2006 Illinois Ave · Granite City, IL 62040

$41,500

3 bd · 1.0 ba · 1,054 sqft · SingleFamily public records · 90 Days on market

Built 1938 6,250 sqft lot $39/sqft · 23% below area Est $54k · 23% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

INVESTMENT SPECIAL = SELLER FINANCING THIS IS DREAM COME TRUE

Key facts

• 6,250 sq ft lot
• Built 1938
• Listed 89 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $752 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• Recommended offer: $39k (6.0% below list) — sets the bar for market timing.
• Cap rate 28.0% vs local median 7.0% in Granite City — 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 65/100 on livability (#623 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Granite City CUSD 9 (suburban): math 9% / reading 11% proficiency, ranked #570 of 620 in IL (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.7%/yr); 194 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $287 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Madison County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $32k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,010 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — 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. 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 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: 3.08% ✓
• Cap rate: 28.03%
• Cash-on-cash: 77.63%
• DSCR: 4.45
• GRM: 2.7

CMA / ARV

• ARV (median comp): $53,850
• List price: $41,500
• Delta: -22.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2128 Dewey Ave	0.17mi	3/1.0	1,064 (+1%)	7mo	$10,000	$9	85
2235 Dewey Ave	0.30mi	3/1.0	1,064 (+1%)	6mo	$25,000	$23	79
2208 Adams St	0.40mi	3/1.0	1,096 (+4%)	5mo	$60,000	$55	70
2014 Bryan Ave	0.12mi	3/1.0	940 (-11%)	9mo	$55,000	$59	69
2323 Edison Ave	0.70mi	3/1.0	1,050 (-0%)	0mo	$99,900	$95	66
1647 Maple St	0.66mi	2/1.0 (-1)	1,024 (-3%)	1mo	$10,000	$10	59
1648 Spruce St	0.68mi	2/1.0 (-1)	1,040 (-1%)	3mo	$89,000	$86	59
1027 21st St	0.31mi	2/1.0 (-1)	1,190 (+13%)	2mo	$17,000	$14	57
2442 Dewey Ave	0.47mi	2/1.0 (-1)	1,111 (+5%)	9mo	$65,000	$59	56
906 24th St	0.61mi	3/1.0	1,152 (+9%)	4mo	$82,000	$71	52
2606 W 20th St	0.32mi	2/2.0 (-1)	1,188 (+13%)	4mo	$92,000	$77	52
2246 Edison Ave	0.64mi	2/1.0 (-1)	912 (-14%)	7mo	$95,000	$104	37

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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 76.2%
• Equity multiple: 4.40×
• Total profit: $39,463
• Equity at exit: $6,188

10-year hold

• IRR: 79.5%
• Equity multiple: 8.68×
• Total profit: $89,270
• Equity at exit: $3,588

Cash invested: $11,620 (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 62040

• Home prices YoY: -21.8%
• Rents YoY: 1.7%
• Active inventory: 194
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,279 medium
• Mortgage (P&I): −$218
• Tax from tax record: −$24 /mo · $285/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $752

Break-even live

Break-even rent $327

Max offer price $41,500

Occupancy floor 36%

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: $10,375
• Closing costs: $1,245
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2317 Grand Ave Granite City, IL	2.0	1.0	1124	$750	$0.67	7d	1	0.77mi
2450 Cleveland Blvd Apt A Granite City, IL	2.0	1.0	846	$825	$0.98	17d	1	0.79mi
2556 Center St Granite City, IL	3.0	1.0	874	$1,500	$1.72	14d	1	0.89mi
2715 Center St Unit B Granite City, IL	2.0	1.0	930	$1,275	$1.37	43d	1	1.16mi
2415 Jerden Ave Granite City, IL	3.0	1.0	970	$1,400	$1.44	4d	1	1.30mi

Listing history 20 events

1. 2026-06-18
   days on market $41,500 Active 90 DOM
2. 2026-06-17
   days on market $41,500 Active 89 DOM
3. 2026-06-16
   days on market $41,500 Active 88 DOM
4. 2026-06-15
   days on market $41,500 Active 87 DOM
5. 2026-06-13
   days on market $41,500 Active 85 DOM
6. 2026-06-13
   days on market $41,500 Active 84 DOM
7. 2026-06-09
   days on market $41,500 Active 81 DOM
8. 2026-06-08
   days on market $41,500 Active 80 DOM
9. 2026-06-07
   days on market $41,500 Active 79 DOM
10. 2026-06-05
    days on market $41,500 Active 76 DOM
11. 2026-06-03
    days on market $41,500 Active 75 DOM
12. 2026-06-02
    days on market $41,500 Active 74 DOM
13. 2026-06-01
    days on market $41,500 Active 73 DOM
14. 2026-05-31
    days on market $41,500 Active 72 DOM
15. 2026-03-21
    listed $41,500 Active 62-char remark

    Show marketing remark (62 chars)

    INVESTMENT SPECIAL = SELLER FINANCING THIS IS DREAM COME TRUE

16. 2026-03-19
    historical $41,500 62-char remark

    Show marketing remark (62 chars)

    INVESTMENT SPECIAL = SELLER FINANCING THIS IS DREAM COME TRUE

17. 2025-06-30
    soldstatus $32,333
18. 2024-04-25
    historical
19. 2023-12-15
    listed $35,000 Active
20. 2006-11-03
    soldstatus $12,000

ⓘ 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: $285 · $24/mo
• Projected year-2 tax: $614 · $51/mo
• Expected delta: +$329/yr (+$27/mo · 115.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,347
• − Mortgage interest: −$2,325
• − Property taxes: −$285
• − Insurance: −$208
• − Repairs & maintenance: −$1,228
• − Management: −$1,228
• − Depreciation: −$1,207
• Taxable income: $8,867
• Est. tax owed @ 24.0%: −$2,128
• After-tax cash flow: $6,892/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: Granite City CUSD 9
• NCES district ID: 1717280
• Math proficiency: 9% ▼ -4.00%
• Reading proficiency: 11% ▼ -7.00%
• Median HH income: $45,082
• Composite: 9.15/100
• National rank: #9864
• State rank: #570 of 620 in IL

Livability — Granite City

• Score: 65/100
• State rank: #623
• US rank: #12751

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Granite City, IL
• County: Madison County · 189,064 people
• City population: 40,404
• Metro: St. Louis, MO-IL
• Population (ZIP): 40,404
• Household income: $60,031
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 923.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Black 9% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 2%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.88%
• Current HPI: 204.4612
• Rent YoY: ▲ 1.67%
• Metro: St. Louis, MO-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

+245.8% since first listed

6 events — show timeline

• 2026-03-21 Listed $41,500 MARIS as Distributed by MLS Grid
• 2026-03-19 Coming Soon $41,500 MARIS as Distributed by MLS Grid
• 2025-06-30 Sold (Public Records) $32,333 Public Records
• 2024-04-25 Delisted — MARIS as Distributed by MLS Grid
• 2023-12-15 Listed $35,000 MARIS as Distributed by MLS Grid
• 2006-11-03 Sold (Public Records) $12,000 Public Records

Property tax history

-0.8%/yr

Latest (2024): $285 · +1.5% YoY. Source: county tax records.