510-512 N Brick Ave · Freeport, IL 61032

$61,900

4 bd · 2.0 ba · 1,921 sqft · SingleFamily · 81 Days on market

Built 1900 5,227 sqft lot Est $111k · 44% under ↓ 5% 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
• ARV discount +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

This 2 Story house with 4 bedrooms, 2 Full baths. Large Living room, Dining Room, Kitchen and main floor laundry. Full bath up stairs. 2 stall garage with storage shed. Extra 1 stall garage shared with the neighbor. Shared drive way. Plenty of storage.

Key facts

• 5,227 sq ft lot
• 3 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $710 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $58k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.1% 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: 206 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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 $428 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,186 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.33% ✓
• Cap rate: 20.05%
• Cash-on-cash: 49.14%
• DSCR: 3.19
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $111,418
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510-512 N Brick Ave	0.00mi	4/2.0	1,921 (0%)	0mo	$25,000	$13	100
427 N Nursery Ave	0.09mi	5/2.0 (+1)	1,885 (-2%)	12mo	$43,000	$23	77
445 N Nursery Ave	0.06mi	4/1.5	1,712 (-11%)	11mo	$91,500	$53	68
503 W Cottonwood St	0.16mi	4/1.5	1,764 (-8%)	12mo	$85,000	$48	67
933 W Stephenson St	0.59mi	3/2.0 (-1)	1,994 (+4%)	5mo	$165,000	$83	57
834 W Lincoln Blvd	0.54mi	4/2.0	2,058 (+7%)	11mo	$138,000	$67	53
239 N Fairview Ave	0.54mi	3/2.0 (-1)	1,836 (-4%)	12mo	$155,000	$84	52
639 W Elk St	0.60mi	4/2.0	2,064 (+7%)	9mo	$120,000	$58	52
815 W Douglas St	0.37mi	3/1.5 (-1)	1,704 (-11%)	8mo	$110,000	$65	50
603 S Galena Ave	0.74mi	4/1.0	2,075 (+8%)	5mo	$27,000	$13	44
9 W Washington St	0.67mi	5/2.0 (+1)	2,120 (+10%)	9mo	$40,000	$19	39
840 W Homer St	0.73mi	3/1.5 (-1)	1,640 (-15%)	8mo	$115,000	$70	28

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: 46.8%
• Equity multiple: 3.03×
• Total profit: $35,200
• Equity at exit: $9,229

10-year hold

• IRR: 52.5%
• Equity multiple: 6.13×
• Total profit: $88,953
• Equity at exit: $5,352

Cash invested: $17,332 (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: 206
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,440 high
• Mortgage (P&I): −$325
• Tax est. 1.5%: −$77 /mo · $928/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $710

Break-even live

Break-even rent $541

Max offer price $61,900

Occupancy floor 46%

Sensitivity live

Price	-10% $753	-5% $731	+0% $710	+5% $688	+10% $667
Rent	-10% $596	-5% $653	+0% $710	+5% $767	+10% $824
Rate	-1.0pp $741	-0.5pp $726	base $710	+0.5pp $694	+1.0pp $677

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: $15,475
• Closing costs: $1,857
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
435 N Apple Ave Freeport, IL	4.0	2.0	1500	$1,450	$0.97	45d	1	0.12mi
320 W Clark St Freeport, IL	4.0	1.0	1509	$1,395	$0.92	45d	1	0.24mi
742 W Homer St Freeport, IL	3.0	1.0	1434	$1,325	$0.92	45d	1	0.71mi
434 1/2 S State Ave Freeport, IL	3.0	2.0	2544	$1,595	$0.63	45d	1	0.80mi
404 E Prospect Ter Freeport, IL	4.0	2.0	2560	$1,525	$0.60	22d	1	1.14mi

Listing history 8 events

1. 2026-04-23
   status Pending
2. 2026-02-25
   price $61,900
3. 2026-02-25
   status Active
4. 2026-02-17
   historical
5. 2026-01-23
   listed $64,900 Active
6. 2024-05-03
   soldstatus $59,000 Closed 252-char remark

   Show marketing remark (252 chars)

   This 2 Story house with 4 bedrooms, 2 Full baths. Large Living room, Dining Room, Kitchen and main floor laundry. Full bath up stairs. 2 stall garage with storage shed. Extra 1 stall garage shared with the neighbor. Shared drive way. Plenty of storage.

7. 2024-04-13
   status Pending 252-char remark

   Show marketing remark (252 chars)

   This 2 Story house with 4 bedrooms, 2 Full baths. Large Living room, Dining Room, Kitchen and main floor laundry. Full bath up stairs. 2 stall garage with storage shed. Extra 1 stall garage shared with the neighbor. Shared drive way. Plenty of storage.

8. 2023-12-06
   listed $64,900 Active 252-char remark

   Show marketing remark (252 chars)

   This 2 Story house with 4 bedrooms, 2 Full baths. Large Living room, Dining Room, Kitchen and main floor laundry. Full bath up stairs. 2 stall garage with storage shed. Extra 1 stall garage shared with the neighbor. Shared drive way. Plenty of storage.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $17,280
• − Mortgage interest: −$3,467
• − Property taxes: −$928
• − Insurance: −$310
• − Repairs & maintenance: −$1,382
• − Management: −$1,382
• − Depreciation: −$1,801
• Taxable income: $8,009
• Est. tax owed @ 24.0%: −$1,922
• After-tax cash flow: $6,596/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

-4.6% since first listed

8 events — show timeline

• 2026-04-23 Pending — NWIAR
• 2026-02-25 Price Changed $61,900 NWIAR
• 2026-02-25 Relisted — NWIAR
• 2026-02-17 Delisted — NWIAR
• 2026-01-23 Listed $64,900 NWIAR
• 2024-05-03 Sold (MLS) $59,000 NWIAR
• 2024-04-13 Pending — NWIAR
• 2023-12-06 Listed $64,900 NWIAR