2403 Grand Ave · Granite City, IL 62040

$54,900

3 bd · 1.0 ba · 988 sqft · SingleFamily public records · 1 Days on market

Built 1918 5,000 sqft lot Est $96k · 43% 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

* * Selling As-Is * * Investment opportunity in Granite City! This 3-bedroom, 1-bath home with a detached garage offers strong potential for investors, contractors, or buyers seeking a renovation project. The property is in need of repairs and updates and will require work to make it livable. With the right improvements, this home could be restored to its full potential. Conveniently located near schools, shopping, dining, and major transportation routes. Property is being sold As-Is, with the seller making no repairs or warranties as to condition. A great opportunity for those looking to add value through renovation. Owner may finance. Try $1,200 down and $575/month. * * Broker Owned *

Key facts

• Detached garage
• 5,000 sq ft lot
• Garage

Tags

• DETACHED GARAGE

Property features AI

Finance

• Other: Living area reported as 988 (per public records)

Exterior

• Parking: One-car garage
• Utilities: Public water; Public sewer; Electric service by Ameren
• Home design: Single family residence; One story
• Construction: Construction materials listed as unknown
• Exterior features: Lot includes other features

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom (main level)
• Interior features: Unfinished walk-up basement; Central air conditioning; Other heating

🏷️ Possibly a rental listed for sale. The $54,900 price doesn't fit this home's estimated sale value (~$95,836) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $574 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Cap rate 18.8% 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: crime F, amenities F, commute 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.
• Zoned schools: Granite City High School (math 10% / reading 12%, grade F, #522 of 693 statewide, top 76%, 1,805 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.7%/yr); 194 active listings in the ZIP; 6 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 $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $54,900

Questions for the listing agent

1. Built in 1918 — 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: 2.24% ✓
• Cap rate: 18.84%
• Cash-on-cash: 44.81%
• DSCR: 2.99
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $95,836
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2323 Edison Ave	0.15mi	3/1.0	1,050 (+6%)	0mo	$99,900	$95	82
2440 Iowa St	0.17mi	3/1.0	1,052 (+6%)	3mo	$59,900	$57	79
2428 Iowa St	0.16mi	2/1.0 (-1)	912 (-8%)	5mo	$90,000	$99	70
2653 Grand Ave	0.45mi	2/1.0 (-1)	954 (-3%)	1mo	$142,000	$149	67
2300 Edwards St	0.35mi	2/2.0 (-1)	1,026 (+4%)	2mo	$99,900	$97	67
2254 Lee Ave	0.34mi	3/2.0	1,053 (+7%)	5mo	$35,000	$33	65
2311 E 25th St	0.35mi	2/2.0 (-1)	896 (-9%)	2mo	$99,000	$110	58
2306 Benton St	0.31mi	2/1.5 (-1)	888 (-10%)	5mo	$107,000	$120	58
2208 Adams St	0.45mi	3/1.0	1,096 (+11%)	5mo	$60,000	$55	56
2544 Adams St	0.43mi	2/2.0 (-1)	1,080 (+9%)	3mo	$135,000	$125	53
2729 Ralph St	0.66mi	2/1.0 (-1)	861 (-13%)	4mo	$79,900	$93	39
2807 Iowa St	0.70mi	2/1.0 (-1)	848 (-14%)	2mo	$69,500	$82	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: 40.3%
• Equity multiple: 2.70×
• Total profit: $26,066
• Equity at exit: $8,186

10-year hold

• IRR: 46.0%
• Equity multiple: 5.12×
• Total profit: $63,399
• Equity at exit: $4,747

Cash invested: $15,372 (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: 3.7×

Monthly cashflow live

• Estimated rent: $1,231 high
• Mortgage (P&I): −$288
• Tax from tax record: −$88 /mo · $1,055/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $574

Break-even live

Break-even rent $505

Max offer price $54,900

Occupancy floor 48%

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	0.10mi
2450 Cleveland Blvd Apt A Granite City, IL	2.0	1.0	846	$825	$0.98	17d	1	0.22mi
2556 Center St Granite City, IL	3.0	1.0	874	$1,500	$1.72	14d	1	0.47mi
2415 Jerden Ave Granite City, IL	3.0	1.0	970	$1,400	$1.44	4d	1	0.50mi
2715 Center St Unit B Granite City, IL	2.0	1.0	930	$1,275	$1.37	43d	1	0.73mi
303 Wilson Park Ln Granite City, IL	3.0	1.0	900	$1,200	$1.33	7d	1	1.20mi

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $54,900 Active 1 DOM

ⓘ 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: $1,055 · $88/mo
• Projected year-2 tax: $1,150 · $96/mo
• Expected delta: +$96/yr (+$8/mo · 9.1%)

ⓘ 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 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 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,774
• − Mortgage interest: −$3,075
• − Property taxes: −$1,055
• − Insurance: −$274
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − Depreciation: −$1,597
• Taxable income: $6,409
• Est. tax owed @ 24.0%: −$1,538
• After-tax cash flow: $5,350/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

1 event — show timeline

• 2026-06-17 Listed $54,900 MARIS as Distributed by MLS Grid

Property tax history

-3.1%/yr

Latest (2024): $1,055 · +1.5% YoY. Source: county tax records.