6%
• 2008→2024 swing: -26.1pp toward R · 2008: 6.7pp · 2024: -19.4pp
• All cycles: 2024: R+19.4 2020: R+15.7 2016: R+17.0 2012: R+4.6 2008: D+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.75%
• Current HPI: 163.677
• Rent YoY: —
• Metro: —
• 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

50 events — show timeline

• 2026-06-09 Listed $89,000 MRED as Distributed by MLS Grid
• 2026-06-09 Listed $89,000 NWIAR
• 2026-04-03 Sold (MLS) $90,100 NWIAR
• 2026-04-03 Sold (MLS) $90,100 MRED as Distributed by MLS Grid
• 2026-03-17 Pending — MRED as Distributed by MLS Grid
• 2026-03-17 Pending — NWIAR
• 2026-03-12 Price Changed $90,100 MRED as Distributed by MLS Grid
• 2026-03-12 Price Changed $90,100 NWIAR
• 2026-03-12 Relisted — NWIAR
• 2026-03-12 Relisted — MRED as Distributed by MLS Grid
• 2026-02-05 Pending — NWIAR
• 2026-02-05 Pending — MRED as Distributed by MLS Grid
• 2026-01-08 Relisted — NWIAR
• 2026-01-08 Relisted — MRED as Distributed by MLS Grid
• 2025-12-23 Pending — NWIAR
• 2025-12-23 Contingent — MRED as Distributed by MLS Grid
• 2025-12-18 Price Changed $104,900 MRED as Distributed by MLS Grid
• 2025-12-18 Price Changed $104,900 NWIAR
• 2025-12-10 Relisted — NWIAR
• 2025-12-10 Relisted — MRED as Distributed by MLS Grid
• 2025-11-10 Pending — MRED as Distributed by MLS Grid
• 2025-11-10 Pending — NWIAR
• 2025-11-04 Price Changed $119,900 NWIAR
• 2025-11-04 Price Changed $119,900 MRED as Distributed by MLS Grid
• 2025-10-14 Relisted — MRED as Distributed by MLS Grid
• 2025-10-13 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-18 Price Changed $131,900 NWIAR
• 2025-09-18 Price Changed $131,900 MRED as Distributed by MLS Grid
• 2025-09-16 Relisted — NWIAR
• 2025-09-16 Relisted — MRED as Distributed by MLS Grid
• 2025-09-10 Contingent — MRED as Distributed by MLS Grid
• 2025-09-10 Pending — NWIAR
• 2025-08-15 Price Changed $149,900 MRED as Distributed by MLS Grid
• 2025-08-15 Price Changed $149,900 NWIAR
• 2025-07-14 Price Changed $179,900 NWIAR
• 2025-07-14 Price Changed $179,900 MRED as Distributed by MLS Grid
• 2025-06-17 Listed $204,900 MRED as Distributed by MLS Grid
• 2025-06-13 Listed $204,900 NWIAR
• 2017-06-21 Sold (Public Records) $110,000 Public Records
• 2017-06-16 Sold (MLS) $110,000 NWIAR
• 2017-06-01 Listing Removed — MRED as Distributed by MLS Grid
• 2017-05-10 Listed — MRED as Distributed by MLS Grid
• 2017-05-05 Listing Removed — MRED as Distributed by MLS Grid
• 2017-03-23 Price Changed — MRED as Distributed by MLS Grid
• 2017-03-23 Relisted — MRED as Distributed by MLS Grid
• 2017-02-28 Listing Removed — MRED as Distributed by MLS Grid
• 2017-01-09 Price Changed — MRED as Distributed by MLS Grid
• 2016-07-13 Price Changed — MRED as Distributed by MLS Grid
• 2016-07-01 Listed — MRED as Distributed by MLS Grid
• 2016-06-29 Listed $99,900 NWIAR

Property tax history

+2.4%/yr

Latest (2024): $4,246 · +4.0% YoY. Source: county tax records.