2221 Denver Dr · Rockford, IL 61108

$195,000

4 bd · 3.0 ba · — sqft · MultiFamily · 22 Days on market

Built 1969 0.30 ac lot Est $206k · 5% under

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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 +26.0/30.0
• ARV discount +9.9/15.0
• DSCR +8.7/10.0
• 1% rule +8.2/10.0
• Rent growth +4.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Attention investors and rehabbers! Great opportunity with this all-brick side-by-side duplex offering plenty of potential. Each main unit features 2 bedrooms, 1 bathroom, and a 1-car garage. Unit 2223 also includes basement access to an in-law suite with a separate entrance, second kitchen, 1 bedroom, and 1 bathroom, providing added flexibility for extended living arrangements. Property needs TLC and is being sold cash only and as-is.

Key facts

• Basement access
• In-law suite
• Separate entrance

Tags

• ALL-BRICK DUPLEX
• BASEMENT ACCESS
• IN-LAW SUITE
• SEPARATE ENTRANCE
• SECOND KITCHEN

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $483 ($6k/yr) — positive. Per door: $241/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: schools F, crime F, amenities 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.
• Market conditions: Rents rising fast (+8.1%/yr); 114 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $2,566/mo this rent would consume 48% of the median local household income ($64k/yr) (locally 1199% 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 $1k of loan paydown is wiped out by about $6k 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 $55k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $138k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.

Recommended offer $192,075 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 1.32% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.61%
• DSCR: 1.47
• GRM: 6.3

CMA / ARV

• ARV (median comp): $205,755
• List price: $195,000
• Delta: -5.23%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2304-2306 Eastmoreland Ave	0.08mi	5/3.0 (+1)	3,371	6mo	$224,000	$66	74
2308 Eastmoreland Ave	0.08mi	5/2.0 (+1)	—	11mo	$229,500	—	66
2523 - 2525 Holmes St	0.37mi	4/2.0	2,501	1mo	$250,000	$100	65
2527 Holmes St	0.37mi	4/1.0	—	5mo	$218,000	—	58
2507 Holmes St	0.36mi	4/2.0	—	22mo	$218,000	—	49
2525 Colorado Ave	0.49mi	4/2.0	—	22mo	$187,000	—	42
4709-11 Delmar St	0.65mi	4/2.0	1,885	22mo	$170,000	$90	35
3814-16 15th Ave	0.64mi	3/2.0 (-1)	1,496	23mo	$163,000	$109	30

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: 5.7%
• Equity multiple: 1.24×
• Total profit: $12,874
• Equity at exit: $29,075

10-year hold

• IRR: 19.6%
• Equity multiple: 3.07×
• Total profit: $113,178
• Equity at exit: $16,860

Cash invested: $54,600 (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 61108

• Home prices YoY: -29.2%
• Rents YoY: 8.1%
• Active inventory: 114
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,566 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$440 /mo · $5,285/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $483

Break-even live

Break-even rent $1,955

Max offer price $195,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,566
Total (2 units)			$2,566

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3516 Constance Dr Rockford, IL	3.0	2.0	2400	$1,795	$0.75	21d	1	0.47mi
2723 Silent Wood Trl Unit 2735-7 Rockford, IL	3.0	1.5	1050	$1,310	$1.25	21d	1	0.57mi
2321 Welworth Ave Rockford, IL	5.0	2.0	1728	$2,000	$1.16	43d	1	0.73mi
708 29th St Rockford, IL	3.0	2.0	1800	$1,600	$0.89	21d	1	1.32mi

Listing history 9 events

1. 2026-05-12
   status Pending 438-char remark

   Show marketing remark (437 chars)

   Attention investors and rehabbers! Great opportunity with this all-brick side-by-side duplex offering plenty of potential. Each main unit features 2 bedrooms, 1 bathroom, and a 1-car garage. Unit 2223 also includes basement access to an in-law suite with a separate entrance, second kitchen, 1bedroom, and 1 bathroom, providing added flexibility for extended living arrangements. Property needs TLC and is being sold cash only and as-is.

2. 2026-05-12
   status Pending 437-char remark

   Show marketing remark (437 chars)

   Attention investors and rehabbers! Great opportunity with this all-brick side-by-side duplex offering plenty of potential. Each main unit features 2 bedrooms, 1 bathroom, and a 1-car garage. Unit 2223 also includes basement access to an in-law suite with a separate entrance, second kitchen, 1bedroom, and 1 bathroom, providing added flexibility for extended living arrangements. Property needs TLC and is being sold cash only and as-is.

3. 2026-04-28
   status Active 438-char remark

   Show marketing remark (437 chars)

   Attention investors and rehabbers! Great opportunity with this all-brick side-by-side duplex offering plenty of potential. Each main unit features 2 bedrooms, 1 bathroom, and a 1-car garage. Unit 2223 also includes basement access to an in-law suite with a separate entrance, second kitchen, 1bedroom, and 1 bathroom, providing added flexibility for extended living arrangements. Property needs TLC and is being sold cash only and as-is.

4. 2026-04-28
   status Active 437-char remark

   Show marketing remark (437 chars)

   Attention investors and rehabbers! Great opportunity with this all-brick side-by-side duplex offering plenty of potential. Each main unit features 2 bedrooms, 1 bathroom, and a 1-car garage. Unit 2223 also includes basement access to an in-law suite with a separate entrance, second kitchen, 1bedroom, and 1 bathroom, providing added flexibility for extended living arrangements. Property needs TLC and is being sold cash only and as-is.

5. 2026-03-30
   status Pending 438-char remark

   Show marketing remark (437 chars)

   Attention investors and rehabbers! Great opportunity with this all-brick side-by-side duplex offering plenty of potential. Each main unit features 2 bedrooms, 1 bathroom, and a 1-car garage. Unit 2223 also includes basement access to an in-law suite with a separate entrance, second kitchen, 1bedroom, and 1 bathroom, providing added flexibility for extended living arrangements. Property needs TLC and is being sold cash only and as-is.

6. 2026-03-30
   status Pending 437-char remark

   Show marketing remark (437 chars)

   Attention investors and rehabbers! Great opportunity with this all-brick side-by-side duplex offering plenty of potential. Each main unit features 2 bedrooms, 1 bathroom, and a 1-car garage. Unit 2223 also includes basement access to an in-law suite with a separate entrance, second kitchen, 1bedroom, and 1 bathroom, providing added flexibility for extended living arrangements. Property needs TLC and is being sold cash only and as-is.

7. 2026-03-22
   listed $195,000 Active 438-char remark

   Show marketing remark (437 chars)

   Attention investors and rehabbers! Great opportunity with this all-brick side-by-side duplex offering plenty of potential. Each main unit features 2 bedrooms, 1 bathroom, and a 1-car garage. Unit 2223 also includes basement access to an in-law suite with a separate entrance, second kitchen, 1bedroom, and 1 bathroom, providing added flexibility for extended living arrangements. Property needs TLC and is being sold cash only and as-is.

8. 2026-03-22
   listed $195,000 Active 437-char remark

   Show marketing remark (437 chars)

   Attention investors and rehabbers! Great opportunity with this all-brick side-by-side duplex offering plenty of potential. Each main unit features 2 bedrooms, 1 bathroom, and a 1-car garage. Unit 2223 also includes basement access to an in-law suite with a separate entrance, second kitchen, 1bedroom, and 1 bathroom, providing added flexibility for extended living arrangements. Property needs TLC and is being sold cash only and as-is.

9. 2002-03-08
   soldstatus $137,500

ⓘ 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: $5,285 · $440/mo
• Projected year-2 tax: $5,285 · $440/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $30,792
• − Mortgage interest: −$10,923
• − Property taxes: −$5,285
• − Insurance: −$975
• − Repairs & maintenance: −$2,463
• − Management: −$2,463
• − Depreciation: −$5,673
• Taxable income: $3,009
• Est. tax owed @ 24.0%: −$722
• After-tax cash flow: $5,072/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): 30,355
• Household income: $64,415
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1199.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 57% Hispanic / Latino 24% Black 11% Two or more races 10% Asian 5%
• Hispanic origin (detail): Mexican 18% Puerto Rican 2%
• Common ancestry: Romanian 3% Portuguese 3% Arab 2%
• Foreign-born: 15% · Canada, Philippines, China
• Languages at home: 75% English-only · Spanish 16% Arabic 3% Other Asian/Pacific 2%

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: ▼ -90.38%
• Current HPI: 218.6339
• Rent YoY: ▲ 8.11%
• 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

+41.8% since first listed

9 events — show timeline

• 2026-05-12 Pending — NWIAR
• 2026-05-12 Pending — MRED as Distributed by MLS Grid
• 2026-04-28 Relisted — NWIAR
• 2026-04-28 Relisted — MRED as Distributed by MLS Grid
• 2026-03-30 Pending — NWIAR
• 2026-03-30 Pending — MRED as Distributed by MLS Grid
• 2026-03-22 Listed $195,000 NWIAR
• 2026-03-22 Listed $195,000 MRED as Distributed by MLS Grid
• 2002-03-08 Sold (Public Records) $137,500 Public Records

Property tax history

+0.3%/yr

Latest (2024): $5,285 · +3.5% YoY. Source: county tax records.