482 S Float Ave · Freeport, IL 61032

$89,000

4 bd · 1.5 ba · 1,736 sqft · SingleFamily · 15 Days on market

Built 1897 5,227 sqft lot Est $62k · 42% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious home, ready to move in! Beautiful living and dining space, large bedrooms. Roof new within 4 years; new water heater; recently serviced furnace in good working condition. Come have a look! No central air.

Key facts

• 5,227 sq ft lot
• Parking
• Built 1897

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $538 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.6% 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: schools F, 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.
• Market conditions: 197 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $615 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $25k; list at $89k implies a 256% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,665 (1.5% below list)

Questions for the listing agent

1. Built in 1897 — 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. 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.
5. 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.
6. 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: 1.54% ✓
• Cap rate: 13.55%
• Cash-on-cash: 25.92%
• DSCR: 2.15
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $62,496
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
482 S Float Ave	0.00mi	4/1.5	1,736 (0%)	1mo	$85,000	$49	100
632 E Iroquois	0.16mi	3/1.5 (-1)	1,672 (-4%)	6mo	$60,000	$36	76
25 W Pleasant St	0.31mi	4/1.0	1,788 (+3%)	8mo	$28,000	$16	72
535 E Madison St	0.11mi	4/1.0	1,500 (-14%)	3mo	$27,000	$18	68
1231 S Float Ave	0.52mi	3/1.0 (-1)	1,734 (-0%)	1mo	$43,000	$25	68
708 E Iroquois St	0.20mi	4/1.0	1,983 (+14%)	2mo	$34,000	$17	63
105 W Empire St	0.63mi	4/1.5	1,809 (+4%)	8mo	$139,900	$77	57
509 W Chestnut St	0.72mi	4/1.0	1,702 (-2%)	9mo	$55,555	$33	54
236 W Winnifred St	0.74mi	3/2.0 (-1)	1,681 (-3%)	9mo	$78,000	$46	46
337 W American St	0.65mi	3/1.0 (-1)	1,630 (-6%)	9mo	$91,000	$56	45
314 W Chestnut	0.58mi	3/1.0 (-1)	1,542 (-11%)	7mo	$81,000	$53	41
409 W Avon St	0.61mi	3/1.0 (-1)	1,490 (-14%)	3mo	$35,500	$24	38

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: 19.6%
• Equity multiple: 1.80×
• Total profit: $19,839
• Equity at exit: $13,270

10-year hold

• IRR: 27.9%
• Equity multiple: 3.46×
• Total profit: $61,330
• Equity at exit: $7,695

Cash invested: $24,920 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,372 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$42 /mo · $501/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $538

Break-even live

Break-even rent $691

Max offer price $89,000

Occupancy floor 56%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
816 S James Ave Freeport, IL	3.0	1.0	1152	$1,325	$1.15	43d	1	0.48mi
320 W Clark St Freeport, IL	4.0	1.0	1509	$1,395	$0.92	43d	1	0.75mi
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	43d	1	0.86mi
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	43d	1	0.97mi

Listing history 8 events

1. 2026-04-18
   status Pending

   Show marketing remark (213 chars)

   Spacious home, ready to move in! Beautiful living and dining space, large bedrooms. Roof new within 4 years; new water heater; recently serviced furnace in good working condition. Come have a look! No central air.

2. 2026-04-18
   status Pending 213-char remark

   Show marketing remark (213 chars)

   Spacious home, ready to move in! Beautiful living and dining space, large bedrooms. Roof new within 4 years; new water heater; recently serviced furnace in good working condition. Come have a look! No central air.

3. 2026-04-03
   listed $89,000 Active

   Show marketing remark (213 chars)

   Spacious home, ready to move in! Beautiful living and dining space, large bedrooms. Roof new within 4 years; new water heater; recently serviced furnace in good working condition. Come have a look! No central air.

4. 2026-04-03
   listed $89,000 Active 213-char remark

   Show marketing remark (213 chars)

   Spacious home, ready to move in! Beautiful living and dining space, large bedrooms. Roof new within 4 years; new water heater; recently serviced furnace in good working condition. Come have a look! No central air.

5. 2022-02-22
   soldstatus $25,000
6. 2022-02-18
   soldstatus $25,000 197-char remark

   Show marketing remark (197 chars)

   Great value: 4 BR 2 bath maintenance free home with nice woodwork and double staircases. Large yard and newer roof. 1 stall garage in poor condition. Sold as is , no fha/usda type financing please

7. 2022-01-24
   listed $29,900 197-char remark

   Show marketing remark (197 chars)

   Great value: 4 BR 2 bath maintenance free home with nice woodwork and double staircases. Large yard and newer roof. 1 stall garage in poor condition. Sold as is , no fha/usda type financing please

8. 2014-05-30
   soldstatus $11,300

ⓘ 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: $501 · $42/mo
• Projected year-2 tax: $1,261 · $105/mo
• Expected delta: +$760/yr (+$63/mo · 151.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $16,463
• − Mortgage interest: −$4,985
• − Property taxes: −$501
• − Insurance: −$445
• − Repairs & maintenance: −$1,317
• − Management: −$1,317
• − Depreciation: −$2,589
• Taxable income: $5,309
• Est. tax owed @ 24.0%: −$1,274
• After-tax cash flow: $5,185/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

+687.6% since first listed

8 events — show timeline

• 2026-04-18 Pending — MRED as Distributed by MLS Grid
• 2026-04-18 Pending — NWIAR
• 2026-04-03 Listed $89,000 NWIAR
• 2026-04-03 Listed $89,000 MRED as Distributed by MLS Grid
• 2022-02-22 Sold (Public Records) $25,000 Public Records
• 2022-02-18 Sold (MLS) $25,000 NWIAR
• 2022-01-24 Listed $29,900 NWIAR
• 2014-05-30 Sold (Public Records) $11,300 Public Records

Property tax history

-0.8%/yr

Latest (2024): $501 · -4.6% YoY. Source: county tax records.