928 8th Ave · Rockford, IL 61104

$125,000

4 bd · 2.0 ba · — sqft · MultiFamily public records · 10 Days on market

Built 1900

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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
• Rent growth +4.9/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Looking to grow your investment portfolio? This fully occupied two-unit multifamily property provides immediate, reliable cash flow. Both units offer 2 bedrooms, 1 bathroom, a comfortable living area, and a practical kitchen layout, making them highly desirable for long-term tenants. The main-level unit rents for $800.00 and is MTM while the upper unit rents for $950.00 lease until 11/6/2026 with an automatic roll into MTM. The owner currently covers water, sewer, tenants pay for gas and electric. Showings require 24 hours' notice, with 48 hours preferred to accommodate occupants.

Key facts

• Built 1900
• Listed 9 days

Property features AI

Finance

• Other: Zoning: R3
• Financial info: Annual property tax approximately $1,748

Exterior

• Home design: Duplex (Residential income); 2 stories
• Exterior features: Shingle roof

Interior

• Kitchen: Refrigerator
• Interior features: Refrigerator; Electric water heater; Full basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $877 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 14.7% vs local median 6.1% in Rockford — 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 62/100 on livability (#876 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Rockford SD 205 (urban): math 12% / reading 16% proficiency, ranked #533 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Constance Lane Elementary School (math 2% / reading 2%, grade F, #1,927 of 2,056 statewide, top 100%, 573 students, 0% FRL); Abraham Lincoln Middle School (math 3% / reading 7%, grade F, #636 of 665 statewide, top 98%, 699 students, 0% FRL); Rockford East High School (math 7% / reading 13%, grade F, #528 of 693 statewide, top 82%, 1,718 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+9.7%/yr); 67 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $2,190/mo this rent would consume 78% of the median local household income ($34k/yr) (locally 1406% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Winnebago County population projected at -20% 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 $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 17y 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.
• Current owner paid $95k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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: 1.75% ✓
• Cap rate: 14.71%
• Cash-on-cash: 30.06%
• DSCR: 2.34
• GRM: 4.8

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
906 S 5th St	0.06mi	4/2.0	—	1mo	$138,000	—	84
1204 S 6th St	0.25mi	4/2.0	—	3mo	$128,000	—	73
1013 7th St	0.14mi	5/2.0 (+1)	2,490	4mo	$93,000	$37	73
1211 4th Ave	0.34mi	4/2.0	—	3mo	$72,000	—	69
946 S 3rd St	0.32mi	5/2.0 (+1)	—	5mo	$170,000	—	64
515 Grove St	0.53mi	4/2.0	—	1mo	$192,000	—	62
1611 S 4th St	0.58mi	4/2.0	—	2mo	$170,000	—	59
1627 7th St	0.59mi	4/2.0	—	4mo	$115,000	—	57
1323 Broadway	0.56mi	3/2.0 (-1)	—	2mo	$75,000	—	55
1443 8th Ave	0.52mi	4/4.0	1,388	3mo	$219,900	$158	53
1531 12th Ave	0.61mi	4/4.0	—	4mo	$160,000	—	48
1821 7th St	0.73mi	5/2.0 (+1)	—	2mo	$190,000	—	47

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 30.2%
• Equity multiple: 2.35×
• Total profit: $47,189
• Equity at exit: $18,638

10-year hold

• IRR: 40.2%
• Equity multiple: 5.74×
• Total profit: $165,783
• Equity at exit: $10,808

Cash invested: $35,000 (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 61104

• Home prices YoY: -21.4%
• Rents YoY: 9.7%
• Active inventory: 67
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,190 high
• Mortgage (P&I): −$656
• Tax from tax record: −$146 /mo · $1,748/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $877

Break-even live

Break-even rent $1,080

Max offer price $125,000

Occupancy floor 55%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,190
Total (2 units)			$2,190

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
713 S 4th St Unit Upper Rockford, IL	4.0	2.0	—	$1,500	—	43d	1	0.15mi
1119 9th Ave Unit 1W Rockford, IL	3.0	1.0	1155	$1,600	$1.39	43d	1	0.20mi
1209 6th Ave Rockford, IL	3.0	1.0	—	$1,500	—	21d	1	0.25mi
1231 11th Ave Rockford, IL	4.0	1.0	1284	$1,450	$1.13	43d	1	0.39mi
1351 7th Ave Rockford, IL	4.0	2.0	1040	$2,000	$1.92	43d	1	0.42mi
507 Oak St Unit 2 Rockford, IL	3.0	2.5	—	$1,250	—	21d	1	0.54mi
222 S 2nd St Unit 224 Rockford, IL	3.0	1.0	—	$1,350	—	21d	1	0.57mi
344 Buckbee St Rockford, IL	3.0	2.0	—	$1,300	—	43d	1	0.63mi
512 Market St Unit 512 UPPER Rockford, IL	3.0	1.0	—	$1,750	—	43d	1	0.67mi
1612 10th St Unit 2 Rockford, IL	3.0	1.0	—	$1,250	—	43d	1	0.71mi
1519 17th Ave Rockford, IL	3.0	2.0	1500	$1,600	$1.07	13d	1	0.88mi
333 S Gardiner Ave Unit AVE2 Rockford, IL	4.0	1.0	1306	$1,600	$1.23	43d	1	0.88mi
1004 15th St Rockford, IL	4.0	1.5	1267	$1,450	$1.14	21d	1	0.92mi
1229 S Church St Unit 2 Rockford, IL	3.0	1.0	1096	$1,300	$1.19	43d	1	1.00mi
2217 8th St Rockford, IL	3.0	1.0	1260	$1,500	$1.19	43d	1	1.09mi
1202 18th St Unit 3 Rockford, IL	3.0	1.0	1500	$1,700	$1.13	13d	1	1.13mi
977 Indian Ter Rockford, IL	3.0	2.5	—	$3,250	—	43d	1	1.45mi
620 Paris Ave Rockford, IL	5.0	3.5	—	$2,200	—	21d	1	1.49mi

Listing history 9 events

1. 2026-06-19
   days on market $125,000 Active 10 DOM
2. 2026-06-18
   days on market $125,000 Active 9 DOM
3. 2026-06-17
   days on market $125,000 Active 8 DOM
4. 2026-06-16
   days on market $125,000 Active 7 DOM
5. 2026-06-15
   days on market $125,000 Active 6 DOM
6. 2026-06-14
   days on market $125,000 Active 4 DOM
7. 2026-06-13
   days on market $125,000 Active 3 DOM
8. 2026-06-10
   remarks 587-char remark
9. 2026-06-10
   listed $125,000 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: $1,748 · $146/mo
• Projected year-2 tax: $2,293 · $191/mo
• Expected delta: +$545/yr (+$45/mo · 31.1%)

ⓘ 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 2/10 Low 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: $26,280
• − Mortgage interest: −$7,002
• − Property taxes: −$1,748
• − Insurance: −$625
• − Repairs & maintenance: −$2,102
• − Management: −$2,102
• − Depreciation: −$3,636
• Taxable income: $9,063
• Est. tax owed @ 24.0%: −$2,175
• After-tax cash flow: $8,346/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: Rockford SD 205
• NCES district ID: 1734510
• Math proficiency: 12% ▼ -2.00%
• Reading proficiency: 16% ▼ -3.00%
• Median HH income: $42,533
• Composite: 12.21/100
• National rank: #9649
• State rank: #533 of 620 in IL

Livability — Rockford

• Score: 62/100
• State rank: #876
• US rank: #17035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockford, IL
• County: Winnebago County · 147,297 people
• City population: 147,297
• Metro: Rockford, IL
• Population (ZIP): 17,222
• Household income: $33,772
• Rent vs Own: 62.2% rent · 37.8% own
• Severe rent burden: 1406.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 271,080 people
• By 2030: 260,684 · -3.8%
• By 2040: 238,405 · -12.1%
• By 2050: 216,129 · -20.3%
• By 2075: 172,882 · -36.2%
• By 2100: 135,336 · -50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 41% Hispanic / Latino 26% Black 25% Two or more races 13% Asian 4%
• Hispanic origin (detail): Mexican 22% Puerto Rican 2%
• Common ancestry: Romanian 2% Portuguese 2% Lithuanian 2%
• Foreign-born: 16% · Canada, South Korea, Philippines
• Languages at home: 74% English-only · Spanish 18% Other Asian/Pacific 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 49.5% · R 49.0% · Other 1.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 12.8pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.5 2016: R+1.2 2012: D+5.7 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.40%
• Current HPI: 233.0219
• Rent YoY: ▲ 9.67%
• Metro: Rockford, 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

+420.8% since first listed

19 events — show timeline

• 2026-06-09 Listed $125,000 NWIAR
• 2026-06-09 Listed $125,000 MRED as Distributed by MLS Grid
• 2025-04-18 Sold (MLS) $95,000 NWIAR
• 2025-04-18 Sold (MLS) $95,000 MRED as Distributed by MLS Grid
• 2025-03-07 Pending — NWIAR
• 2025-03-07 Pending — MRED as Distributed by MLS Grid
• 2025-02-14 Listed $110,000 NWIAR
• 2025-02-14 Listed $110,000 MRED as Distributed by MLS Grid
• 2010-05-06 Sold (Public Records) $11,000 Public Records
• 2010-04-19 Pending — MRED as Distributed by MLS Grid
• 2010-03-06 Listed — MRED as Distributed by MLS Grid
• 2010-01-28 Listing Removed — MRED as Distributed by MLS Grid
• 2010-01-05 Price Changed — MRED as Distributed by MLS Grid
• 2009-11-11 Listed — MRED as Distributed by MLS Grid
• 2005-03-09 Sold (Public Records) $46,000 Public Records
• 2003-07-16 Sold (Public Records) $39,000 Public Records
• 2002-07-08 Sold (Public Records) $33,000 Public Records
• 2002-07-08 Sold (Public Records) $20,000 Public Records
• 2000-01-06 Sold (Public Records) $24,000 Public Records

Property tax history

-0.5%/yr

Latest (2025): $1,748 · +3.8% YoY. Source: county tax records.