2304 S 4th St · Rockford, IL 61104

$349,900

5 bd · 4.0 ba · — sqft · MultiFamily · 4 Days on market

Built 1922

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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 +27.4/30.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• 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

INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

Key facts

• New siding
• New doors
• New flooring

Tags

• NEW ROOF
• NEW SIDING
• NEW WINDOWS
• HIGH-EFFICIENCY FURNACES
• NEW FLOORING
• NEW DOORS

Property features AI

Exterior

• Parking: 4 parking spaces
• Home design: Two-story residential income building; 3–4 unit multi-family
• 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 5-bed/4.0-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Cap rate 9.8% 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 (+9.7%/yr); 69 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $4,155/mo this rent would consume 148% 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 $2k of loan paydown is wiped out by about $10k 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 $98k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $350k implies a 422% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $349,900

Questions for the listing agent

1. Built in 1922 — 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: 1.19% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.55%
• DSCR: 1.56
• GRM: 7.0

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
2242 7th St	0.23mi	4/2.0 (-1)	—	1mo	$170,000	—	63
2111 S 4th St	0.21mi	4/2.0 (-1)	—	4mo	$151,000	—	62
2142 S 6th St	0.21mi	4/3.0 (-1)	—	9mo	$135,000	—	61
1821 7th St	0.46mi	5/2.0	—	2mo	$190,000	—	57
1825 S 6th St	0.42mi	5/3.0	—	9mo	$105,100	—	56
2642 9th St	0.59mi	4/4.0 (-1)	1,497	5mo	$243,600	$163	51
1126 16th Ave	0.62mi	4/2.0 (-1)	—	0mo	$132,000	—	46
1611 S 4th St	0.58mi	4/2.0 (-1)	—	2mo	$170,000	—	46
2228-2230 10th St	0.52mi	4/2.0 (-1)	1,188	7mo	$100,000	$84	45
1627 7th St	0.59mi	4/2.0 (-1)	—	4mo	$115,000	—	44
829 Buckbee St	0.75mi	4/4.0 (-1)	—	6mo	$160,000	—	43
2225 Parmele St	0.57mi	6/2.0 (+1)	—	8mo	$265,000	—	41

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: 7.5%
• Equity multiple: 1.31×
• Total profit: $30,493
• Equity at exit: $52,171

10-year hold

• IRR: 20.7%
• Equity multiple: 3.15×
• Total profit: $210,392
• Equity at exit: $30,253

Cash invested: $97,972 (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: 69
• Price-to-rent: 28.1×

Monthly cashflow live

• Estimated rent: $4,155 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$277 /mo · $3,323/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$873
• Net cashflow: $1,025

Break-even live

Break-even rent $2,858

Max offer price $349,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,223	-5% $1,124	+0% $1,025	+5% $926	+10% $827
Rent	-10% $697	-5% $861	+0% $1,025	+5% $1,189	+10% $1,353
Rate	-1.0pp $1,201	-0.5pp $1,114	base $1,025	+0.5pp $934	+1.0pp $842

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,156
Total (4 units)			$4,155

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1231 11th Ave Rockford, IL	4.0	1.0	1284	$1,450	$1.13	44d	1	0.98mi
713 S 4th St Unit Upper Rockford, IL	4.0	2.0	—	$1,500	—	44d	1	1.24mi
1351 7th Ave Rockford, IL	4.0	2.0	1040	$2,000	$1.92	44d	1	1.30mi
1004 15th St Rockford, IL	4.0	1.5	1267	$1,450	$1.14	22d	1	1.46mi

Listing history 27 events

1. 2026-06-21
   days on market $349,900 Active 4 DOM
2. 2026-06-19
   days on market $349,900 Active 2 DOM
3. 2026-06-17
   pricedays on marketlisting id $349,900 Active 1 DOM
4. 2026-06-03
   days on market $369,900 Active 15 DOM
5. 2026-06-02
   days on market $369,900 Active 14 DOM
6. 2026-06-01
   days on market $369,900 Active 13 DOM
7. 2026-05-31
   days on market $369,900 Active 12 DOM
8. 2026-05-30
   days on market $369,900 Active 11 DOM
9. 2026-05-19
   listed $369,900 Active
10. 2023-08-18
    soldstatus $67,000 Closed 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

11. 2023-08-18
    soldstatus $67,000 Closed 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

12. 2023-06-26
    status Pending 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

13. 2023-06-26
    status Pending 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

14. 2023-06-22
    status Active 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

15. 2023-06-22
    status Active 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

16. 2023-06-22
    price $65,000 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

17. 2023-06-22
    price $65,000 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

18. 2023-02-27
    status Pending 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

19. 2023-02-27
    status Pending 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

20. 2023-02-21
    listed $60,000 Active 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

21. 2023-02-21
    listed $60,000 Active 208-char remark

    Show marketing remark (208 chars)

    INVESTORS OPPORTUNITY , THIS FOUR FAMILY APARTMENT BUILDINGHAS 4 1BEDROOM UNITS . THE BUILDINGS BOILER SYSTEM IS NOT FUNTIONAL , A GREAT OPPORTUNITY TO INSTALL NEW INDIVIDUAL HEATING SYSTEM OR REPLACE BOILER.

22. 2022-07-06
    historical
23. 2022-04-26
    listed Active
24. 2003-09-24
    soldstatus $103,500
25. 2000-08-02
    soldstatus $94,000
26. 1997-01-07
    soldstatus $17,000
27. 1994-06-07
    soldstatus $8,500

ⓘ 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: $3,323 · $277/mo
• Projected year-2 tax: $5,633 · $469/mo
• Expected delta: +$2,310/yr (+$192/mo · 69.5%)

ⓘ 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 (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $49,860
• − Mortgage interest: −$19,600
• − Property taxes: −$3,323
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,989
• − Management: −$3,989
• − Depreciation: −$10,179
• Taxable income: $7,031
• Est. tax owed @ 24.0%: −$1,687
• After-tax cash flow: $10,610/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

+4251.8% since first listed

19 events — show timeline

• 2026-05-19 Listed $369,900 NWIAR
• 2023-08-18 Sold (MLS) $67,000 MRED as Distributed by MLS Grid
• 2023-08-18 Sold (MLS) $67,000 NWIAR
• 2023-06-26 Pending — MRED as Distributed by MLS Grid
• 2023-06-26 Pending — NWIAR
• 2023-06-22 Relisted — NWIAR
• 2023-06-22 Relisted — MRED as Distributed by MLS Grid
• 2023-06-22 Price Changed $65,000 NWIAR
• 2023-06-22 Price Changed $65,000 MRED as Distributed by MLS Grid
• 2023-02-27 Pending — NWIAR
• 2023-02-27 Pending — MRED as Distributed by MLS Grid
• 2023-02-21 Listed $60,000 MRED as Distributed by MLS Grid
• 2023-02-21 Listed $60,000 NWIAR
• 2022-07-06 Listing Removed — MRED as Distributed by MLS Grid
• 2022-04-26 Listed — MRED as Distributed by MLS Grid
• 2003-09-24 Sold (Public Records) $103,500 Public Records
• 2000-08-02 Sold (Public Records) $94,000 Public Records
• 1997-01-07 Sold (Public Records) $17,000 Public Records
• 1994-06-07 Sold (Public Records) $8,500 Public Records

Property tax history

-1.3%/yr

Latest (2024): $3,323 · +3.5% YoY. Source: county tax records.