2522 E State St · Rockford, IL 61107

$249,000

6 bd · 4.0 ba · 1,800 sqft · MultiFamily · 25 Days on market

Built 1920 $138/sqft · 85% above area

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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 +19.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• DSCR +6.2/10.0
• Rent growth +4.0/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• 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

Introducing the historic “House with the Seven Gables, ” a truly unique property blending timeless character with extensive modern updates. Currently configured as a duplex, this distinctive home offers a rare opportunity for both investors and owner-occupants. The property underwent a substantial renovation in 2018–2019, preserving its historic charm while updating the major systems. 2018 improvements include a new roof, exterior paint, and all new windows. In 2019, the home received all new electrical, plumbing, and HVAC systems including new ductwork, along with a full interior cosmetic renovation. In 2025, one of the furnaces was replaced under warranty, further enhancing the reliability of the mechanical systems. Each unit features 3 bedrooms and 1.5 baths and includes in-unit laundry, offering comfortable living arrangements for tenants or owner occupants. The lower unit is currently vacant and ready for showings, while the upper unit is occupied by a reliable tenant paying $1,000/month on a month-to-month lease. Additional features include a two-car garage currently used for tenant storage. This property offers the perfect blend of historic architecture and modern fundamentals, making it an excellent opportunity to own one of the neighborhood’s most distinctive homes while benefiting from strong rental potential. "Agent Owned"

Key facts

• Exterior paint
• Historic property
• New electrical

Tags

• HISTORIC PROPERTY
• SUBSTANTIAL RENOVATION
• NEW ROOF
• EXTERIOR PAINT
• NEW WINDOWS
• NEW ELECTRICAL

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive. Per door: $147/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $245k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 6.1% in Rockford — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: crime F, amenities F, commute 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.
• Zoned schools: Maud E Johnson Elem School (math 8% / reading 12%, grade F, #1,517 of 2,056 statewide, top 78%, 391 students, 0% FRL); Abraham Lincoln Middle School (math 3% / reading 7%, grade F, #636 of 665 statewide, top 98%, 699 students, 0% FRL); Rockford East High School (math 7% / reading 13%, grade F, #528 of 693 statewide, top 82%, 1,718 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.9%/yr); 157 active listings in the ZIP; solid renter incomes; 285 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).
• This rent runs 43% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($245k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $70k; list at $249k implies a 256% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $245,265 (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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 1.12% ✓
• Cap rate: 7.71%
• Cash-on-cash: 5.05%
• DSCR: 1.22
• GRM: 7.4

CMA / ARV

• ARV (median comp): $134,437
• List price: $249,000
• Delta: 85.22%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2105 Charles St	0.58mi	5/2.0 (-1)	1,880 (+4%)	15mo	$120,000	$64	40
1602 E State St	0.73mi	6/6.0	2,000 (+11%)	7mo	$740,000	$370	34

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 · 5.92% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.81×
• Total profit: $-13,053
• Equity at exit: $37,127

10-year hold

• IRR: 8.2%
• Equity multiple: 1.72×
• Total profit: $50,149
• Equity at exit: $21,529

Cash invested: $69,720 (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 61107

• Home prices YoY: -20.1%
• Rents YoY: 5.9%
• Active inventory: 157
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,793 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$503 /mo · $6,042/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $293

Break-even live

Break-even rent $2,422

Max offer price $249,000

Occupancy floor 84%

Sensitivity live

Price	-10% $434	-5% $364	+0% $293	+5% $223	+10% $153
Rent	-10% $73	-5% $183	+0% $293	+5% $404	+10% $514
Rate	-1.0pp $419	-0.5pp $357	base $293	+0.5pp $229	+1.0pp $163

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,792
Total (2 units)			$2,793

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-19
   status Pending 1389-char remark

   Show marketing remark (1389 chars)

   Introducing the historic “House with the Seven Gables, ” a truly unique property blending timeless character with extensive modern updates. Currently configured as a duplex, this distinctive home offers a rare opportunity for both investors and owner-occupants. The property underwent a substantial renovation in 2018–2019, preserving its historic charm while updating the major systems. 2018 improvements include a new roof, exterior paint, and all new windows. In 2019, the home received all new electrical, plumbing, and HVAC systems including new ductwork, along with a full interior cosmetic renovation. In 2025, one of the furnaces was replaced under warranty, further enhancing the reliability of the mechanical systems. Each unit features 3 bedrooms and 1.5 baths and includes in-unit laundry, offering comfortable living arrangements for tenants or owner occupants. The lower unit is currently vacant and ready for showings, while the upper unit is occupied by a reliable tenant paying $1,000/month on a month-to-month lease. Additional features include a two-car garage currently used for tenant storage. This property offers the perfect blend of historic architecture and modern fundamentals, making it an excellent opportunity to own one of the neighborhood’s most distinctive homes while benefiting from strong rental potential. "Agent Owned"

2. 2026-05-13
   price $249,000 1389-char remark

   Show marketing remark (1389 chars)

   Introducing the historic “House with the Seven Gables, ” a truly unique property blending timeless character with extensive modern updates. Currently configured as a duplex, this distinctive home offers a rare opportunity for both investors and owner-occupants. The property underwent a substantial renovation in 2018–2019, preserving its historic charm while updating the major systems. 2018 improvements include a new roof, exterior paint, and all new windows. In 2019, the home received all new electrical, plumbing, and HVAC systems including new ductwork, along with a full interior cosmetic renovation. In 2025, one of the furnaces was replaced under warranty, further enhancing the reliability of the mechanical systems. Each unit features 3 bedrooms and 1.5 baths and includes in-unit laundry, offering comfortable living arrangements for tenants or owner occupants. The lower unit is currently vacant and ready for showings, while the upper unit is occupied by a reliable tenant paying $1,000/month on a month-to-month lease. Additional features include a two-car garage currently used for tenant storage. This property offers the perfect blend of historic architecture and modern fundamentals, making it an excellent opportunity to own one of the neighborhood’s most distinctive homes while benefiting from strong rental potential. "Agent Owned"

3. 2026-05-06
   status Active 1389-char remark

   Show marketing remark (1389 chars)

   Introducing the historic “House with the Seven Gables, ” a truly unique property blending timeless character with extensive modern updates. Currently configured as a duplex, this distinctive home offers a rare opportunity for both investors and owner-occupants. The property underwent a substantial renovation in 2018–2019, preserving its historic charm while updating the major systems. 2018 improvements include a new roof, exterior paint, and all new windows. In 2019, the home received all new electrical, plumbing, and HVAC systems including new ductwork, along with a full interior cosmetic renovation. In 2025, one of the furnaces was replaced under warranty, further enhancing the reliability of the mechanical systems. Each unit features 3 bedrooms and 1.5 baths and includes in-unit laundry, offering comfortable living arrangements for tenants or owner occupants. The lower unit is currently vacant and ready for showings, while the upper unit is occupied by a reliable tenant paying $1,000/month on a month-to-month lease. Additional features include a two-car garage currently used for tenant storage. This property offers the perfect blend of historic architecture and modern fundamentals, making it an excellent opportunity to own one of the neighborhood’s most distinctive homes while benefiting from strong rental potential. "Agent Owned"

4. 2026-04-25
   status Pending 1389-char remark

   Show marketing remark (1389 chars)

   Introducing the historic “House with the Seven Gables, ” a truly unique property blending timeless character with extensive modern updates. Currently configured as a duplex, this distinctive home offers a rare opportunity for both investors and owner-occupants. The property underwent a substantial renovation in 2018–2019, preserving its historic charm while updating the major systems. 2018 improvements include a new roof, exterior paint, and all new windows. In 2019, the home received all new electrical, plumbing, and HVAC systems including new ductwork, along with a full interior cosmetic renovation. In 2025, one of the furnaces was replaced under warranty, further enhancing the reliability of the mechanical systems. Each unit features 3 bedrooms and 1.5 baths and includes in-unit laundry, offering comfortable living arrangements for tenants or owner occupants. The lower unit is currently vacant and ready for showings, while the upper unit is occupied by a reliable tenant paying $1,000/month on a month-to-month lease. Additional features include a two-car garage currently used for tenant storage. This property offers the perfect blend of historic architecture and modern fundamentals, making it an excellent opportunity to own one of the neighborhood’s most distinctive homes while benefiting from strong rental potential. "Agent Owned"

5. 2026-04-11
   listed $255,000 Active 1389-char remark

   Show marketing remark (1389 chars)

   Introducing the historic “House with the Seven Gables, ” a truly unique property blending timeless character with extensive modern updates. Currently configured as a duplex, this distinctive home offers a rare opportunity for both investors and owner-occupants. The property underwent a substantial renovation in 2018–2019, preserving its historic charm while updating the major systems. 2018 improvements include a new roof, exterior paint, and all new windows. In 2019, the home received all new electrical, plumbing, and HVAC systems including new ductwork, along with a full interior cosmetic renovation. In 2025, one of the furnaces was replaced under warranty, further enhancing the reliability of the mechanical systems. Each unit features 3 bedrooms and 1.5 baths and includes in-unit laundry, offering comfortable living arrangements for tenants or owner occupants. The lower unit is currently vacant and ready for showings, while the upper unit is occupied by a reliable tenant paying $1,000/month on a month-to-month lease. Additional features include a two-car garage currently used for tenant storage. This property offers the perfect blend of historic architecture and modern fundamentals, making it an excellent opportunity to own one of the neighborhood’s most distinctive homes while benefiting from strong rental potential. "Agent Owned"

6. 2010-12-27
   soldstatus $70,000
7. 2002-07-19
   soldstatus $87,000

ⓘ 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: $6,042 · $503/mo
• Projected year-2 tax: $6,042 · $503/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: $33,516
• − Mortgage interest: −$13,948
• − Property taxes: −$6,042
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,681
• − Management: −$2,681
• − Depreciation: −$7,244
• Taxable loss: −$325
• Est. tax savings @ 24.0%: +$78
• After-tax cash flow: $3,599/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): 30,765
• Household income: $78,574
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 981.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 15% Black 9% Two or more races 9% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Romanian 6% Portuguese 4% Lithuanian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 83% English-only · Spanish 11% Arabic 1% Other Indo-European 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: ▼ -62.46%
• Current HPI: 248.8598
• Rent YoY: ▲ 5.92%
• 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

+186.2% since first listed

7 events — show timeline

• 2026-05-19 Pending — NWIAR
• 2026-05-13 Price Changed $249,000 NWIAR
• 2026-05-06 Relisted — NWIAR
• 2026-04-25 Pending — NWIAR
• 2026-04-11 Listed $255,000 NWIAR
• 2010-12-27 Sold (Public Records) $70,000 Public Records
• 2002-07-19 Sold (Public Records) $87,000 Public Records

Property tax history

+2.7%/yr

Latest (2024): $6,042 · +3.5% YoY. Source: county tax records.