529 Phillips St · Galesburg, IL 61401

$64,900

2 bd · 1.0 ba · 532 sqft · SingleFamily public records · 41 Days on market

Built 1896 4,224 sqft lot $122/sqft · 36% above area Est $65k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.8/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this chance to put your touch on this home. It features two bedrooms and 1 bathroom. This home would make a great starter home or rental property. Schedule your showing today.

Key facts

• 4,224 sq ft lot
• Garage
• Built 1896

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Built in 1896
• Construction: Shingle roof
• Exterior features: Level lot; Paved road access

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 2 bedrooms (Bedroom 1 on upper level: ~13.3 x 10 ft, Bedroom 2 on upper level: ~10 x 7 ft)
• Flooring: Carpet in one bedroom; Hardwood in one bedroom; Laminate in living, dining and kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Cable available; Full unfinished basement
• Laundry & utility: Laundry room in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($968 rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 6.4% in Galesburg — 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 70/100 on livability (#367 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F, employment D-.
• Galesburg CUSD 205 (town): math 13% / reading 22% proficiency, ranked #488 of 620 in IL (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Galesburg Senior High School (math 19% / reading 24%, grade F, #345 of 693 statewide, top 50%, 1,762 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 191 active listings in the ZIP.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Knox County population projected at -19% 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 $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $39k; list at $65k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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.
7. 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.
8. 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: 1.49% ✓
• Cap rate: 13.12%
• Cash-on-cash: 24.39%
• DSCR: 2.09
• GRM: 5.6

CMA / ARV

• ARV (median comp): $65,270
• List price: $64,900
• Delta: -0.57%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 17.7%
• Equity multiple: 1.71×
• Total profit: $12,990
• Equity at exit: $9,677

10-year hold

• IRR: 26.1%
• Equity multiple: 3.29×
• Total profit: $41,529
• Equity at exit: $5,611

Cash invested: $18,172 (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 61401

• Active inventory: 191
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $968 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$28 /mo · $332/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $369

Break-even live

Break-even rent $500

Max offer price $64,900

Occupancy floor 57%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $64,900 Active 41 DOM
2. 2026-06-17
   days on market $64,900 Active 40 DOM
3. 2026-06-16
   days on market $64,900 Active 39 DOM
4. 2026-06-15
   days on market $64,900 Active 38 DOM
5. 2026-06-13
   days on market $64,900 Active 36 DOM
6. 2026-06-12
   days on market $64,900 Active 35 DOM
7. 2026-06-09
   days on market $64,900 Active 32 DOM
8. 2026-06-08
   days on market $64,900 Active 31 DOM
9. 2026-06-07
   days on market $64,900 Active 30 DOM
10. 2026-06-07
    days on market $64,900 Active 29 DOM
11. 2026-06-04
    days on market $64,900 Active 26 DOM
12. 2026-06-02
    days on market $64,900 Active 25 DOM
13. 2026-06-01
    days on market $64,900 Active 24 DOM
14. 2026-05-31
    days on market $64,900 Active 23 DOM
15. 2026-05-31
    days on market $64,900 Active 22 DOM
16. 2026-05-13
    price $64,900 1015-char remark
17. 2026-05-08
    listed $69,900 Active 1015-char remark
18. 2026-05-07
    historical $69,900 1015-char remark
19. 2025-01-23
    soldstatus $39,360 Closed 186-char remark

    Show marketing remark (186 chars)

    Don't miss this chance to put your touch on this home. It features two bedrooms and 1 bathroom. This home would make a great starter home or rental property. Schedule your showing today.

20. 2025-01-15
    status Pending 186-char remark

    Show marketing remark (186 chars)

    Don't miss this chance to put your touch on this home. It features two bedrooms and 1 bathroom. This home would make a great starter home or rental property. Schedule your showing today.

21. 2025-01-02
    listed $41,000 Active 186-char remark

    Show marketing remark (186 chars)

    Don't miss this chance to put your touch on this home. It features two bedrooms and 1 bathroom. This home would make a great starter home or rental property. Schedule your showing today.

22. 2021-08-06
    historical
23. 2021-08-06
    historical

ⓘ 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: $332 · $28/mo
• Projected year-2 tax: $902 · $75/mo
• Expected delta: +$571/yr (+$48/mo · 172.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,611
• − Mortgage interest: −$3,635
• − Property taxes: −$332
• − Insurance: −$324
• − Repairs & maintenance: −$929
• − Management: −$929
• − Depreciation: −$1,888
• Taxable income: $3,574
• Est. tax owed @ 24.0%: −$858
• After-tax cash flow: $3,575/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: Galesburg CUSD 205
• NCES district ID: 1716080
• Math proficiency: 13% ▼ -8.00%
• Reading proficiency: 22% ▼ -11.00%
• Median HH income: $35,901
• Composite: 14.46/100
• National rank: #9427
• State rank: #488 of 620 in IL

Livability — Galesburg

• Score: 70/100
• State rank: #367
• US rank: #7601

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galesburg, IL
• City population: 32,318
• Population (ZIP): 30,684

Population outlook (Knox County) Hauer SSP2

• Today (2025): 48,224 people
• By 2030: 46,333 · -3.9%
• By 2040: 42,424 · -12.0%
• By 2050: 38,929 · -19.3%
• By 2075: 31,523 · -34.6%
• By 2100: 24,092 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 8% Hispanic / Latino 8% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Serbian 1% Slovak 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Knox

• 2024 margin: Lean R (+9.4) · D 44.4% · R 53.7% · Other 1.9%
• 2008→2024 swing: -29.3pp toward R · 2008: 19.9pp · 2024: -9.4pp
• All cycles: 2024: R+9.4 2020: R+5.6 2016: R+3.3 2012: D+17.1 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.48%
• Current HPI: 157.276
• 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

+58.3% since first listed

8 events — show timeline

• 2026-05-13 Price Changed $64,900 RMLSA as Distributed by MLS Grid
• 2026-05-08 Listed $69,900 RMLSA as Distributed by MLS Grid
• 2026-05-07 Coming Soon $69,900 RMLSA as Distributed by MLS Grid
• 2025-01-23 Sold (MLS) $39,360 RMLSA as Distributed by MLS Grid
• 2025-01-15 Pending — RMLSA as Distributed by MLS Grid
• 2025-01-02 Listed $41,000 RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid

Property tax history

-7.6%/yr

Latest (2025): $332 · +29.0% YoY. Source: county tax records.