3308 Fernwood Ave · Alton, IL 62002

$109,000

4 bd · 1.0 ba · 1,132 sqft · SingleFamily public records · 15 Days on market

Built 1946 7,200 sqft lot Est $139k · 22% 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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +7.4/10.0
• Rent growth +4.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Come take a look at this 4 bed 1 bath home in the Milton area of Alton. This home offers an inviting entry under a covered porch, updated kitchen with ample cabinet space, four main floor bedrooms, a spacious basement , all located on a good sized lot with a nice backyard. Great opportunity to own a four bedroom home in this price range. Make your appointment today.

Key facts

• 7,200 sq ft lot
• Built 1946
• Listed 14 days

Property features AI

Exterior

• Utilities: Public water; Public sewer; Single-phase electric; Electricity connected; Natural gas connected
• Home design: Single-family residence; One level
• Construction: Vinyl siding
• Exterior features: Covered patio or porch; Deck; Front porch; Back yard

Interior

• Kitchen: Kitchen on the main level
• 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: Living room; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $107k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 6.4% in Alton — 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 64/100 on livability (#701 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, crime F, amenities D-.
• Alton CUSD 11 (suburban): math 12% / reading 13% proficiency, ranked #544 of 620 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alton High School (math 20% / reading 25%, grade F, #317 of 693 statewide, top 46%, 1,990 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.2%/yr); 169 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $754 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 + 8.0% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $84k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,365 (1.5% below list)

Questions for the listing agent

1. Built in 1946 — 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: 1.24% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.83%
• DSCR: 1.44
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $139,236
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3305 Fernwood Ave	0.03mi	3/1.0 (-1)	1,196 (+6%)	2mo	$109,000	$91	83
1416 Milton Rd	0.09mi	4/2.0	1,026 (-9%)	2mo	$65,000	$63	74
1629 S Rodgers Ave	0.31mi	3/1.0 (-1)	1,093 (-3%)	3mo	$40,000	$37	73
1407 Doerr Ave	0.41mi	3/2.0 (-1)	1,131 (-0%)	2mo	$139,500	$123	70
223 Michigan Ave	0.22mi	3/2.0 (-1)	1,077 (-5%)	5mo	$167,500	$156	69
3707 Coronado Dr	0.67mi	4/1.0	1,137 (+0%)	3mo	$139,900	$123	65
3410 Bolivar St	0.34mi	3/2.0 (-1)	1,100 (-3%)	7mo	$145,000	$132	65
1516 Spaulding St	0.39mi	3/1.5 (-1)	1,218 (+8%)	6mo	$115,000	$94	57
206 Longfellow Ave	0.72mi	3/2.0 (-1)	1,092 (-4%)	4mo	$184,900	$169	48
2926 Werges Ave	0.51mi	3/2.0 (-1)	1,206 (+6%)	11mo	$125,000	$104	47
2616 Hillcrest Ave	0.55mi	3/2.0 (-1)	1,215 (+7%)	9mo	$172,900	$142	46
2933 Forest Dr	0.65mi	3/3.0 (-1)	1,300 (+15%)	7mo	$169,999	$131	26

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: 4.3%
• Equity multiple: 1.18×
• Total profit: $5,438
• Equity at exit: $16,252

10-year hold

• IRR: 18.3%
• Equity multiple: 2.90×
• Total profit: $57,889
• Equity at exit: $9,424

Cash invested: $30,520 (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 62002

• Home prices YoY: -33.6%
• Rents YoY: 8.2%
• Active inventory: 169
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,348 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$198 /mo · $2,373/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $250

Break-even live

Break-even rent $1,031

Max offer price $109,000

Occupancy floor 76%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2222 Brown St Alton, IL	4.0	2.0	1025	$1,050	$1.02	8d	1	0.84mi
2016 Salu St Alton, IL	3.0	1.0	1073	$1,100	$1.03	16d	1	1.48mi

Listing history 11 events

1. 2026-06-18
   days on market $109,000 Active 15 DOM
2. 2026-06-17
   days on market $109,000 Active 14 DOM
3. 2026-06-16
   days on market $109,000 Active 13 DOM
4. 2026-06-15
   days on market $109,000 Active 12 DOM
5. 2026-06-13
   days on market $109,000 Active 10 DOM
6. 2026-06-09
   days on market $109,000 Active 6 DOM
7. 2026-06-08
   days on market $109,000 Active 5 DOM
8. 2026-06-07
   remarks 368-char remark
9. 2026-06-07
   statusdays on market $109,000 Active 4 DOM
10. 2026-06-03
    days on market $109,000 Coming Soon 2 DOM
11. 2026-06-02
    listed $109,000 Coming Soon 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: $2,373 · $198/mo
• Projected year-2 tax: $2,424 · $202/mo
• Expected delta: +$51/yr (+$4/mo · 2.1%)

ⓘ 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 5/10 Major 7 d/yr ≥106°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,173
• − Mortgage interest: −$6,106
• − Property taxes: −$2,373
• − Insurance: −$545
• − Repairs & maintenance: −$1,294
• − Management: −$1,294
• − Depreciation: −$3,171
• Taxable income: $1,391
• Est. tax owed @ 24.0%: −$334
• After-tax cash flow: $2,666/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: Alton CUSD 11
• NCES district ID: 1703600
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 13% ▼ -10.00%
• Median HH income: $46,257
• Composite: 11.34/100
• National rank: #9710
• State rank: #544 of 620 in IL

Livability — Alton

• Score: 64/100
• State rank: #701
• US rank: #14289

Category grades

Amenities D- Commute F Cost of living A+ Crime F Employment F Housing A Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alton, IL
• County: Madison County · 189,064 people
• City population: 29,543
• Metro: St. Louis, MO-IL
• Population (ZIP): 29,543
• Household income: $61,414
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 960.0

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 (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 6% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

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: ▼ -98.43%
• Current HPI: 194.7313
• Rent YoY: ▲ 8.24%
• 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

+30.5% since first listed

2 events — show timeline

• 2026-06-01 Coming Soon $109,000 MARIS as Distributed by MLS Grid
• 2009-06-19 Sold (Public Records) $83,500 Public Records

Property tax history

+3.0%/yr

Latest (2024): $2,373 · +8.8% YoY. Source: county tax records.