1473 S Float Ave · Freeport, IL 61032

$39,900

3 bd · 1.0 ba · 1,015 sqft · SingleFamily · 114 Days on market

Built 1897 5,227 sqft lot ↓ 27% since listing

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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
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Property is a short sale and offers will need to be asking price or higher subject to lender approval. 3 bedroom, 1 bath, 1.5 story with a fenced-in back yard and detached 2-stall garage. Main level has a formal living room, dining room, kitchen and main floor laundry. The upper level has 3 bedrooms and full bath. May not qualify for government financing. Cash or conventional only. Property and appliances are being sold "as-is".

Key facts

• Fenced-in back yard
• Main floor laundry
• Dining room

Tags

• FENCED-IN BACK YARD
• DETACHED 2-STALL GARAGE
• FORMAL LIVING ROOM
• DINING ROOM
• MAIN FLOOR LAUNDRY
• UPPER LEVEL

Property features AI

Exterior

• Parking: Detached garage; 2-car garage; Concrete and gravel parking surfaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-story
• Construction: Wood siding construction
• Exterior features: Shingle roof; Wood siding

Interior

• Kitchen: Gas cooktop
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Gas cooktop; Gas water heater; Full basement with sump pump
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $608 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $36k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.6% vs local median 5.8% in Freeport — 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 72/100 on livability (#302 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: commute F, employment F.
• Freeport SD 145 (town): math 11% / reading 12% proficiency, ranked #565 of 620 in IL (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Freeport High School (math 11% / reading 18%, grade F, #479 of 693 statewide, top 71%, 1,080 students, 0% FRL) — zoned schools average 0% FRL vs 65% district-wide (65 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 197 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% of comp listings sitting > 30 days — soft ceiling on asking rent; 7 units permitted in Stephenson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Stephenson County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $36,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 3.05% ✓
• Cap rate: 24.57%
• Cash-on-cash: 65.28%
• DSCR: 3.90
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $106,575
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1441 S Float Ave	0.07mi	3/1.5	966 (-5%)	4mo	$80,000	$83	83
1540 S Float Ave	0.09mi	2/1.0 (-1)	1,000 (-2%)	8mo	$75,000	$75	82
514 E Garden St	0.32mi	3/1.0	980 (-3%)	2mo	$150,000	$153	77
1478 S High Ave	0.09mi	3/1.0	1,122 (+10%)	4mo	$150,000	$134	75
1762 S Oak Ave	0.51mi	2/1.0 (-1)	1,004 (-1%)	1mo	$80,000	$80	69
108 E South St	0.25mi	2/2.0 (-1)	954 (-6%)	1mo	$100,000	$105	68
1208 S Fruit Ave	0.31mi	2/1.0 (-1)	960 (-5%)	10mo	$35,500	$37	63
516 W Garfield St	0.72mi	2/1.0 (-1)	1,028 (+1%)	8mo	$120,000	$117	53
1727 S Oak Ave	0.45mi	2/1.0 (-1)	1,112 (+10%)	9mo	$112,500	$101	50
1620 S Highland Ave	0.36mi	2/1.0 (-1)	880 (-13%)	8mo	$65,000	$74	49
510 W Dewey St	0.71mi	3/2.0	1,109 (+9%)	1mo	$150,000	$135	47
436 W Garfield St	0.66mi	2/1.0 (-1)	914 (-10%)	6mo	$128,500	$141	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 64.5%
• Equity multiple: 3.89×
• Total profit: $32,311
• Equity at exit: $5,949

10-year hold

• IRR: 68.9%
• Equity multiple: 8.00×
• Total profit: $78,250
• Equity at exit: $3,450

Cash invested: $11,172 (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 61032

• Home prices YoY: -19.5%
• Active inventory: 197
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,217 high
• Mortgage (P&I): −$209
• Tax from tax record: −$128 /mo · $1,532/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $608

Break-even live

Break-even rent $448

Max offer price $39,900

Occupancy floor 45%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
810 E Shawnee St Freeport, IL	2.0	1.0	962	$1,495	$1.55	21d	1	0.66mi
816 S James Ave Freeport, IL	3.0	1.0	1152	$1,325	$1.15	44d	1	0.76mi
1645 Hilltop Pl Unit 2 Freeport, IL	3.0	1.5	1008	$1,000	$0.99	44d	1	0.88mi
1645 Hilltop Pl Freeport, IL	3.0	1.0	1008	$1,000	$0.99	44d	1	0.88mi
316 E Winslow St Freeport, IL	2.0	1.0	812	$1,295	$1.59	21d	1	0.93mi
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	44d	1	1.17mi
1763 S Hance Dr Unit 6 Freeport, IL	2.0	1.0	800	$950	$1.19	44d	1	1.31mi
837 W Stephenson St Freeport, IL	2.0	1.0	1330	$1,000	$0.75	44d	1	1.45mi
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	44d	1	1.46mi

Listing history 23 events

1. 2026-06-18
   days on market $39,900 Active 114 DOM
2. 2026-06-17
   days on market $39,900 Active 113 DOM
3. 2026-06-16
   days on market $39,900 Active 112 DOM
4. 2026-06-15
   days on market $39,900 Active 111 DOM
5. 2026-06-13
   days on market $39,900 Active 109 DOM
6. 2026-06-12
   days on market $39,900 Active 108 DOM
7. 2026-06-09
   days on market $39,900 Active 105 DOM
8. 2026-06-08
   days on market $39,900 Active 104 DOM
9. 2026-06-07
   days on market $39,900 Active 103 DOM
10. 2026-06-07
    days on market $39,900 Active 102 DOM
11. 2026-06-04
    days on market $39,900 Active 99 DOM
12. 2026-06-03
    remarks 432-char remark
13. 2026-06-02
    days on market $39,900 Active 98 DOM
14. 2026-06-01
    days on market $39,900 Active 97 DOM
15. 2026-05-31
    days on market $39,900 Active 96 DOM
16. 2026-05-31
    days on market $39,900 Active 95 DOM
17. 2026-05-20
    status Active
18. 2026-04-09
    historical
19. 2026-03-13
    status Pending
20. 2026-03-04
    status Active
21. 2025-08-25
    status Pending
22. 2025-08-08
    price $39,900
23. 2025-06-10
    listed $54,900 Active

ⓘ 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: $1,532 · $128/mo
• Projected year-2 tax: $1,532 · $128/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,603
• − Mortgage interest: −$2,235
• − Property taxes: −$1,532
• − Insurance: −$200
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$1,161
• Taxable income: $7,139
• Est. tax owed @ 24.0%: −$1,713
• After-tax cash flow: $5,580/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: Freeport SD 145
• NCES district ID: 1715900
• Math proficiency: 11% ▼ -3.00%
• Reading proficiency: 12% ▼ -5.00%
• Median HH income: $39,803
• Composite: 9.89/100
• National rank: #9821
• State rank: #565 of 620 in IL

Livability — Freeport

• Score: 72/100
• State rank: #302
• US rank: #5927

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeport, IL
• Population (ZIP): 29,072

Population outlook (Stephenson County) Hauer SSP2

• Today (2025): 41,802 people
• By 2030: 39,487 · -5.5%
• By 2040: 34,534 · -17.4%
• By 2050: 29,693 · -29.0%
• By 2075: 21,196 · -49.3%
• By 2100: 14,596 · -65.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Two or more races 10% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Iranian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Stephenson

• 2024 margin: R (+19.4) · D 39.5% · R 58.9% · Other 1.6%
• 2008→2024 swing: -26.1pp toward R · 2008: 6.7pp · 2024: -19.4pp
• All cycles: 2024: R+19.4 2020: R+15.7 2016: R+17.0 2012: R+4.6 2008: D+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.75%
• Current HPI: 163.677
• Rent YoY: —
• Metro: —
• 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

-27.3% since first listed

7 events — show timeline

• 2026-05-20 Relisted — NWIAR
• 2026-04-09 Listing Removed — MRED as Distributed by MLS Grid
• 2026-03-13 Pending — NWIAR
• 2026-03-04 Relisted — NWIAR
• 2025-08-25 Pending — NWIAR
• 2025-08-08 Price Changed $39,900 NWIAR
• 2025-06-10 Listed $54,900 NWIAR

Property tax history

+7.0%/yr

Latest (2024): $1,532 · +28.0% YoY. Source: county tax records.