1605 W Martin St · Peoria, IL 61605

$69,900

4 bd · 1.0 ba · 2,087 sqft · SingleFamily public records · 2 Days on market

Built 1916 9,702 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0

Listing remarks

Beautiful all brick 4 bedroom home lovingly cared for by the last owner for over 40 years! Amenities include; large fenced double lot, 1 car garage, covered front porch, all brick exterior, many replacement windows, freshly painted interior, loads of natural woodwork, brick fireplace, spacious bedroom sizes plus a loft, full basement, central air, immediate occupancy! Add a little TLC! Agent owned. Only $69,900

Key facts

• Covered front porch
• Brick fireplace
• Replacement windows

Tags

• BRICK FIREPLACE
• REPLACEMENT WINDOWS
• COVERED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $600 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 16.6% 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: The Elise Ford Allen Academy (math 0% / reading 2%, grade F, #2,052 of 2,056 statewide, top 100%, 624 students, 0% FRL); 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: 42 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• At $1,374/mo this rent would consume 62% of the median local household income ($26k/yr) (locally 1385% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $925 of equity ($483 loan paydown + $442 appreciation (0.6% local appreciation)).
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.6% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $31k; list at $70k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,900

Questions for the listing agent

1. Built in 1916 — 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 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: 1.97% ✓
• Cap rate: 16.59%
• Cash-on-cash: 36.79%
• DSCR: 2.64
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $177,395
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1701 W Howett St	0.26mi	4/1.0	1,952 (-6%)	6mo	$35,000	$18	72
1419 W Moss Ave	0.53mi	4/2.0	2,074 (-1%)	2mo	$245,000	$118	69
2020 W Ayres Ave	0.56mi	3/2.0 (-1)	1,995 (-4%)	1mo	$185,000	$93	57
1801 W Ayres Ave	0.49mi	4/2.0	1,804 (-14%)	3mo	$152,500	$85	48
1820 W Bradley Ave	0.73mi	5/2.0 (+1)	1,955 (-6%)	2mo	$96,000	$49	45
2321 W Manor Pkwy	0.65mi	5/2.5 (+1)	2,184 (+5%)	7mo	$130,000	$60	45
2315 W Sherman Ave	0.71mi	4/2.0	1,992 (-5%)	14mo	$178,000	$89	43
1927 W Kellogg Ave	0.64mi	3/2.0 (-1)	1,996 (-4%)	13mo	$120,000	$60	43
2309 W Manor Pkwy	0.62mi	3/1.0 (-1)	1,906 (-9%)	12mo	$145,000	$76	42
316 N Cooper St	0.42mi	4/3.0	1,819 (-13%)	13mo	$190,000	$104	41
2126 W Edna Ct	0.49mi	3/2.0 (-1)	1,840 (-12%)	12mo	$174,900	$95	39
2011 W Barker Ave	0.71mi	3/1.5 (-1)	1,855 (-11%)	5mo	$135,000	$73	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.7%
• Equity multiple: 2.96×
• Total profit: $38,299
• Equity at exit: $22,536

10-year hold

• IRR: 41.2%
• Equity multiple: 5.82×
• Total profit: $94,264
• Equity at exit: $28,948

Cash invested: $19,572 (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 61605

• Home prices YoY: 0.4%
• Active inventory: 42
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,374 high
• Mortgage (P&I): −$367
• Tax from tax record: −$89 /mo · $1,073/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $600

Break-even live

Break-even rent $614

Max offer price $69,900

Occupancy floor 51%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1214 W Butler St Peoria, IL	4.0	1.0	1440	$795	$0.55	44d	1	0.35mi
1816 W Callender Ave Peoria, IL	3.0	2.0	1628	$1,650	$1.01	44d	1	0.54mi
2847 W Howett St Peoria, IL	3.0	2.0	2000	$1,150	$0.57	44d	1	0.86mi
2601 W Kenwood Ave West Peoria, IL	3.0	1.5	1405	$1,500	$1.07	13d	1	1.10mi
100 Walnut St Unit 402 Peoria, IL	3.0	2.0	1464	$2,400	$1.64	21d	1	1.33mi

Listing history 3 events

1. 2024-05-16
   status Pending
2. 2024-05-14
   listed $69,900 Active
3. 2024-02-01
   soldstatus $31,000

ⓘ 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: $1,073 · $89/mo
• Projected year-2 tax: $1,330 · $111/mo
• Expected delta: +$257/yr (+$21/mo · 24.0%)

ⓘ 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 · 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: $16,483
• − Mortgage interest: −$3,915
• − Property taxes: −$1,073
• − Insurance: −$350
• − Repairs & maintenance: −$1,319
• − Management: −$1,319
• − Depreciation: −$2,033
• Taxable income: $6,474
• Est. tax owed @ 24.0%: −$1,554
• After-tax cash flow: $5,647/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): 13,424
• Household income: $26,392
• Rent vs Own: 57.5% rent · 42.5% own
• Severe rent burden: 1385.0

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 0.61)
• Race & ethnicity: Black 56% White 27% Hispanic / Latino 12% Two or more races 7% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Lithuanian 1% Iranian 1% Portuguese 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 7%

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: ▲ 0.63%
• Current HPI: 170.5814
• Rent YoY: —
• 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

+125.5% since first listed

3 events — show timeline

• 2024-05-16 Pending — RMLSA as Distributed by MLS Grid
• 2024-05-14 Listed $69,900 RMLSA as Distributed by MLS Grid
• 2024-02-01 Sold (Public Records) $31,000 Public Records

Property tax history

+9.9%/yr

Latest (2024): $1,073 · +174.1% YoY. Source: county tax records.