506 Morgan St · Peoria, IL 61603

$20,000

3 bd · 1.0 ba · 1,064 sqft · SingleFamily public records · 28 Days on market

Built 1920 2,448 sqft lot

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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 +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

This 2 bed, 1 bath home in Peoria offering a solid investment opportunity with room to add value through updates. Functional layout and manageable size make this a great option for a rental, flip, or portfolio addition.

Key facts

• 2,448 sq ft lot
• Built 1920
• Listed 28 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $871 ($10k/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: $20k (1.5% below list) — sets the bar for market timing.
• Cap rate 58.5% 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.
• Peoria SD 150 (urban): math 11% / reading 14% proficiency, ranked #554 of 620 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Manual High School (math 2% / reading 2%, grade F, #659 of 693 statewide, top 100%, 656 students, 0% FRL) — zoned schools average 0% FRL vs 70% district-wide (70 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.5%/yr); 104 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 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 + 3.5% 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 28 days — a 2% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 24y ago; this cycle's ask has dropped $5k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $19,700 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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. 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?
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: 6.44% ✓
• Cap rate: 58.53%
• Cash-on-cash: 186.55%
• DSCR: 9.30
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $50,008
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1305 NE Monroe St	0.35mi	2/1.0 (-1)	1,042 (-2%)	1mo	$50,000	$48	74
411 Morgan St	0.08mi	3/1.0	1,163 (+9%)	10mo	$32,500	$28	72
1220 NE Bond St	0.43mi	2/1.0 (-1)	1,024 (-4%)	12mo	$62,000	$61	59
718 E Behrends Ave	0.63mi	3/1.0	1,140 (+7%)	2mo	$71,000	$62	58
1619 NE Glendale Ave	0.66mi	2/1.0 (-1)	1,098 (+3%)	5mo	$45,000	$41	55
1804 N New York Ave	0.64mi	2/1.0 (-1)	1,090 (+2%)	13mo	$12,500	$11	50
1835 N New York Ave	0.73mi	3/1.0	1,036 (-3%)	20mo	$61,100	$59	45
803 Caroline St	0.54mi	2/1.0 (-1)	910 (-14%)	4mo	$49,000	$54	42
1706 N Wisconsin Ave	0.53mi	3/1.0	1,213 (+14%)	14mo	$30,000	$25	41
502 Caroline St	0.50mi	2/1.0 (-1)	912 (-14%)	9mo	$14,000	$15	40
1710 N New York Ave	0.59mi	3/1.0	1,164 (+9%)	21mo	$37,000	$32	39
1420 NE Greenleaf St	0.53mi	2/4.0 (-1)	1,180 (+11%)	6mo	$55,000	$47	35

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.44×
• Total profit: $52,867
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 22.46×
• Total profit: $120,176
• Equity at exit: $1,729

Cash invested: $5,600 (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 61603

• Home prices YoY: -31.8%
• Rents YoY: 3.5%
• Active inventory: 104
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,288 high
• Mortgage (P&I): −$105
• Tax from tax record: −$34 /mo · $405/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $871

Break-even live

Break-even rent $186

Max offer price $20,000

Occupancy floor 27%

Sensitivity live

Price	-10% $882	-5% $876	+0% $871	+5% $865	+10% $859
Rent	-10% $769	-5% $820	+0% $871	+5% $921	+10% $972
Rate	-1.0pp $881	-0.5pp $876	base $871	+0.5pp $865	+1.0pp $860

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
901 NE Glen Oak Ave Unit 2 Peoria, IL	3.0	1.0	1120	$1,200	$1.07	21d	1	0.40mi
506 Caroline St Unit B Peoria, IL	2.0	1.0	1000	$900	$0.90	14d	1	0.50mi
123 SW Jefferson Ave Unit E16 NE Peoria, IL	2.0	2.0	1199	$2,250	$1.88	21d	1	0.72mi
123 SW Jefferson Ave Unit E6W Peoria, IL	2.0	1.0	868	$1,495	$1.72	21d	1	0.72mi
123 SW Jefferson Ave Unit E15SW Peoria, IL	2.0	2.0	1100	$1,750	$1.59	14d	1	0.72mi
2121 N Prospect Rd Peoria, IL	3.0	1.0	946	$802	$0.85	14d	1	0.94mi
416 W Main St Unit A Peoria, IL	2.0	1.0	1050	$950	$0.90	44d	1	0.95mi
501 W Columbia Ter Unit 3 Peoria, IL	3.0	1.0	1500	$1,400	$0.93	44d	1	1.01mi
100 Walnut St Peoria, IL	2.0	2.0	1102	$2,000	$1.81	14d	1	1.12mi
100 Walnut St Unit 402 Peoria, IL	3.0	2.0	1464	$2,400	$1.64	21d	1	1.12mi
2302 NE Monroe St Peoria, IL	3.0	1.0	1100	$875	$0.80	14d	1	1.15mi
911 N Sheridan Rd Unit A4 Peoria, IL	2.0	1.0	825	$850	$1.03	44d	1	1.16mi
911 N Sheridan Rd Unit a1 Peoria, IL	2.0	1.0	825	$850	$1.03	14d	1	1.16mi
308 E Archer Ave Peoria, IL	3.0	1.0	1444	$950	$0.66	14d	1	1.20mi
2210 Knoxville Ave #2212 Peoria, IL	2.0	1.0	1284	$950	$0.74	44d	1	1.20mi
505 E Virginia Ave Peoria, IL	2.0	2.0	1204	$758	$0.63	14d	1	1.33mi
812 SW Washington St Unit 2 Peoria, IL	2.0	1.0	700	$1,275	$1.82	14d	1	1.34mi
737 E Gift Ave Unit 737 Peoria, IL	2.0	1.0	800	$1,125	$1.41	44d	1	1.36mi
2207 N Ellis St Peoria, IL	2.0	1.0	864	$999	$1.16	14d	1	1.47mi

Listing history 30 events

1. 2026-03-11
   status Pending
2. 2026-03-02
   price $20,000
3. 2026-02-11
   listed $25,000 Active
4. 2025-05-08
   historical $639
5. 2025-05-01
   historical $639
6. 2025-05-01
   listed $639
7. 2025-03-29
   listed $639
8. 2025-03-24
   historical $639
9. 2025-02-19
   listed $639
10. 2024-10-21
    historical $639
11. 2024-09-24
    listed $639
12. 2024-09-19
    historical $639
13. 2024-03-27
    listed $639
14. 2024-03-24
    historical $639
15. 2024-03-20
    historical $639
16. 2024-03-13
    listed $639
17. 2024-03-13
    historical $639
18. 2024-01-24
    listed $639
19. 2024-01-18
    historical $639
20. 2023-11-29
    listed $639
21. 2023-11-07
    listed
22. 2023-09-28
    historical
23. 2023-09-15
    listed
24. 2023-09-07
    historical
25. 2023-08-10
    listed
26. 2021-08-06
    historical
27. 2021-04-13
    soldstatus $180,000
28. 2019-05-31
    soldstatus $105,500
29. 2002-07-31
    soldstatus $15,000
30. 2002-06-27
    listed $19,200

ⓘ 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: $405 · $34/mo
• Projected year-2 tax: $430 · $36/mo
• Expected delta: +$24/yr (+$2/mo · 6.0%)

ⓘ 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 · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,456
• − Mortgage interest: −$1,120
• − Property taxes: −$405
• − Insurance: −$100
• − Repairs & maintenance: −$1,236
• − Management: −$1,236
• − Depreciation: −$582
• Taxable income: $10,776
• Est. tax owed @ 24.0%: −$2,586
• After-tax cash flow: $7,860/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: Peoria SD 150
• NCES district ID: 1731230
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 14% ▼ -4.00%
• Median HH income: $41,951
• Composite: 10.92/100
• National rank: #9751
• State rank: #554 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): 15,356
• Household income: $41,618
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 849.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 43% White 36% Two or more races 12% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 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: ▼ -65.98%
• Current HPI: 141.5343
• Rent YoY: ▲ 3.49%
• 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

+4.2% since first listed

30 events — show timeline

• 2026-03-11 Pending — RMLSA as Distributed by MLS Grid
• 2026-03-02 Price Changed $20,000 RMLSA as Distributed by MLS Grid
• 2026-02-11 Listed $25,000 RMLSA as Distributed by MLS Grid
• 2025-05-08 Rental Removed $639 Hemlane
• 2025-05-01 Rental Removed $639 RENT.
• 2025-05-01 Listed for Rent $639 Hemlane
• 2025-03-29 Listed for Rent $639 RENT.
• 2025-03-24 Rental Removed $639 RENT.
• 2025-02-19 Listed for Rent $639 RENT.
• 2024-10-21 Rental Removed $639 RENT.
• 2024-09-24 Listed for Rent $639 RENT.
• 2024-09-19 Rental Removed $639 RENT.
• 2024-03-27 Listed for Rent $639 RENT.
• 2024-03-24 Rental Removed $639 APPFOLIO
• 2024-03-20 Rental Removed $639 RENT.
• 2024-03-13 Listed for Rent $639 APPFOLIO
• 2024-03-13 Rental Removed $639 APPFOLIO
• 2024-01-24 Listed for Rent $639 RENT.
• 2024-01-18 Rental Removed $639 RENT.
• 2023-11-29 Listed for Rent $639 APPFOLIO
• 2023-11-07 Listed for Rent — RENT.
• 2023-09-28 Rental Removed — RENT.
• 2023-09-15 Listed for Rent — RENT.
• 2023-09-07 Rental Removed — RENT.
• 2023-08-10 Listed for Rent — RENT.
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-04-13 Sold (Public Records) $180,000 Public Records
• 2019-05-31 Sold (Public Records) $105,500 Public Records
• 2002-07-31 Sold (MLS) $15,000 RMLSA as Distributed by MLS Grid
• 2002-06-27 Listed $19,200 RMLSA as Distributed by MLS Grid

Property tax history

-2.3%/yr

Latest (2024): $405 · +4.8% YoY. Source: county tax records.