3119 W Willow Knolls Dr Unit 28B · Peoria, IL 61614

$85,000

2 bd · 1.5 ba · 872 sqft · Condo public records · 21 Days on market

Built 1977 $161/mo HOA · 15% of rent

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Why this score? — see what drove the C 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 +20.3/30.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Schools +5.3/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautiful, maintained condo offering views over a well-manicured golf course. Private balcony for lovely sunsets. currently tenant occupied

Key facts

• Private balcony
• $161 HOA
• Parking

Tags

• PRIVATE BALCONY
• VIEWS OVER GOLF COURSE

Property features AI

Finance

• Other: Zoned as condo
• HOA & community: Monthly association fee of $161; HOA covers landscaping, grounds maintenance, snow removal, common area maintenance, building/structure maintenance, utilities, and lawn care

Exterior

• Parking: Parking pad; additional/other parking
• Utilities: Public water
• Home design: Condo; 3 total stories (unit spans multiple levels); Built in 1977
• Construction: No (not new) construction; Total building area 872
• Exterior features: Shingle roof; Level lot; Paved, shared road access

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms (bedroom sizes ~12 x 12.5 and 13 x 10; both have egress windows)
• Flooring: Vinyl flooring throughout main living areas and bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air; Gas water heater
• Interior features: No basement; No fireplaces
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 5.6% in Peoria — 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 73/100 on livability (#270 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime F.
• Dunlap CUSD 323 (rural): math 57% / reading 61% proficiency, ranked #28 of 620 in IL (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Dunlap High School (math 60% / reading 53%, grade C, #24 of 693 statewide, top 3%, 1,375 students, 0% FRL).
• Market conditions: Rents rising fast (+10.3%/yr); 150 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Peoria County population projected at -11% 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 $24k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.28% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.52%
• DSCR: 1.25
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-955
• Equity at exit: $12,674

10-year hold

• IRR: 14.2%
• Equity multiple: 2.46×
• Total profit: $34,717
• Equity at exit: $7,349

Cash invested: $23,800 (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 61614

• Home prices YoY: -29.1%
• Rents YoY: 10.3%
• Active inventory: 150
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,086 high
• Mortgage (P&I): −$446
• Tax from tax record: −$106 /mo · $1,272/yr
• Insurance: −$35
• HOA: −$161
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $109

Break-even live

Break-even rent $947

Max offer price $85,000

Occupancy floor 85%

Sensitivity live

Price	-10% $157	-5% $133	+0% $109	+5% $85	+10% $61
Rent	-10% $24	-5% $67	+0% $109	+5% $152	+10% $195
Rate	-1.0pp $152	-0.5pp $131	base $109	+0.5pp $87	+1.0pp $65

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3119 W Willow Knolls Dr Unit 46B Peoria, IL	2.0	1.5	872	$1,100	$1.26	44d	1	0.03mi
3207 W Willow Knolls Dr Peoria, IL	2.0	1.5	1000	$1,100	$1.10	44d	1	0.05mi
2215 W Willow Knolls Dr Peoria, IL	1.0	1.0	700	$825	$1.18	14d	10	0.79mi
4105 W Hollow Creek Dr Peoria, IL	2.0	2.0	1121	$1,300	$1.16	14d	3	1.07mi
2975 W Cannes Dr Unit 14 Peoria, IL	1.0	1.0	850	$950	$1.12	44d	1	1.35mi
1526 W Candletree Dr Peoria, IL	1.0–3.0	1.0–2.0	976	$1,275	$1.31	14d	18	1.35mi
2913 W Cannes Dr Unit C Peoria, IL	2.0	2.0	884	$1,150	$1.30	44d	1	1.36mi
2979 W Cannes Dr Peoria, IL	1.0–2.0	1.0–1.5	800	$1,150	$1.44	14d	1	1.36mi
2315 W Cannes Dr Unit A Peoria, IL	1.0	1.0	800	$799	$1.00	14d	1	1.39mi
1415 W Teton Dr Unit 6 Peoria, IL	2.0	1.0	810	$1,200	$1.48	44d	1	1.43mi
2800 W War Memorial Dr Peoria, IL	2.0	1.5	950	$949	$1.00	14d	3	1.46mi

HOA detail condo

• Monthly dues: $161 · $1,932/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-19
   days on market $85,000 Active 21 DOM
2. 2026-06-18
   days on market $85,000 Active 20 DOM
3. 2026-06-17
   days on market $85,000 Active 19 DOM
4. 2026-06-16
   days on market $85,000 Active 18 DOM
5. 2026-06-15
   days on market $85,000 Active 17 DOM
6. 2026-06-14
   days on market $85,000 Active 15 DOM
7. 2026-06-13
   days on market $85,000 Active 14 DOM
8. 2026-06-10
   days on market $85,000 Active 12 DOM
9. 2026-06-09
   days on market $85,000 Active 11 DOM
10. 2026-06-08
    days on market $85,000 Active 10 DOM
11. 2026-06-07
    days on market $85,000 Active 9 DOM
12. 2026-06-05
    days on market $85,000 Active 6 DOM
13. 2026-06-03
    days on market $85,000 Active 5 DOM
14. 2026-06-02
    days on market $85,000 Active 4 DOM
15. 2026-06-01
    days on market $85,000 Active 3 DOM
16. 2026-05-31
    days on market $85,000 Active 2 DOM
17. 2026-05-30
    remarks 155-char remark
18. 2026-05-30
    listed $85,000 Active 1 DOM

ⓘ 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: $1,272 · $106/mo
• Projected year-2 tax: $1,601 · $133/mo
• Expected delta: +$329/yr (+$27/mo · 25.8%)

ⓘ 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 3/10 Moderate 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $13,026
• − Mortgage interest: −$4,761
• − Property taxes: −$1,272
• − Insurance: −$425
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − HOA: −$1,932
• − Depreciation: −$2,473
• Taxable income: $79
• Est. tax owed @ 24.0%: −$19
• After-tax cash flow: $1,294/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: Dunlap CUSD 323
• NCES district ID: 1712700
• Math proficiency: 57% ▼ -3.00%
• Reading proficiency: 61% ▼ -4.00%
• Median HH income: $83,478
• Composite: 53.44/100
• National rank: #1466
• State rank: #28 of 620 in IL

Livability — Peoria

• Score: 73/100
• State rank: #270
• US rank: #5096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peoria, IL
• County: Peoria County · 120,495 people
• City population: 114,670
• Metro: Peoria, IL
• Population (ZIP): 27,370
• Household income: $66,924
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 1179.0

Population outlook (Peoria County) Hauer SSP2

• Today (2025): 183,007 people
• By 2030: 179,643 · -1.8%
• By 2040: 171,782 · -6.1%
• By 2050: 163,508 · -10.7%
• By 2075: 140,178 · -23.4%
• By 2100: 114,493 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 17% Two or more races 5% Asian 5% Hispanic / Latino 5%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 92% English-only · Spanish 2% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Peoria

• 2024 margin: Toss-up / Even · D 51.5% · R 46.9% · Other 1.6%
• 2008→2024 swing: -9.2pp toward R · 2008: 13.9pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+6.3 2016: D+2.8 2012: D+4.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.07%
• Current HPI: 185.122
• Rent YoY: ▲ 10.35%
• Metro: Peoria, 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

1 event — show timeline

• 2026-05-27 Listed $85,000 RMLSA as Distributed by MLS Grid

Property tax history

+1.3%/yr

Latest (2024): $1,272 · +8.1% YoY. Source: county tax records.