1011 State St · Alton, IL 62002

$225,000

6 bd · 4.0 ba · 3,826 sqft · MultiFamily public records · 104 Days on market

Built 1963 8,999 sqft lot $59/sqft · 44% above area Est $156k · 44% 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 +27.5/30.0
• DSCR +9.6/10.0
• 1% rule +7.4/10.0
• Rent growth +4.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This charming two-story building features five well-appointed apartments, making it an excellent investment opportunity. The layout includes one cozy efficiency unit, two, one-bedroom apartments, and two spacious two-bedroom residences, catering to a variety of tenant needs. Each apartment offers comfortable living spaces, with ample natural light and modern amenities. The property is well-maintained, with a welcoming exterior and potential for strong rental income. Ideal for investors looking to enhance their portfolio, this building is perfectly positioned for both long-term and short-term rentals. Property to be SOLD AS IS. Seller to make no repairs. Please do not disturb tenants.

Key facts

• 8,999 sq ft lot
• Built 1963
• Listed 104 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $665 ($8k/yr) — positive. Per door: $333/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $205k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 6.4% in Alton — 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 64/100 on livability (#701 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, schools F, crime F.
• Alton CUSD 11 (suburban): math 12% / reading 13% proficiency, ranked #544 of 620 in IL (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.2%/yr); 169 active listings in the ZIP; 336 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $2,800/mo this rent would consume 55% of the median local household income ($61k/yr) (locally 960% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Madison County population projected at -18% 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 $63k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $99k; list at $225k implies a 127% gain — meaningful room to come down on a strong offer.

Recommended offer $204,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.24% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.67%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

• ARV (median comp): $155,989
• List price: $225,000
• Delta: 44.24%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.33×
• Total profit: $20,749
• Equity at exit: $33,548

10-year hold

• IRR: 21.1%
• Equity multiple: 3.22×
• Total profit: $140,132
• Equity at exit: $19,454

Cash invested: $63,000 (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 62002

• Home prices YoY: -33.6%
• Rents YoY: 8.2%
• Active inventory: 169
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,800 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$273 /mo · $3,276/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $665

Break-even live

Break-even rent $1,958

Max offer price $225,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,800
Total (2 units)			$2,800

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $225,000 Active 104 DOM
2. 2026-06-17
   days on market $225,000 Active 103 DOM
3. 2026-06-16
   days on market $225,000 Active 102 DOM
4. 2026-06-15
   days on market $225,000 Active 101 DOM
5. 2026-06-13
   days on market $225,000 Active 99 DOM
6. 2026-06-09
   days on market $225,000 Active 95 DOM
7. 2026-06-08
   days on market $225,000 Active 94 DOM
8. 2026-06-07
   days on market $225,000 Active 93 DOM
9. 2026-06-03
   days on market $225,000 Active 89 DOM
10. 2026-06-02
    days on market $225,000 Active 88 DOM
11. 2026-06-01
    days on market $225,000 Active 87 DOM
12. 2026-05-31
    days on market $225,000 Active 86 DOM
13. 2026-03-06
    listed $225,000 Active 692-char remark

    Show marketing remark (692 chars)

    This charming two-story building features five well-appointed apartments, making it an excellent investment opportunity. The layout includes one cozy efficiency unit, two, one-bedroom apartments, and two spacious two-bedroom residences, catering to a variety of tenant needs. Each apartment offers comfortable living spaces, with ample natural light and modern amenities. The property is well-maintained, with a welcoming exterior and potential for strong rental income. Ideal for investors looking to enhance their portfolio, this building is perfectly positioned for both long-term and short-term rentals. Property to be SOLD AS IS. Seller to make no repairs. Please do not disturb tenants.

14. 2025-05-28
    price $249,000
15. 2025-05-12
    status Active
16. 2025-03-04
    status Pending
17. 2025-02-28
    price $257,900
18. 2025-01-03
    price $259,000
19. 2024-12-02
    price $269,000
20. 2024-11-08
    price $275,000
21. 2024-09-26
    listed $289,000 Active
22. 2006-05-05
    soldstatus $99,000
23. 1989-08-01
    soldstatus $42,000

ⓘ 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: $3,276 · $273/mo
• Projected year-2 tax: $4,192 · $349/mo
• Expected delta: +$916/yr (+$76/mo · 28.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,600
• − Mortgage interest: −$12,603
• − Property taxes: −$3,276
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,688
• − Management: −$2,688
• − Depreciation: −$6,545
• Taxable income: $4,674
• Est. tax owed @ 24.0%: −$1,122
• After-tax cash flow: $6,862/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: Alton CUSD 11
• NCES district ID: 1703600
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 13% ▼ -10.00%
• Median HH income: $46,257
• Composite: 11.34/100
• National rank: #9710
• State rank: #544 of 620 in IL

Livability — Alton

• Score: 64/100
• State rank: #701
• US rank: #14289

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alton, IL
• County: Madison County · 189,064 people
• City population: 29,543
• Metro: St. Louis, MO-IL
• Population (ZIP): 29,543
• Household income: $61,414
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 960.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 258,371 people
• By 2030: 251,523 · -2.7%
• By 2040: 233,640 · -9.6%
• By 2050: 213,042 · -17.5%
• By 2075: 165,255 · -36.0%
• By 2100: 123,953 · -52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 6% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Madison

• 2024 margin: R (+13.3) · D 42.5% · R 55.8% · Other 1.8%
• 2008→2024 swing: -22.5pp toward R · 2008: 9.2pp · 2024: -13.3pp
• All cycles: 2024: R+13.3 2020: R+13.2 2016: R+15.6 2012: R+1.4 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.43%
• Current HPI: 194.7313
• Rent YoY: ▲ 8.24%
• Metro: St. Louis, MO-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

+435.7% since first listed

11 events — show timeline

• 2026-03-06 Listed $225,000 MARIS as Distributed by MLS Grid
• 2025-05-28 Price Changed $249,000 MARIS as Distributed by MLS Grid
• 2025-05-12 Relisted — MARIS as Distributed by MLS Grid
• 2025-03-04 Pending — MARIS as Distributed by MLS Grid
• 2025-02-28 Price Changed $257,900 MARIS as Distributed by MLS Grid
• 2025-01-03 Price Changed $259,000 MARIS as Distributed by MLS Grid
• 2024-12-02 Price Changed $269,000 MARIS as Distributed by MLS Grid
• 2024-11-08 Price Changed $275,000 MARIS as Distributed by MLS Grid
• 2024-09-26 Listed $289,000 MARIS as Distributed by MLS Grid
• 2006-05-05 Sold (Public Records) $99,000 Public Records
• 1989-08-01 Sold (Public Records) $42,000 Public Records

Property tax history

+2.3%/yr

Latest (2024): $3,276 · +6.4% YoY. Source: county tax records.