2949 Iowa St · Granite City, IL 62040

$50,000

3 bd · 2.0 ba · 1,248 sqft · SingleFamily public records · 35 Days on market

Built 1923 4,800 sqft lot $40/sqft · 43% below area ↓ 9% 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 +7.5/15.0
• 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

Listing remarks

Price listed is Starting Bid Only. Bidding starts closing 6/4/2026 @ 5 p. m. Recently updated and remodeled 3BR/2BA home with a full, partially finished basement and attached single-car garage in Granite City, IL! Whether you are searching for a move-in ready primary residence or a terrific addition to your investment portfolio, this well-maintained property offers comfort, functionality, and long-term value. The welcoming front entrance opens to a spacious combined living and dining area that flows into a well-equipped kitchen complete with all appliances and a center island. Two equally spacious bedrooms share a full bathroom that is conveniently located, while the primary bedroom feature

Key facts

• 4,800 sq ft lot
• Garage
• Built 1923

Property features AI

Finance

• Other: Living area approximately 1,979 total (1,248 above grade, 731 below grade)
• Financial info: Auction sale indicated; Lease not considered

Exterior

• Parking: Attached garage (1 garage space, 1 total parking space)
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Cable available
• Home design: Single-family residence; One level; Private ownership
• Construction: Architectural shingle roof; Other construction materials
• Exterior features: Deck; Front porch; Front yard and back yard; Few trees on the lot

Interior

• Bedrooms: Three bedrooms, all on the main level
• Flooring: See remarks
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Partially finished full basement with interior entry; Updated/remodeled condition
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $641 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.7% 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); 194 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1923 — 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 $48,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 2.61% ✓
• Cap rate: 21.68%
• Cash-on-cash: 54.95%
• DSCR: 3.45
• GRM: 3.2

CMA / ARV

• ARV (median comp): $139,651
• List price: $50,000
• Delta: -64.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2909 Grand Ave	0.14mi	3/1.0	1,352 (+8%)	1mo	$130,000	$96	74
2655 State St	0.51mi	3/2.0	1,303 (+4%)	4mo	$165,000	$127	65
2604 E 27th St	0.36mi	2/1.0 (-1)	1,188 (-5%)	3mo	$135,000	$114	64
2922 Marshall Ave	0.38mi	2/1.0 (-1)	1,346 (+8%)	2mo	$50,000	$37	59
2529 E 25th St	0.63mi	4/2.0 (+1)	1,276 (+2%)	5mo	$99,000	$78	57
3043 Myrtle Ave	0.26mi	2/2.0 (-1)	1,076 (-14%)	4mo	$27,000	$25	56
3127 Wayne Ave	0.52mi	2/1.0 (-1)	1,150 (-8%)	1mo	$125,000	$109	53
3308 Colgate Pl	0.54mi	3/2.0	1,080 (-14%)	1mo	$155,000	$144	52
1530 Johnson Rd	0.63mi	3/2.0	1,400 (+12%)	0mo	$98,000	$70	50
2533 Iowa St	0.69mi	4/1.5 (+1)	1,191 (-5%)	5mo	$29,500	$25	49
3119 Rodger Ave	0.60mi	2/1.0 (-1)	1,150 (-8%)	4mo	$115,000	$100	46
2807 Edwards St	0.72mi	3/1.0	1,121 (-10%)	2mo	$122,000	$109	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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 51.6%
• Equity multiple: 3.22×
• Total profit: $31,053
• Equity at exit: $7,455

10-year hold

• IRR: 56.4%
• Equity multiple: 6.21×
• Total profit: $72,923
• Equity at exit: $4,323

Cash invested: $14,000 (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: 194
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,305 high
• Mortgage (P&I): −$262
• Tax from tax record: −$107 /mo · $1,283/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $641

Break-even live

Break-even rent $494

Max offer price $50,000

Occupancy floor 46%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2415 Jerden Ave Granite City, IL	3.0	1.0	970	$1,400	$1.44	4d	1	0.52mi
2715 Center St Unit B Granite City, IL	2.0	1.0	930	$1,275	$1.37	44d	1	0.68mi
303 Wilson Park Ln Granite City, IL	3.0	1.0	900	$1,200	$1.33	8d	1	0.69mi
2556 Center St Granite City, IL	3.0	1.0	874	$1,500	$1.72	15d	1	0.82mi
2450 Cleveland Blvd Apt A Granite City, IL	2.0	1.0	846	$825	$0.98	18d	1	0.87mi
2317 Grand Ave Granite City, IL	2.0	1.0	1124	$750	$0.67	8d	1	1.02mi

Listing history 9 events

1. 2026-06-07
   statusdays on market $50,000 Pending 35 DOM
2. 2026-06-05
   days on market $50,000 Active 34 DOM
3. 2026-06-03
   days on market $50,000 Active 33 DOM
4. 2026-06-02
   days on market $50,000 Active 32 DOM
5. 2026-06-01
   days on market $50,000 Active 31 DOM
6. 2026-05-31
   days on market $50,000 Active 30 DOM
7. 2026-05-01
   listed $50,000 Active 1871-char remark
8. 2026-05-01
   historical $50,000 1871-char remark
9. 1993-04-20
   soldstatus $55,000

ⓘ 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: $1,283 · $107/mo
• Projected year-2 tax: $1,283 · $107/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 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: $15,662
• − Mortgage interest: −$2,801
• − Property taxes: −$1,283
• − Insurance: −$250
• − Repairs & maintenance: −$1,253
• − Management: −$1,253
• − Depreciation: −$1,455
• Taxable income: $7,368
• Est. tax owed @ 24.0%: −$1,768
• After-tax cash flow: $5,925/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

-9.1% since first listed

4 events — show timeline

• 2026-06-05 Pending — MARIS as Distributed by MLS Grid
• 2026-05-01 Listed $50,000 MARIS as Distributed by MLS Grid
• 2026-05-01 Coming Soon $50,000 MARIS as Distributed by MLS Grid
• 1993-04-20 Sold (Public Records) $55,000 Public Records

Property tax history

+1.0%/yr

Latest (2024): $1,283 · +10.6% YoY. Source: county tax records.