39 S Chambers St · Galesburg, IL 61401

$19,900

4 bd · 3.0 ba · 1,008 sqft · Other public records · 260 Days on market

Built 1906 $20/sqft · 18% below area ↓ 50% 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 +3.5/5.0
• 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

Bring your vision and toolbelt- this property is a blank slate for your next rebuild project! Previously having 3 apartment units, it offers a rare chance to restore the home to its former glory or explore new possibilities! The property features a 2 bedroom main floor, with a full bathroom. The upstairs has the potential to be two separate 1 bedroom, 1 bathroom apartments. Offering a unique opportunity for a total transformation! This apartment building is just blocks away from the prestigious Knox College and beautiful downtown Galesburg. Property is being sold as presented with contents. Property qualifies for numerous community development incentives as it lies within the Galesburg Enterprise Zone. Ask your agent for a complete list.

Key facts

• Built 1906
• Listed 260 days

Tags

• BLOCKS AWAY FROM KNOX COLLEGE

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $20k.

Deal economics

• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• Cap rate 45.7% 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: schools F, crime F, commute F.
• 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.
• Market conditions: 191 active listings in the ZIP; 1 comparable units currently listed for rent nearby.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 260 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $17,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 5.03% ✓
• Cap rate: 45.68%
• Cash-on-cash: 140.68%
• DSCR: 7.26
• GRM: 1.7

CMA / ARV

• ARV (median comp): $48,580
• List price: $19,900
• Delta: -59.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 7.89×
• Total profit: $38,394
• Equity at exit: $2,967

10-year hold

• IRR: —
• Equity multiple: 16.63×
• Total profit: $87,065
• Equity at exit: $1,721

Cash invested: $5,572 (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: 1.7×

Monthly cashflow live

• Estimated rent: $1,000 medium
• Mortgage (P&I): −$104
• Tax from tax record: −$24 /mo · $289/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $653

Break-even live

Break-even rent $173

Max offer price $19,900

Occupancy floor 30%

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1156 E Losey St Galesburg, IL	3.0	1.0	1500	$1,000	$0.67	43d	1	0.73mi

Listing history 18 events

1. 2026-06-18
   days on market $19,900 Active 260 DOM
2. 2026-06-17
   days on market $19,900 Active 259 DOM
3. 2026-06-16
   days on market $19,900 Active 258 DOM
4. 2026-06-15
   days on market $19,900 Active 257 DOM
5. 2026-06-13
   days on market $19,900 Active 255 DOM
6. 2026-06-12
   days on market $19,900 Active 254 DOM
7. 2026-06-09
   days on market $19,900 Active 251 DOM
8. 2026-06-08
   days on market $19,900 Active 250 DOM
9. 2026-06-07
   days on market $19,900 Active 249 DOM
10. 2026-06-07
    days on market $19,900 Active 248 DOM
11. 2026-06-04
    days on market $19,900 Active 245 DOM
12. 2026-06-02
    days on market $19,900 Active 244 DOM
13. 2026-06-01
    days on market $19,900 Active 243 DOM
14. 2026-05-31
    days on market $19,900 Active 242 DOM
15. 2026-05-31
    days on market $19,900 Active 241 DOM
16. 2026-02-24
    price $19,900 747-char remark

    Show marketing remark (747 chars)

    Bring your vision and toolbelt- this property is a blank slate for your next rebuild project! Previously having 3 apartment units, it offers a rare chance to restore the home to its former glory or explore new possibilities! The property features a 2 bedroom main floor, with a full bathroom. The upstairs has the potential to be two separate 1 bedroom, 1 bathroom apartments. Offering a unique opportunity for a total transformation! This apartment building is just blocks away from the prestigious Knox College and beautiful downtown Galesburg. Property is being sold as presented with contents. Property qualifies for numerous community development incentives as it lies within the Galesburg Enterprise Zone. Ask your agent for a complete list.

17. 2025-12-10
    price $29,900 747-char remark

    Show marketing remark (747 chars)

    Bring your vision and toolbelt- this property is a blank slate for your next rebuild project! Previously having 3 apartment units, it offers a rare chance to restore the home to its former glory or explore new possibilities! The property features a 2 bedroom main floor, with a full bathroom. The upstairs has the potential to be two separate 1 bedroom, 1 bathroom apartments. Offering a unique opportunity for a total transformation! This apartment building is just blocks away from the prestigious Knox College and beautiful downtown Galesburg. Property is being sold as presented with contents. Property qualifies for numerous community development incentives as it lies within the Galesburg Enterprise Zone. Ask your agent for a complete list.

18. 2025-10-01
    listed $39,900 Active 747-char remark

    Show marketing remark (747 chars)

    Bring your vision and toolbelt- this property is a blank slate for your next rebuild project! Previously having 3 apartment units, it offers a rare chance to restore the home to its former glory or explore new possibilities! The property features a 2 bedroom main floor, with a full bathroom. The upstairs has the potential to be two separate 1 bedroom, 1 bathroom apartments. Offering a unique opportunity for a total transformation! This apartment building is just blocks away from the prestigious Knox College and beautiful downtown Galesburg. Property is being sold as presented with contents. Property qualifies for numerous community development incentives as it lies within the Galesburg Enterprise Zone. Ask your agent for a complete list.

ⓘ 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: $289 · $24/mo
• Projected year-2 tax: $371 · $31/mo
• Expected delta: +$81/yr (+$7/mo · 28.0%)

ⓘ 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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,000
• − Mortgage interest: −$1,115
• − Property taxes: −$289
• − Insurance: −$100
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$579
• Taxable income: $7,997
• Est. tax owed @ 24.0%: −$1,919
• After-tax cash flow: $5,919/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

-50.1% since first listed

3 events — show timeline

• 2026-02-24 Price Changed $19,900 RMLSA as Distributed by MLS Grid
• 2025-12-10 Price Changed $29,900 RMLSA as Distributed by MLS Grid
• 2025-10-01 Listed $39,900 RMLSA as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $289 · +1.2% YoY. Source: county tax records.