400 W Armstrong Ave · Peoria, IL 61603

$44,900

4 bd · 2.0 ba · 1,808 sqft · MultiFamily public records · 8 Days on market

Built 1925 3,049 sqft lot Est $60k · 25% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Attention Investors!!! Affordable duplex fully occupied as usual. Features include; 2 -2 bedroom units, separate gas and electric, each unit has central air, grosses over $8,000 a year! Only $29,900. Call for details, agent owned.

Key facts

• 3,049 sq ft lot
• 4 parking spots
• Built 1925

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $45k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Cap rate 40.8% vs local median 5.6% in Peoria — 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 73/100 on livability (#270 in IL) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, crime F.
• Peoria SD 150 (urban): math 11% / reading 14% proficiency, ranked #554 of 620 in IL (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Peoria High School (math 4% / reading 7%, grade F, #609 of 693 statewide, top 88%, 1,447 students, 0% FRL) — zoned schools average 0% FRL vs 70% district-wide (70 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.5%/yr); 104 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 73 units permitted in Peoria County in 2024 (0 in 5+ unit buildings).
• At $2,028/mo this rent would consume 58% of the median local household income ($42k/yr) (locally 849% 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 $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Peoria County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y 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 $20k; list at $45k implies a 129% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $44,900

Questions for the listing agent

1. Built in 1925 — 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. 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?
5. 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.
6. 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.
7. 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: 4.52% ✓
• Cap rate: 40.77%
• Cash-on-cash: 123.12%
• DSCR: 6.48
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $59,664
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1404 N Broadway St	0.42mi	4/2.0	1,800 (-0%)	2mo	$60,000	$33	78
1119 N Orange St	0.43mi	4/2.0	1,937 (+7%)	2mo	$22,000	$11	66
905 N Sheridan Rd	0.49mi	3/3.0 (-1)	2,050 (+13%)	16mo	$185,000	$90	32

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.04×
• Total profit: $75,916
• Equity at exit: $6,695

10-year hold

• IRR: —
• Equity multiple: 15.01×
• Total profit: $176,187
• Equity at exit: $3,882

Cash invested: $12,572 (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 61603

• Home prices YoY: -31.8%
• Rents YoY: 3.5%
• Active inventory: 104
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,028 high
• Mortgage (P&I): −$235
• Tax from tax record: −$58 /mo · $696/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $1,290

Break-even live

Break-even rent $395

Max offer price $44,900

Occupancy floor 31%

Sensitivity live

Price	-10% $1,315	-5% $1,303	+0% $1,290	+5% $1,277	+10% $1,264
Rent	-10% $1,130	-5% $1,210	+0% $1,290	+5% $1,370	+10% $1,450
Rate	-1.0pp $1,313	-0.5pp $1,301	base $1,290	+0.5pp $1,278	+1.0pp $1,266

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,028
Total (2 units)			$2,028

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 W Columbia Ter Unit 3 Peoria, IL	3.0	1.0	1500	$1,400	$0.93	44d	1	0.10mi
1806 N Peoria Ave Peoria, IL	4.0	1.5	1668	$894	$0.54	14d	1	0.53mi
308 E Archer Ave Peoria, IL	3.0	1.0	1444	$950	$0.66	14d	1	0.94mi
913 W McClure Ave Peoria, IL	3.0	1.0	1400	$1,200	$0.86	21d	1	1.06mi
1019 N Farmington Rd Unit 1017 Peoria, IL	3.0	1.0	1304	$1,600	$1.23	44d	1	1.19mi
100 Walnut St Unit 402 Peoria, IL	3.0	2.0	1464	$2,400	$1.64	21d	1	1.25mi
1816 W Callender Ave Peoria, IL	3.0	2.0	1628	$1,650	$1.01	44d	1	1.42mi

Listing history 7 events

1. 2026-04-28
   status Pending
2. 2026-04-20
   listed $44,900 Active
3. 2010-12-21
   soldstatus $19,600 234-char remark

   Show marketing remark (234 chars)

   Attention Investors!!! Affordable duplex fully occupied as usual. Features include; 2 -2 bedroom units, separate gas and electric, each unit has central air, grosses over $8,000 a year! Only $29,900. Call for details, agent owned.

4. 2009-07-14
   listed $29,900 234-char remark

   Show marketing remark (234 chars)

   Attention Investors!!! Affordable duplex fully occupied as usual. Features include; 2 -2 bedroom units, separate gas and electric, each unit has central air, grosses over $8,000 a year! Only $29,900. Call for details, agent owned.

5. 2006-09-13
   soldstatus $245,000
6. 2006-09-12
   soldstatus $30,000 272-char remark

   Show marketing remark (272 chars)

   Sold-one time show. This property part of a 5 duplex package that must be sold as a group. The group consists of 400 W. Armstrong, 1336-38 N. Broadway, 801 N. Cooper, 1115-17 N. Elmwood, and 712-14 W. McClure. Sold Info- Other MLS #s, 1076410, 1076415, 1076408, 1076414

7. 2006-06-26
   listed $240,000 272-char remark

   Show marketing remark (272 chars)

   Sold-one time show. This property part of a 5 duplex package that must be sold as a group. The group consists of 400 W. Armstrong, 1336-38 N. Broadway, 801 N. Cooper, 1115-17 N. Elmwood, and 712-14 W. McClure. Sold Info- Other MLS #s, 1076410, 1076415, 1076408, 1076414

ⓘ 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: $696 · $58/mo
• Projected year-2 tax: $858 · $71/mo
• Expected delta: +$161/yr (+$13/mo · 23.2%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,336
• − Mortgage interest: −$2,515
• − Property taxes: −$696
• − Insurance: −$224
• − Repairs & maintenance: −$1,947
• − Management: −$1,947
• − Depreciation: −$1,306
• Taxable income: $15,700
• Est. tax owed @ 24.0%: −$3,768
• After-tax cash flow: $11,711/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: Peoria SD 150
• NCES district ID: 1731230
• Math proficiency: 11% ▼ -5.00%
• Reading proficiency: 14% ▼ -4.00%
• Median HH income: $41,951
• Composite: 10.92/100
• National rank: #9751
• State rank: #554 of 620 in IL

Livability — Peoria

• Score: 73/100
• State rank: #270
• US rank: #5096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peoria, IL
• County: Peoria County · 120,495 people
• City population: 114,670
• Metro: Peoria, IL
• Population (ZIP): 15,356
• Household income: $41,618
• Rent vs Own: 47.1% rent · 52.9% own
• Severe rent burden: 849.0

Population outlook (Peoria County) Hauer SSP2

• Today (2025): 183,007 people
• By 2030: 179,643 · -1.8%
• By 2040: 171,782 · -6.1%
• By 2050: 163,508 · -10.7%
• By 2075: 140,178 · -23.4%
• By 2100: 114,493 · -37.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Black 43% White 36% Two or more races 12% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 1%

Political lean MEDSL · Peoria

• 2024 margin: Toss-up / Even · D 51.5% · R 46.9% · Other 1.6%
• 2008→2024 swing: -9.2pp toward R · 2008: 13.9pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+6.3 2016: D+2.8 2012: D+4.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.98%
• Current HPI: 141.5343
• Rent YoY: ▲ 3.49%
• Metro: Peoria, 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

-81.3% since first listed

7 events — show timeline

• 2026-04-28 Pending — RMLSA as Distributed by MLS Grid
• 2026-04-20 Listed $44,900 RMLSA as Distributed by MLS Grid
• 2010-12-21 Sold (MLS) $19,600 RMLSA as Distributed by MLS Grid
• 2009-07-14 Listed $29,900 RMLSA as Distributed by MLS Grid
• 2006-09-13 Sold (Public Records) $245,000 Public Records
• 2006-09-12 Sold (MLS) $30,000 RMLSA as Distributed by MLS Grid
• 2006-06-26 Listed $240,000 RMLSA as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $696 · +4.9% YoY. Source: county tax records.