1617 NE Monroe St · Peoria, IL 61603

$84,000

4 bd · 2.0 ba · 1,496 sqft · MultiFamily public records · 59 Days on market

Built 1900 7,492 sqft lot $56/sqft · 28% below area Est $117k · 28% 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 +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

GREAT OPPORTUNITY FOR A DUPLEX IN THE HEART OF PEORIA. This up/down duplex has 2 bedrooms and 1 full bath in each unit. Paved parking spot for 2-3 vehicles and on street parking. Basement is shared between units and has laundry hook ups. Each unit also has 2 porches and a shared patio area. Main level unit is occupied with month to month tenant (who would like to stay) and upper level unit is vacant. Vacant unit is freshly painted and has newer flooring throughout (2026). This unit also has access to unfinished attic space. Seller is selling AS IS. Roof March 2026 and water heaters a few years old. Only pictures of vacant unit are available due to tenant privacy. Easy to show with 24 hour notice. Walking distance to Lincoln School. Come take a tour of this fine property.

Key facts

• Up down duplex
• Shared patio area
• Laundry hook ups

Tags

• UP DOWN DUPLEX
• SHARED PATIO AREA
• LAUNDRY HOOK UPS
• UNFINISHED ATTIC SPACE

🏷️ Possibly a rental listed for sale. The $84,000 price doesn't fit this home's estimated sale value (~$116,626) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $84k.

Deal economics

• At list price, monthly cash flow is $958 ($11k/yr) — positive. Per door: $479/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $84k).
• Recommended offer: $81k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.0% 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+, schools F, 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.
• Market conditions: Rents rising (+3.5%/yr); 104 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• At $1,910/mo this rent would consume 55% of the median local household income ($42k/yr) (locally 849% 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 $581 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $48k; list at $84k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $81,480 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.27% ✓
• Cap rate: 19.98%
• Cash-on-cash: 48.87%
• DSCR: 3.17
• GRM: 3.7

CMA / ARV

• ARV (median comp): $116,626
• List price: $84,000
• Delta: -27.98%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1009 E Kansas St	0.48mi	3/2.0 (-1)	1,500 (+0%)	12mo	$125,000	$83	62

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: 47.0%
• Equity multiple: 3.06×
• Total profit: $48,357
• Equity at exit: $12,525

10-year hold

• IRR: 52.9%
• Equity multiple: 6.30×
• Total profit: $124,636
• Equity at exit: $7,263

Cash invested: $23,520 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,910 medium
• Mortgage (P&I): −$441
• Tax from tax record: −$75 /mo · $905/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $958

Break-even live

Break-even rent $697

Max offer price $84,000

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,910
Total (2 units)			$1,910

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: $21,000
• Closing costs: $2,520
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2121 N Prospect Rd Peoria, IL	3.0	1.0	946	$802	$0.85	13d	1	0.47mi
2302 NE Monroe St Peoria, IL	3.0	1.0	1100	$875	$0.80	13d	1	0.52mi
901 NE Glen Oak Ave Unit 2 Peoria, IL	3.0	1.0	1120	$1,200	$1.07	21d	1	0.70mi
526 Fairholm Ave Peoria, IL	3.0	2.0	1174	$925	$0.79	43d	1	0.91mi
1806 N Peoria Ave Peoria, IL	4.0	1.5	1668	$894	$0.54	13d	1	0.92mi
308 E Archer Ave Peoria, IL	3.0	1.0	1444	$950	$0.66	13d	1	1.07mi
501 W Columbia Ter Unit 3 Peoria, IL	3.0	1.0	1500	$1,400	$0.93	43d	1	1.42mi

Listing history 19 events

1. 2026-06-19
   days on market $84,000 Active 59 DOM
2. 2026-06-18
   days on market $84,000 Active 58 DOM
3. 2026-06-17
   days on market $84,000 Active 57 DOM
4. 2026-06-16
   days on market $84,000 Active 56 DOM
5. 2026-06-15
   days on market $84,000 Active 55 DOM
6. 2026-06-14
   days on market $84,000 Active 53 DOM
7. 2026-06-13
   pricedays on market $84,000 Active 52 DOM
8. 2026-06-10
   days on market $89,000 Active 50 DOM
9. 2026-06-09
   days on market $89,000 Active 49 DOM
10. 2026-06-08
    days on market $89,000 Active 48 DOM
11. 2026-06-07
    days on market $89,000 Active 47 DOM
12. 2026-06-03
    days on market $89,000 Active 43 DOM
13. 2026-06-02
    days on market $89,000 Active 42 DOM
14. 2026-06-01
    days on market $89,000 Active 41 DOM
15. 2026-05-31
    days on market $89,000 Active 40 DOM
16. 2026-05-30
    days on market $89,000 Active 39 DOM
17. 2026-05-06
    price $89,000 781-char remark

    Show marketing remark (781 chars)

    GREAT OPPORTUNITY FOR A DUPLEX IN THE HEART OF PEORIA. This up/down duplex has 2 bedrooms and 1 full bath in each unit. Paved parking spot for 2-3 vehicles and on street parking. Basement is shared between units and has laundry hook ups. Each unit also has 2 porches and a shared patio area. Main level unit is occupied with month to month tenant (who would like to stay) and upper level unit is vacant. Vacant unit is freshly painted and has newer flooring throughout (2026). This unit also has access to unfinished attic space. Seller is selling AS IS. Roof March 2026 and water heaters a few years old. Only pictures of vacant unit are available due to tenant privacy. Easy to show with 24 hour notice. Walking distance to Lincoln School. Come take a tour of this fine property.

18. 2026-04-20
    listed $99,000 Active 781-char remark

    Show marketing remark (781 chars)

    GREAT OPPORTUNITY FOR A DUPLEX IN THE HEART OF PEORIA. This up/down duplex has 2 bedrooms and 1 full bath in each unit. Paved parking spot for 2-3 vehicles and on street parking. Basement is shared between units and has laundry hook ups. Each unit also has 2 porches and a shared patio area. Main level unit is occupied with month to month tenant (who would like to stay) and upper level unit is vacant. Vacant unit is freshly painted and has newer flooring throughout (2026). This unit also has access to unfinished attic space. Seller is selling AS IS. Roof March 2026 and water heaters a few years old. Only pictures of vacant unit are available due to tenant privacy. Easy to show with 24 hour notice. Walking distance to Lincoln School. Come take a tour of this fine property.

19. 2005-08-23
    soldstatus $48,000

ⓘ 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: $905 · $75/mo
• Projected year-2 tax: $1,406 · $117/mo
• Expected delta: +$501/yr (+$42/mo · 55.3%)

ⓘ 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 · 0% 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: $22,920
• − Mortgage interest: −$4,705
• − Property taxes: −$905
• − Insurance: −$420
• − Repairs & maintenance: −$1,834
• − Management: −$1,834
• − Depreciation: −$2,444
• Taxable income: $10,778
• Est. tax owed @ 24.0%: −$2,587
• After-tax cash flow: $8,908/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

+85.4% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $89,000 RMLSA as Distributed by MLS Grid
• 2026-04-20 Listed $99,000 RMLSA as Distributed by MLS Grid
• 2005-08-23 Sold (Public Records) $48,000 Public Records

Property tax history

+0.3%/yr

Latest (2024): $905 · +4.8% YoY. Source: county tax records.