2221 Lee Ave · Granite City, IL 62040

$93,000

2 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 2 Days on market

Built 1929 4,164 sqft lot Est $89k · at est.

---

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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• ARV discount +5.3/15.0
• 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

Welcome home to this charming and well-maintained 3-bedroom, 1-bath bungalow in the heart of Granite City! Offering over 1,200 square feet of living space, this home features updated flooring, an updated kitchen and bathroom, a newer electrical panel, and a spacious addition completed in 2007. Enjoy a functional layout with comfortable living areas, a full basement for extra storage, and a covered porch perfect for relaxing. Situated on a manageable lot with convenient access to shopping, dining, schools, and major roadways, this home is an excellent opportunity for first-time buyers, downsizers, or investors looking to add to their portfolio. Schedule your private showing today!

Key facts

• Full basement
• Updated flooring
• Updated kitchen

Tags

• UPDATED FLOORING
• UPDATED KITCHEN
• UPDATED BATHROOM
• NEWER ELECTRICAL PANEL
• SPACIOUS ADDITION
• FULL BASEMENT

Property features AI

Finance

• Other: Private ownership
• Financial info: Lease not considered

Exterior

• Parking: Two total parking spaces; One-car garage; One-car carport
• Utilities: Public water; Public sewer; Electric service (Ameren); Electricity, Natural Gas, Sewer, and Water connected
• Home design: Single-family residence; One level
• Construction: Concrete and vinyl siding construction; Shingle roof; Block foundation; Has basement
• Exterior features: Deck; Patio; Porch; Adjoins common ground; Asphalt road access

Interior

• Kitchen: Kitchen with standard appliances (Dishwasher, Microwave, Oven, Refrigerator)
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Dishwasher, Microwave, Oven, Refrigerator; Concrete basement
• Laundry & utility: Utilities connected: Electricity and Natural Gas

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $93k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $93k).
• Cap rate 10.6% 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 $643 of loan paydown is wiped out by about $3k 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 $26k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1929 — 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 $93,000

Questions for the listing agent

1. Built in 1929 — 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: 1.22% ✓
• Cap rate: 10.64%
• Cash-on-cash: 15.53%
• DSCR: 1.69
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $88,608
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2134 & 2138 Cleveland Blvd	0.48mi	3/1.5 (+1)	1,268 (+2%)	0mo	$179,900	$142	67
2208 Iowa St	0.10mi	2/2.5	1,408 (+13%)	3mo	$34,000	$24	66
2324 Grand Ave	0.28mi	3/2.0 (+1)	1,200 (-4%)	8mo	$102,000	$85	65
1027 21st St	0.60mi	2/1.0	1,190 (-5%)	2mo	$17,000	$14	62
2201 Hodges Ave	0.48mi	3/1.0 (+1)	1,170 (-6%)	5mo	$75,000	$64	58
2534 State St	0.56mi	3/1.0 (+1)	1,200 (-4%)	8mo	$55,000	$46	56
2331 Edison Ave	0.43mi	3/1.0 (+1)	1,392 (+12%)	2mo	$24,900	$18	54
2629 Grand Ave	0.70mi	3/1.0 (+1)	1,304 (+4%)	8mo	$117,500	$90	48
906 24th St	0.68mi	3/1.0 (+1)	1,152 (-8%)	4mo	$82,000	$71	47
2304 Delmar Ave	0.42mi	3/1.5 (+1)	1,400 (+12%)	8mo	$169,900	$121	47
2456 Delmar Ave	0.56mi	3/2.0 (+1)	1,364 (+9%)	4mo	$155,000	$114	46
2208 Adams St	0.59mi	3/1.0 (+1)	1,096 (-12%)	5mo	$60,000	$55	43

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: 4.9%
• Equity multiple: 1.19×
• Total profit: $4,853
• Equity at exit: $13,867

10-year hold

• IRR: 13.2%
• Equity multiple: 1.99×
• Total profit: $25,722
• Equity at exit: $8,041

Cash invested: $26,040 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,138 high
• Mortgage (P&I): −$488
• Tax from tax record: −$36 /mo · $428/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $337

Break-even live

Break-even rent $712

Max offer price $93,000

Occupancy floor 65%

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: $23,250
• Closing costs: $2,790
• 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	0.26mi
2450 Cleveland Blvd Apt A Granite City, IL	2.0	1.0	846	$825	$0.98	17d	1	0.56mi
2415 Jerden Ave Granite City, IL	3.0	1.0	970	$1,400	$1.44	4d	1	0.67mi
1709 Edison Ave Unit 1709 Granite City, IL	1.0	1.0	700	$800	$1.14	14d	1	0.78mi
2556 Center St Granite City, IL	3.0	1.0	874	$1,500	$1.72	14d	1	0.81mi
2715 Center St Unit B Granite City, IL	2.0	1.0	930	$1,275	$1.37	43d	1	1.07mi

Listing history 3 events

1. 2026-06-18
   days on market $93,000 Active 2 DOM
2. 2026-06-17
   remarks 688-char remark
3. 2026-06-17
   listed $93,000 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: $428 · $36/mo
• Projected year-2 tax: $1,270 · $106/mo
• Expected delta: +$842/yr (+$70/mo · 196.7%)

ⓘ 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: $13,656
• − Mortgage interest: −$5,209
• − Property taxes: −$428
• − Insurance: −$465
• − Repairs & maintenance: −$1,092
• − Management: −$1,092
• − Depreciation: −$2,705
• Taxable income: $2,663
• Est. tax owed @ 24.0%: −$639
• After-tax cash flow: $3,404/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

• 2026-06-16 Listed $93,000 MARIS as Distributed by MLS Grid

Property tax history

+0.5%/yr

Latest (2024): $428 · +98.0% YoY. Source: county tax records.