216 Carlton Ter · Rockford, IL 61103

$169,900

4 bd · 2.0 ba · — sqft · MultiFamily · 15 Days on market

Built 1935 Est $134k · 26% 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
• Rent growth +4.5/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Investors! 2 unit building, great location in the River District, next door to Rockford University Club, near Churchill Grove. 2 story building with identical units, 2 bedrooms, kitchen, dining room, and living room. Hardwood floors, Art Deco style with corner windows, arches and curved plaster corners. Retro early 1900's brick construction and a 2 car garage behind the building. Full basement with plenty of storage and laundry hookups. Each unit pays own electric and gas utilities. Newer appliances include, 2 refrigerators, 2 stoves, and 1 washer/dryer set. Both bathtubs have been re-enameled. 2 RMTD bus stops within 1 block for transportation. Both units are rented and on leases. Being sold AS-IS.

Key facts

• Art deco style
• Near churchill grove
• 2 story building

Tags

• NEAR CHURCHILL GROVE
• 2 STORY BUILDING
• HARDWOOD FLOORS
• ART DECO STYLE
• CORNER WINDOWS
• ARCHED PLASTER CORNERS

Property features AI

Finance

• Financial info: Annual tax reported

Exterior

• Parking: 2 parking spaces
• Home design: Residential income property; Duplex (2-unit); 2 stories
• Construction: Brick construction

Interior

• Interior features: Dryer; Refrigerator; Washer; Gas water heater
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $710 ($9k/yr) — positive. Per door: $355/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 6.1% in Rockford — 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 62/100 on livability (#876 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Rockford SD 205 (urban): math 12% / reading 16% proficiency, ranked #533 of 620 in IL (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.1%/yr); 103 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• At $2,568/mo this rent would consume 60% of the median local household income ($51k/yr) (locally 1402% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Winnebago County population projected at -20% 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 $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y 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 $90k; list at $170k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,351 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.51% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.92%
• DSCR: 1.80
• GRM: 5.5

CMA / ARV

• ARV (median comp): $134,414
• List price: $169,900
• Delta: 26.40%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1023 N Court St	0.22mi	4/2.0	—	6mo	$160,000	—	72
1128 Grant Ave	0.35mi	4/2.0	—	3mo	$185,000	—	69
1315 N Court St	0.47mi	4/2.0	—	1mo	$135,000	—	64
801 N Winnebago St	0.41mi	3/2.0 (-1)	—	2mo	$91,000	—	62
1305 Garrison Ave	0.55mi	4/2.0	—	3mo	$215,000	—	59
915-917 N Winnebago St	0.45mi	5/2.0 (+1)	—	5mo	$105,000	—	58
1401 N Court St	0.52mi	5/2.0 (+1)	—	3mo	$160,000	—	56
635 Garfield Ave	0.58mi	4/2.0	—	10mo	$171,000	—	52
1324 Evelyn St	0.57mi	4/3.0	1,240	6mo	$1,320,000	$1,065	51
2308 Auburn St	0.74mi	4/2.0	942	3mo	$165,000	$175	51
2121 Auburn St	0.69mi	4/4.0	—	7mo	$270,000	—	41
416 N Horsman St	0.70mi	3/5.0 (-1)	—	3mo	$135,000	—	35

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: 15.4%
• Equity multiple: 1.66×
• Total profit: $31,403
• Equity at exit: $25,333

10-year hold

• IRR: 27.8%
• Equity multiple: 4.11×
• Total profit: $147,879
• Equity at exit: $14,690

Cash invested: $47,572 (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 61103

• Home prices YoY: -27.3%
• Rents YoY: 8.1%
• Active inventory: 103
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,568 high
• Mortgage (P&I): −$891
• Tax from tax record: −$357 /mo · $4,281/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $710

Break-even live

Break-even rent $1,669

Max offer price $169,900

Occupancy floor 67%

Sensitivity live

Price	-10% $806	-5% $758	+0% $710	+5% $662	+10% $614
Rent	-10% $507	-5% $609	+0% $710	+5% $812	+10% $913
Rate	-1.0pp $796	-0.5pp $753	base $710	+0.5pp $666	+1.0pp $621

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,568
Total (2 units)			$2,568

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
977 Indian Ter Rockford, IL	3.0	2.5	—	$3,250	—	44d	1	0.08mi
728 N Winnebago St Rockford, IL	4.0	1.0	1250	$1,600	$1.28	14d	1	0.41mi
330 King St Rockford, IL	4.0	2.0	—	$1,700	—	44d	1	0.53mi
718 Locust St Rockford, IL	3.0	1.0	—	$1,550	—	14d	1	0.60mi
512 Market St Unit 512 UPPER Rockford, IL	3.0	1.0	—	$1,750	—	44d	1	0.79mi
1832 N Main St Rockford, IL	2.0–3.0	1.0–2.0	872	$1,199	$1.37	14d	1	0.88mi
222 S 2nd St Unit 224 Rockford, IL	3.0	1.0	—	$1,350	—	21d	1	0.97mi
507 Oak St Unit 2 Rockford, IL	3.0	2.5	—	$1,250	—	21d	1	1.01mi
2208 Fremont St Rockford, IL	3.0	1.0	938	$1,400	$1.49	14d	1	1.16mi
1146 Fairview Ave Rockford, IL	4.0	1.5	1344	$1,250	$0.93	21d	1	1.17mi
303 Forest Ave Rockford, IL	4.0	1.0	1568	$1,800	$1.15	44d	1	1.20mi
2215 Hecker Ave Unit 2215 Rockford, IL	3.0	1.0	800	$1,095	$1.37	44d	1	1.21mi
2308 Fremont St Rockford, IL	3.0	1.0	1320	$1,600	$1.21	44d	1	1.22mi
620 Paris Ave Rockford, IL	5.0	3.5	—	$2,200	—	21d	1	1.33mi
3133 Liberty Dr Rockford, IL	3.0	1.5	—	$1,675	—	21d	1	1.34mi
418 Orchard Park Rockford, IL	3.0	1.0	1232	$1,500	$1.22	14d	1	1.36mi
713 S 4th St Unit Upper Rockford, IL	4.0	2.0	—	$1,500	—	44d	1	1.38mi
1209 6th Ave Rockford, IL	3.0	1.0	—	$1,500	—	21d	1	1.42mi
210 Irving Ave Rockford, IL	5.0	1.0	1202	$1,850	$1.54	44d	1	1.43mi
1510 School St Unit 1 Rockford, IL	3.0	1.5	1400	$1,200	$0.86	44d	1	1.44mi
333 S Gardiner Ave Unit AVE2 Rockford, IL	4.0	1.0	1306	$1,600	$1.23	44d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   listing id $169,900 Pending 15 DOM
2. 2026-05-14
   status Pending 708-char remark

   Show marketing remark (708 chars)

   Investors! 2 unit building, great location in the River District, next door to Rockford University Club, near Churchill Grove. 2 story building with identical units, 2 bedrooms, kitchen, dining room, and living room. Hardwood floors, Art Deco style with corner windows, arches and curved plaster corners. Retro early 1900's brick construction and a 2 car garage behind the building. Full basement with plenty of storage and laundry hookups. Each unit pays own electric and gas utilities. Newer appliances include, 2 refrigerators, 2 stoves, and 1 washer/dryer set. Both bathtubs have been re-enameled. 2 RMTD bus stops within 1 block for transportation. Both units are rented and on leases. Being sold AS-IS.

3. 2026-05-14
   status Pending 708-char remark

   Show marketing remark (708 chars)

   Investors! 2 unit building, great location in the River District, next door to Rockford University Club, near Churchill Grove. 2 story building with identical units, 2 bedrooms, kitchen, dining room, and living room. Hardwood floors, Art Deco style with corner windows, arches and curved plaster corners. Retro early 1900's brick construction and a 2 car garage behind the building. Full basement with plenty of storage and laundry hookups. Each unit pays own electric and gas utilities. Newer appliances include, 2 refrigerators, 2 stoves, and 1 washer/dryer set. Both bathtubs have been re-enameled. 2 RMTD bus stops within 1 block for transportation. Both units are rented and on leases. Being sold AS-IS.

4. 2026-04-29
   listed $169,900 Active 708-char remark

   Show marketing remark (708 chars)

   Investors! 2 unit building, great location in the River District, next door to Rockford University Club, near Churchill Grove. 2 story building with identical units, 2 bedrooms, kitchen, dining room, and living room. Hardwood floors, Art Deco style with corner windows, arches and curved plaster corners. Retro early 1900's brick construction and a 2 car garage behind the building. Full basement with plenty of storage and laundry hookups. Each unit pays own electric and gas utilities. Newer appliances include, 2 refrigerators, 2 stoves, and 1 washer/dryer set. Both bathtubs have been re-enameled. 2 RMTD bus stops within 1 block for transportation. Both units are rented and on leases. Being sold AS-IS.

5. 2026-04-29
   listed $169,900 Active 708-char remark

   Show marketing remark (708 chars)

   Investors! 2 unit building, great location in the River District, next door to Rockford University Club, near Churchill Grove. 2 story building with identical units, 2 bedrooms, kitchen, dining room, and living room. Hardwood floors, Art Deco style with corner windows, arches and curved plaster corners. Retro early 1900's brick construction and a 2 car garage behind the building. Full basement with plenty of storage and laundry hookups. Each unit pays own electric and gas utilities. Newer appliances include, 2 refrigerators, 2 stoves, and 1 washer/dryer set. Both bathtubs have been re-enameled. 2 RMTD bus stops within 1 block for transportation. Both units are rented and on leases. Being sold AS-IS.

6. 2026-04-28
   historical
7. 2021-11-16
   soldstatus $90,500
8. 2021-11-16
   soldstatus $90,500 Closed
9. 2021-10-19
   status Pending
10. 2021-09-24
    price $98,500
11. 2021-08-16
    status Active
12. 2021-07-31
    status Pending
13. 2021-07-31
    status Active
14. 2021-07-29
    status Pending
15. 2021-07-26
    listed $98,500
16. 2021-07-26
    listed $105,900 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: $4,281 · $357/mo
• Projected year-2 tax: $4,281 · $357/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 ≥102°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: $30,816
• − Mortgage interest: −$9,517
• − Property taxes: −$4,281
• − Insurance: −$850
• − Repairs & maintenance: −$2,465
• − Management: −$2,465
• − Depreciation: −$4,943
• Taxable income: $6,296
• Est. tax owed @ 24.0%: −$1,511
• After-tax cash flow: $7,012/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: Rockford SD 205
• NCES district ID: 1734510
• Math proficiency: 12% ▼ -2.00%
• Reading proficiency: 16% ▼ -3.00%
• Median HH income: $42,533
• Composite: 12.21/100
• National rank: #9649
• State rank: #533 of 620 in IL

Livability — Rockford

• Score: 62/100
• State rank: #876
• US rank: #17035

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockford, IL
• County: Winnebago County · 147,297 people
• City population: 147,297
• Metro: Rockford, IL
• Population (ZIP): 22,869
• Household income: $51,161
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1402.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 271,080 people
• By 2030: 260,684 · -3.8%
• By 2040: 238,405 · -12.1%
• By 2050: 216,129 · -20.3%
• By 2075: 172,882 · -36.2%
• By 2100: 135,336 · -50.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 56% Black 25% Two or more races 13% Hispanic / Latino 12%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 3% Portuguese 2% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 88% English-only · Spanish 9% Russian/Polish/Slavic 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 49.5% · R 49.0% · Other 1.5%
• 2008→2024 swing: -12.2pp toward R · 2008: 12.8pp · 2024: 0.6pp
• All cycles: 2024: D+0.6 2020: D+2.5 2016: R+1.2 2012: D+5.7 2008: D+12.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.02%
• Current HPI: 215.8559
• Rent YoY: ▲ 8.11%
• Metro: Rockford, 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

+72.5% since first listed

15 events — show timeline

• 2026-05-14 Pending — NWIAR
• 2026-05-14 Pending — MRED as Distributed by MLS Grid
• 2026-04-29 Listed $169,900 NWIAR
• 2026-04-29 Listed $169,900 MRED as Distributed by MLS Grid
• 2026-04-28 Listing Removed — MRED as Distributed by MLS Grid
• 2021-11-16 Sold (MLS) $90,500 MRED as Distributed by MLS Grid
• 2021-11-16 Sold (MLS) $90,500 NWIAR
• 2021-10-19 Pending — MRED as Distributed by MLS Grid
• 2021-09-24 Price Changed $98,500 MRED as Distributed by MLS Grid
• 2021-08-16 Relisted — MRED as Distributed by MLS Grid
• 2021-07-31 Pending — MRED as Distributed by MLS Grid
• 2021-07-31 Relisted — MRED as Distributed by MLS Grid
• 2021-07-29 Pending — MRED as Distributed by MLS Grid
• 2021-07-26 Listed $105,900 MRED as Distributed by MLS Grid
• 2021-07-26 Listed $98,500 NWIAR

Property tax history

+0.1%/yr

Latest (2025): $4,281 · +23.6% YoY. Source: county tax records.